Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-10
PROPOSED BANK OF THE UNITED
STATES.

The following is the report of the Select
Committee of the Senate on the Currency,
&c, of which Mr.. Clay of KY. is Chair
man, as read by him in the Senate:
The committee to which was referred so
much of the Presidents Message as relates
to uniform currency, and suitable fiscal
agent capable of adding increased facii-
ties in the collection and disbursement and
security of the public revenue, have had
the same under consideration, and beg
leave to report:
That after the most attentive and anx-
ious consideration of the state of the cur
rency, and the finances of the government,
in all their interesting and important bear
ings, the committee have arrived at the
same conclusion with the Secretary of the
Treasury, that sound and just policy re-
quires the establishment of a Bank Of the
United States with as little delay as practi-
cable.
The committee have neither time nor in
clnation to enter into a discussion of the
question of the power of Congress, under
the Constitution of the United States, to
establish a National Bank. After all that
has been said and written on that question
during the long period of half a century,
nothing remains to be added that would be
likely to shed much new light upon it. 1t
ought, in the opinion of the committee, to
be regarded as a settled queston-settled
by the appreciation and Judgment of the
people, by the authority of the Legislature,
by the sanction of the Executive Depart
ment of the Government, and by the SOL
emn adjudication of the Judiciary. If it
be not regarded as a decided question,
when, in the collision and conflicts among
men, arising out Of diversity of opinion
and Judgment, is controverted matter to
be considered as terminated and quietedl
Nor do the committee deem il necessary
to discuss the question of the expediency
of establishing such an institution as a
Bank of the United States. On this there
is even less contrariety of opinion than on
the former question. On both, it is the de-
liberate conviction of the committee that a
vast majority of the people of the United
States concur; and that they are now
t looking, with anxious solicitude, to the de-
t alterations of Congress, under the conf
dent hope that Bank of the United States
S will be established at the present extraor-
5 binary session of Congress.
Passing by, therefore, those two ques-
tons as being unnecessary to be further
argued, and assuming, what the committee
verify believe, that National Bank is in
dispensably necessary, they will proceed,
: at once, to the particular form, powers, and
faculties with which it may be expedient
to invest such an institution. And here
the committee have no hesitation in saying
that, confidlng in the experience of forty
years, during which the nation has enjoyed
the benefit of National Bank and during
the greater part of which it has realized
: every reasonable hope and expectation in
the operations of such an institution, they
came to the conclusion that it would be
wisest to dismiss all experiments, and tc
: cling to experience and assume the last
charter granted by Congress as the basis
! of new bank ENGRAVING upon it such re-
: strctions, guarantees, amendments, anC
t conditions. as have been found necessary
by actual experience.
, The Secretary of the Treasury came to
similar conclusion; and in his report
and the draught of bill which accompa.
MES it, he has taken as model the charter
granted by Congress in 1916. On that he
: has suggested great many valuable i'm
provements, most of which the committee
have incorporated in the draught of bill
: which they now report to the Senate. On
! this draught they wish to offer to the Sen
ate some brief explanations and obscrva-
5 tons.
F. The committee have adopted Washing,
ton city, proposed by the Secretary of the
Treasury, as the place of location of the
principal bank They believe the place OF
its location is subordinate question; but
: there are many advantages from the prox-
unity of the Bank to the Government. The
distribution of the capital of the Bank
among the several commercial cities, in
proportion to their respective wants and
magnitude, is what they naturally desire,
and what will doubtless be done. But to
guard against the exercise of any undue
Government or official influence, or the
> imputation of any unworthy transactions
the committee have thought it expedient to
= deprive the parent Bank of all power to
) make any discounts or loans whatever, eX-
ccpt loans to Government, authorized by
eXpress law. In order to ensure the com
mand Of the best financial abilities of the
country, the bill provides that the Directors
of the Parent Board, which is to consist of
nine members, shall be paid for their servi-
ces by the Corporation, and all compensa-
ton to the Directors, in the usual form of
bank accommodations, isutterly prohibited
Thus, the Directors of the Bank at