Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-16

,owa Of friendship for the Independent treasury ahc
hostility TO National BANK A.. r,-.:.,.
D., ;,b;s udeberate conviction Of the Committee
~ S.r,encv ~ i'm direct opposition to the delibe-
a,a o,;,,on of lhe President Of the u ) and shall
,nneo from the judgment OF tue committee 10 .hat OF
hs head at least the official head oil the party tie
has in substance declared, I'd ms 'a.e mess' mna'
The history Of the country has demonstrated 70 pe 'rue
,hot The question of establishing Nitonai Dank nus
eyor vel been presented distinctly before the people OF
the IT, S., without receiving their concentration
shall not read this portion of the message eve
80 senator is already familiar with IT, In the ifeSi
-. o,;,,on the late contest was decided on well
,own nr,ncules; but the creation oil Satiohai Dahh
was not among this number, and most assuredy ne y
correc, in this latter opinion In the lace lheh OF al
these facts. and many which might be adduceh,
What becomes of the deliberate conviction oil the
committee that a majority OF the American people
ore anxiously socitous for the establishment OF VA
tona Bank: =
1t would be well for gentlemen who are really the
friends of such Bank TO consider seriously the con-
sequences which may flow from the passage OF the
hill AZ the present extra session No notice OF snch
measure was given in the proclamation oil Inc rles'-
dent converting Congress. The people did not expect
it, and have never demanded II al your hands run.
lie opinion is wholly unprepared Tor IT, ana yet' a.
this hot season of the year, when ought all 10 pe
at home here we are confined in the Capitol, whilst
the friends of the Bank straining every nerve 10
crush il, prematurely, through the forms OF essia
ton and asten il upon reluctant people what wl
be consequences,
before our adjournment. Why, Sir, from every bull
and valley throughout the land-fr1m Georgia 10
Maine, and from the Atlantic to the Rocky Mountains
the cry of "repea" will be sounded "Ihe repeal OF
the Bank" will electrfy the people Of this country 10
as buh a point as "the repeal Of the Union has cleo
trfed the Irish people. Sir, your success will prove
fatal TO your Bank All that the American people
demand IS far play. This they must have: and
they will quietly submit TO THIS snap Juag
menl which would rivet upon them and their Gnu.
NJ Iaofh
dren such an odous institution NO. or uel'h Is
no, more inevitable than that the sudden and pre-
mature adoption Of this bill BY Congress will be the
source of nnumerable evils 10 the country we
shall witness new agatlons Of public opinion, and
a new Bank war, compared with which our history
has vet presented no parallel entreat you, gentle
men to pause. Wait at least for the ial elections
wait for the expression of public oplnon-and II It
should demand Bank why, let a Bank be established
1t may then hope to exist IN peace But II IL shouiu
now be forced upon US, it will give birth 10 such po
cal commissions in the country we have never yet
witnessed \ Bank established in obedience to the
public will, clearly expressed, may become good m
yes,nen, for its stockholders; but this political Bank
should it be now established, viii nger out sckiy
existence and at length fall beneath the strong arm Of
public opinion.
II Now Sir whatever may be said in regard to the pro-
pre,v of repeating the charter-and for one should ne
yer adopt the unless driven 10 II IN defence OF
the people agans, the hasiy and violent conduct OF the
friends nt Bank presume there can be but iIltle
i
had been expressly prohibited BY the Constitution from
passing any law imparng the obligation Of contracts
In the celebrated case Of Dartmouth College, the late
Chief Justice Marshall delivering the opinion oil the
Court plainly aud broadly draws the line OF distinction
between public and private corporations Whist those
of public character MAJ b. repealed, those oil PR
va,e nature are nviolabe. Hear his own words: ~
The net Of incorporation (.t Dartmouth coHrst) Oe a
grant Of political porer; create inSttHh0n 10
be empoved in Tic administration If The GOrerament; or
if the funds of the College be public property; # the
| State of New Hampshire, Government, be alone
interested in its Transactions the subject IS one IN
which the Legislature Of the State may act according
10 its own Judgment, unrestraned by any Limitation oil
its power imposed by the Constitution OF the U. 3
But il required no judicial decision to teach tree
man this doctrine. 1t never could be imagined Tor
single moment, that the Constitution of the T. > m
tended TO enable Congress State Legislature 10
transfer forever either 10 corporations or TO individuals
those great and general powers Of Government with
which they have been entrusted BY the people. II
Congress can deprive tselfb by Gourmet Of any one OF
these powers, il may dispose Of them all and that IT.
