Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-07-01
PROPOSED BANK OF THE UNITED
STATES.

The following is the report of the Select
Committee of the Senate, on the Currency,
&e. of which Mr.. Clay of Kentacky, is
Chairman, as read by him in the Senate on
the 2lst ult
The Committee to which was referred so
much of the Presidents Message as relates
TO uniform currency, and a suitable fiscal
agent capable OF adding increased facilities
IN the collection, and disbursement, and secu-
risy OF. the public revenue, have had the same
under consideration, and beg leave to report ::
That. after the most attentive and anxious
consideration OF the state Of the currency,
and the finances Of the Government, in all
their interesting and important bearings, the
committee have arrived at the same conclu-
sion with the Secretary of the Treasury, that
a sound and just policy requires the estah-
lishment OF a Bank Of the United States
with as little delay as practicable.
The committee have neither time nor in
clination to enter into discussion of the
question of the power of Congress, under
the Constitution of the United States to es-
tablish National Bank. After all that has
been said and written on that question du-
ring the long period Of half century, moth
ing 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 regard
ed as settled question--setlled by the ap-
projection and judgment OF the People, by
the authority Of tine Legislature, by the sane
ton OF the Executive Department of the Gov
eminent, and by the solemn adjudication of
the judiciary. If 1t be not regarded as de-
cided question, when, in the collisions and
conflicts among men, arising ont of diversity
Of opinion and judgment, is con,roverted
matter to be considered as terminated and
quieted
Nor do the committee deem il necessary
to discuss the question Of the expediency Of
establishing such an institution as Bank OF
the United States. On this there is even less
oonttariety oil opinion than on the former
question. On both. it is the deliberate con-
viction of the committee that vast majority
OF the People of the United States concur /;
and that they are now looking, with anxious
solctude to the deliberations Of Congress,
under the confident hope that Bank Of the
United States will be established at the pre-
sent extraordinary session of Congress-
Passing by, therefore, those two questions
as being unnecessary to be further argued =,
and assuming, what the committee verify be-
lievo, that National Bank is Indispensable
necessary, they will proceed at once, to the
particular TORN, powers, and faculties with
which 1t may be eXpedient 10 invest such an
institution. And here the committee have
no hesitation III saying that, confiIing in the
experience of forty years, during which the
nation has enjoyed the benefit OF National
Bank, and during tine greater part Of which
1t has realized every reasonable hope and ex-
pectdton in the operations of such an ins.i
tuition, they came to the conclusion that it
would be wisest to dismiss all experiments,
and to cling TO experience and assume the
last charter granted by Congress as the basis
OF a new bank, ENGRAVING upon it such re-
sirlcuons, guarantees, amendments and con-
ditlons, as have been found necessary by ac-
tual experience.
The Secretary Of the Treasury came to
similar conclusion; and i'm his report, and
The draught Of a bill which accompanies il,
he has taken as his model, the Chatter grant.
ed by Congress in 1916. On that he has