The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-31
CONGRESSIONAL.
SPEECH OF MR.. CLAY,
IN THE SENATE OF THE U. STATES,
TUESDAY, July 9TH.

Mr.. CLAY, of Kentucky, said that the defect Of
hearing still continuing, to which he had alluded yes
,sray depriying him of the satisfaction Of hearing
a,hsr senators and preventing him from regulating
ar moduating his voice to be favorably heard by
them he had occasion for all the kind indulgence Of
the Senate in the few observations which ne now
meant to address to it. During the progress OF TINS
bill Mr. President, il has been clearly manifested una.
there is decided majority Of the Senate in favor OF
the establishment of National Bank. Fot himself
he believed that il stood out prominently rs the hrst
among those measures Of relief which he fervently
hoped would DO sent out by Congress- from its present
session TO reestablsh the business and prosperity OF
the country Other measures would undoubtedly en-
tend much relief but it would be limited and not gene
rail- whilst every section every interest," every person.
rich and poor would be benefited by the blessings Of
sound currency. IL we lass all other contemplated
measures and fail to pass this, we shall fall far short
of the Just expectations of suffering People. But
the passage of this only without any other measure
would have fully justified the convocation Of Con-
gress. pfF.aT ~
But notwithstanding the urgent necessity OF q Ma
tonal Bank, il is well known, all sides Of the Se-
nate that the bill il at present stands in respec, TO
the branching power of the Bank, cannot pass this
body; but will be rejected by majority Of % to 2S
If all the members be present. UnJer these painful
circumstances, what ought to be done3 Shall we re-
turn home without fulfilling the hopes Of those who
cent us here in respect TO National Bank We
have thought il due to the country and to our own
obligations to leave honorable means unemployed
TO bring about concurrence of opinion, IL possible
among those members of the Senate who agree as to
the necessity Of National Bank. We have accord
ingly conferred and consulted together, and inter
changed opinions and views in that spirit Reconciliation
and concession which should ever animate those who
united in opinion to the object TO be accomplish
ed but unfortunately divided on subordinate points
We have not looked beyond the Senate. He Mr..
C) does not know does not WISH and has not sought
TO know the opinions Of the chief of Co ordinate
branch of the Government in respect to the PROPOSE
ton which he about to submit. Not that he was
wanting in high respect personal and Official for the
exalted person to whom he alluded but because il was,
in his (Mr. C.s judgment, against the spirit and ge
MUS of free institutions that the deliberations Of the
Legislative branch Of the Government, during the
progress of great measure under its consideration
should be affected regulated by opinions, real or
imaginary, of the Executive head.
The result Of the consultation to which he has re-
ferred has been an amendment of the 10th funda-
mental rule, which he was about to propose. That
amendment proposes modification Of the branching
power Of the Bank as reported by the committee He
adheres and he believes all of the nineteen political
friends who voted with him IN rejecting the amend
ment proposed by the Senator from Virginia, Mr.
Riyes adbere) to the mistaken conviction that the
best form to confer that power the Bank is that
which was proposed by the committee. Their pre-
ference remains entirely unchanged But seeing that
it impracticable carry through the Senate bill
with that modification of the power, they and their
differing brethren have anIiousy sought substitute
which might be satisfactory to all. This he hoped
was found in the amendment which he would now
read:
"And the said directors may also establish one or
more competent offices of discount and deposit in any
territory district of the United States, and in any
State, with the assent of such State and when es-
tablished the said Office or Offices shall not be
ed or Withdrawn by the said directors prior to the ex
praton of the charter without the previous assent Of
Congress Provided, in respect to any State which
shall not at the first session of the Legislature there
of held after the passage Of this act by resolution
other usual Legislative proceeding, Internationally
sent or dissent to the establishment of such Office or
offices within it, tho assent of the said State shall
ihercafer IN presumed; and provided, nevertheless
that when itnhall become necessary and proper fol
carrying into execution any Of the powers granted in
the Constitution, to establish any Office or Offices in
any Of the States whatever, and the establishment
whereof shall be directed by law shall be the duty
of the said directors to establish such office or offices
accordingly"
Two opposite opinions prevail as to the branching
power According to one, the previous assent of the
States is necessary according to the other il is not
The difficulty has been to reconcile these conflicting
opinions That is the object ofthis amendment. We,
who think the power exists in Congress- cannot
sent to surrender renounce it. We cannot consent
no bill which might be construed to imply such sur
render or remuneration. But think that, in crea-
ting this corporation it will possess less
power than Is conferred upon it by Congress in the
charter which brings it into existence II is not in
view, Indispensable that it should possess the
branching power unrestricted. We are satisfied that
that unrestricted power should remain, where we re-
spectfulIy think the Constitution has placed it, in
Congress- and that Congress should oibear to invest
the bank with the right to exercise it.
To theopposite opinion, held by our friends, are
disposed SO far to coDcede to admit that the bank
shall not be allowed in the first instance to establish
an Office of discount and deposit any State without
the previous assent Of Of its Legislature But then,
think il but right and reasonable to require that
the State should signify its pleasure in specified
tme and in some practicable mode. Accordingly the
amendment which recognises the right Of the State
to prevent the introduction Of branch within il, asks
that this right should be exercised time during
the period of the first session Of the Legislature after
the passage Of this act and requires that its dissent
if it be opposed to the introduction of the branch
should be announced in unequivoca and uncondition
al terms. Is itunjust or improper when, concedins
to the State such power the amendment REQUIRE,
that il should be exercised within reasonable time
Without such limitation, the question Of the estab
lishment of BRANCHES within the States might be al
agitating question during the whole period Of tn
twenty years Of the existence Of the charter. Wit
It. the question must be denvey settled in less tina
year from this time. Is not great and suficien
concession from those who do not think that any
sent of the States necessary to admit that every
of the twentysx States may prevent the introducto
of branch within il upon Two conditions: lst. TIL,
they dissent and 2dly dissent during the period of Ii
first session of their respective legislature Wi
any one say that she question should remain an ope
and disturbing question for the long space Of twent
years7 Is il at all unreasonable to require that
should be settled within the period varies fror
two to six monihsof the first session Of the Legis
lature7 Il may be objected that the amendment pre-
sumes assent If the Legislature remains silent, doe
not assent Internationally or dissent Butts unu
suaI to infer assent from sence7 Is It unreasonable
10 suppose that IL Stale cannot bring itself to dis
sent 10 the introduction Of branch the introduction
of branch within its limits cannot be any very Gala
mitous event fa
According 10 the amendment, there are four case
in which Offices of discount and deposite may be es
tablished. LIST. Where legislature, whose citizen
have subscribed 900 shares requires 3D. Wher
any State assents. 3d. Where the first session of tn
legislature after the passage Of this act shall have ex
PRED without its declaring Internationally it, assen
or its dissent And, 4th. In any State whatever
whether il has dissenied or not, within whose limit
il may be necessary and proper 10 establish branch