Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-24
All which IS respectfully submitted.
RICH Mo
THURSDAY MORNING. JUNE a.
Ma. CLAWS PROIET

VIM SLh - t-hOJEI.
MIR. Clay, Monday, presented the Report Of the
Select Committee on the currency, accompanied bv
bill for the establishment, ola National Bank. The
Report Is inserted in another column. The spirit,
"heh peTVades the document, merits high common
dation.
The plan OF MIR. Clay adopts, with a few e1cep-
tons, the leading features of the scheme presented
by Mr.. Ewing. The provisions in the latter. r..
atins to the Iih lnsialment, and the Distribution of
the Puolic Lands, omitted; and the authoritv IN
deal IN foreign exchanges, and an enlargement of
the dividend from to per cent. are Incorporated
These notifications OF the Secretary's plan will M
doubt meet the general appreciation Of the Admins.
traton party. Another alteration however. disper-
sing with the assent Of the States to the establish
ment of branches, will not we are inclined 70 think
meet so general an approval. The constitutional
objections OF some gentlemen hrse upon that point
and they vii. be unable, in accordance with their
views to support Mr.. Gays proposition Mr.. Clay.
We are persuaded, fully appreciates their motives
and their opposltIon-and whilst lie presents his
owniavoGrie scheme, he will, in that macnanimous
spirit otcompromise and patriotism, which has ever
distinguished him, forbear 10 make bis particular
opinions stumbling block to his friends and tar
to the adoption Of the best measure, which, under
existing circumstances, can be procured. lie has
been too long great, practical Statesman, to per-
NIT the pursuit Of abstraction 10 defeat the homes
Of the country.
The National Iu,el.igencer thus introduces Mr.
Cay's Report:
MR. CLAWS BANK REPORT.
In another par. of to.day's paper will be found
the report yesterday made in the Senate by MIR.
CLAY, Of Kentucky, from Sc ect committee, on the
subject of a Bank OF the United States |, is a
luminous and able paper and, with the exception
OF the argument that a refusal to exercise power
is renegaiion Of it, (Which appears TO US to be too
strongly putt is persuasive throughout, and for
the most part conclusive.
For our part, we know that Mr.. Clay, himself.
canno. enterts.n stronger conviction than we do of
the right Of Congress to exercise oil the power in
regard this subject which has heretofore exer
cised, and the cons,luliouality Of which has been
affirmed by the highest judicial tribunals, as well
as approved by the People. Ii, however, there is
reason TO apprehend that all branches of the Co
yernment are not ready 10 exercise that power TO
the extent heretofore exercised, we would not per.
ssiln doing nothing, because we could not DO every
thing that we desire. On that ground il is that we
have earnestly recommended the adoption of the
Treasury project of Fiscal Bank.
IN lhlS respect we stand upon the same ground
as the Secretary himself. What his individual oni
mon on this subject is, he explicitly made known in
his report 10 Congress upon the state Of the FL
ntnces. lie told Congress that he had mo doubt
OF The powered Congress 10 create such an Institu-
ton" &c. Yet, no added, the power has been
Questioned by macy wise and patriotic statesmen,
ana II Is therefore important, as far possible TO
obyIate objections and reconcile opinion.
One OF the chef of these objections the Score.
tary sought 10 obVate by the location of the Bank
in Washington. This IeldIns feature of,be secre,
iary's plan has been retained by the Senate Com.
miitce.
Another main objection known to exist was 10 the
unlimited authority to establish branches in the
States This is the most importan, particular in
wnIch the plan Of the Senate Committee differs from
that OF the Secretary. Such questions II is not for
us 10 SUE when great statesmen come TO differ upon
them. but we should certainly prefer the adoption
oihe Secrcarys plan TO the present state of things
whilst no one who hauluiIly reads this paper will
doubt that we should prefer the branch feature in
Mr. C1y's plan, " at'ln.Oie, 20 the corresponding
feature OF Mr. EwIngs. The question for Congress
mas appeared 10 us 10 DE, under existing crcumslan-
css rot wbyt Sb1H We 60, bot what can we dor In
what we nave "a q upon the suhlec, we have so ar.
glcd the natter und there, for the present. we cave
t.
The other devi1,ions Of the plan Of Mr. Clay
from ih1i OF the Treasury involve no principle up
on which the fate Of Bank bill could be supposed
TO depend Some Of them, such Tor example as the
extension of the lImItitOn Of the annual dividend
upon the stock OF the Blnk from SIX to seUeH per
cent, would, VIC have doubt, be entirely accepta-
Oe 10 the friends Of tue Treasury project, ongrhf-
ed upon IT,