The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-02-06
gmemtp- &trth Congress.
SECOND SESSION.
IN SENATE.



FaIDAY, Jan. %, l64l
Mr.. WHITE, of Indiana, rose and presented reso-
utions of the General Assembly Of the State of lndi
ana 10 the following effect THAT the establishment
Of National Bank with such capital and with such
power and under such restrictions as will render 1t
safe and convenient instrument LOT tue receipt Keep
inc and disbursement of the public money, and as
will enable il to afford safe and convenient paper
currency as we'll as moderate and regular system OF
domestic exchanges is within the constitutional pow
er of the General Government, and proper and exPe-
dent
IJnon nresenting these resolutions, Mr.. WHTE re-
marked that he believed similar resolutions had been
presented by the Senator from Kentucky Mr.. Clay
| from the Legislature of that State, few days ago
He would have been proud if II had been the fortune
of Indiana TO lead in this matter but Il was no ds
/ honor TO Weld the palm to chivalIous and gallant
Kentucky. He had been struck by the ailusion the
other day of the Senator from Pennsylvania Mr..
| Buchanan to numerous petitions OF the reople In
1884 which the Senator pleased TO characterize
as panic memorials, and whose memory as 10 theit
mass and volume, was promptly aided by the sugges-
ton of the Senator from Missouri, from his seat Mr.
Benton, that they filled six volumes. MIR. w con-
graduated the country that the time had now come
when the People need not fill six volumes with lnsruc-
| tons before they shall be obeyod.
Mr. w. concurred fully with the opinions expressed
by the Legislature of his State. Ii was too late now
to argue the constitutionaty of National Baak In
all the fora of the country before every organized tr
buna and in the Assemblies Of the sovereign People
this question had been defntively settled, and ought
| now to be considered adjudicated matter. Ht
would not delay moment now To prove the compe
tency of the Government to incorporate such inst
tuition, but would make single suggestion upon the
principles from which that right is derived These
clearly shown in the letter of General Harrison
| to Sherrod Williams That the Government has in
dispenable need of such instrument TO aid 1t In III
system of finance, and auxiliary to the Ireasu
ny Department 1t was fortuitous that, in thus seek
| ing to promote its own constitutional purposes the
Government could essentially aid the great interests
of commerce and of industry.
The fatal and capital error which has marked the
policy of the present and last Administrations is IN
adopting different principles for the business OF the
Government from those which regulate the depart
ments of private life There is mystery in the aft
fairs Of Government; and when its administrators
pudate the wellknown usages of the civilized anC
commercial world-when they attempt to destroy ere
dit the effort is fabulous that it only result IN
disaster, and in the overthrow of its projectors The
Government is great dealer-a monopollst--to thu
amount of from twenty to forty millions annually it
capital supplied from the pockets of the People, ant
unfailing How absurd to say that its transaction
shall be conducted in specie And how ruinous,
this rule extended Gas it ought to be if the Ad
ministration doctrine be the true one) to all the de
| partments of industry The trade and business o
this great country amounting to several thousand mil
lions annually can never be represented by specie
the precious metals could be multiplied, they wout
i cease 10 De precious anu lose tuelr value
of trade is such that the producer of article thu
Upper Mississippi, for instance, sends it to New Or
! leans, where it is converted into other form
thence it is shipped to the New England States, ant
returns in the shape of manufactured articles to tn
West Indies from this point it is sent to Europe, ant
thus it may be- at the end of year more the orgi
nal producer commands In return for his labor, and II
exchange for his product such of the fabrics OF tn
Eastern world as may administer to his appetite, hi
taste, his intellect, any of the faculties for which
| ~
such commodities shall be forthcoming when an,
where the first producer wishes them, is found in on
| system of credit.
Mr.. W. contended that the best form in which ere
dit could be embodied that of incorporated banks
They have the advantage over private brokerage
dividual credit in these respects
They have locality and immobility.
They have perpetuity.
They have notoriety.
They have character.
BY the last attribute, Mr.. w. said he implied tina
their management was committed to sworn and disln
terested officers and that they not subject to any
of the temptations which beset individuals
national bank In such country as ours Is great,
preferable to system of local banks. 1t produces M
rival interests. What is recent experience In thu
absence of such an institution constant nequalit,
of exchanges between the different sections of thu
country and no advantages accruing to the marke
where exchange rates highest. What has New Yorl
gained since her resumption of specie payments Sh
has lost vast amount of her domestic trade, becaus
her funds, being above par, cost more than those o
Philadelphia or Baltimore 1t is the interest of tn
merchants of the latter city to prolong the period
suspension for it will inevitably attract western trad
to that market In such state OF things, then whel
good management and punctuaty bring loss to ever,
interest except perhaps the brokers' it is REASONABLE
to expect the concurrence OF our eastern Commercial
| cities with the unanimous voice of the West ant
Southwest in the establishment of national bank
For the few last years, Indiana has paid more in tn
difference of exchange than she has paid annually t
sustain her system of internal Improvements
i Mr.. w. said that if any single consideration NOR
than another contributed to the late unparalleled dis
comfure of the party in power, it was the nelhgen
judgment ofthe people condemning their financial ex
| periments. We shall soon have Administrator
which will dare to do its duty; and let denunciatio
and cavil come from what quarter they may, hg
among that ist Of duties is the creation of natona
bank, the depository and fiscal auxiliary of the Go
velnment to be promptly and manfully met. Ken
| lucky and Indiana have spoken, and (said Mr.. w.
whether other States shall speak in the formal man
of Legislative resolutions not know the will
of the people, higher than Legislative author ty, an
hold warrant in their sovereign will expressed in
! thousand assemblies.
1 Mr.. w. said, in conclusion, that as the presen
! Executive irrevocably pledged against nationa
bank, the Legislature of Indiana had not requeste
their Representatives and Senators here to il
this matter at the present session. However they
might believe that Congress- catching the popular
sentiment in advance would be willing to yield TO it
respectful obedience they had witnessed too often thu
nterposton of the Executive veto to require repeti
ton of the experiment.
He therefore moved that the resolutions be prnte,
and laid on the table; which was accordingly done.
IN SENATE,
THURSDAY Feb A, 1871.