Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-15
DEBATE IN,rHE SENATE,

10 the Fiscal Bank OF the United States.
Mr.. CLAY, OF Kentucky, addressed the Senate
regret, said he, extremely that the Senator iror
Virginia (Mr. Rivcs,) has felt himself constrained
by n sense OF duty, 20 submit this amendment NJ
good, nothing | fear but unmSed mischief, can com
out OF it, although am quite sure that is far from
the intention Of the Senator. The people wan, a
our hands Bank, n real, od-hshloned Bank
such an one as they and their fathers have tried
experienced the benefits Of Nov the institution
the proper organization of which we are consider
ins is to be a National Bank or n local Bank. iii
is To- bc q National Bank, we have the power Il
make Il, or we have not. II we have the power,
the States have already consented, IN the ConStiiu
ton to the establishment of National Bank, NO
further or other consent from them Is necessary In
&c - II they have not already gwen their assent II
the Constitution, they cannot give II IN any mode
other than that which the instrument Itself pre-
,criocs according to which there must be the con
currence OF three foIrths ofthe States This think
is too Gear for argument. II we have no power te
make an undlsguIsed National Bank, we ought moi
to attempt IL. We ought not TO seek TO accomplish
indirectly what we are not authorised or forbidden
TO do directly. This district OF ten miles square was
placed under the ursdlc ION OF the General Govern
ment, that the Federal authority might govern IT,
NOT that by means of the local Jurisdiction, the
whole Union should be governed or controlled. We
ought not to apply power granted Tor one purpose
10 the attainment of another purpose, tor which IS
not granted. DO not think, then that we can es-
tabIIsh 10 al Bank, AMI implrt to It national fac
from Virginia proposes, is manitestly mere local
Bank of the District OF Columbia. The Senator
might have spared himself some time IN proving the
now ,r OF Congress TO establish such Bank. There
can be no doubt of the existence OF such power.
|. has been again and again exercised, IN the char
tering Of the Bank of Washington, the Bank Of the
Aictrop,'is, the Patriotic and other Banks. Any
one of those Banks might have asked the permits
sion ola State to establish branch within its bOr
ders Tie Bank under consideration, If amended
n proposed would not essentially differ from them,
except IN the magnitude OF ITS capital and the inter-
est which the Government takes IN It.
Assuming the existence OF the power as settled
and legitimate power, 1t ought to be e&erc sed for
the b Te6t Of tue whole Union; and IL ought TO be
so exercised without soliciting any further consent
{ ON the States. lit be Federal powerful be
griutcd in the Constitution, upoa what possible
GROUND or prime G can We pl c. our Justification
for not exercising the power, without the previous
consent the States, 10 bc expressed hereafter in
separate actsl And If we established the rule that,
p-ior 10 the exercise OF the constitutional power to
establish Bank, must obtain the consent Of the
Sites WIN; the limitations, It. any, to the rule2
Must we not ask The previous consent Of the Sta:es
in every instance OF the exercise OF the powers gram
ted in the Constitution TO the Federal Government
IL we propose 10 establish Post office, or a mail
route in State, or TO lay and collect taxes, or TO
perform any other Federal duty, apperiaining to
This Government, must we not solicit the previous
cpnScut OF the S.atsS2
The Senator from Virginia argues that in making
such a Il nix he wishes we only forbear to exer-
cs, tho powe-, Il we have II, TO esta bsh Nation.
al B tnk; that tDrOeardnce TO exercise is aban-
donment oflGs power; and that II his Bank does
notHwork well we can hereafter resume the power
and make arolner Bank. II is very true that, in
conserving TO make such Bank he proposes
we do orbe 10 exercise the power to establish
Naiiorn! Bank; for there Is quite as much difference
between his Bank and 4 National Bank as there is
between any other local BInk-any 81 te Bank
md National Bank. Just as much ference rs
there il between q Bank of the District OF Columbia
anta Bank ofthe Unit ST tes. As general prop
os on, il may pc true that forbearlnce TO exercise
row r Is not tantamount to the surrender OF the
power But there may be, on the other hand,
case OF such marked and peculiar charac or that the
voluntary forbearance TO exercise given power
amounts to virtual surrender OF that power. And
] think the Bank question Is such II has
been contested tor fifty years and yariousiy
decided. During The last eight or ten years the
contest has been conducted with the great
est a and earnestness, not TO say bitterness The
defeated party not much short OF moIe.y OF the
ntor, slouty dcn.es, as party, the power. Now
II the triumphant party, 1t the CO OF the contest
refuses to exercise the power will It not be here
after construed virtual or implied reoquish
ment Of the powerl If that party, moreover
declining 10 exerc So the power, puts forth in lieu
@"S1e S' mans ~ n@.O'S ii, 'I'Ss,
cInno. ia to dslppoint the hopes and expect ltion
OF the people, how could you afterwards resume
the re.Inquishsd powell Why, the people won,
become so disguised with the very name of Banl
al the United States that they would not allow Won
resume the power.-The Senator tells US that if hi
experiment fail we may then mike a Bank after IN
old mod ]. Why SIR, what have we been stFugg in,
nEanst for The last eight years? Experiment
nfc- experiment until our country has beer
brought to the very brink OF ruin.-And a: the We
~ moment when We have not merely seen land bu
got as all had hoped, into 4 safe port; when sorn
and tompests aud experiments were at an end ant
the bright sun OF hope and prosperity was burst
Ing upon our joyful vision, the Senator from Vir
gtnia comes forward and asks US, once more, 10 pu
% with him on distan, and perIOus cruise, an.
