The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-03

is but a history Of compromise and conceSs'"n;
your Constitution originated in that spirit
and the journals of your Legislation from lis
establishment 10 the present moment, EXHIBIT
but a series of compromises between coniiic'
ting interests and opinions. There is not at
this moment, any great national interest re.
quiring your Legislative care, upon which Iie
s%alutary action of Congress can be had with.
out mutual concession. No set of men Gu
long retain power without culliratingihis spirit.
Certain it is, that without 1t the scepter OF
power will soon depart from those who now
hold it and, should it fall again into the hands
of our adversaries, even they could retain 1t
only by harmony and concert.
Mr.. President, | am disposed 10 act upon
this principle in the present emergency.
regard the projected Bank as not only q vital
interest, but indispensable to the welfare of our
common country. If it fail another political
revolution will follow. and we shall be thrown
back upon the condemned, and discarded, and
execratcd policy of the past administration.
From the outset | have considered that we have
but one alierna,ive-the Sub Treasury or Il
National Bank. The scheme Of deposit in the
State Banks is generally repudiated. Some
few may still advocate it; but without some
agent TO regulate and e~qualize the currency,
that system must ever prove practicabie.-
Regarding the proposed measure in this light.
| cannot permit any difference Of opinion, upon
abstract questions, so far, at least, as ! am
concerned,) to defeat it. | will not surrender
my principles, nor will | vi cid a power clearly
| conferred upon us by the Constitution. But l
| will forbear the exercise Of that power. ques'
tionable as it is with some. when the great
| practical purpose | have III view can be ac-
complished withou: it. And if the distin-
| cuished Senator from Va. will unite with me
in the establishment of this agent, so necessary
in my Judgment, for the interests Of all, will
not stop 10 quarrel with him by the way about
abstract doctrines or differences Of opinion not
essential to our purpose but will reserve my
strength for that contest until 4 practical ne
ce>sity arises for a decision of those contested
Notwithstanding him that, when that period
arrives, | shall be prepared, no! only 10 asset
and yindicaie the power which claim, bur
10 carry il into full and complete execution. .
Sir, the senator from Virginia, and many oil
his friends, consider the bill, in its present
| form, unconstitutional. With the modification
proposed, he regards it as constitutional. So
do | and | consider it equally so without that
modification. Now. sir, if the bill, as modl-
fed, will answer the great purposes expected.
f. OFT il, why can no, the Senator and myself
unite in support ola measure which we boti'
approve, and discuss the constitutional CUES
ton. if necessary, hereafter:
Mr.. President, it is idle to disguise the fact
that there is a powerful opposition to this mea-
sure-a formidable opposition on this floor,
and one equally formidable in almost every
section of the country. We are threatened
even now, with a repeal Of the charter I'm
der these circumstances, | desire 10 call 10 its
u pport, all who expect from it the salutary
o p~cration which | expect, and which is sr
much needed BY the country. ! do not chose
TO arm that opposition with constitutional OBJ
jections. | do not desire to erect an edl6ce IN
day TO De Frustrated tomorrow. | desire L"
place i, on the fooring of undouJied %constiiu-
i~ionaI.ty. In short, ! wish to remove the scru-
pies of its friends. and 10 disarm its enemies
OF this formidable weapon. And with this view
| shall vote for the amendment.
Sir, the objections TO tie proposition OF Tie
Senator from Virginia may be reduced TO two.
First, That the proposed amendment will deS-
troy the practical utility of the bont {; ard-
secondly, that the adoption of ihe amcadrfeat
would be a virtual surrender Of the power
which We claim. of establishing q Bank with
out the assent of the States.
As to the first of these objections | have htir
to say. II will be found, | trust. FIR the ln'~re
of the several States that branches he establish
| wherever they are found necessary for thr ne
National purposes designed TO be effected rs n"
institution. 90 for the amendment IN the hope
nay, the expectation. that he States VIII unite
with US in the promotion Of tie great object VIC
hare in view. And ! have too much confidence.
in the wisdom and patriotism Of the several
g.. oo,latnra- O. wpact fyOm thcm a cnUr.s
of policy unfriendly TO a National Institution SO
much needed and more especially, TO tie es-
adjustment Of branches at those points where,
either the financial operations OF the Government
or he commercial ezigencies ofthe country may
call for them. At III events, ] am wiling tn
concede so much TO The constitutional scrdPes
Of nv political friends. as TO try the experiment.
Should the assen, Of the STATES Re obtained 'c
the establishment Of branches III some OF ih
more important points, the salutarY action 81 IN
institution. Id a national point oil view woui' ne
secured . and the establishment OF other branch
pc would then become q matter OF mere locai
exnedirncy which might well he lett 10 tie
iuigmpnt Of the local authorities.
Bu, should the experiment fail, and should i;
become necessary tn assert the power, which :
doubt not we possess, | will go as far as any
Senator on this floor IN calling that power irto
action. Ard | will call upon the Senator from
VirgiDis. and his friends. 10 WELD TO the necessity
oi the case, and 10 concede the couStuutoDalIiY.
of means practically shown to be necessary &c.
The e~ffectual discharge Of our high constitutional
duty. But, it is objected. that. if the bill he modi-
fed as proposed, the power VIII nave asseT-
ted is surrendered. l cannot regard it. Inject the
Senator from Virginia on his own ground. He
repudiates the inf renee that the power is e%atren-
dered, and we who close with bis proposition
protest against it. 1t would be most exlra"rdi-
nary if a compromise, thus effected, should car
~ with it an inference so expressly excluded.
But. in sustaining the proposition Of the Sena-