Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-07-05

emanong from the will Of The nation, and iInper.
ntively demanded Ivy the necessities OF the Gov
eminent and the nation, shall he wholly depend
ent for its useful operation upon the viii OF each
and every State, distinctly expressed.
Accordingly, in the drnught OF bill now re-
ported the right is asserted TO exercise the branch
ing power of the bank, independent OF the nssent
OF the States. The committee dare not nllow
themselves to believe that tho bill IS free from oil
defects, hut they do hope that these, in spirit OF
liberay, will lie corrected by the superior wis
dom of the Senate aud Of the House, and thnt the
present session will he signalized by the establish
meut OF II national institution, which has become
dcsideraun TO the general prosperity.
The advantages which will How from such an
institutions in both domestic and foreign rela-
tons, are manifest and inconestibe.
1t will give the people II sound currency OF uni
form value throughout the Union, which is just
rs necessary to the successful operation of all
brnnches of business, pure air or water Is TO
the preservation of human life or health.
II will revive and extend commercial inter
course, which, for the want OF common mctli.
nm, has hcen almost suspended between different
parts OF the Union
| 1t will reduce domestic exchange from the
enormous premiums and discounts now frequent
ly pnid, TO the moderate standard growing out of
the mere cost aud assurance the risk oi irans-
! porting specie from to another part of The
Union.
! 1t will, consequently, save hundreds Of thou
sands OF dollars now annually lost in transactions
of Exchange.
Il will essentially benefit the mann arturing in.
terest 10y enabling it to realize sales aud the pro
| cee,iS of sales.
I, will powerfully contribute TO the resumption
of specie payments by the hanks Whose existing
Delinquency is the greatest source OF all prevail
ing pcc''niary and financial embarrasemenis.
| II will greatly tend TO prevent aud correct the
excuses and abuse of the local banks.
IL NIL rio AZ
the Union for the payment of debts and dues 10
the GoNercineIt; thus rendering duties and taxes
uniform in fact as well as in name.
| 1t is Indispensable to the convenient md sue.
ceSsiul financial operations oi the Government III
all the departments ofcollecon, safe-kecpiug ind
Endorsements oilhe public revenue.
Such are -onie of the domestic benefits which
the committee fully believe will be secuie ed by
NuIio.al Bank. Those which apperlain 10 our
foreign relations are asU worthy OF serious con-
sidcraliun
Ii it be- true that money i, power, it's concentra-
ton under the direction OF one will, sole or col
lcctIve, must augment the power. nation, with
out such II concentration OF power, maintaining
extensive commercial Intercourse with another ma
ton possessing ii, must conduct that intercourse
on II condition 81! inequality md disadvantage.
National Banhs, in other countries, l'egrt the ne
cessy, therefore, of National Bank in this coun-
{ Try in like manner National Governments in
eminent in uUrs.
Accordingly, we hive seen the influence exert
ed by the Bank of England upon Anerican inter-
css, when those interests were exposed To the ac-
ton of thai Bunk, and were lett without the pro-
lection Of II Bank of the United Slnres. The
p committee do wish 10 be understood MS iniend-
! ing to express any approba'i"n Of the conlnier-
} cial operations in which the Penn@y lvania Bank,
+ assuming the name OF the Dunk OF the United
states, engaged. when that state of things arose
Bat they do mean TO say that the interests
. and dignity of The United States demand that they
! should not I've exposed. hey ond the necessary aud
legitimate influence of monetary nnd commercial
Z operations, 10 the action of foreign banking in
s,,uon. They believe that, without n competent
Bunk OF the United States foreign NaoIal Bank
l. may and probably will exercise an undue aud pos
# shly pern'ciuus influence upon our interesis.
Ia this !w o! the case, tue question is, whCh
or it is netlci rhat should he left liable TO he
= materially aft ctrd by Il foreign institution, in
which we can exert no control, which is nd nlinis
tered solely in reference To lere On interests,
e shall have an American Bunk, the creature of ou
will, subject 10 American authority, aud aninlaet
by American interests, feelings and sympatliies?
Il The committee could not entertain doubi il
&c such alternative. And, in reference to the for
l. eIsn aspect OF the Bank, the committee though
Il il expedient to allow it to deal in foreign bills
n exchange, which the barometer Of The state
=, our foreign irade.
u
! say that they have given due consideration 10 tn,
&c various memorials referred TO them and to the in
y slrnciions moved 10y Senator frou Mississippi.
n They subjoin that " herever, in this report, TN
ir committees Is meDiuncd, a majority Of the com
ST inticc is to he understood.
al All which is respectfully submitted.
House.-Mr. Adams presented large numbe
~ OF petitions which, wen, over to the next session
o. under the rules The Senate bill to repeal Il,
VI suh'reasury was referred to the committee OF Way
Is and Means. Mr.. Barnard's project for Bank wa
" referred to the committee on currency. The hi
'. making appropriation for the extra session wa
IT passed.
J. TUESDAY, June %.
a In the Senate, the hill TO revive aud extend I
1l the 4ih July, lS4i the charters Of cerrnin Bank
y Of the District OF Columbia was passed.
~ The bill OF appropriation for the present SEES
Ia sion passed the Senate.
III In the House, Mr.. Cost Johnson chairman @
r. the committee on Public Lands reported bill q
Is appropriate o limited time the proceeds of iii
Of public nnds and granting lands 10 certain Stutes
r Referred 10 the committee of the whole OH ii,
state of the Union, aud ordered printed
a Mr.. Pope moved to reconsider the vote on IN
nj MOTION passed yesterday TO refer TO the commits,
n OF Ways and Means the bill for the repeal Of II,
~ Sub Treasury. After debate of some lcngr
q. aud interest, the vote reconsidered and ii
10 bill referred TO the select committee on the Cur
or rency.
&, A message was received from the President {
AS the United States, enclosing n correspondence
ii between himsclt and the committee senl here,
~ behalf of the citizens of Cincinnati for the par
-. pose Of removing with the consent OF the arnil,
nj the mortal remains of the late President. tn
~ message aud documents were sent to the selec
n committee that portion Of the Presidents me-.
en sage which relates The family ofprcsdrnt Hal
n TlSOn.
r. We give the reply oithc Prcsiden, to The Con
To ntre:
OF WASHINGTON, July IL, 1911.
OF GEHrLEMEN: Your letter OF tie 18th was ,lnl
n handed ne, and lose no time in responding
lk tho feelings aud sentiments which YOU have =,