Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-24
Twcnty-Seventh Congress.
EXTRA SEES SION.
From the MadiSonian, July 8.
DEBATE IN THE SENATE

FISCAL BANK OF THE UNITED STATES.


An animated and interesting discussion
arose in the Senate on Thursday, on the
motion of Mr.. Rives, of Virginia, to amend
Mr.. Clay's Bank bill, by inserting provs-
ion requiring the assent Of the States to the
establishment of branches within their linn
its. On this question, the Senate was adj
dressed at length. and with great ingenuity
and ability, by Nlessrs. R1vEs and PRESTON,
in favor of, and by Mr.. CLAY, of Kentucky,
in opposition to the amendment. In adj
vance of more full report, which we hope
soon to be able to publish, we will endeav-
or to give an outline of the views of the
Senators.
Mr. RIvEs stated that his amendment had
been modelled in consonance with the plan
of the Administration which had been pre-
sented to the Senate on the call of the SEN
ator from Kentucky. All agreed that the
establishment of new fiscal agent of some
sort was necessary. The sub-Treasury had
been repudiated by the people What
must be substituted He was always of
opinion that the State bank deposite system
could be made to answer the purpose; but
in this he was concurred with on one side
only by his colleague, while the Opposition,
who had created the system, had with I'M
natural and ferocious rage endcavorcd to
devour their own offspring. This now
seemed to stand no chance. But he was
DESTROYS that something should be done,
that the question should be settled, and the
country freed from the agitations of self
ish politicians. When the Secretary Of the
Treasury proposed measure, avoiding
Constitutional objections, he thought he
saw the star of peace arising. Speaking,
he presumed, the views of the Administra-
4on, he had brought forward plan that in
vaded no disputed territory. The power
Congress to create Bank in the District
of Columbia was uncontested. 1t had been
exercised from the origin of the Govern
ment to the present time, and had at various
times been conceded by Giles, Eppes, and
Burrill, of Va, Stone, of Maryland, by the
Senator from South Carolina, Mr.. Calhoun
himself, and by others of "the most straight
est sect" of the school of State Rights and
Strict Construction. 1t had also been adj
mitted by the Grand Lama of the Anti
bank party, General Jackson, and by Mr..
Van Buren, in his letter to Sherrod Will
lams. And he appealed to gentlemen on
support in spirit of peace and compro-
mise. He asked his friends only to concede
as much as Maine and New Brunswick had
in reference to the disputed boundary line.
He did not ask them to surrender their prin-
ciples, but only to forbear to exercise them
under the circumstances Of the case.
In reference to the power TO establish
branches, it had been urged with apparent
plausibility that Congress could derive no
power from the consent Of the States which
it did not already possess. This was self
evident as general proposition. But Con-
gress has power to establish Bank in the
District--the States have right to consent
to the establishment Of branches within
their limits. The States are sovereignties
Virginia has a right to permit branch OF
the Bank of England at Richmond, if she
pleases. Mr.. Rives referred to the fact
ritory to the Union for the establishment
of arsenals, lighthouses, &c. Was it MOI
made fundamental principle, by the Sen
ator from Kentucky himself, in regard tc
the Cumberland Road, that the consent o.
the States to its passage through their Dor
ders should first be had and obtained
Where is the power to deposte the public
money with the Treasures of the States
without their consent? Yet, with theil
consent, have we not that power!
He could say much more, and array OF
his side the authority of many great names
Mr.. r. read an extract of letter from Mr.
Jefferson in confederation of his argument
He also reminded the Senators from Penn
sylvania, that their Republican Common
wealth had once instructed her Senators il
Congress to support an institution who's
branching powers should be confined to tn
States asserting He hoped those Senator
would regard the instructions as still bind