Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-09-02
SpeccM OF Mr.. Stuart,
OF VIRGINIA.,

corporate the subscribers 10 the Fiscal BdEk "
the United Statss," delivered in The House Of
Rep, esenidiires, IN committee ofthe UhoLe on tie
STATE Of the Union, August 2, 1871.
--(CoNCLUpED FROM OUR LAST. y
So much, Mr.. Chairman, for the history of the
Bank Of 1891. will now proceed to review some
of the leadihg incidents connected with the abor-
tive efforts to procure re-charter OF that bank,
and with the struggles which resulted in the char
ter Of 1916.
The charter Of the bank was limited to 1911.
IN 1910 an attempt was made to renew it, which
was not finally acted on.
On the 4th of January, 1911, bill to renew
the charter was reported to the House of Repre-
sentatives by Mr. Burwell. After this bill had
undergone discussion extending through seven
teen days, Mr.. Newton, of Virginia, on the 2st
OF January, 1911, moved to postpone the bill in
definitely. (See Journal, 1911, page 1857 Mr..
Newton promised this molten by saying, 81 am
for laying the Legislative axe at the root of the
evil. am for immediately deciding this ques-
ton, and Surningto some other business; and for
this purpose, move that the further considera-
tion OF the bill be indefinitely postponed" (See
Doc. Hist. U. S. Bank, page I96.)-'rhis prop
ositlon ELECTED another very able discussion,
and on the Gath Of January 1911, the vote was
taken by ayes and noes-(see Journal, 1911,
page 500)- the result was ayes 65, noes 6i.
30 the motion was carried There is one fact
inregard to this vote to which will call the atten.
ton OF the House.and which beg leave to COM
mend to the particular consideration of my col
league from the Buckingham district, (Mr. Hub
ard.) tits, that John Randolph of Roanoke, the
gentleman's illustrious predecessor, voted against
MIR. Newton's motion to "lay the axe TO the
root, by destroying the bank.
The subject of renewal of the charter was
introduced into the Senate, also, at the same
session and, after full discussion, the PROPOSE.
ton to strike out the enacting clause was carried
by the casting vote of the Vice President of the
United States, the Senate being equally divided
LII to II and this division, will add, was
without regard to party; for we find Mr.. Brent,
of Virginia, and VIM. III. Crawford in the neg
alive; whilst Giles and Clay, and other dstin-
guished Republicans, were in the affirmative.
Thus 1t will be that this measure was lost
by a majority Of one in the House of Represent
tatives. and by the casting vote of the Vice
President in the Senate |! And yet this is the
decision upon which the gentleman from North
Carolina (Mr. Saunders) relies, as overruing the
decision of the large majorities in the Congress
ot 1871, and the solemn Judgment of President
Washington For my part, MIR. Chairman, /
regard this decision as having none of the au-
thorlty OF coRst itutional precedent; for, indie
pendently of the lcanness of the majorties, there
are other circumstances which show that the ques-
ton was decided not upon constitutional grounds,
but upon mere considerations of expediency.-
This Is manifest from the fact that we see gen.
tlcmen of opposite political opinions voting TO-
gether for example, VIM. III. Crawford Of
Georgia, and Timothy Pickering of Massacfn,-
sets.
But there other views which show why the
bank was not rechartered. Seven-tenths of the
whole stock of the institution was owned by
British subjects and as we were, in 1911,
on the eve of a war with Great Britain every con-
sideration of sound policy would seem to require
that such bank should not be rechartered under
such circumstances.
Here, Mr.. Speaker, let me pause for moment
TO advert to singular incident in the political
history of my beloved native State, which tends
more strongly than any circumstance within my
knowledge to prove the strength of her de-
voton to what here termed "Vifginia alb
stractions." In 1911 the Legislature of Vir-
ginia instructed her Senators (Nlr. Giles and Mr..
Brentto oppose the renewal of the charter of the
Bank Of the United States. Mr.. Giles made a
speech in the Senate in response to the instruc-
tons, in which he denied the right of the Lee
gislature to instruct, but nevertheless he yielded
practical obedience to :he Legislative mandate
Ivy voting against the Bank.-Mr. Bent, on The
other hand, promptly admitted the right to give
the instruction, bu: practically disobeyed it by
voting for the Bank. And strange to say, Mr..
Chairman, Mr.. Giles, who denied the ''abstrac~
tion," and yet voted in obedience to the legsla-
tive will, lost CASTE as politician whilst his
colleague, Mr. Brent, who admitted the sab
straction," and practically disregarded it, retained
his popularity without the smallest diminution
These facts | have from many sources, and
IT..
Taaferro) on my right
In the year 1914 the subject of incorporating
Bank Of the United States was again renewed
On the I'd of April, 1914, Mr.. Grundy, of Tenn
essee, moved the foil OWING resolution
"Resolred, That committee be appointed to
Enquire into the expediency of establishing a
National Bank. Journal 1914, p. $780,
This near the close Of the session, how
ever, and no action grew out of it.
On the 10Th of september, 1914, a special ses-
sion of Congress commenced, and on the 18th OF
October, John w. Eppes, the chairman of the
Committee Of Ways and Means, addressed a
letter to Alexander Dallas. the Secretary of the
Treasury, asking him to suggest measures for the
revival and maintenance of the public credit
And here, Mr.. Chairman. permit me TO pause for
moment TO note the coincidence between the
course taken by Congress in 1914 and in 1890
In both cases the Secretary Of the Treasury was
called on to suggest measures TO establish the
public credit. The language is almost the same
In both cases. In 1890 Hamilton is called upon
to report measures for Establishing the public
credits" and in 1914 Dallas is requested to sug-
gest "such additional provisions as may be ne.
cessary to revive and maintain unimpaired the pub
Tic credit" 1t would SEEM from the similarity OF
the means used, that the Congress of 1914 was
arriving indirectly at the same end which was
attained by the inquiry Of 1890, viz. the recon.
mendation of Bank of the United States
Whether such was the intention or not, ii is very
certain that such was the result; for on the
18th of the same month, Mr.. Dallas responded
to the inquiry by recommending the establish.
ment OF a National Bank. After full considera-
ton OF this communication of Mr.. Dallas. the
cd those lie