The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-07-13
Washington, July 8, 1e41.

UNITED STATES BANK.
The Senate resumed the consideration Of
the bill TO incorporate the subscribers to the
! fiscal Bank of the United States. The ques-
ton being on the amendment of Mr.. Rives,
| Mr.. Archer made a brief allusion to the de-
bate of yesterday, in which he said that as his
colleague had been pleased TO regard him as
standing in loco PARENTS, and as the wise man
had said, "Spare the rod and spoil the child"
he thought his colleague should have received
it with more submission.
Mr.. Rives made brief reply and disclai-
med any intention TO wound the feelings of
his friend, with whom he was associated in
legislative labor twenty five years ago.
Mr.. Linn said that for twelve years the
friends of Gen. jackson and Mr.. Van Buren,
had held majority here, and it was always
the case that majority could discuss matters
with moderation. He said he should use the
most unsparing language towards hisopponents
and when Gen. Jackson was assailed he would
defend him with all the courage and ability
which he could command, without reference
10 the course which any other member of the
Senate might see fit to pursue.
! Mr.. Bayard went into an argument to shew
that the only real difference between the bill
before the senate and the plan of the Secretary
Of the Treasury was as TO whether the branch
es should have the power TO discount the PROM
issorv notes. He drew the distinction between
branches and agents, and went at large into
sketch ofthe profitable course of the Pennsyl-
vania Bank of the United States so long as it
pursued the system of discounting notes. He
moved to amend the amendment by changing
the proposition so as to make the introduc-
ton or non-introduction of the branches TO de-
pend On the dissent, not the assent of the
States.
! The amendment empowers the Bank to es-
tablish agencies in the States, to consist of
three or four persons, which may be convert
ed into offices of discount and deposite unless
the Legislature of any state shall at its next
session express its dissent.
MIR. Phelps rose and explained the course
which he felt himself called on to pursue. He
had no doubt of the power of congress to es-
tablish branches in the states without the assent
Of the states. Congress had power to estab-
lish any corporation which was necessary to
carry out its fiscal operations but it had 10
power to establish any corporation, except for
purposes indispensable to the operations of gov
eminent. The question was between a sub
treasury and bank of the United States, and
there was no middle course. The amendment
of the gentleman from Virginia admitted the
constitutional power as fully as he (Mr. P. }
claimed it. He had no constitutional difficult
ties, and he was not willing to load the meas
ure with any, but was DESTROYS to unite all the
| friends of the administration.
Mr.. Phelps said that if any difficulty should
arise in carrying out this measure, he would
be willing 70 go to the utmost extent in the as
sertion of the power, and to vote for its abso-
lutte exercise. He resisted the idea that a
forbearance of the right to exercise power
could be construed into an abandonment of
that power. The first object in establishing a
bank was to aid the financial operations, and
then to regulate the currency. In Vermont
there was sufficient banking currency, good
currency, and he would not undertake to say
whether bis state should have branch or not
He regarded 1t as question OF doubtful expe-
dieDcy. 1t woGld be for the legislature to
decide on the expediency, if the amendment
shou ld be adopted, but he should never consid.
er this as involving the question of power.
70 meet the objection which may be urged
against the power Of Congress acting as the
legislature of the District of Columbia, or as
the national legislatune, to locate the Bank m