reyocaby; and the National Leglsat might mus de-
stroy ITSELF and transfer all lis most important functions
10 corporations Such idea cannot be tolerated Tor
moment.
The only question: then, would be, is this isca
agent III the language ot the late Chief JUSTICE "a
civil institution be employed in the administration
OF the Government" Who can doubti lis friends
avow that il is institution necessary for the coec
ton safe keeping, transfer anddsbur ment of the
public money and that II alone can furnish sound
and uniform currency, and regulate the foreign and
domestic exchanges Of the country. Nay, more It's
advocates contend that this corporation constitutional
only because it exercise these great and important
financial powers of Government 1t Will be as much
a branch Of the Treasury Department as ever the In
{. depcndent Treasury was and like IL and all other
acts Of Congress which relate the great public in
terests Of the country viii be liable to repeal. II the
Government should think proper to call III the aid OF
private individuals 10 establish this public fiscal cor
poration, their private interest can never parayze the
arm of Congress prevent from exercising lis high
legislative discretion in repeating this law and subst
tuting any other fiscal agent winch might, in its OPT
Mon, conduce 10 the interest Of the country
Il speak solely OF the question OF power, under judi
cial decisions; and merely glance the subject for
the present In the event Of repeal, the private stock
holders in such Bank, may have equitable claim
for indemnity Congress- but nothing more. II IS
wholly unlike the case Of State Bank charter granted
10 individuals, which has been declared by the judiciary
to he private corporation.
Yes Sir "repcal," "repcal," will be the cry every
where should the bill now pass, and the struggle Will
yer cease until the law shall be eXpunged from your
statute book, until the power Of money shall have
subducd the free and manly spirit of the American pco
Pile.
The question being taken Mr.. Wrshts amend
ment, i, was negatived, follows
y-Mess Allen, Benton, Buchanan, Calhoun clay Of Ala,
Cullbcrt, Fulton, King Lam, Mr.obcrts. Monton NcJsnn
Pierce Sev'"r s"! Il Conn Sturgeon Tarpan' Walker WI
ay MSD hec ,S BARROW BATE ray,a rrren cboae
Clay q n.y. c% pnT% EynnS pss E.cm
tlss Preston, Rvc-, simmons Smith OF a Souard Tamadec
White WoudLrdgras
Mr. WRIGHT then moved to strike out that par, Of
the bill which allows the Bank 60 into operation al
ter six millions shall have been subscribed, and TO IN
sert, "unt the whole capital stock Of the said Bank
shall have been paid in as required by the provisions Of
the act"
n The question being taken on this amendment, the
vote stood:
ytas-Messrs Alrn Benton Buchanan, Calhoun Clay Of Aa
Cnihhert Fulton King, Linn, Mcic~rts Mornn Nicholon,
Pierce SEWER, Smith Of Conn., Surgeon Isppan Walker VIII
lams, Woodbury., Wright, Young-22
say,-Messrs Archer Barrow, Bates. Berren Choac Clay
of Kentucky, Cla, Dixon, Evans, Henderson, nnnIton
Kerr Mangnm, Mcck, Miller, Morchead Phelps Porter Prem
s Preston, Riycs, Smith Of Indiana SoulaTd Ialmadge,
Woodbridgc-9L
/ Mr. CLAY of Alabama then moved 10 add to the 9th
section the following "bu until the sale of the stock
SO subscribed BY the Secretary shall be made by him.
the President shall appoint the additional number Of
directors TO which the said stock would be entitled If
held by individual directors This amendment was