Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-05
THE FISCAL BANK BILL.
MR. Ola VS. SPEECH
ON MIR. RIVES' AMENDMENT-
In SENATE, July 1, 1871.


In SENATE, July 1, 1871.
Mr.. CLAY, of KY, addressed the Senate
as follows:
regret extremely that the Senator from
virginia, (Mr. Rives) has felt himself com
stfained' by sense of duty, 10 submit thi,
amendment. No good, nothing, fear, but
4hmiXed mischief, can come out of it, altho'
l an, quite sure this is far from the intention
Oh me senator. The People want at our hand
a bank--a real, old fashioned bank. sucb n
one as they and their fathers have tried and
experienced the benefits of. Now the jnsti.
tuition, the proper organization of which W,
are considering, is to be National Bank or n
local bank. Ii 1t is TO be National Bank.
we have the power to make it, or we have
not. IL we have the power, if the States
nave already consented,in the Constitution. TO
the establishment of National Bank. mo
iurther or other consent from them is neces-
sary' Indeed, if they have not already uiven
..el assent In the Constitution, they cannot
give 1t In any mode other than tia, which
the instrument itself prescribes, ACCORDING tn
which there must be the concurrence Of TIRE.
louf'hs OF the States. This. / think, is too
clear Tor argument. II we have no power 70
make an undisguiscd National Bank. We
ought not to attempt it. We OUGHT not IN
seek TO accomplish indirectly what we are
not authorized or forbidden to do d;r,cU, -
Inns District of ten miles square was plSced
under me jurisdiction Of the General Govern
tnent' That the Federal authorities might uov.
eih u, no. that, by means of the local iurisdic-
uo'', 'ne whoie Union should be governed or
uoh'!oi'ea. we ought not to apply power
granted Tor one purpose to the attainment of
another purpose, for which it is not Granted.
do not think, then, that we can establish,
local oank, and lmpart to it national faculties
or functions. But the bank which the Sena.
'or rom virginia proposes is, manifestly. a
mere local Bank of the District of CoIumbia.
ne Senator might have spared himself some
.ne IN proving the power of Congress to es-
'aoiish such a bank. There can be no doubt
OF Tie existence OF such power. 1t has
oeeh again and again exercised in the char
teing Ci Inc BANK OF Washington, the Bank
or the metropolis, the Patriotic and otbet
banks. Any one of these banks might bar.
asked the permission of State to establish a
branch within its borders. The bank under
considera Ion, II amended as proposed. won}d
NOT essentially differ from them, except in
inc magnitde of its capital and the interest
when the Government takes in it.
Assuming the existence of the power az a
se'ted and legitimate power, it ought TO be
exercised for the benefit of the whole Union.
ana IL ought to be so exercised, without soil.
ri'ihg any further consent from the States
IL IL De Federal pOwer--ifit be granted in
'ne constitution, upon what possible ground
or principle can we place our Justification for
not exercising the power, without the nrev;.
Gus consent of the States, to be EXPRESSED
hereafter In separate acts? And if we estab.
iisheu the rule that, prior to the exercise Of
'he constitutional power to establish bank.
we must obtain the consent of the States
what are tie Limitations, if any, to the rule
Must we notask the previous consent of tbs
States In every instance of the exercise Of
the power granted in the Constitution to the
Federal Government If we propose to es.
tabiiSh a post office, or a mail route, in q
State or to lay and collect taxes, or to per-
iorm any other Federal duty appertaining to
this Government, must we not solicit thu
previous consent Of the States
The Senator from Virginia argues that. in
making such bank as he wishes, we only
;orbear to exercise the power, if we have il.
TO establish National Bank /; and that for.
bearance to exercise is no abandonment ne
the power; and that if his bank does not
WORK well we can hereafter resume the power
and make an Their bank. 1t is very true that,
In consent!ng to make such bank as he pro.
poses, we do forbear to exercise the power to
esteblsh National Bank; for there 10 quito
as much difference between his bank and
bank, any State Bank, and National Bank
Just as much difference as there is between
Bank of the Disfrict OF Columbia, and a
Bank of lie United States. AS general
proposition, it may be true that forbearance IN
exercise power is not tantamount to the sur
render OF the power. But there NAV be on
the other hand, case of such marked and
peculiar character that the voluntary forbear-
ance TO exercise given power amounts to a
virtual surrender OF that power. And think
the bank question is such a case. It has
been contested FOR fifty years, ard va1iously
decided. During the last eight or ten wears
the contest has been conducted with the great
est zeal and earncstness, not to saw bitter
ness. The defeated party, not much short of
a moioty of the nation, stoutly denies, as a
party, the power. New if the triumphant
party, at :he close &C tie contest refuses, to
exercise the power, vii, il BOT be hereafter
constituted as virtual or Implied Telinquish-
ment Of tha power! IF ,iat party, more
over, declining to exercise the power, puts
forth in lieu. but in the name of National
, Bank, rickey, imbecile, incompetent local
bank, which, think, cannot fail TO disap
poiHt the hopes and expectations Of the pco