Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-14
SPEECH or MIR. RiNE>,
Or VIRGINIA,
IL Cau9r Of an amsndnent proposed BY him to
the Bank Bin.
IN SENATE UNITED STATES,


article Of the II,h section OF the bill, and 10 insert
the following ..,
orhat the said corporation shall establish com
peient Office OF discount and deposii IN any Sta'e'
,hc o,.cot of The legislature OF such State when
ever the directors nay think A. - 10 do, and when
established, the ohce shall rot I've w''hHfa"n win
out the assent c Congress, ana The sala e'IP''a'pn
shall have 20 ser 10 commit tue management 81 'he
80 ~ - ,s tbs business thereof respectively, 20
such psrs -ns and under such resulauons' as 'hey
shall deem proper, not being contrary 20 hW o' Sou
sii,uu,u OF the bank, or, instead OF es'ao.sh'nS
such u,hecs, IL shall be lswtu, Tor the directors OF
the s,ri cSrpor,tton from tune 10 time TO employ
any individual, pgcui or any other hank or oahAS,
TO Toe approved by the Secretary OF the treasury, ~
any place or places that they may ueeh sae a'l'
proper TO manage and transact the business pr92os
ed as aforesaid other than tor the purposes OF u.s.
count, sni L perform the duties hefenaitet IequI.
ell OF said corporation, TO be managed ana transact
ed by such officers under such agreements a"l suo,
ject to such regulations rs they shs Gee" JUST anu
proper" =. ,.-t.,
that the Senate would perceive II was IN the precise
words of the projel submmlued TO the Senate some
time since by the Secretary OF the treasury IL re-
qulred the assent the Legislatures OF the States 10
the establishment OF branches or ohces OF discount
and deposit, within their reSpeet'Ve Tuii's. ms
principle had been ptetermliied m the Oh reported
by the : ,nator from Kentucky, (Mr. Clay,) which
expressly empowers the directors OF the corporation
to establish Offices Of discount and deposit "here'-
er they think fl, without regard TO the consent OF
the States. The object Of the amendment IS to re-
store the principle OF the Secretary's PROJECT
Before nc proceeded 10 the consideration OF the
amendment however MIR Rlycs said he begged to
say a few words in regard to the general question
involved in the measure now before the Senate. All
would agree that something must be done 10 put an
end 20 tue present unsatisfactory ana eninenty IN
furious state Of things The necessities OF the Gov
ornmcnt and the dcranged and suffering condition
of the country equally demand Il. A hscal agency
of some sort other must be constituted 10 coh'uc'
the varied and important concerns OF inc treasury
NRNRF
ratlve influence upon the general currency OF the
Country. The ssb-Treasury system Of the late
Adm nistrltion, II Is now frankly admitted by many
ofIts adv ,caeS, has been decsiveiy repudlaied 10y
the deliberate Judgment OF the nation; and IN obo
dience TO their voice, bill Tor ITS repeal has been re
&c tly passed by a large major ty oil this body,
which vii, doubtless, soon become the law OF the
land. What, then, is 10 be substituted 10 tor
rsr periods OF our history, the employment OF State
Banks had been consdeei ms the true and legItl-
mate alternative Of Bank OF the United States. In
1891, when the Republican party OF that day OPP
posed tie establishment OF the hrst Bank OF the U.
=, ond again in 1911, when they resisted and de-
feated the renewal of It's charter, they, with undI-
vldsi sentiment, pointed TO the State Banks as iur-
nishIng he proper ani suihcient means Tor conduct
ing the inaucIh operations OF the General Govern
men,, wl,h,u, the necessity Of Incorporating a ma
mai institution.
MIR Rves sad he hal himself preferred that sys-
TEN, and still preferred II, II II could have tdIr TIL
a-nOt because be believed II perfect IN all respects,
but yet c p able, under proper regulation and man
ngemen;, Of meeting the leading wants OF the
Government aud the country, while II steered clear
OF the fund imentl objection of an assumption OF
unconstitutional power, and ayoted that conccntra-
ton Of moneyed influence winch had always made
purely national inslltu ION az oblec, OF Republ lean
ieaouSly IN this country. MIR Riyes said he firm
~ believed that the party, which had adopted this
system the removal OF The public moneys from
the Bank of the United States in 1888, had remain
ed faithful TO t-ii they had not wantonly or IN
wisely betrayed it into dlticulues-or even after II
had been thus involved IN embarrassment main
w by the errors of the Government, It they had
pursued the conservative and sustaining policy Of
Dallas and Crawford towards the State Banks IN
n similar but far more difficult crisis, the sys EN-
would ut this moment, have been IN vigorous and
successful operation, and have answered every
iIst expectation Of the country. But the very pa
OF had, with unnatural and ierocIous violence,
turned upon their own offspring. They had made
upon the State Bank system, ill they had SO
crippled is energies, aud dscredted ITS character in
the opinion of the country, that all rational hope of
an cficcn: reorganization Of It has been extn-
cuished. My colleague and myself, said MIR. r.,
would now probably DC found the only advocates
OF II this floor.
