The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-02
CONGR lGSs--EXTRA SESSION.

port on the Secreary's project of Fiscal Bank o
the United States They resolve it all into Banl
of the United States, after the model of the last.
The committee declare that the establishment O.
a National Bank is indispensable:
That it is to be regarded as settled questio,
that il is constitutional:
That the question of expediency would not be
dscussed:
That it is the deliberate opinion of the commit
tee, that an immense majority of the people are il
favor of and call for United States Bank and tina
it shall be established at this special session:
That the committee determined to dismiss al
experiments, and take for the basis of the new Fis
cal Bank the last charter of the Bank of the United
States;
That the capital shall consist of thirty millions
which may be increased to fifty millions;
That the dividends be limited to seven per cent.
if deficient one year, to be made up by the surplu:
of subsequent years; surplus over seven per cent
to 90 to the United States:
That its loans and discounts shall not exceed its
capital more than seventy-fve per cent:
That It's affairs shall be open to the inspection Of
the Secretary of the Treasury, committees Of Con
gress, and stockholders:
That when its notes exceed three times the spe-
Gle in its vaults, further loans shall not be made:
That no paid officer of the Bank shall receive
accommodations by loan:
That embe2zlement by any officer shall be held
as felony:
These, as far as we could catch them, were the
principal features of the report.
The report repudiatcs altogether the two fGa-
lures of the Bank introduced by Mr. Ewing to sat-
s(y constitutional objections. The most material
is that which, in Mr. Cwing's project, required the
assent of the States 10 the establishment of branch
es within them, This the report treats as yield
ing the question Of the constitutional power Of Con-
gress to establish National Bank It argues
deliberately this question, and insists on the esiab-
lishment Of branches without the assent Of the
States, to be essential to the system contemplated
by the committee,
Another point on which the report wholly repu-
dates the Secretary's plan, is that which proposes
to establish the principal Banl, in this District, So
far from doing this, the plan of the report takes the
whole baakiHg p0wer out of the District not even
permitting IN office of discount and dcpose to en-
ist within the District. 1t proposes to have Il board
Of directors rs board Of control within the Dis
trci; but no bank holding any part of the capital,
or possessing any power to discount. This, so far
from laying hold of tho rig hit of Congress TO create
a banking corporation, as the root from which the
States would draw branches, abjures altogether
the authority of Congress over this District as fur
nishing constitutional power to establish National
Bank in the ten miles, TO spread its branches over
the Union, but, on the contrary, claims the power
as applicable to the United States only, by denying
even Il branch with banking powers to the District.
These are the two essential particular, on which
it Is understood the President holds views damet.
rically Opposite to the committee; and the COM
mtee have, notwithstanding the adjuration of the
National Integencer, boldly determined to push
the President to the wall and make him surrender
at discretion 1t is said by some of the friends of
Mr. Clay, that it has been ascertaned in caucus the
measure can be carried in Congress without regard
to the constitutional objections which Mr. Ewing's
proposed plan was intended to remove. We infer,
therefore, that Mr. Clay is willing to try conclusions
with the President before the people, If he dare
venture on vGto.- GlOjC.