Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-14

IN strike out the enre,inE clause OF the bill "to IN
corporate the subscribers 10 the Fiscal Bank Of
limited States" delivered IN the House OF Repre-
s.ntatiros IN Committee Of the Whole on thu
state Of the Union August ,, lSIl.
NJ, Cu,rau.S: am cratihsd that have been
nble TO obtain the door at this early stage OF the DE-
hate. not because am VAN enough to believe that
r,p tbr,w any new lghIs upon the subject now
md, consideration, but because | wish 10 place
some of the reasons which have influenced my mind
distinctly before the country. come rom state
N.bi-h A, generally supposed 20 have been uniformly
onpo.sd TO a Bank OF the UCitd States ~ any Torn,
80 me vote m Ctyor Of the bu bsiorc the eOnlmi-
tee will differ from TINT OF a large majority oil my
colleagues. These circumstances seem 10 impose
upon me some kind OF obligation to shnw 20 inc peo
ME Of Virginia that II Stand IN an attitude OF OPP
no.ifion 10 their settled opinions have some pausl'
bic gro lndS ut least ofjusi heauon; and my course
iserroncous It is sanctioned Ivy the example OF 'he
Fathers Of the Constitution"
With regard to my immediate constituents, Zee no
JErrltv for have every reason 10 believe thst their
onpions on this interesting SUBJECT harnonlze enHe-
" with my own. Let the matter ce as II may IN To-
gard TO other gentlemen AMI other portions OF nc
country claim confidently 10 represent, upon thlS
subject especially, the sentiments OF the great cen
trail and republican district by which l was sent
here In that district the issues OF BANK or no
Bank and "Dsirihltisn or no Distribution, were
distinctly raised and fully discussed. was opP)s-
tinguShcd abilities and of unexcepuonao.e chaTse'
ter His reputation as an orator, a scholar, ana a
stucsmln, was fam lar TO poilicat ana literary CIT,
cles of the Union. His name had been associated
with the most honorable offices IN the siit OF the
"OId Dominion" and DO not hesitate to say mat
If he had been successful IN obtaining sea' on 'h'S
floor, he would have been one Of inc or'Sn'es' or
naments Of this enlightened assembly, Inc e'ss-
t;on turned upon those issues, and under all the
dis,dvanrsses arising from the disparity oi age, OF
nnaII6cnton and of reputation, was elected 10y
t-iam phant majority Such, sir, was the verdict OF
the People, and stand here prepared to render
judgment upon II.
Of thjs debate as Il has been said through ne cpGn
try for the last half century, that the hrs' oaaA o.
the United States was mons'r US conception o.
Federalism, Oud ihat the BANK OIL leLo a!I tHs
measure now under consideration are the offspring
Of tho s,nrs poi,ical heresy. This declaration, Z
/, were allowed to 20 uncontradcted, would be wei
calculated to do mischief 10y exciting popular pre-
JUDGES in the country, anu Paru'u'aiy IN me
Southern States, winch have always Claimed 10 be
the peculiar exponen,S OF the republican faith But,
sir do not mean that 1t shall 90 out TO the country
unconiradicied. So tar from ~ upon me IcsPonsi.
billes Of my position as member Vi this house, |
DENY that either the Bank OF 1881 or OF lSlO was
INCORPORATED by the Federal party. Nay, sir, | go
sill further pledge myself 10 prove from the oth.
cill records Of the country that the Bank OF 1871
was chartered before the formation OF the Fedora.
and Republican parties. and that the Bank OF lsl6
mended and sanctioned 1y Republican President,
and passed by a Republican Congress, IN opposI-
ton TO the strenuous efforts OF The edert par
ty to defeat it. Yes, ss, to be more distinct, mean
10 say that the Bank Of 1916 was just as emphsti
cally measure OF the Republican party OF that
day, As the sue Treasury scheme was measure oi
MIR Van Burens Administration.
In order 10 present my views on tins SUGJsci
clearly and distinctly 20 the House, propose 10
trace very briefly, the history Of the Bank qgc'-
tion from its origin 10 the present TINS. Ca this
point have BEEN anticipated some eIten; by the
very distinguished gentleman hom Pennsy.yau %,
(Mr Seggsan',) who has preceded me, but Will
follow in his footsteps, and add some matters Of de-
tai 20 what he has already placed IN 50 clear point
OF view.
