Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-24


torbearanco to exercise power was no
surrender of that power as a general prin-
ciple, yet as it had been for so years as
serted and denied he desired it settled
He had hoped it would be settled for 90
years at least, at this session; there were
many other questions, which would vet
come up, in which if God spared his life,
he intended to take part, but he hoped
that at this session we should be able to
bring back the institution Of our fathers,
and such as would be acceptable to the
country. If we make Bank which avoids
all constitutional scruples, it is a surrender
of power. And so, if you put forth an
imbecile, incompetent institution. it's also
virtual surrender. lie did not say that
many years hence we may not resume it.
The Senator from Virginia need not have
given himself the trouble to prove the pow
er Of Congress to establish bank Of any
size, and Of any capital in the District Of
Columbia. This power is indsputable.
But call you that a Bank Of the United
States! Call you the Bank of the Mctrop-
oils National Bank! No, it is only in
name. 1t has not the requisite powers and
faculties of National Bank. The Senator
from Virginia proposes to establish a Bank
in the District without the power Of dis
counting, and combining its discounts to the
States where branches are to be located.
if the States consent. Suppose the States
should not assent; then your Bank would
have no power of discouhting at ALL The
Senator's whole argument proceeds on
radically erroneous grounds. For whose
benefit is the Bank created! For the ben
eft of the States in which branches are
located, or for the benefit Of the whole
Union! Suppose 25 States consent, and
the Goth refuses! Is it not a revival of
notification! Can't the Bank of the Me-
tropoIis now establish branches in any State
thai will consent to it! True, the Bank of
England may establish branches with the
assent Of the States The late Bank Of
the United States established agencies in
London and Paris, not by our power. but
under the laws and authority of those
kingdoms. Any State may consent to have
branch, but it may also say it will tax it.,
and it will terminate its existence when it
/ peases. The clause in the amendment
which speaks of the withdrawal Of the
! branches with the assent of Congress is
sanctionng the doctrine that what cannot
be done directly, may be done indirectly.
The highest exercise Of legislative power
was in penal enactments. Now, if there
are twenty six branches how are you to
punish embczzlement! You place there
these branches, and if against the assent of
the States, you have no power to punish.
The question is one Of power or no power.
If we had no power. he had no desire to
trife with the People. to try an experiment.
We have suffered by rash experiments:
and at 4 moment we are CongratuIating
ourselves on having reached port Of safety
comes the Senator from Virginia with a
new experiment.
Mr.. RrvEs. 1t is not my scheme. The
amendment is in the words of the Secre-
tary of the Treasury.
Mr.. CLAY. The gentleman may have
the benefit Of this endorsement. He must
in this question think and argue for himself
He believed that the States would never
give their assent. lie believed that the
people of Virginia were themselves aban-
doning the ground taken by the Senator
If Mr.. Madison made his memorable dec
laration in 1914, subsequent legislation had
decided still more strongly the conStitu-
tionality of Bank; Although Gen. Jack
son was reelected after the veto Of the
Bank, many voted for him on his pledge
that he would 90 for Bank. Mr.. Van
Burcn's election was no test, because it
depended on other questions. Nj he would
say as to the opinion Of the President was,
we had reason to believe that he would 90
with the Wing party on the subject Of a
Bank.
| lie believed that the President would act
with a view to the public Interest,"; and
should difference arise, it would not be
for the first time. But he asked was this
bank struggle to be eternal! He appealed
to the Senate to pass the bill and you will
restore a tossed and troubled people to
peace. Adopt the amendment, and You
will reopen the door Of controversy. and
will find yourselves in the yestbu!e Of the
strife. 4 Bank Oh safer principles could
not be suggested, and he prayed the gentle.
man to withdraw his amendment. IiC
would not quarrel with him, and if he still
continued to cling to it he hoped he would
do it in peace and without interrupting tho
friendly relations between them,
Mr.. RIyEs said he was one of the last tc
wish to procure any change of opinion il
the constitutional views Of any gentleman
He related the history of the amendment
The Senator from Kentucky had himsel
called for the plan of the Secretary BY ;
resolution, the result of which had beol
the scheme which the Senator had nov
denounced as wild and experimental w
(said Mr.. R) ask our friends to forbea
from the exercise of q nnWcr while the,