D. lis true that distinguished Senator from South
Carolina, tAlr CdhounD who has heretofore made
the Pct Bank System, as lie calls 1t, the favonIO
subject OF his denuGcIaon as ricksiiy and rotten
concern, seems be willing now, Judging from the
motion made by him q few weeks ago, 10 take II
under his kind protection. But confje in
hun as our leader when as soon as lac HOSTS his
from Kentucky (Mr. CIay) with being the Commo-
dore OF this llule feet, he Indignantly rcpeIs the
imyu;aiion and boldly pTociaims that he will fight
ony under the hng OF the IadsPsndent Treasury.
MIR Calhoun here rose, and said he scorlsd any
connection with the Pet Bank system.l
Mr. Rlgcs. And yet the Senator seemed very
rctdy TO take II under his command, when he pro-
posed &, .cft IL for another voyage by repeating the
provision of the act of 1886, respecting the issue Of
mites under 80, which was supposed to present the
only material obstacle 70 It's revival. And, unless
i greatly deceive myself, the honorable Senator
then declared that, though not advocate OF the
Sl'e Bank system, he preitrtcd It to Bank Of the
Us.
fTr Calhoun said he preferred it because it
could be more easily blown up than Bank ofthe
u lied States so rs 10 make way for the re-es.ab-
lI-hmcut Of the Sub-treusury.
Then surely, (stid MIR Rlves) oil our distrus, Of
the Senator is more than justified; and wei may We
say to him, TiHeo DmIo' 2! dOHa CsrsHies. The
bold Ennunciilon uc ms just made, which leave
Lin % reconcile with tie mnxms Of good faith re-
wells No once the policy Of himself and Of the party
with which he Is now associated; and Of which, II
may JUDGE from the sIgn5 Of the times he is the
acknowledged leader. They would continue to
wage unrU.guiiug war upon the State Bank sys.
iCn with the desperate determination Of bglDing Il
up M order To bring back that repudiated scheme,
under whose llg the Senator proudly boasts that
De still fights. AZ the same time, the friends Of a
Nl'ioul. Bank intent on the establishment OF their
tJvJr.C plan, will be as little disposed % iOrDclr at
tack upon system which is the antagonist Of theirs
as wei. rs Of the Sub treasury scheme.
IN the face Of this united and double hostility OF
The two great political parties Of the country, both
cCJscicssly warning upon u, the idea OF q solid and
permanent reconstruction OF tic State Bank dcpo
Sitsystsm whatever he its intrinsic
must be Admitted TO be hopeless What the coun.
try now wants above every thing else is stability
aud rcposs the adoption of some permanent system,
upon which mCu OF business can base their opera
tons fIrhc present, and their calculations for the
future. The great Interests OF society have bcsn
long enough made the victim ofp1rty agitation; the
sport and foot bal. Of the Lea.lCss game OF pOiri.
r1us f. Is time thlt thCs. great Interests Ifpossi
DIE, should be placed, 10y some cobci.IlOry and per
uauoui adjustment Of the questions hitherto rr
hsrce.y debated, beyond the destructive operation
OF fuc clements Oi party war
To National Bank as formerly constituted
very large portion Of tho People Of this country
have ever is' and will probably ever continue L
fee. an IuvncbIc rCpugnance on the ground Of t
iUyOivug an assumption OF ungtduted power oul
invasion 81 the rights and sovereignty Of Oh,
States To Obvf1.c these objections the Secretary
a. Hc Treasury, justly approaching the advantage
that would result 20 the nation az large, as we'll a
Co. che institution itself proposed TO be established
from cDrdn. and general concurrence Of pub'r
opinion 90 s favor, suggested the eTpcdicncy Of or
CANNING % 90 such manner ~ TO avoid atogethe
the disputed question Of constitutional power TbJ
suggestion was conceived In a spirit Of patriotism
" sdDm, and practical stdtesmanship worthy Of IN,
Secretary, and Of the Administration under who's
auspices 0, was presented. lie proposed q, pan