The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-29
CONGRESSIONAL.
SPEECH OF MR.. CHoATE,
OF MASSACHUSETTS,
ON MR.. RIyES' AMENDMENT TO THE
BANK BILL
IN SENATE UNITED STATES,
July 2, 1871.

The Senate having under consideration the bill T" to
incorporate the subscribers the Fiscal Bank Of the
United States" and the following amendment pro-
posed by Mr. RyEs, Of Virginia, VIZ
That the said corporation shall establish compe-
tent office Of discount and deposit in any State by
the assent OF the Legislature Of such State whenever
the directors may think fit To do; and when estab-
lshed the office shall not be Withdrawn without the
assent of Congress and the said corporation shall
have power to commit the management Of the said
Offices and the business thereof respectively TO such
persons, and under such regulations, they shall
deem proper not being contrary TO law or constitution
of the Bank or instead Of establishing such ofices
1t shall be lawful for the directors OF The SAID corpora
ton, from time 10 time, 10 employ any ihuhiuush
agent or any other Bank Banks, to be approved py
the Secretary oil the Treasury at any place OF places
that they may deem safe and proper 70 manage snu
the business proposed as Aforesaid, o,hei wan
for the purpose of discount and TO perform the duties
hereinafter required Of said corporation TO be managed
and transacted by such officers under such agreements
and subject 10 such regulations as they shall deem
Just and proper
Mr.. CHOATE was constrained to say that he had
hesiated good deal upon the proposition presented
by the motion of the Senator from Virginia, Mr.,
Riyes) He had entertained different opinions about
it, There were many and obvious, too many and too
obvious reasons for this hesitation and this fuctua-
ton of opinion. diversity OF sentiment exist
ed among those whose capacity, experience, and
weight in this country properly and naturally pointed
them out a guides and advisers in the Senate. In
trnsc and extrinsic endorsements surrounded and
pervadei the whole subject | have feared, he SAID,
lest mistaken action on my part might inJuie those
whom love and honor, the political association TO
which belong, and the country itself which we all
seek to
Having, however determined 10 vote for the amend
ment am anxious in the hrefcst and plaInest way,
To subf il the grounds of this determination.
1t i. the desirable TO me TO be allowed this OPP
porunity because was OF the Committee by whom
the bill sought TO be amended was reported and
seems to due to that Committee and particularly
TO It's distinguished chairman, Mr. ClayO to whose
laborious exelons TO secure judcious and accept
able charter cordially bear my testimony, to explain
why | vote Tor 50 important an alteration
You see sir, the nature and the effect OF the pro-
posed amendment. If it is adopted instead of armng
the corporation with the power of setting up branches
all the States each possessing and exerting all
the functions of perfect bank you empower 1t to do
SO only with the assent of the States. In the mean
time however independently Of and prior TO, any such
assent and against then expressed dissent if
dissent they should happen TO express, you empower
1t, by means OF agencies distributed throughout the
country TO perform every where all the business phict
bank can perform ercept 10 discount. That BUSH
ness the loanlng of money local paper, itself in
great local and domestic one and ofinteior
policy it perform but with the consent of the
States within whose limits, for the benefit Of whose
inhabitants and side by side with whose local banks
is to be carried on. This the whole of the amend
nent. The bill of the committee authorizes the bank
engross the local discount business of the States
without their consent the bill amended authorizes
to do all things else what bank do; to deal in
exchange; TO issue currency of its own notes and
TO do all things else, without their consent but this
single power permits to be exerted only their
application II simply restores in this important fea-
ture the projet furnished call by the Secretary
of the Treasury, and which comes to Admin
istration measure.
Now, sir, do not for it from any doubt the
constitutional power of Congress to bish branches
all over the States possessing the discounting func-
ton directly and adversely against their united dissent
differ IN this particular wholly with the Senator who
moves the amendment | have no more doubt of your
power to make such bank and such branches any
where than OF your power to build post office OF a
custom house any where. This question, for me, is
settled, and settled rightly. have the honor and hap
pness to it with all, almost ALL our great
est names with our national judicial tribunal and with
both the two great original political parties with
Washington, Hamilton, Marshall, Story, Madison
Monroe, Crawford and with the entire Republican
administration and organization of 1916 and 1917.
But 1t does not follow because we possess this
any other power, that II is wise needu, in given
case TO attempt to exert IT. We may find ourselves
situated that we cannot do it if would for want
ofthe of other Judgments and the efore
struggle might be as unavaing 1t would be mis-
chievous and unseemly We may find ourselves so
situated that we ought not to do it if could. All
things which lawful not convenient, are not
practicable, not wise, not safe not kind
A sound and healing discretion, therefore the moral
coercion OF irresistible circumstances may fifty temper
and wholly restrain the exercise of the clearest
power ever belonging TO human government. Is not
this your actual situation
shall vote for the amendment in the first place
because regard my urgent duty TO give to the Peo-
pile Of this country the substantial benefits of Ma
tlonal Bank as speedily as can and because be-
lieve that shall effect that object sooner and more
surely by the amended than by the unamended bill
repeat what have said it is my business 10 help
10 give the county Bank speedily as possible,
and tbink shall reach that object and more
surely by votng for the bill came from the Secre-
tary, the bill Of the Administration, than for the bill
from the committee
Sir the People need National Bank Such is
surely the doctrine OF the ascendant political party
this Chamber. We say they need it restore, reform,
and regulate their currency. We say they need 1t
promote business intercourse among the States and
between this country and other countries, by means
OF system of steady and economical exchange We
say they need u to keep and transmit their public
ney and To give them the benefit ct It IN way and
another " bile 1t lies on hand. We say they need it,
last and least TO increase their supply OF credit
modaons for the prosecution Of their vast and
enterprises
Well sir they need il now They need it today
This moment, while continue the dispute they
need It, lie serves them best, he serves them twice
over, " no es them soonest in this matter Now
believe shall meet this demand OF the country
sooner BY this amendment than without IT, Look for
moment at the. alternatives presented We know
that we can make the amended bill into a law at this
session Of Congress. We know Judging on all the
circumstances, that there opinions here or
elsewhere to prevent it If the friends OF Bank unite
in us favor. ! believe, that the Bank which this law
Will est hlish may 20 into operation ae useful and
substantial extent ty the first of January certainly
hy the first Of April next, 1t is said and it may be-
that capitalists Will he deferred from taking lis stock
by the uncertainty about the number and place OF is
branches which shall possess the discount power pre-
viousy To the determinations OF the legislatures of the
States. II may be so But then you wl consider that
they know as well you know, that OF the States
IA La "a,
once | think Massachusetts,, for example will do so
aud that she will offer you ia Boston an eineny eli.