Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-07-06
From ths GIObe of ofJSvaS3l.
CONGRESSIONAL ANALYSIS.
SENATE.


Bank of theUnited States. They resolve
it all into Bank Oflhe U. States, aflsE
the model Of the last.
The committee decInre that the osiAb-
lishment Ofa National Bank, iS iHdispeS-
si6Ie:
That is to be regarded a = set
tied question that it is eOSstiss-
tiOndl: :
That the question Of sipedishey would
not be discussed: -,
That it is the deliberate opinion Of ahS
committee, that an immense majority Of
the people are in favor Of, and call for
a United States Bank, and that it
shall be established at this special Ssss-
ion: % 10,
That the committee determined to die.
miss all experiments, and take for the BE-
sis of the New Fiscal Bank the Last
charter of the Bank Of the United
States:
That the capital shall consist Of thirty
millions, which may be increased to fifty
millions:
That the dividends be limited TO seVeA
per cent, if deficient one year,t bs made
up by the surplus Of subsequent years sur
plus over seven per cent. to 60 10 thsUni-
ted StatesS
That its loans and discounts shall not
exceed its capital more than twenty-five
per cent:
That its affairs shall be open TO the in.
spection of the Secretary Of the Treas.
ury, Committees Of Congress and stock.
holders:
That when its notes exceed three times
the specie in its vaults, further loans shall
not be made:
That no paid officer of the Bank shall
receive accommodations BY loan:
That embezzIement by any officer shall
be held as felony:
These as far as we could catch thems
where the principal features Of the 70.
port.
The report repudiates altogether the
two features of the Bank introduced BY
MIR. Ewing TO satisfy constitutional OBJ
jections. The most material is that,
which in MIR. Ewing's project, required
the assent Of the States 10 the establish%
ment Of branches within them. This ,the'
report treats as yielding the question Of
the constitutional power of Congress to
establish Nationol Bank. 1t argues
elaborately this question, and insists on
the establishment of branches without tho
assent of the States, 10 be essential to
the system contemplated by the commit.
tee.
Another point on which The report
wholly repudiates the SecTetary's plan, is
that which proposes to establish the prin-
cipal B ank of this District. So far from
doing this, the plan of the report takes
the whole banking pOtUer out Of the Dis
trict, not even permitting an Office Of dis
count and deposit to exist within theD;s-
hict. 1t proposes to have board Ofdi-
rectors as board of control within the
District, but no bank holding any part
Of the capital, or possessing any power
10 discount. This, so far from laying
hold of the right of Congress to create .
banking corporation, as the root from
which the States would draw branches
abiures altogether the authority of Con-.
gress over this District as furnishing con-
sttutenal power TO establish National
Bank, in the ten miles, TO spread itS
branches over the Union, but on the con-,
trary, claims the power as applicable TO
the United States only,by denying even 4
branch with banking power within the
District.
These are the two essential particulars
on which it is understood, the President
holds views diametrically opposite to the
committee; aud the committee have, not
withsianding the abjuraticn Of the Nation
al Intelligencsr,boidly determided to push
the President to the wall, and make him
surrender at discretion. II 10 said By
some Of the friends Of Mr.. Clay, that 4
has been ascertained in caucus the mss
ure can be carried in Congress Withou
regard TO the constitutional objections
which Mr.. Ewing's proposed plan was 10
tended TO remove. We infer, therefore
that Mr.. Clay is willing to try conclusions
with the President before the psoplS, il hs
dare venture on veto. ~
After Mr.. Clay had read this yNPor.
Mr.. Calhoun entered upon the aegs'
sion ofthe Treasury report, which 4 EMsee
1.-The basis of the called session, and OF tne
measures to which il is to give birth. Mr.
Calhoun, in the most succinct and clear
est manner, aummed up the results Of
that State paper from !ts own ngareS
aud proved conClusiVely that the mashe'
matical results were directly IN the teeth
/ ofthe measures which theSecrataEy, ,would
!. deduce from them. aes
= He showed that while the actual scia'
Is al accounts showed demonstrably ihal
thsre would, aiths end, be de6ct in ths