Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-24
Fron lhe Naton.I InlcIllrcncer-
PROPOSED BANK OF THE U. STA,

PROPOSED BANK OF THE u. STATES.
The following IS the report OF the Selec. Com
mittee Of the Senate on the Currency, sc. Of which
Mr. Clay, Of Kentucky, is Chairman, as read by
lin in the Senate yesterday:
The committee 10 which was referred so much Of
the Presidents Message relates to uniform cur.
rency, and a suitable hsCal agent capable of adding
Increased facilities IN the collection and disbursC-
ment, and security Of the public revenue have had
the same under consideration, and beg leave to re
port:
That, after the most attentive and anxious consid.
Grafton OF the state OF thecurrency, and the finances
Of the Government, IN all their interesting and i'm.
portan; bearings, the committee have arrived al the
same conclusion with the Secretary Of the Treasu.
ry that a sound and just policy requires the esab.
Ilshment ola Bank Of the United States with rs
LITTLE delay as practicable.
The committee have neither time nor inclination
TO enter into discussion Of the question Of the po-
or OF Congress, usder the Constitution Of the I'm.
tied States, to establish National Bank. After
all that has been s1i and written on tina, question
during the long period OF ha a century, nothing re-
mains TO he aided that would he likely 10 shed much
NV light upon It. Ii ought, III he opinion Of the
committee, % be regarded o., s.ftIc QuestIon-se,
tied by the appreciation and judgment Of the Poo.
pie by the authority Of fhc Lcsis iture by the ssnc-
tion OF the Executive Department Of the Govern
mtnt and ry the solemn adjudication Of the Judi.
cary. lit be not regarded as a decided oyss,,on
when, IN the collisions and conflicts anon, men.
arising out Of diversity Of opinion and id men' Is
a con'rorerted matter to be considered as termina.
ted and quioted2
Nor do the committee deem il necessary to di,cuss
the question Of the eKpedency 0r esta bsning such
an institution rs a Bank Of the United S;rtes. On
this there Is even less cnn1re,y Of op MON han on
the former question. Ga both, !; Is the deliberate
conviction OF the committee that a vas. majority OF
the People OF the United States concur; and that
they IRE now looking, with anxious sgIcI-udc 10
n
dent hope that INK Of the United Sltes Will be-
established at the present extraordinary session Of
Congress.
Passing by, therefore, those t'y questions MS being
unneccs.ary 70 be lu .thcr argued, and assuming
what the committee verify believe, that National
Bank IS injispensa1 necessary, hey will proceed
NJ once, 20 the particular form, powers and faculties
with which u may be cRpedept 10 invest such IN
institution. Ano here the committee have no hes.-
iaiiOn iu saying that cpn6ing in the cYpefrerre Of
forty years during which the nation has enoyed the
benefit Of National Bank, and during the gte,ter
part Of which II has realized every reasonable hone
and expedition in the operations Of such an ins,,u.
ton, they cane % the conclusion tfut IL would he
wIsest 90 dlsmss all experiments and 10 cIing to eY-
psrgnce and assume the las. charter granted by Con.
gross as tho basis Of q new bank, engrafIng upo0
% such restrictions, guarantees, amendments, and
conditions, as have been found necessary by actual
experience.
The Secretary Of the Treasury rlme 10 a similar
conclusion; and 10 his report, aud the draught Of n
Dill which accompanies IT, he has taken ms his model
the charter granted by Congress IN 1916. On tnr,
he has suggested a great many valuable improve.
monis, most OF which tho committee have incory1f8t.
ed In the draught Of JiI. which they now fep,rt
20 the Senate. On this draught they wish 10 oG.r
TO the Senate some brief explanations and ohserya.
tons.
The Committee have adopted Washington civ.
proposed by the Secretary Of the Treasury, as he
place Of location Of the principal bank. They he.
liove the place Of ts location is subordinate gurg.
ton; but tbcic arc many advantages from the Dror.
unity Of the bunk 10 The Government. The distri.
button OF the capital of the bank among the several
commercial cities, m proportion 10 their respective
wants aud magnitude, Is what they naturally de-.
SIRE, and what will doubtless be done. Bat To guard
against the exercise Of any undue Government or
oihcnI influence or the imputati0n Of any unworthy
Transactions, the committee have thought it rYpedy
on' TO deprive tho parent Bank Of al rowerto m- se
/ any discounts or loans whatever, except losns 10
Government, authorized by express law. In order
70 ensure the command Of the best fna cisI abb ties
ot tne country, Tho bil provides that the DfectOr7
OF TIE Parent Board which Is 10 consist Of nine ,
Oers, shall bc paid Tor their services by tbe Corro.
| .hl'on' and all compensation to the Directions !,
.le usual form Of bank accommodations. Is utterly
III I rus NC Directors Of the Bank at Wasbiootop
oSS,ome Board Of Control, superintending the
tp,ulI;,ss, suppying them with currency. nnd
eAo.usWelJ through the agency OF tb.i, az
, oes Of discount and dsposIe. ''''' VI '"'' ON