The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-31
CONGRESSIONAL.
SPEECH OF MR.. CLAY
IN THE SENATE OF THE U. STATES
TUESDAY, JuLY 27rH.

hearing still continuing, 10 winch nc nAu yes
,sray deriving him Of the satisfaction OF hearing
IN, senators and preventing him from 80 regulating
!, roo.Inlating his voice 10 be favoraby heard by
,ha, ne had occasion for all the kind indulgence OF
the Senate in the few observations wh'eh ne now
mean, TO address it. During the progress Of this
hill Mr. President il has been clearly manifested that
there il decided majority of the Senate in favor Of
The establishment of National Bank. Foi himself
he believed that il stood out prominently the first
among those measures of relief which he fervently
hoped would be sent out by Congress- from its present
session to re-esiabsh the business and prosperity OF
the country Other measures would undoubtedly ex-
tend much relief but il would be limited and not gene
raj whilst every section, every interest," every person.
rich and poor, would be benefited by the blessings OF
u sound currency. Ii lass all other contemplated
measures and fail To pass this, we shall ia lar SNORT
of the just expectations OF suffering People. bu'
The passage of this only, without any other measure
would have fully justified the consocation OF Con-
gress =
But notwithstanding the urgent necessity Of Ma
ona Bank, is well known, on all sides OF The Be
nate that the bill as 1t at present stands IN respect TO
the branching power of the Bank cannot pass this
body but will be rejected by majority Of 20 10 -,
if all the members be present. UnJer these painful
circumstances, what ought TO be done Shall we re-
turn home without fulfilling the hopes Of those who
sent US here in respect to National Bank We
have thought il due 10 The country and To our own
obligations, to leave no honorable means unemployed
10 bring about concurrence OF opinion II 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
are united in opinion 10 the object 10 be accomplish
ed but are unfortunately divided subordinate points.
We have not looked beyond the Senate. He Mr..
CT does know does not wish, and has not sought
10 know the opinions OF the chief of coordinate
branch of the Government In respect TO the PROPOSE
ton which he about TO submit Not that be was
wanting in high respect personal and oihca for the
exalted person whom he alluded, but because it 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 It's consideration,
should be affected regulated by opinions, real
imaginary, of the Executive head
The result of the consultation 10 which he has
ferred, has been amendment of the 10th funda-
mental rule, which he was about TO propose That
amendment proposes modification of the branching
power of the Bank reported by the committee. He
adheres and he believes all Of the nineteen political
friends who voted with him rejecting the amend
ment proposed by the Senator from Virginia, Mr..
Rves adbere) 10 the mistaken conviction that the
best form to confer that power the Bank is that
which proposed by the committee Their pre-
ference remains entirely unchanged. But seeing that
it inpraccable carry through the Senate bill
with that modification Of the power, they and their
differing brethren have anIiously sought substitute
which might be satisfactory TO all This he hoped
found in the amendment which he would now
read:
And the said directors may also establish
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
tabllshed the said Office offices shall not be remov
ed or withdrawn by the said directors prior the
praon of the charter without the previous assent of
Congress Provided, in respect 10 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 as
dissent the establishment of such office
Offices within it, the of the said State shall
thereafter be presumed and provided nevertheless,
that when it shall become necessary and proper for
carrying execution any of the powers granted in
the Constitution, TO estabsh any office offices in
any of the States whatever, and the establishment
whereof shall be directed by law it shall be the duty
Of the said directors TO establish such Office offices
accordingly"
Two opposite opinions prevail to the branching
power According to one, the previous assent of the
States is necessary according to the other, it is not
The difficulty has been to reconcile these conflicting
opinions That is the object of this amendment. We
who think the power exists in Congress- cannot cen
sent 10 surrender renounce it, We cannot consent
to bill which might be construed TO imply such
render remuneration. But we think that in
ting this corpot alton it will possess less
power than is conferred upon it by Congress in the
charter which brings into existence 1t not in
our view, indispensable that it should possess the
branching power unrestricted. We are satisfied that
that unrestricted power should remain where re-
spectfully think the Constitution has placed it, in
the bank with the right to exercise it.
To the opposite opinion, held by our friends, we
disposed lar 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 It's Legislature. But, then
we think ii but right and reasonable to require that
the State should signify its pleasure in specified
time and in some practicable mode. Accordingly the
amendment which recognises the right of the State
10 prevent the introduction of branch within it, asks
that this right should be exercised at time during
the period of the first session of the Legislature after
the passage of this act and requires that its dissent
if be opposed TO the introduction of the branch
should he announced in unequvocal and uncondition
al terms Il 1t unjust or improper when, conceding
to the State such power the amendment requires
that it should be exercised within reasonable time
Without such Imitation the question OF the estab
lshment of branch,s within the States might be an
agitating question during the whole period of the
twenty wears of the existence of the charter With
it, the question must be dentyey settled in less than
year from this time. is il not great and sufficient
concession from those who do not think that any
sent o. the States is necessary to admit that every
of the twentysix States may prevent the Introduction
of a branch within il upon two conditions LIST That
they dissent and 2dy dissent during the period of the
first session of their respective Legislatures? Will
any say that she question should remain an open
and disturbing question for the long space of twenty
vears2 Is it at all unreasonable to require that il
should be eeucd within the pciod-whch varies from
two to six months-of the first session of the Legis
la,urel 1t may be objected that the amendment pre-
sumcs If the Legislature remains silent does
not ssent Internationally dissent But is il unu-
suai to infer assent from slcnce2 Is unreasonable
10 suppose that il State cannot bring itself dis
sent 10 the introduction of branch, the introduction
of branch within It's limits cannot be any very Gala
mious event
According to the amendment, there are four cases
in which Offices of discount and depose may be
tahishcd LIST. Where Legislature, whose citizens
have subscribed 900 shares requires 81. Where
any State assents 3D. Where the first session Of the
,Ga., IL, pl sha hux
pTed without its declaring Internationally its assent
or its dissent And 4th. In any State whatever,