Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-10
HOUSE OF REPRESENTATIVES,

HOUSE OF REPRESENTATIVES
The journal ofyesterdaY was read and approx
By general consent, petitions flor what object the
Reporter could not hear were presented by the fol-
lowing gentlemen, and appropriately referred:
Mr. KEIM ofPennsylvania.
MIR FLOYD Of New York.
On motion Of Mr. MCCLELLAN, OF Tennessee,
certain papers ito " hat rearin: the Reporter could
not hearl now on the files Of the House, were
dercd 10 be Withdrawn.
FISCAL BANK.
On motion Of MIR SERGEANT, the House re-
solved itself into Committee of tho Whole on the
state of the Union, MIR John G. Clark of New
York, in the Chair) on the bill TO incorporate the
subscribers to Fiscal Bank Of the United States.
The pending question being on the (renewedl
motion OF MIR Dean, 10 strike out the enacling clause
Of the bill,
MIR ROOSEVELT, after some remarks in rela-
ton TO New York city politics, proceeded TO remsrk
on the selection, at Harrisburg, OF Gen. Harrison
as a candidate for the Presidency, which he aserioed
TO persuasion that, from former expressions OF his
opinions AT different times, he might be considered
as for bank and rs bank, tariff and no Tariff abo-
Iition and 10 abotion-a things 10 all men, as cir
cumStances might rendsreNpedent. he represent
ed the present Chief Magistrate eXhIbi ing per-
feet contrast Ia this respects IN support OF which lac
referred 10 hIs printed speeches, delivered seven
years ago, Stree which nothing had occurred TO lead
10 any ClanES N MS stullUltuks ne OUlkeO states
Bank had fallen from the height and pinnacle Of
virtue and perfection into such depth of inf,my
that its "OdOr OF nationality" had become stencil
IN the n0strIls Ct all men.
He next cOmmcn;ei on the result Of the late cleo
ton, which he attributed not so much TO any poiti
cal sentiment as 10 a general desire foe change. The
People had heard OF jackson and Van Buren," 50
ons, that thew wanted new tune, MIR K. eN.
pressed good naturcj acq IieScc IN the change,
der the genera. maxim that III a republic It was Uo
good power LONG N he
same hands.
He then went off into some lauds.ory strains on
the sub-Ireasurv, insisting that had worked well,
and that the objections II applied with equal Jus.
tce TO the employment Of bank hscal agent
of the Government. Certificates OF deposits would
answer all purposes OF circulation and exchange,
and would avoid the evils Oi expansion and contrac
tOH.
in reply to the remarks Of MIR Bots, whose inter-
from the coming clause would, It followed out,
prove all State banks 10 be unconstitutional. He
so contended that the appointment OF portion OF
the directors inconsistent with the clause Of the
Constitution which referred TO the appointment of
Government officers.
Some explanations passed between Mr. r. and
MIR SERGEANT, touching the extent Of the pow.
er conferred on the Secretary OF the Treasury TO
purchase the residue Of stock not subscribed. The
reply Of Mr. S. InaudoIe to the Reporter; and,
soon after, the hour expired.
Mr. KING wished the opportunity of offering a
few remarks IN explanation OF ms vote for this bill
inasmuch as he had, al an early period of his pubic
life, been strongly opposed TO 4 National Bank.
The substance o. his remarks may briefly be stat
ej as follows:
l. Experience had fully satisfied him that, in O
country like ours, It was impossible TO carry on the
vast mass OF trade and business with metallic cur
rercy. In conformation OF this position he referred
especially the experiment once made by the city
OF Hamburg, and ITS results in 5anishiug all specie
from circulation and the substituting for it Of cur
rency Of paper exclusively. The trainers Of the
Constitution had had 10 their eye specie currency;
but the necessities OF the country had superseded
such scheme, and had introduced ! universal. cir.
cula,on of paper money.
Owing to the issues OF banks incorporated by
States INDEPENDENT Of each other, il had become
impossible 10 collect the taxes Iu uniform manner
throughout the Union; for the depreciation Of bank
issues in different degrees in different parts Of the
country prevented the currency from being uniform.
