Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-09-02
Vol. xviii,

Jackson, Of Virginia, VIM. II. King, now of Ala
bama, w. Lowndes, of South Carolina, and AL.
fred Cuthbert of Georgia, and host of other
distinguished Rcrublicans.-(See Journal 1914,
Up. 50l-5.)
The amendment having been defeated, the
question REQUIRED on the adoption Of the original
resolution. And here take leave to saw that this
is the only occasion within my knowledge on
which the abstract question of bank or no bank
has been submitted to Congress, unembarrassed
by any matter of detail in the particular measure
proposed presents the naked question, to be deci-
ded without reference 10 any eXtraneous crcun-
stances; and hence the decision possesses more in
terest and more authority as precedent than any
other decision within my knowledge. Now, sir,
how do you suppose the vote stood! If you will
consult the Journal of 1914. pages sos and SOC,
sou will find that upon this abstract proposition,
the vote stood ayes 93, 81, or nearly two TO
one in favor Of it. And you will look at the
ayes and noes, you will find recorded in the affir-
NATIVE the names of John G.. Calhoun, the dis
tinguished Senator from South Carolina, who but
the other day told the Senate he was ALWAYS op-
posed to bank "in the abstract - Mr.. Cuthbert,
now a Senator from Georgia Mr.. Forsyth, late
Secretary of State; the distinguished gentleman
from Pennsylvania, (Mr. G. j. Ingersoll, } whose
democracy no man will pretend to question; Mr..
s. ID. lngham, of PENNSYLVANIA Mr.. w. II. King,
now Senator from Alabama; Mr.. Lowndes of
South Carolina, and many other distinguished
Republicans, well as those of Mr.. CASTOR,
Mr.. Webster and other distinguished Federalsts
Without going futher into details, it is suif-
cient to say that bill wasintroduced and passed
In the Senate by vote of II to Ii, and which
was rejected in the House by the casting vote of
the Speaker. (See Journal 1915, pages 63S-9)
A few days afterwards this vote was reconsdered
by a vote OF lO7 to 5i-most Of the Republicans
voting for 1t. (See Journal 1915. pages 6il-2.)
The bill was then recommitted to select COM
mlttee, who shortly afterwards reported it with
mendments, reducing the capital from fifty to thir-
ty millions of dollars; and it was passed BY
vote OF l29 to 3l-most of the leading Republi-
cans again voting for it. (See Journal 1916, pa
ges 652-3.)
This bill was sent to Mr. Madison for his sig
nature, and on the 30th of January, 1915, he re-
turned 1t with his objections, or, in other Words
he Ustosd the bill. But, sir, did he rest his obiec
tons on constitutional grounds Let his mes
sage answer for him. In that mcmrable document
MIR. Madison used these strong expressions
NV aiving the question of the constitutional au-
thoriy Of the Legislature to establish an ncorpo-
rated bank as being precluded in my Judgment,
by repeated recognitions under varied circumstan-
ces OF the validity of such an institution, i'm acts
otthe Legislative, Executive, and Judicial branch
es oil the Government, accompanied by ndica-
tons in different modes of the concurrent will of
the nation, the proposed bank does not appear to
be calculated to answer the purposes Of reviving
the public credit, of providing a national medium
of circulation, and of aiding the Treasury by IA
ciltating the indispensable anticipations of the
revenue, and by atfording to the public more du-
rable loans.''
Here, Mr.. Chairman, it will be seen, that Mr..
Madison distinctly abandons his constitutional
objections, and treating that question as settled
he rests his veto on the defects in the provisions
of the bill ITSELF
When the bill was thus returned by Mr.. Madi-
son with his objections, attempt was made to
pass tthrough the Senate in opposition to the We
to by vote of two-thirds, but it failcd-ayes Is,
noes 10. On this proposition, Nj. Giles, the Re-
publican Senator of Virginia, voted ay, or, in
other words, for the passage of the bill. (See
Doc. Hist. Bank IT, S. p. 596.)
This bill having failed, MIR. James Barbour
distinguished republican Senator from Virginia,
Immediately introduced another bill, conforming
to the views of the President; but this bill was
not pressed, as is believed in consequence of the
news that treaty OF peace with Great Britain
had been concluded
On the 9Th of December 1915, Mr.. Madison,
In his annual message to Congress, called their
attention to the subject Of uniform Currency,
and mentioned Bank of the United States, as
one of the agents which would aid i'm furnishing it,
This recommendation was seconded by very a
BILE report from MIR. Alexander Dallas, then Sec
| retarv OF the Treasury, in which he showed the
| indispensable necessity of such an institution
| The recommendations were promptly responded to
by Congress. That part of the Presidents mes
| odSe icitIeu tO iIie currency, was referred
on the following day Goth December) to special
committee, consisting of Mr.. Calhoun, of South
| Carolina, Mr.. Macon, of North Carolina Mr..
! Pleasants, of Virginia, Mr.. Hopkinson, of Penn
! sylvania, Mr.. Robertson of Louisiana, MIR. ii.
| Ste. Tucker, of Virginia, and Mr.. Pickering,
! of Mass. (See Journal 1916, p. 26.)
On the 9th of January, 1916, Mr.. Calhoun re-
ported the bill TO establish Bank of the U. S.,
(See Journal 1916 p. 1869 After very protrac-
ted debate, the question was at length taken on
the passage of the bill in the House of Represen-
tatives, when it passed bya vote of 80 to IL
(See Journal 1916 p 4S9 and 1909 In the Sem
ate, this bill passed by vote of % ayes to IL
noes; and it received the sanction of President
/ Madison.
Here, Mr.. Chairman, let us pause to analyze
these votes, that we may see how far the charge
that this bank was Federal measure, carried by
Federal votes is sustained by the record. The
ayes and noes before me, and | have pre-
pared careful analysis of them, which exhibits
the following result In the Senate, of the TWEEN
two who voted for the bank, seUenieen were Re-
pubcans and fvc were Federalsts and of the
| twelve who voted against it, were Federal.
lists, and fue were Republicans. In the House Of
Representatives of the eighty members who voted
for the bill siTtyseoen were Republicans and Mirfee,
| were Federalists whilst Of the seventy-one who
voted against the bank, thirty were Republicans
and forty-one were Federalisis. And yet gentle
men tell us this was FEDERAL Measure A
! Federal measure, though Two-THIRDs of the Fed
eraists voted against it, and Two-THIRDs OF the
Republicans in both houses voted for it
But the gentleman from North Carolina, (Mr
Saunders) tells the House that the constitutions
| - Hio EoHp