Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-31
IN SENATE UNITED STATES,
july /, lS4l.

MT. III v EC IhONtu W Sulhc Jul pa :
of the 18th article of the 18th section of
the BILL and to insert the following
"That the said corporation shall establish
competent Office of discount and deposte in any
State, BY the assent of the Legislature Of such
State, whenever the directors may think fit so to
do; and when established, the Office shall not be
Withdrawn without the assent of Congress- and the
said corporation shall have power to commit the
management of the said offices and the business
thereof respectively, to such persons, and under
such regulations as they shall deem proper, not
being contrary to law or constitution of the bank;
or, instead Of establishing such offices, it shall be
lawful for the directors of the said corporation
from time to time to employ any individual, agent,
or any other bank or banks, to be approved by the
Secretary of the Treasury, at any place or places
that they may deem safe and proper, to manage and
transact the business proposed asaforesaid, other
than for the purposes Of discount, and to perform
the duties hereinafter required of said corporation,
20 be managed and transacted by such officers un-
der such agreements and subject to such regula-
tons as they shall deem just and proper"
The amendment being read, Mr.. RIvEs
remarked that the Senate would perceive it
was in the precise words of the projet
submitted to the Senate some time since
by the Secretary of the Treasury. 1t re-
quired the assent of the Legislatures of
the States to the establishment of branch
es, or offices of discount and deposite,
within their respective limits. This princi-
ple had been pretermitted in the bill re-
ported by the Senator from Kentucky,
(Mr. Clay) which expressly empowers the
directors of the corporation to establish
Offices of discount and deposit, wherever
they think fit, without regard to the con-
sent of the States. The object of the
amendment is to restore the principle of
the Secretary's proiet.
Before he proceeded to the consideration
of the amendment, however, Mr.. Rives said
he begged to say few words in regard
to the general question involved in the
measure now before the Senate. All would
agree that something must be done to put
an end to the present unsatisfactory and
eminently injurious state of things. The
necessities Of the Government, and the de-
ranged and suffering condition of the coun-
try equally demand it. A fiscal agency
of some sort or other must be constituted
to conduct the varied and important con-
Germs of the Treasury, and at the same
time, to exert salutary and restorative
influence upon the general currency of the
country. The Sub-treasury system of the
late Administration, it is now frankly ad-
mitted by many of its advocates, has been
decisively repudiated by the deliberate
Judgment of the nation and in obedience
TO their voice, bill for its repeal has been
recently passed by large majority of this
body, which will, doubtless, soon become
the law of the land. What, then, is to be
substituted In former periods Of our his.
tory, the employment of State Banks had
been considered as the true and legitimate
alternative of Bank of the United States.
In 1871, when the Republican party OF
that day opposed the establishment of the
first Bank of the u. g., and again in 1911
when they resisted and defeated the re-
newal Of its charter, they, with undivided
sentiment, pointed to the State Banks al
furnishing the proper and sufficient means
for conducting the financial operations o.
the General Government, without the ne
cessity of Incorporating national institu
ton.
u Mr.. RrvEs said he had himself preferred
that system, and still preferred it if il
could have fair trial---not because he be-
lieyed it perfect in all respects, but yet ca
pable, under proper regulation and man
agement, of meeting the leading wants o.
the Government and the country, while i
steered clear of the fundamental objection
of an assumption of unconstitutional pow
or, and avoided that concentration of mo
neyed influence which had always made {
purely national institution an object of Re
publican jealousy in this country. Mr.
Rives said he firmly believed that if the
party, which had adopted this system OF
Inc removal Of the public moneys from the