The States had no concert Of action, and could moi
ii they should attempt II, etiec; uniformity; but
their interest lay the other way, because they made
money out OF the expansions and contractons Incl
dental to the existing state OF the currency. Being
tile sole Gee ers IN exchange. they pEoflted by al
fluctuations ~ II. Hence he argued the necessity Of
natIOna. institution as regulator OF the currency.
II hc were accused Of s1nciioning n principle
which would authorize protective tariff, and works
| OF internal improvement by the General Govern
meu', his reply was, that The establishment OF q
| bank was n necessary incident 20 the money DOW
er, which required that duties and taxes should I've
uniform throughout the Union: whereas pr5tec-
tive tarfT and internal Improvement were no, IN
cdental TO any one Of the granted powers IN the
Constitution.
To illustrate the regulating influence OF a central
institution, Nj X. Quoted the effect Of the arrange
mCnt made by the country banks in Massachusetts
with the Suffolk Bank in Boston TO redeem their pa
| per, which was, 10 keep their paper at par. And
Mr. X. had once supposed that the same thing might
be effected by central State banks IN each State
but he found il was impossible, because many parts
OF the country traded with more markets than one
and could not make depOstes in each TO meet and
redeem their notes. which consequently suffered de.
probation. Bot national bank would extend this
same principle 10 the banks Of the whole Union and
would keep the paper Of solvent State banks al
ways a. par, or nearly 50.
Mr. X. next noticed the question which had been
raised whether bills Of exchange did or did not con-
stluis potion OF the currency IN every CONNER
caI coInlryl The late examination by the Bank
OF Eng hal put that question al rest by deciding
It IN the affirmative. Bills did constitute d part OF
the currency, ard represented all eKpOTtabIe and
transferable commodities. or siy hundred millions
IN bills more than FIVE hundred millions were based
on the products o! the country. He then went into
some statistical statements showing the amour. Of
UII and bank notes aiDat 10 England and Wales
during the year 1899, which he compared with TIC
amount for the same year IN this country. lie stat.
cd the result Of the whole, that while the total
average circulation Of the United States Tor the lost
three years Of the existence Of the National Bank had
been oyer six hundred and fifteen millions that Of
the United States Bank had been but eighteen mil.
lions; this certainly had not been Of Itself sufefgu.
to make the currency uniform; and he therefore IN
fCrrCd that rs comparative uniformity must have
been the rCsui; OF the influence u that bank IN rcgu
loung domestic exchanges.
lie compared with the condition Of the syrlaU-
yes and currency, that chaotic, floating ssa Of our
hscl affairs which lId succeeded the destruction Of
the bank. What must be the condition Of that
country whose circulating medium was boo one yclr
1903 millions, the following year 40 millions then
lly millions, then lG millions, then 49, millions. .
and then roc millions thus incl. asinr and then
suddenly decreasing by 70 difference Of over 80 mil. /
lions IN single yclL What community on r4r,b /
could long stand such sll.s Vi ruugsY Mr. X. es.
iImaICI the annual amount Of bills OF rYei5pgs IN
five hundred mi .0ns, and reckoning five grr cont /
premium on them, would show ON annual .o.s In F.
tine people n the United States Of " millions Of
dDir'i making, ~ the sz ysars since the dss,rrc,l,n
of lhc bank, 80 Millions odd To- this the losses ON
the currency, and the iotsi amount which .Hes Sub.
treasury s"nemc had cost Ibis nation might be- SCI /
down az not less than $50 millions.
Mr. K. admitted hot NlfiOna. Blnl, could mo-,
wholly prevent, though % would greatly diminish
the HIcu1NDns 300 our foreign exchange. The rs.
WILSON'S abroad were, for the most part the result
Of short crops though In SOME ctres rhoy were can.
iainy the result Of Oysr-tTHlIngs lJut this Litter
cause bad operated only since The Tall. sfths Binkl
National Bank was great palliative oCIog,ss
from Che FIRST Cause, md cNeuej powerful restrain,
90 preventing those from toe after.
" vas impossible tlut i's place iu this rrsplst
could be supplied byaUy State Banks. When az.