Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-12
Ma. WEBSTER ON THE BANK
QUESTION.

FROM THE N. Y, COMMERCIAL ADVERTISER.
No INCONSISTENCY attempt has been
made to convict Mr.. WEBSTER of inconsis-
tency, or at least Of change in opinion, on
the bank question which has been so fierce
~, and, as 1t seems to us, so need;essly dis
cussed in some of the papers. lately. What
authority there is for impuling to Mr.. WEB
sTEa, Just now, an opinion adverse to the
power OF Congress to establish discounting
branches In the States, or to the expediency
oil insisting on the power, is more than we
can tell; but the subjoined extract from a
speech made by him seven years ago proves
that, 1t he entertains such an opinion now, it
Is no more than he did then. On the Goth Of
January. 1884, Mr.. WEBSTER presented to
large meeting of the citizens of Rdston ,ha
ooJsct OF which was to urge the absoln,s me me
tessily Tor Bank of the United States In
c ae course of his eloquent speech on that oc'
's..pq, Mr.. w. said: va '''a' o'
submitted Tor eUn that a proposition has been
gent gentleman in the Legislature VI i.,t.4ui-
chusotts. recommending the establishment of
a new bank with the following provisions:
l. The capital stock to be fifty millions of
dollars.
2. The stockholders Of the present u. S..
Bank to be permitted TO subscribe an amount
equal to the stock they now hold.
3. The U. S. to be stockholders 10 the
same extent they now are, and TO appoint the
same number OF directors.
4. The subscription to the remaining fifteen
millions to be dstributed to the several States
In proportion to federal numbers, or in some
other just and equal ratio; the instalments
payable either in cash or in funded stock Of
the State, bearing interest at five per cent.
s. No branch IF fhs bank TO be established in
any Stale, unless Gypermission Of ats Legisla-
tuse.
6. The branches of the bank established in
the several States to be liable TO taxation by
| those States, respectively, in the same manner
and 10 the same extent only with their banks.
! z. Such States as may become subscribers
to the stock to have the right of appointing a
certain number, not exceeding one-ihird, ofthe
directors in the branch of their own State.
8. Stock not subscribed for under the fore
going provisions TO be open to subscription
by individual citizens"
| MIR WEBSTER continued:
"a project not altogether dissimilar has
been started in the Legislature of pennsylva
MIA. These proceedings show, at least {
conviction Of the necessity of some bank Gre
ated by Congress. Mr.. President, on this
subject have no doubt whatever.
II am then, sir, ior bank; and am fully
persuaded that to that measure the countr,
must come at last.
''The question, then, is between the crea
ton of a new bank and the recbartering q
the present bank With notifications. hav
already referred to the scheme TOR ne,p ban
proposed to the Legislature of Massachuseti
by MIR. White. Between such a new ban
as his proposition would create and recha
: tering Of the present bank suih modification
there Is no rery ,cide, certainly no irreconcit
Die difference"
"As to what these notifications should b.
| would only now observe that, while it ma
, well be inferred from my known sentiment
that should not myselfdeem any alteration
in the charter, beyond those proposed by Il
: bill of 1882, highly essential, yet it is a ca,
i. in which, ! am aware, nothing can be effect
v lfor The good # The country, ,cithout nidkir
, some approaches 10 unity Of opinion. thin
u therefore, that, in the hope of accompiishil
an object of so much importance, liberal co
/. csssions should be made.
n Qualifications of the present char
1t should, think, be proposed. such as may
p move all reasonable grounds ofjealousy i'm
n quarters, whether in States, in other insti
n tons, or in individuals; such. too, as m
s. tend to reconcile the interests of the great
s. ty where the bank is with those of anotl
" great city; and, in short, the question sho,
10 be met with sincere disposition to acco
st pisb, by united and friendly counsels,
o. measure which shall allay fears and prom