The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-06
gmemtpsStrth Congress
SECOND SESSION.
IN SENATE.


FalpAY, Jan. %, is4l.
Mr.. WHITE, Of Indiana, rose and presented reso-
utons Of the General Assembly OF the state OF inui
ana 10 the following effect; That the esap'ishs','
az a National Bank, with such capital and Win such
mower and under such restrictions as VIII render IL
.se and convenient instrument for the receipt, keep
;ng and disbursement of the public money, ana an
viii enable it afford safe aud convenient paper
currency as well moderate and regular system o.
domestic exchanges is within the cons'nu'ionsi po"
or of the General Government and proper ana eAPe
dent AZ, w. 80
Upon presenting these resolutions. Mr.. WHITE re-
marked that he believed similar resolutions had been
presented by the Senator from Kentucky, Mr. CayJ
rom The Legislature of that State, few days ago
us would have been proud if had been the fortune
Of Indiana to lead in this matter but was no us
honor TO yield the palm to chisalious and gallant
Kentucky He had been struck by the aiiuson tue
otber day of the Senator from Pennsylsania hr'
Pnch.nan. 10 numerous petitions OF the People IN
1874 which the Senator pleased TO characterize
~ manic memorials, and whose memory as to their
mass and volume, promptly aided by the sugges-
ton Of the Senator from Missouri, from his seat Mr.
Benton, that they filled six volumes. Mr.. w con-
GRADUATED the country that the time had now come
when the People need not fill six volumes with insfue-
tions before they shall be obeytd.
Mr. w concurred fully with the opinions expressed
by the Legislature of his State II was too late now
20 argue the consttutonality Of National Baak In
nil the fora of the country before every organized tr
buna and in the Assemblies Of the sovereign People
this question had been defnltivey settled and ought
now TO be considered adjudicated matter He
would not delay a moment now To prove the compe-
tency of the Government to incorporate such inst
tuition, but would make single suggestion upon the
prncp piles from which that right is derived. These
are clearly shown in the letter of General Harrison
to Sherrod w illiams. That the Government has In
dspenable need of such instrument to aid il in its
system of finance, and auxiliary to the Treasu
ry Department IL was fortutous that, in thus seek
ing to promote its constitutional purposes, the
Government could essentially aid the great interests
of commerce and of industry.
The fatal and capital error which has marked the
policy of the present and last Administrations Is in
adopting different principles for the business OF the
Government from those which regulate the depart
ments of private life There is mystery in the al
fairs Of Government; and when its administrators re-
pudiate the well-known usages of the civilized and
commercial world-when they attempt to destroy ere
dit the effort is fabulous that it can only result IN
disaster and in the overthrow of its projectors. The
Government is great dealer--a monopolist--to the
amount of from twenty to forty millions annually its
capital supplied from the pockets of the People and
untailing How absurd to say that It's transactions
shall be conducted in specie And how ruinous, II
this rule extended as it ought to be II the Adj
mnisraon doctrine be the true one) to all the de-
partments Of industry The trade and business OF
this great coanty amounting TO several thousand mil
lions annually never be represented by specie ~
the precious metals could be multiplied they would
to be precious and lose their value. The course
of trade is such that the producer of article on the
Upper Mississippi, for instance, sends it to New Or
leans, where 1t is converted into some other form
thence 1t Is shipped 10 the New England States and
returns ia the shape of manufactured articles to the
West Indies from this point il is to Europe and
thus it may be- at the end of year more the origi
nal producer commands, in return for his labor and in
exchange for his product, such Of the fabrcS OF the
Eastern world as may administer to his appetite, his
taste his intellect, any of the faculties for which
polished nature Graves supplies. The guaranty that
such commodities shall be forthcoming when and
where the first producer wishes them, is found in our
system of credit.
dit could be embodied that of incorporated banks.
They have the advantage private brokerage or IN
dividua credit in these respects
They have locality and immoblty.
They have perpeuy
They have notorety.
They have character.
By the last attribute Mr.. W. said he implied that
their management was committed to sworn and dsln-
terested officers and that they were not subject to any
of the temptations which beset individuals
national bank in such country as ours is greatly
preferable to system of local banks. 1t produces no
| rival interests What is recent experience in the
absence of such institution A constant inequality
OF exchanges between the different sections Of the
country, and advantages accruing to the market
| where exchange rates highest What has New York
gained since her resumption of specie payments She
has lost amount of her domestic trade because
her funds being above par, cost more than those OF
Philadelphia Baltimore. Ii is the interest of the
merchants of the latter city to proong the period OF
SUSPENSION for it will inevitably attract western trade
to that market In such state OF things, then, when
good management and puncualty bring loss TO every
interest," except perhaps the brokers, it is reasonable
to expect the of eastern commercial
cities with the unanimous voice OF the West and
Southwest in the establishment of national bank.
For the few last years, Indiana has paid more in the
difference of exchange than she has paid annually TO
sustain her onerous system of internal Improvements.
Mr.. w. said that if any single consideration more
than another contributed to the late unparalleled dis
comfiture of the party in power IT was the intelligent
judgment Of the people condemnng their financial ex
| penmens. We shall have Administration
which will dare to do its duty; and let denuncation
and cav come from what quarter they may high
bank the depository and fiscal auxiliary of the Go
vel nment, to be promptly and manfully met. Ken
lucky and Indiana have spoken, and (sad Mr. w J
whether other States shall speak in the formal
of legislative resolutions not know the will
of the people, higher than Legislative author ty, and
hold warrant in their sovereign will expressed in
thousand assemblies.
| Mr.. w. said, in conclusion, that as the present
Executive was irrevocably pledged against national
bank, the Legislature OF Indiana had not requested
their Representatives and Senators here TO move IN
this matter at the present session However they
might believe that Congress- catching the popular
sentiment in advance would be willing to yield to it a
respectful obedience they had witnessed often the
interposon of the Executive require repeti-
| ton of the experiment.
! He therefore moved that the resolutions be printed
and laid on the table which was accordingly done
IN SENATE