Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-07-03

] W IVA hitlh us NbIu IS Tue Jaw, MS WI. etl'-mN'
From Congress ts,lfwe have 20 hope, but We trust
that the President vii. intcrnose h., veto aad save
the constitution. II John Tyler sanctions bank
based upon Mr. Gays plan, he wal he a puuared
man.
In the House Of Representatives but little Of I'M
portance was done. Tae Bill No. from the Sem
ate, to ropeoI the subreasury was introduced and
alter some debate was referred 10 the committee
| nays and means.
SENATE.
Mr.. Clay introduced to-day the report On tie
Secrstary's project Of a Fiscal Bank Of the Uni
ted State. They resolve il all into a Bank Of
the United States, after the model Of the last
The committee declare that the establishment
Of National Bank Is indispensable:
That It Is to be regarded as settled question
that IT IS coHsdiuhoaaE
That the question of exped,ency would not be
discussed:
That it is the deliberate opinion of the commit.
tee, that an immense majority Of The people are
IN favor Of and call for United States Bank
aud that it shall be established at this special SEES
sion: II
That the committee ale determined to dismiss
all experiments, and take for the basis 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 seven per
cent, II deficient one year, to be made up by
the surplus of subsequent years; surplus over
seven per cent. to 90 TO the United States.
That lis loans and discounts shall not exceed
its capital moro than seventy FIVE per cent
That It's affairs shall be open 10 tho inspection
of the Secretary Of The Treasury, Committees of
Congress, and stockholders.
That when it, notes exceed three times the
specie IN It's vaults, further loans shall not be
made:
That no paid officer Of the Bank shall receive
accommodations by loans:
That embezzlement by any officer shall be
held as felony:
These, as Tar as we could catch them, we're
the principal features Of the report.
The report repudiates altogether The two lea-
Iurea OF the Bank Introduced by Mr.. Ewing to
satisfy constitutional objections. The most ma.
terai is that which, in Mr.. Ewina's project, re-
CURED the assent Of the States to the establish.
meut Of brancAe. within them. This, the report
treats as yielding the question Of the constitution
al power OF Congress to establish a National
Bank 1t argues deliberately this question, and
insists en- the establishment Of branches without
the assent of the States, to be essential to the
system contemplated by the committee.
Another point on which the repor, wholly repu
dates the SecreIary's plan, is that which proposes
10 establish tho principal Bank IN this District
SO Tar from dong this, the plan OF the report takes
the whole banking po,rer out of the District, not
even permitting an office Of discount and depos.
tie to exist within the District, 1t proposes to
have board of directors IA IA board of control
within the District but no bank holding any part
OF the capital, or possessing any power to dis
count THIS, SO far from LAYING hold of the linht
OF Congress TO create a banking corporation, as
the root roD. which the States would draw branch.
es, a1Iutes altogether the authority Of Couyics.
over this District as furnishing constitutional
power to establish a National Bank IN the ter
miles to spread Its branches over the Union, but
on the contrary, claims the power as applicable
to the United States only, by DENYING even
branch with banking powers within the District.
These are the two essential particulars, OIL
which II Is understood the President holds view!
dameiraIIy opposite TO the committee and III
committee have, notwithstanding the adiuraio
OF the National lnlelIgencor, boldly determine
to push the President 10 tia wall, aud make hir
surrender at discretion, 1t is said by some of tn
trends OF Mr. Clay, that it has been ascertaIne
IN caucus the measure can be carried in Congress
4 without regard TO the constitutional objection
which Mr. Ewng's proposed plan was intended t
remove. We infer therefore, that Mr. Clay i
wiling to uy conclusions With the President, b,
Iole the people, If he dare venture on a veto.
: After Mr.. Clay had read bis report, Mr. Ca
j, houn entered upon the discussion Of the Treasr
~ report which is made the basis Of the Gale
session, and the measures to which il is I
give birth. Mr.. Calhoun, in the most succinC
= and clearcst manner, summed up the results {
" that Stale paper from It's own figures and prove
1t concusveIy that the mathematical results wer
y directly in the teeth of the measures which Il
Secretary would deduce from them.
# nc showed mat while the actual account
showed demonsIrably that there would, at III
!, erd' be deficit in the Treasury of less tha
y two millions the SECRETARY proposed to fund
+ debt, on that pretex, Of sixteen millions, whic
. he proposed to exc out to siriy.ons millions, O
A.. various schemes of policy having no rererenc
to the wants Of the Treasury.
i lie showed that while the prstence was The d,
n hcIt IN he Treasury, as the ground work Of ma
G honal debt, the Secretary proposes 10 make adt
II gct by giving away one Of the great sources {
;. reenvue.
!, He showed that while reform was recommer