The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10

proposed institution would work we-smoothly, har-
moniously, efficiently | am far from placing any
poor opinions OF mine in composition with the saga
city and experience OF the Senator from Kentucky
but, like himself, | have conferred with some able,
practical men, and they give assurance OF iis TEA
sibty and success. The Secretary OF the Treasury,
too whose special province II is TO collect Information
these from the approved sources and
frame his plans with caution and care, has IN MS ON
cia presentation of the plan contemplated ny the
amendment, given every reasonable warrant IN au-
vance of It's capacity 10 meet the wants OF the uosefh
ment and the country
Mr.. RIyEs said the history of the two former banks
of the United States ought be full Of instruction TO
as and suggests some important reflections LOT OUT
guidance on the present occasion. do not now mean
10 ina ure into the measure OF the dement's they
may haze rendered the country In tins respect,
should be found to differ from some OF my honorable
friends on this side OF the House especially as to the
last Bank OF the United States, which believe was
the author of full much evil good 10 the nation
But admit their benefits TO the public TO have been as
preat as their warmest champions have at any time,
claimed for them, yet fact remains nconesibly
established by the history OF the country. Both oi
them al the expiration OF their charters went down
amid a storm OF public odlum and Indignation sinking
millions of the national capital In the convulsive
struggles of their dissolution and celebrating Tor
time every of the benefits they may have rendered
To the country, in the deep feeling Of political hostility
OF which they were the object 10 avoid the recur-
OF similar mischieis hereafter, the institution
proposed To Dc created must DC Oh
ent principles must especially avoid the original
Sin IN the charters OF the two former banks by plant
ing this constitutional ground not liable 10 piausi
Bile objection and by abslaining, IN It's organization,
from any violation OF the sovereignty OF the States, OF
gratuitous offence to State pride You must change
It's character Instead of commercial trading specu-
aling, stock obbng bank, you must make II what ITS
name lmports-a Fiscal Bank-charged primarily with
the collection, transmission, and disbursement OF the
public revenue, but exerting incidentally an important
and saluiary influence the general currency OF the
country. In short, sir would have it as unlike as
possible the late Bank of the United States would
profit OF the sober suggestions OF such hnancers as
MIR. Gallatin and Mr. Appleton who, in their late
publications on the subject of the currency, have laid
the country under lasting obligations to tnei wisdom
and patriotism.
| acknowledge, sii, with pleasure, the many vaua-
bic Improvements and new securities tngiatted upon
the bill now before Us, by the Secretary OF the fea-
sury, and by the honorable Senator from kentucky,
MIR Ciay) With that distinguished Senator,
heartily concur in the exclusion from the bill OF the
suggested app icatlon of the 18th instalment OF the
surplus revenue of 1886, to subscription Ion
stock in the bank on behalf of the States. With
him, too, | cordially concur in the proprieiy OF cut
ting of by the restriction he proposes the posi-
billiy any Transactions of business character be-
tween the Bank here and members of Congress or oi
GERS of the Government. similar exclusion OF the
officers OF the Bank-the provision for larger pub
licty, in regard 10 the condition, operations and ac-
counts OF the Bank-the narrower limitation than
usual imposed ON the amount of loans and discounts
and last, though not least, the non-renewahhiy OF
notes and other evidences of debt discounted
(though should have preferred much shorter term
than hundred and eighty days for them to run)-
sill these great merits in the original plan OF the
Secretary the amendments of the Senator from Ny
But yet one thing remains of infinitely higher iln
ponance, in my humble judgment, than all the rest
conciliate the public confidence and support and to
secure TO this new institution career of extended
useful, and harmonious operation. Assert no odious
questionable power in lis creation. Do not lmplant
in ii, at its birth principle Of condensation and force
Let have the free and consentaneous support OF all
the clements OF ed nstltutionsof state and OF
federal power tremendously blended. Thus and thus
only will 1t become, what all must wish 10 IT. ma
tional, and not party institution, shielded by public
opinion from those fierce political storms, which mar
red the usefulness, and finally overw hemed in violent
convulsions both OF lis predecessors.