Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-08-13
FISCAL BANK OF THE UNITED
STATES.
HOUSE OF REPRESENTATIVES,.
Monday, August 2.
The Bank Bill being taken UP


Mr.. Sergeant, chairman of the committee OF
the currency, who had reported the bill, took thu
floor with the purpose of supporting the gener
al measure, so far as the limited time allowed
him by the rule should permit. lie said thai
the objects OF the present called session of Con-
gress were well understood by the People OF
the United States and, as there was no time tC
spare in going into an enumeration of them, he
should content himself by saying that they nigh,
all be comprehended in this, viz to put the
affairs OF the union in order. The House, thus
tar. had fulfilled the expectations of the Public
aud performed its duty. 1t had now arrived in
due course at measure much Looked to, OF
vast Importance, and which he considered az
inuIspchsabIy necessary to the administration OF
the Constitution itself. lie could not now en-.
ter into proofs but he would saw that the Con.
sttution had never worked right, nor, in his
opinion, ever, would, without such machine a.
this bill contemplated again to introduce into
the government, and thereby to render its great
plan complete. When this bill should have
been disposed OF, there would then remain Nho'
re hoped, not long) the Sub Treasury bill and
the bankrupt bill to complete the enumeration
which had been made of the principal measures
winch ought to occupy the attention of Congress
at the present extra session.
lie stated his present object to be 70 remove
doubts and difficulties, ifany existed in the minds
OF members the House. lie should not o.,
INTO the constitutional questionable meant npor
original grounds. His position would be, tba,
Una. question was now settled, and his main
ehdeavor would be to show this. Some gentle.
men might be disposed to ask, Why take any
trouble TO establish such position, Did no,
every ooay Know, and feel, and acknowledge
mat 1t was settled question, and had been for
half century! Yes it was very true that !,
had been treated, in point of respect with As
much regard as lift had been inserted in exnres,
terms in the letter of the Constitution. But
thls was not sufficient: for whenever the ones
tloh was introduced into discussion, it was oh.
'lous that there remained still lurking rem.
nant OF the same difficulty which had formorlv
aleHued IL, and which was more or less produc.
tive OF embarrassment. lie wished. thnrefore
to deal with the question, and hoped to he ahlo
10 dispose OF H. SO as to leave no doubt nm ,nv
mind. MY
Inc fiouse was composed forthe most mart NJ
iawyers,but lawyers acting as statesmen. And
ne, therefore, should not deem it sufficient to
address to them every argument which MIGHT
DE- , restored TO IN professional encounter.-
mere were questions which, though thew
i,n'ght seem at first sight to be merely and strict
~ professional, were nevertheless. founded nm
considerations which addressed themselves ~ :.
statesman. These were cntitled to resnoct "a
While there were others which spruno d;rec,.
~ from the Constitution ITSELF and 70 SETTLE
winch we must go to the Constitution itself--an
authority which must euer be admitted as final
as liuch ny the statesman as the jurist.
in taking an historical view of the oue.,;o,
ms tIme would admit merely that he sbould
present the points OF the argument, and leave
them TO the reflections of the committee.
lie should go back, almost to the ncr;od
when this nation first assertedits independence
lie must look at one of the gloomest periods in
our whole revolutionary history-he meant the
year l'ou, when the representatives of the ma.
ton having confederated themse Ives bv articles
agreed on IN l1T6, (though not fully carried ont
tll l'ol,) Tor the purpose of carving on tho
struggle against the power of Great Britain
resorted to the very measure proposed in tho
present bill. The idea originated in l7sO. and
the Journals would show that no sooner had i,
been conceived by the patriots of that dav than
1t was instantly adopted by Conprees-yiz on
the 22d OF June, 1850 at time when MARYLAND
had not yet lolned the Confederacy. And in De.
cenpef' lISl' ltmore openly espoused the Bank
wHlcA nau dohe 60 much to enable the States to
nrIlg 'he war 10 triumphant conclusion.-
There was an ordinance ofConoress in 1871 !,
cooperating the first Bank of the United Sta,os
and IN It's preamble that body EMPLOYED these
memorable words-words as true AT tLis dow No.
tney had been then, and Containing truth like
~ to be more especially appreciated in time
OF war; VIZ: wv hereas the exipencies of tho
United states render it indispensable necc,sory
that such an act be Immediately passed"
Ihls was the Judgment of the old Congress-
II was one OF those historical facts which ono
llKed TO resort to, for it came to us hallowcd bv
me patriotism OF the cause and of the DISTINGUISH
ed actors in it. He wished the COMMITTEES ~
keep this resolve in memory. Here. hefore tho
adoption OF that Constitution which was af,or
ward glvcnto the country as its chief hless;nn
and by which It's Union was consolidated. here
was the confession of Congress that an exioen.
ccy hadarIsen (and might again arise Yin which ,
National Bank had become essentially necessa.
rylo me puoi'c welfare. When the Consttu.
non came TO be established, the great object in
VIC" was 10 ESTABLISH a more intimate union
gave the first impulse in that all.imnortan,
movement The imperfection of the art'oIos rs
confederation became daily more apparent and
as II was but live or six years after the resolu-
i'oH ABOVE quoted, It was impossible that those
VINO frames the new Constitution could have
iorgotlen TINS, and could purposy have dropped
out OF That instrument power which thew had
themselves declared to be Indispensable neces.
sary nor did they do so. In the PROSTATE condi.
ton OF the country the exigency did arise. and
one of the first acts adopted by those great men
who had framed that instrument. who had
fought the battles of the Revolution, and Who
were as iamllarly acquainted with the journals
and proceedings of the old Congress as gentle.
men now were with their own, was to establish
Bank of the United States.
Mr. 8. did not say that no differences of onin.
ION had at that time existed as to the mower n
establish such an institution /; but the act nassed
and il received the highest sanction known to
the history OF this country in the signature of
Geo, Washington land it remained the law of
the land, without objection or dispute, for 90
years. lie called every gentleman to bear il in
mind that while this law was pervading all the
business of the country, while it was Operating
III every tribunal, and in its effects touching the
whole community and every individual Il il.
while 1t was dealing with all sorts OF cornora'
tons and with the States themselves, vet no Oh.
lection was daring that whole period, raised on
The ground OF constitutionality What private
opinions might be entertained, it was not for Mr..
o. 10 INQUIRE 1t was enough that the constitu.
i,,l,