The fire! project yr bank having any features
al =G,lona.Ity about II, WAS submitted by Robert
Morris Oi pennsy wanna, as early IS the l7;l OF
May, ISL, 10 the COugress asssr 5lCd under the
Articles OF ConfeJe alton. Those articles, It IS vel
known, conferred much less power c. the Fedora
tive Government, and constituted a much less ats
mate union between the States which were parties
to them, than now exists under our ConstI;u!Ion.-
This is apparent on the lace Of the Constitution IT.
SELF for i; there declared that object IN adopt
ing the Constitution was "in form a uo;e pericc,
union" among the Safes. Yet that Congress, act.
ing under such restricted powers, did not fee. any
hesilat on in considering and adopting the plan Tor
the establishment Of bank, under the name OF ths
Bank OF North America which was essentially 4
National Bank. The ordinance was passed on the
3lst OF December, ISL, and, among Oihcr Tect0is
contained in the preamble, II will be found that II
Rifrms that SHE EcnceS Of the United States
render 1t nd.spensaUy necessary that such an act
be Immediately passed" tSec Journal ISL, page
7OJ-6)
The test vote upon this suffice. was taken on the
col OF May, 1871. (Ses JOGrn1, ISL, page G2j }
AT that time eleven States were represented IN Con-
gress, md Of these /, nine viz: New Hampshire,
Rhode Island, Connecticut, New Jersey, Mary and,
Virginia, South Carolina, North Carolina, and Geor
GA, voted for the hank. Massachusetts yo,Cd
sgans, u, and Pennsylvania was divided. o., II
VIC look TO the ind vldusl votes OF the members We
viii find that Congress consisted Of twenty. four
members, Of whom twenty voted for the bank, and
four scaIns, II. TITUS the bank established
and il is wci-aHtheutcI,ei fact tina, the facilities
and accommodations furnished by luai bank 10 the
Government during the war contributed mos, ma
teralyto The successful termination Of our Re O.u-
tIo1aly struggle.
Having now disposed ofthe Bank ofNorth Amer
cI, will pass 20 the Consideration Of the history OF
the Bank Of 1891, and 10 the circumstances which
led 20 its recommendation and adoption.
Our present Constitution went into operation on
the Of March, 1889. The country had recent.
w passed through that tremendous struggle which
had happily resulted in the achievement Of our nl-
tlonal Independence. The finances Of the country
were in the mos, embarrassed condition; pu5icanl
private credit alike pr0s,ra,ed; the er.
changes were deranEeC; the currency was 50 de-
graded as TO he worth only one hundrgdtl plrt of
It's nominal value, d cent the dollar; Industry
was plraIIzad m all us departments, and discomfort
ard distress overs prGad the whole country. Under
these Circumstances, one OF the first subjects which
engaged the attention Of Congress- was the rsstora.
ton oil a sound currency. With this view, ag early
the 9Th Of August, 1880, Congress adopted a re-
solution instrucuug the Secretary Of the Treasury
10 report to that body, at IT'S next session, "such
further provisions might, IN his opinion, be ne
Ccssary % establish the public credit" In fulfil
mcn' Of the du'yt1us imposed on him by Congress
the Secretary, Alexander Hlmulon, on the l4.h o.
Decembe', 1890, inside O report 10 Congress recon-
mCnIIrg the establishment; Of Bank Of the United
States This report was Immediately retd and
committed 10 cyu.HI;'ee Of the whole House. On
the 2jI December, the same report was C1mmuui.
C..Cd 20 the Senate OF the United States. where d.
was committed to spocia. committee WHO we're
instructed - take The subject into cons eftfUn ang
report upon H. On the 3rd Of January. I7gf.a HII
wtsrepoItcd 10 ,ae nate, which was under con-
HdCratlon from time 90 fns until the % DO OF 1arv
ary, when It was passed. We have 200 faaar. OF
knowing what were tic views taken Of the euHIsc,
by Senators, as We have record OF their deJsis.
nor DO We know how the vote stood upon the fra.
passage ui Tie uIl, as % appears from the JDurp,|
that the yeas and nays were no; taken noon the
question. There were, however, severe. .,f. votes
taken upon yauous important amendments UPON
which the votes were recorded. The most IYr1r.
tlnt Of these, was the mD;IOn 10 limit the charter I'd
ten instead Of twenty years. On this motion fE,
VOC stood ayes $, noes rs; or, boz other vorJs f..
were favorable to the bank and adverse TO 3. 49,
tJoJna', l7gO-L)
This bill was Immediately sent 10 tho House
where pissed without opposition tn Is third read
ing. AZ this stage Of lts progress, % was bitter,
oSsaIed upUn the grounds OF unc0nst tutIOr1ty r.,
InCrpsdtsncy, and defended with equal esrrsF.pt.
10y iis friends. The debates on both sides are char