The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1841-02-10

currency aud the gentleman admits il. How
can we have a sound national currency with
out National Bank, which has been proved 10
be the only means Of producing that currency.
/ As for the capital Of the present Bank being
absorbed IN internal Improvements, he thought
ne arly every hank was built upon debts; the
first and second Banks were built upon the na-
tonal debt, and the Banks Of England was built
upon the national debt.
The only difficulty in new Bank was, the
want OF debt; and il report speaks true. there
is debt enough now for any reasonable bank.
The gentleman wishes to strike out of the
resolutions all that goes to make d national
currency.
The currency Of the country should be the
Offspring Of The Government, and in rhe control
Of the Government. The gentleman admits
the necessity of this currency, but he can see
no way Of making it that he cannot find obJec-
lions to.
The business Of the country depends on State
Institutions and if we have national inslu-
lion we multiply the chances Of avoiding con
vusiou.
Pending the discussion the House adjourned
to o'clock.
AGernOon
The order Of the day was taken mp.
Mr.. Robbins said that the argument OF the
gentleman from Glocesrer struck hin, as tissue
"A currency, and yet he opposed any kind Of
bank. Are we to say we will have no national
, bank and thus bid adieu to national prosperity
, lie admits the necessity Of a currency bat de-
nies US means.
[ As for designating the form Of bank. II
would tie mp the hands OF our representatives
o. Rely on IT, we can have no national currency
without a national bank, and without this cur.
e rency we can have no national prosperity.
/ Mr.. Simmons said one objection Of the gen
+ leman from Gloucester was, that Congress
b could not do indirectly what they could not DO
y directly: they could not permit others to loan
) the public money if they could not loan II
, themselves This is the common argument.
| Bat how is the fact1 The States are pro-
hibiied from issuing bills of credit, but this
does not prevent them hom allowing corpora
, tions 10 issue them.
This shows there is nothing in that objection.
The settled policy Of this government IS the
best standard of the constitutional powers Of
governments; 1t Is too late ~ the day 10 question
those powers. Had there been any question,
the late election ought 10 have settled II. The
end and aim Of the late election was to restore
the old order OF things; it is the received opin-
+ ION that these things have been seulrd and
every one who loves his country and admits
the rights Of the majority, ought TO consider
the question settled
Mr. Robbins said in regard 10 the danger OF
a Bank he thought il not the course Of a sonnd
statesman to disregard the lessons OF experience,
10 disregard 50 years of the greatest prosperity.
Mr. Atwe said the constutlonalIty OF
Bank was settled by a Supreme Court. lie
only spoke Of the dahgers Of such Bank and
he also argued that the question of the consti-
tdtionaliiy of the deposit Of the public funds as
a basis of discount had never been settled by
any tribunal.
\ As for our experience Of the advantages of a
Bank, Mr. A. said that the old Bank existed
30 years and with the full knowledge OF all its
advantages Congress refused re charter But
when pressed by the effects Of the war with
EosInnd the effect men through the pocket
Produced the second charter. That bank had
90 years run and the people again decided a
gainst any Bank in the election Of Gen. Jack /
son and Mr.. Van Buren, on that verv ground.
The questions settled by the late election no
one can tell-when The representatives shall
meet he thought we should not find any such
strong majority in favor of any particular policy .
as the gentleman spoke of.
At any rate he denied the right Of any ma
lJority, however strong, to shut his mouth. and
say he should not express his doubts and speak
his opinion, il he spoke his honest conviction.
Mr.. ~. Il. Hazard said he could not see
how any one could vote FOR these resolutions
and say that this country was in state of dis
tress and rain.
lie said there had been prcssures and dis.
tress and lie had never denied 1.-THE Bank
made pressure once in three years, aud every
fourth year at the election, it was most severe.
| lie hoped as we had got bank aud state scpar.
ate, we should never unite them,
! Mr.. Robbins said, that when the chatter Of
the frs, bank expired. they knew its adyanla-
yes, and OF a trial of the disadvantages the very
men who bad refused the charter. voted for it.
All the business men OF the country are and
have been in favor Of bank.
Mr. Aldrch denied the fact that there was
near all the business men in favor of 4 national
bank
Mr.. Atwcl said his knowledge supported
that of Mr.. Aldrich.
Mr.. Simmons said those were men Of large
/, capital. He thought the small men ought 10
have some advantages.
, Mr. r. Il. Hazard said II was well for the
, speculators 10 have these banks. They made
9 money from it, but the loss fell on the working
classes. We might pass instructions as long as
. We pleased, bat II was the least of his fears
f that we should have to swallow another bank
f. Aud the House refused 10 amend tho rcsou .
|, tons.
t. On the question OF the passage Of the resolu-
o ton the House was called and the resolution
was adopted, 80 to 20.
r. The following resolution on the sub.ueas-
e ury was then taken up.
= Whereas, the sub.treasuIy system is calcu.
If lated ultimately TO exact all the dues of the
, government from whatever source, to be PAID
,- in specie aud whereas. the necessary tcndeu
IN cy OF that system, Ui II be retsevcred IN, wll II
ID time be ettcctual to the purpose,) is to desio,
le the local currencies, by destroying the bank
le which furnish those currencies OF what vii
come to the same thing, by creating such EN-
h. bauassmenis to their operations. as will reude
TO them useless is banks both to themselves aus
to the public; and whereas, those local cur
or renries are now the only support for the re