The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-03

4
adverse TO the exercise Of doubtful powers, and TO the
evils Of former Banks, 10 the moderate views Of Mr.
Gallatn the jealousy Of the people TO the sins u
the old Bank Of the U. s.. and TO the fact OF the
honorable Senator from Kentucky having been pa
trioc champion against H. and quoted several impress
siye passages from Burke in relation TO the duties o.
statesmen.
Mr. Riyes admitted that the Senate Committee had
improved the Secretarys plan in guarding the nation
al honor by preventing discounts here, IN cutting Oh
the officers Of the bank from borrowing, IN prohibiting
the renewal Of notes in excluding the ith instainen'
and other particulars He did not agree that that IN
s,ameni was debt due the States. He agreed with
the honorable Senator in these improvements, but by
his amendment he desired to plant the institution on
ground nconte stibly constitutional He did not de-
sire to offend State power, to arouse popular jea-
lousy, by planting branches Of federal institution
within the States without their assent He feared II
would 90 down in a CONFUSION. He invoked that
spirit OF concession and compromise in which the Con-
s,itu,ion itself had its origin. MIR. Riyes addressed
the Senate for nearly two hours, in charac
terized by Mr. Clay liable, ingenious, and elo-
quent"
Mr. Clay, of KY, thought the ayes and noes had
better be taken on the question, but before they were
taken, he would say few words in reply to the Sena-
tor from Virginia, but did not intend to follow him par
tculary deliberately But in relation to the branch
ing power il seemed to him to involve the question of
bank or no bank-power power-constitution
atty or uncons,tuiionality. The Senator from Vir
ginia must excuse him for saying that he asks US to
concede all, while he comedies nothing He wishes
4. a,l he, oIla He
had always known the Senator's opinions in relation
to bank and he did not ask him give up his OPT
Mons, but he did ask him TO leave in quiet enjoy
ment of our own.
Although Mr. Clay admitted that the forbearance
to exercise power surrender of that power
general principle, yet it had been for 80 years
serted and denied be desired settled He had hoped
would be settled for 20 years at least at this session
there many other questions which would yet cogle
up in which God spared his life, he intended to take
part but he hoped that at this session should be
able to bring back the institution of our fathers, and
such as would be acceptable To the county Ii we
make Bank which avoids all constitutional scruples,
it is surrender of power And so, if you put forth
mbecile, incompetent institution is also virtual
surrender He did not say that many years hence we
have given himself the trouble to prove the power
of Congress to establish Bank of any size, and of
any capital in the District of Columbia This pow er
is ind:sputable But call you that Bank of the Uni
ted States Call you the Bank Of the Metropolis
National Bank No, II is only in name, 1t has not
the requisite powers and faculties of National Bank
The Senator from Virginia proposes to establish
Bank in the District without the power of discount
ing, and combining its discounts to the States where
branches TO be located, if the States consent
Suppose the States should not assent then your Bank
would have no power of discounting at all The Sc
nators whole argument proceeds on radically erlo
neous grounds. For whose benefit is the Bank Gre
aedl For the benefit Of the States in which branch
are located for the benefit of the whole Union
Suppose % States consent and the 26th refuses Is
it not revival of notification Can't the Bank of
the Metropolis now establish branches in any State
that will consent to it True, the Bank of England
may establ,h branches with the of the States
The late Bank of the United States established agen-
cies In London and Paris, not by power but I'M
der the laws and authority of those kingdoms Any
State may consent to have a branch but it may also
say it will tax it, and it will terminate its existence
when it peases The clause in the amendment which
speaks of the withdraw of the branches with the
sent of Congress is SaDctioning the doctrine that
what cannot be done directly, may be done indirectly
The highest exercise of legislative power in pc
nal enactments. Now ifthere twenty six branches
how you to punish embezzlement Z You place there
these branches and if against the assent of the States
you have no power to punish. The question is one
OF power or no power II we had no power, he had
~. ;th tba
ment. We have suffered by rash experiments; and
at the moment we congratulating hav
ing reached port of saiety-comes the Senator from
Virginia with new experiment
Mr.. RtvEs-lt is not my scheme The amend
ment is in the words of the Secretary of the Trea-
sury
Mr. CLAY. The gentleman may have the benefit
of this endorsement He must in this question think
and argue for himself lie believed that the States
would never give their assent He believed that the
people of Virginia were themselves abandoning the
ground taken by the Senator. If Mr. Madison made
his memorable declaration in 1914 SUBJ, quent legs.
laon had decided still strongly the constitution
atty of Bank. Although Gen. Jackson
elected after the veto of the Bank, many voted for
him his pledge that he would 90 for Bank. Mr..
Van Burens election test because It depended
other questions. All he would say as to the OPT
Mon oil the President was had reason to believe
that he would 20 with the Wing party tie subject
of a Bank
He believed the President would act with a view to
the public interest and should difference arise it
would not be for the first time. But he asked was
this bank struggle TO be eternall He appealed to the
Senate TO pass the bill and you will restore tossed
and troubled people to peace Adopt the amendment,
and you will reopen the door Of controversy, and will
find yourselves in the vestibule of the strife A Bank