10 try another experiment.
The proposition which requires the consent OF q
State within whose limits branch is placed pro
Cggds upon the erroneous assumption that the OrTncl
IS introduced ior the sole benefit Of the par.icu n
Safe. But that is not the case II IS put there Tor
tie benefit OF the Union including the plrl!cu Al
Safe II the Federal power to put il there exist i,
OUGHT TO be exercised for the common benef. of the
Unon, If here be no such power, then he br- nch
nISFtnOt to bs c'ard.s Incy introduced into State
But d., Mr. Pre- ID Mt, see how ADVANTAGE il,
taken OF the cOnseltus State by the Senator'S pro
posed amendment LISA part Of that amendment
that, when an Office OF discount and deposit s once
established IN State, with the consent Of the State
"thg office shul. not be Withdrawn without tic az
sent NJ Congress- Now, fyour power be ircompe.
lc1t 10 plan. Office Of dscountan dsposit within
the limits ofa State, without the consent Of the 5 aye
Low, alter II IS put there, cln you hold and main.
d HERE IN spite # and against the will Of the State1
ll4tIe VIZ ltIFG1 lultTD SEQ, nd SAD that q
p5E the compact made between the sovereign
State and the Bank
MIR Clay continued Suppose It is, whence do
you ucIyc your authority TO enforce any contract
made between sovereign Stale and a C., rl1r4 TOM
II you ore Forbid 20 ~ the Constitution 10 place
branch 10 q STATE, can you delegate such am lu
th 'rtyi Can you, 10 other words DELICATE what
you have not, 10 a corp0roiiDu' Fob Jdcn 10 ei-
feet an object directly, CIu you achieve iudroctIyl
The project OF the Senator from Virginia proceeds
upon the sIppJsuOn ih1t the Constitution has not
gHn'e1 any power 10 Congress 10 establish a.
lionel Back 10 therefore, branch il admitted
WI hin State, % Is there, IN virtue Of the will I'M
der the authority Of the avs and subj ct 10 the II-
TsIIctou Of that Stlte. H. IS consequently er,sy,
lie 20, and may De Gc.l with by ne 10 yer Of lie
5 Ite according 90 tue pleasure o. the State The
Son tor inquired % were not competent TO Great
britain 10 admit, % she pleased, the est-I.s.re1,
o. "a branch or office Of Bank uf the UuIrg S,sfr.
VI bon her limits Most undoubtedly size may.
Lnl Dc would b.. an analogous .ss 10 lhg adm 8, o.,
Of such branch by State Upon the sgrro.,-
ton Of the admu SION Of such a branch would ., no.
D. subject 70 the Parliament Of Grcl. Bu'ary Could
the ilci that the corporation, whose branch va,
thus received was c.C,tCd by a foreign soyer,fgrty
exert any restraint upon lie power Of the Br.lsi
Parliament On dealing, s5 DO pleased, with the afcr
or cmIgrant branch which 30 had thus re.svcd7
The branch, located within the State by tfc roo
sent Of the State, 20 al. Iu'Cus and PURPOSES won,
De q .gcu. institution governed by the local ragy.
That, think, would be the case Of any branch un
c1uiuona.ly admitted by thr Legislature Of a State
But D. you organize bunk within this ID strict ari
Iu tbe terms Of Its charter. announce TO tie S4tr
tbu branches can only be admitted within tlgr Ina
o. ~ Their consent and authority, YOU rrre,4rrl,
10 he eaUF ~ D. d e.