The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-29

40 BE- invited, whsgsyer ne sspi.' ~
isuest shall cal CO tham, 70 - -
once, he je1l0laies 81 Sisis soFe,s;.-..-'
A0a plAce your sn4nlut0ns under
guard Of Stale honor. and under -. -.
ri protection Of public sentimen, 49,
. far more powerful than shs stern -. -
dale q the law. II any Of he So
should Withhold their assent from i. -
adjustment Of Offices Of discount - n
posile, where they may Be deemed -.
sary for the purposes % he inssiso,;-.
the amendment hare offered cool.;..
alternative provision Coz slle es,ablish..-a.
q limited agencies. which would -.
the chief exlgencies Of he public ser,;.'
and the leading commercial wsu,s az -
Union. and which uzder recen, der;.;.<
ofthe Supreme Counofshe United S,,ss.
lin the case Of the Bank Of Aueuz,, /.
Esrle,l might be established N .Se So.
without formal oct Of consent an -.
pari. their sssenfbeing presumed, fliIl 4.
contrary IS declared from he ssnsr,l
comfy Of nations.
With these prorisions, adapted b e,,
~ probable eonsingency, | feel persusded
said Mr.. Rives. that the proposed lnsl;,r.
ton would work well-xmooshly. hs,mo.
niously, efficiently. an Ear iro,n o..
ing any poor opinions Of mine in comm.
tinon with the sagaciiy and experience az
The Senator from Kentucky; bui. IL
himself, | have conferred win some az
practical men, and they give me assurance
Of is feasibility and success. The Sc.
Rotary Of the Treasury, 100. whose special
province it is 10 collect Information an
these subjects from the most approved
sources, and 10 frame his plans with can.
ZION and care, has. in his Official present..
tion Of the plan contemplated by tie
amendment, given rs every reasonable
warranlin advance, Of is capacity 20 NEE,
the wants u The Government and he
country.
Mr.. RiVes said The history Of The fwo
former Banks Of the upiled States ought
10 be full Of instruction 10 Us. and suggests
some important reflections for our aui-
dance on the present occasion. DO not
now mean 10 inquire into the true mea-
sure Of The benefits they may have rem
dered the country. In this respect, |
should be found 20 differ from some Of
my honorable friends on this side OF The
House, especially Is 70 the last Bank Of
the United States, which | believe was
the author Of full as much evil as good 10
the nation. But, admit their benefits 10
the public TO have been as great as their
warmest champions have, Al any time,
claimed for them, vet one fact remains,
inconiesnbly established by the history Of
The country. Both OF them, AZ the expi.
ration Of their charters, went down amid
a storm Of public odium and indignation,
sinking millions Of the national capital in
the conyulsive struggles Of their dissolu.
ton, and celebrating Cor . time every
sense Of the benefits they may have rem
dered TO the country, in The deep feeling
of political hostility Of which they were
the object. To avoid the recurrence Of
similar mischiefs hereafter, The institution
now proposed 10 be created must be found
ed on different principles. You mus, es-
peciaiiy avoidthe original sin in The char
iers Of The two former banks, by planting
this on constitutional ground mol liable 10
plausible objection, aud BY absiaining, in
It's organization, from any violation Of the
sovereignty Of The States, or graiuiloGs Of
fence Of State pride. You must change
IFS character. Instead Of commercial,
trading, specializing, stockjobbing bank,
you must make il what lis name imports
"a Fiscal Bank-charged primarily with
The collection, Transmission, and disburse-
ment Of the public revenue, but cxerung
Incidentally an important and salutary in
lluence on the general currency Of the
country. In short, sir, | would have il
as unlike as possible the late Bank Of the
United States, ! would profit Of the sober
suggestions Of suclr financiers as Mr.. Gal
Iatin and Mr.. Appleton, who, in their late
publications on the subject Of the curen-
cy, have laid The country under lasting
obligations 10 their wisdom and patriOl-
ism.
acknowledge, sir. with pleasure. The
many valuable improvements and new
securities engrsfred upon the bill nov be-
lore us. By the Secretary Of The Treasury,
AMI by the honorable Senator from Ken
lucky. MIR Clay.) Wuh tina, dIsiin-
guished Senator, | nearly concur in the
exclusion from the bull Of Tie suggested
spp!icahsn III the 4th ins,slenl VI The
surplus venue Of 1896. n suhsclpiIon
nr stock in tie bank on behalf "l the
Sths. With him. TN. cordially c"n-
FUR IN the prnpristy Of cutting of, by The
restriction he proposes. thr poss'b Ivy OF
my transactions. Of business character,
between the Bank here aud members oi
Congress or officers If The 'efnmen'.
4 similar exclusion Of the officers Of The
Bank the provision for larger pubIe''
y, IN regard TO the condition. operations
md accounts III the Bank--Ihe narrower
IniiaIinn Than rsusl imposed on the -
nnnnt If lnaas anil .ltsronnfg-auu last,