The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-22

nous premiums and discounts now frequently paid TO
the moderate standard growing out OF the mere cost
and insurance the risk Of Transporting specie from
one TO another part Of the Union
II will consequently save hundreds Of thousands Of
dollars now annually lost in transactions Of exchange
II will essentially benefit the manufacturing inte-
rest by enabling TO realize sales and the proceeds Of
sales.
IL will powerfully contribute TO the resumption Of
specie payments by the Banks, whose existing delin-
auency the greatest of all prevailing pecuni
ary and financial endorsements.
II will greatly tend TO prevent and correct the
cesses and abuses Of the local banks.
Il will furnish a medium TO all parts OF the
Union for the payment of debts and dues to the Go
vernment; thus rendering duties and taxes uniform
in fact well as in name.
IL is indispensable 10 the convenient and successful
financial operations of the Government in all the de-
partments Of collection safe keeping and disbursement
of the public revenue.
Such are some of the domestic benefits which the
committee fully believe will be secured By National
Bank. Those which appertan TO our foreign relations
also worthy OF serious consideration.
IL il be tue that money Is power, its concentration
under the direction OF our WILL sole collective
augment the power nation, without such con-
centration OF power, maintaining extensive CONNER
cal intercourse with another nation possessing must
conduct that intercourse condition of inequality
and disadvantage. National Banks in other countries
beget the necessity therefore of National Bank in
this country, IN like manner National Governments,
in foreign nations, must be met by National Govern
ment in ours.
Accordingly, we have seen the influence exerted by
the Bank OF England upon American interests, when
those interests were exposed to the action of that
Bank, and were left without the protection of n Bank
of the United States The committee do not wish TO
be understood intending to express any APPRECIATION
of the commercial operations in which the Pennsyl-
vania Bank, assuming the name OF the Bank of the
United States, engaged, when that state of things
But they do mean to say that the interests and dig
nifty of the United States demand that they should
not be exposed beyond the necessary and legitimate
influence of monetary and commercial operations, to
the action of foreign banking institution. They
believe that without competent Bank of the United
States foreign National Banks may, and probably will
exercise undue and possibly pernclous influence
upon interests.
In this view OF the case the question is whether
is better that should be left liable to be materially
affected by foreign institution, in which we have no
interest, which can exert no control which Is
administered solely in reference to foreign interests, or
shall have American Bank the creature Of our
will, subject to American authority, and animated by
American interests, feelings and sympathies!
The committee could not entertain doubt in such
an alternative And, in reference to the foreign
pect of the Bank the committee thought it expedent
10 allow il to dealt foreign bills Of exchange which
the barometer of the state of our foreign trade.
In conclusion, the committee think it proper To say
that they have given due consideration to the va
memorials referred to them, and to the instruc
tons moved by Senator from Mississippi.
They subjon that wherever, in this report the COM
mtee is mentioned, maj ony of the committee IS to
be understood.
All Of which is respectfully submitted
The report and bill ordered to be printed, and
made the special order of the day for Wednesday
next.
Messrs TALLMADGE, WRIGHT, HUN
TINGTON, and CLAY presented memorials fol
Bankrupt Law. MIR. WRIGHT also presented
remonstrance from New York City against it,
tssoluiiOn (prssen'ed BY MlcLAY ordering that
O'CLOCK A. M. was laid on the table,
The unfinished business being then taken up MIR.
CALHOUN addressed the Senate on Mr.. Clay's mo
ton print 1900 additional copies of the report of the
Secretary of the Treasury the state of the Flnan
ces. He presented a condensed argument against it.
He attacked the general financial policy and manage
ment Of the present Administration following in the
general course of the opposition speakers who have
preceded him in the debate. He denied the existence
of national debt denounced the Secretary : state
ment of deficit, pretence and scheme designed
to form basis for the most obnoxious measures--a
National Bank, Tariff, and Distribution of the
Land Revenue. He denied the existence of any real
distress want in the country He contended against
these proposed measures the against which
the original Democratic party was formed. This ex-
session he believed called for other purpose
than to the old Hamitonian system OF Govern
ment and policy.
Mr. CALHOUN spoke for about half an hour and
conclusion attacked the whole scheme of National
Bank both proposed by the Secretary and as re-
ported by Mr.. Clay, from the Committee on the Cur
rency
Mr. CLAY said he would detain the Senate but
few moments. The proposition before the Senate Is
motion to print 500 additional copies OF the Secre-
tary's report This made about fortnight ago.
Upon that proposition we have had, in four days,
series Of speeches from late Vice President OF the
United States--a late Secretary of the Treasury of
the United States-and late-what shall call hm}
"a late Chancellor of The Erchequer-l MIR. Wright
bowcdl all going into wide range of topics. The
topics discussed in the of this debate have BEEN
l, Bank Of the United States 2, distribution of
the proceeds of the sales of the public lands among the
States; g. an augmentation Of the revenue to meet the
deficiency debt left by the late Administrations and
last though not least have had from the late Sc
cretary of the Treasury what hope he will excuse
me for telling him is Herculean labor and task
impossible for his great abilites-an elaborate de-
fence of his administration of the finances OF the
country ALI these discussions causing great delay
OF the pressing business of this extraordinary session,
we have had upon simple motion to PRINT some adj
dtona copies OF the Secretarys report tor the nlor
nation of the country. The Senators on the other
side have hung their speeches to a peg not strong
enough to bear great weight.
These questions will all come up in the regular
of allotted business OF the session, and then
Senators can express their views on thcm and make
their speeches | do not know that shall make any
speeches at al this session. Indeed would say to my
friends around me on this side of the Senate-Make
to these speeches OF our opponents but by
measures-by passing the very measures which they
have thus denounced, but which the majority of the
nation has already approved
have risen solely to say that we have rork before
US practical work A measure is now before Us for
the relief of this District by renewing the harterS OF
the District Banks and | hope that this motion TO
print may be disposed OF Immediately to give US an OPP
portunity to take up that important measure and act
upon 1t.
Mr. CALHOUN observed the Senator from Ken
lucky had said nothing capable of affecting the opinion
of any fair minded man. He had called upon his
friends to make reply to speeches from tins side.
This was one ofthe powerful instruments OF action ON