Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-17
TIE BANK QUESTION.

| Dh4Nh w lON
The two articles which follow, arc cop
led from the editorial columns of the Rich
mond (Va.) Wing, and can be read with
profit by politicians of every class. They
disclose, in our judgment, the termination
of this all-engrossing question. We also
call attention to the Washington letter
which follows the articles alluded to, and
hope our readers will give to the question
candid consideration
PLAN OF THE SECRETARY OF THE
TREASURY.
When every man had n financial scheme of his
own, it not to be expected, that that submitted
by Mr.. Ewing for the Administration, would, in all
its details, command universal appreciation. The
Secretary Of the Treasury. doubt, expected that
his scheme would undergo modificaons--in which
the Administration would concur, if the main and
| leading features were preserved. We accordingly
hear from Washington, that it is proposed to ex-
punge from the plan the proposition relating to the
4th instalment, and that respecting the Distribution
of the Public Lands. These arc measures, which
it is deemed best TO act upon separately. 1t is also
probable, that the Bank will be permitted to deal in
foreign exchanges-as that may prevent the export
of specIe-nnd the limitation Of per cent. will be
enlarged TO Z.
With these and some other trifing notifications,
we anticipate, for the new Bank, the support of
Congress and the administration. Some of the
| Wings object to the provision, which requires the
assent of the States to the establishment of branches
ON the abstract ground, that it will be tantamount
to an abandonment Of the power in Congress to
charter such bank as the late one. This we learn,
is the view of Mr.. Clay and some others. A bill,
consonant to their Notwithstanding bank,
| W IN tata in
trod1ced into the Senate on Monday. Those who
prefer it to the other will vote for t--but it is not
probable it will pass--nor is it material that it
should. A bill of that sort, even if it could be-
come a law, would not be more efficient than the
Secreary's pan-for under the latter, there is not
a State--pot even Isaac Hills or Benton's, which
would dare to withhold its assent. But the Secre-
tarys scheme, whilst it will prove equally efficient
has, in our opinion, many recommendations. In
the first place, it obviates all constitutional scru-
pies, and secures the establishment of the Bank.
In the Second place, it disarms Faction In the
third place, is polite and nothing than just
that no branch sho ud be placed within the limits
of any State contrary to its wishes. Fer these
and other reasons, we decidedly prefer the provis-
ion of Mr.. Ewing--requiring the assent of the
States
But, as before remarked the controversy is about
an abstraction, which, so far practical results
go, it is wholly immaterial how it is decided-and
the Bank Wings ought to take warning from the
example of Mr.. Calhoun, againts sacrificing the
substance in pursuit of the shadow. 1t will be
the pert Of consistency and wisdom to take heed.
Mr.. CLAWS PROJECT.
Mr.. Clay, on Monday, presented the Report of
the Select Committee on the currency accompa-
MED by bill for the establishment of National
Bank. The Report is inserted in another column.
The spirit, which pervades the document, merits
| high commentator.
| The plan of Mr.. Clay adopts, with few excep-
tons, the leading features of the scheme presented
| by Mr.. Ewing. The provisions in the latter, re-
lating to the 4th Instalment, and the Distribution
of the Public Lands, omitted; and the authority
to dea in foreign exchanges, and an enlargement
of the dividend from TO 7 per cent. are incorpo-
rated. These notifications Of the Secretarys plan
will no doubt meet the general appreciation of the
Administration party. Another alteration however,
dispensing with the assent of the States to the es-
Establishment Of branches will not, we nre inclined
to think meet general approval. The con-
stiutional objections OF some gentlemen hinge up
on that pOint-and they will be unable in accord
ance with their views, to support Mr.. Clay's pro-
position. Mr. Clay, we are persuaded. fully ap-
prcciatGs their motives and their oppostion--and
whilst he presents his own tavorite scheme he will
in that magnanimOus spirit of compromise and
patriotism, which mas ever distinguished him, for
bear to make his particular opinions Il stumbling
block to his friends and bar to the adoption of
the best measure, which, under existing circum-
stances, can be procured. He has been too long
great, practical Statesman to permit the pursuit Of
an abstraction to defeat the hopes of the country.
WASHINGTON, June %, lS4l
The principal question that occupies all minds
here. in and out of Congress, is as to the powers
and faculties of the Fiscal Bank of the United
/ States now prOposed to be established Before
noticing the proceedings Of Congress, on the sub
iect, it may be interesting to your readers to hear
something of the preliminary private history of
the project submitted to the Senate by the Secretary
of the Treasury,
The question of National Bank has been the
subject of frequent, long. deliberate and most anS-
ious discussions in the Cabinet The President
met the Heads Of Departments on this, as he does
on every question, in the most liberal, consulting,
and conciliatory spirit He stated his views frank
! " both of what he deemed eXpedient and of the
=, powers which could be conferred on such an in
sitution under the Constitution He fiually sub
mitted all outline of what he deemed proper pro-
position for n Fiscal Bank; but ntimuted that if
the great principle of requiring the assent of the
States to the establishment Of branches within
them should be- preserved, lie would be disposed to
submit the details of the plan to the wisdom Of
Congress
The Cabinet went into consideration Of the sub
iect with sincere desire Of producing such a
scheme as would present common ground on
which all the real friends of National Institution
might stand. The Secretary presented the project
which has been submitted TO the Senate, and, after
mature deliberaton, it received the approval Of the
President, and the whole Cabinet. There is no
doubt that every one Of the Heads Of Departments
believes that Compress possesses the power to au-
thnrize the Bank establish branches without the