Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-26


and Georgia, voted for the bank. Massa-
voted against it, and Pennsylvania
was divided. Or, if we look to the individu.
al votes OF the members, we will find that
Congress consisted Of twenty-four members,
Of whom twenty voted for the bank, and four
against it. Thus the bank was established |; |
and 1t Is well authenticated fact that the ia
cilities and accommodations furnished by that
bank to the Government during the war con-
tributed most materially to the successful ter
mination of our Revolutionary struggle.
Having now disposed The Bank of North |
America, will pass to the consideration of
the history Of the Bank Of 1871, and to the
circumstances which led to its recommends
tion and adoption.
Our present Constitution went into opera
ton on the 4th of March, 1852. The coun.
try had recently passed through that tremen-
dous struggle which had happily resulted in
the achievement of our national independence.
The finances of the country were in the most
embarrassed condition.; public and private
credit were alike FRUSTRATED; the exchanges
were deranged: the currency was SO degrad
ed as to be worth only one-hundredth part of
ITS nominal value, or cent in the dollar; in.
dustry was paralyzed in all its departments,
and discomfort and distress overspread the
whole country. Under these circumstances,
one Of the first subjects which engaged the
attention Of Congress was the restoration of
sound currency. With this view, as early
Us the 9th of August, 1880, Congress adopt
I'D a resolution instructing tho Secretary of
the Treasury to report to that body, at its next
session, ''such further provisions as might, in
his opinion, be necessary to establish the
public credit" In fulflment ofthe duty thus
imposed on him by Congress, the Secretary,
Alexander Hamilton, on the l4th Of Deccm-
hnAr 10
mending the establishment of Bank OF the
United States. This report was immediate
ly read and committed to communicate of the
whole House. On the 23d OF December, the
same report was communicated to the Senate
Of the United States, where it was committed
20 special committee, who were instructed
to take the subject into consideration and re-
port upon it. On the Sd Of January, 1891, a
bill was reported to the Senate, which was
under consideration from time to time until
the goth OF January, when it was passed.
We have no means of knowing what Were
the views taken of the subject by Senators
as we have no record of their debates; nor dc
we know how the vote stood upon the fna
passage of the bill, as it appears from th,
Journal that the yeas and nays were not talSer
upon the question. There were, however
several test votes taken upon various impor
rant amendments upon which the votes wer,
recorded. The most important of these, wa.
the motion to limit the charter to ten instea,
Of twenty years. On this motion the vot
stood ayes 6, noes l6, in other words, II
were favorable to the bank and adverse t
it. journal, l79O-l.)
This bill was Immediately sent TO III,
House. where it passed without opposition {,
its third reading. A. this stage of it's pro
gress, it was bitterly assailed upon the
grounde Of unconstituto nality and inexpedi
ency, and defended with equal earnestness
by its friends. The debates on both sides
are characterized by great ability and re
search. On the 9Th of February, 1871, TIT
question upon the passage of the bill was ia
ken, and the vote stood, ayes 30, noes co.
f,1us-i will i,~, th~. - .l~ Se-,~.r>
votes were near three to one in favor of tn
bill, and in the House Of Representatives the
were near two to one.
But gentlemen have told US that this wa
Federal measure, carried by Federal votes
Now, sir, it is a fact, well known to all VIII
are al all conversaDt with the history of tn
formation of parties in our country, that tn
lines between the Federal and Republican
parties, as subsequently, understood, were no
drawn until near the close Of General Wash
ington's administration. But am willing t
meet gentlemen on their own ground, and t
suppose, for the sake Of the argument, tina
the party lines were distinctly marked at tn
date OF the passage of the bank bill. Let us
then, look at the ayes and noes on the pass
age OF the bill, and class them politically AM
what is the result! affirm, on the author
~ OF Nathaniel Macon, that of those VIII
voted in favor Of the bank eleven were re
Pabllcans I'm the greatstruggle of party whicl
subsequently, occurred and ofthose who vo
ted against the bank six were federalists. -
This fact was stated, upon the authority O
Mr.. Macon, by Mr.. Mckee, of Kentucky, il
his speech delivered in the House of Repre-
sentatives on the Oath Of January, 1911, and
reported in Clarke's History of the Bank OF
the United States, p. 295. Had gentlemen
taken the trouble to look at the record of this
vote, they surely would never have hazarded
the assertion that the bank of 1871 was CARR
ed by party vote. Was Nicholas Gilman
federalist2 Was Elbrdge Gerry, the re
publican Vice President oflhe United States
federalist! Was Peter Muhlenburg, Jas
SchuremaD, and Roger Sherman federalists
No, Sir, no! Every man who knows any
thing of the history Of the country, knows
chat these men were all stanch republicans
And yet their names are all to be found recor
ded in favor of the bank Of 1901. These
facts show coRclusively that the bank of 79I
was not decided upon party principles or by a
party vote.
On the 18th of February, 1871, the bill
was submitted to President Washington for
his signature. The question being one OF
novelty and importance, the President, with
that prudence which always characterized
his conduct, both in war and in peace, called
upon his Cabinet for their advice. That
Cabinet consisted of Thomas Jefferson, Sec
rotary of State; Alexander Hamilton, Secre-
tary of the Treasury; General Knox, Secre-
tsry Of War; and Edmund Randolph, Artor-
ney General. The question was most ably
and deliberately examined, and the Cabinet
was equally divided; Mr.. Hamilton and Gen.
hnix e L L 4