The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-30
eoNGREs i SENATE.
s5ss. '!9W6suINaToN, June

Il,
= onthe Secretary's project ola Fiscal Bank
Of the United States. Ihey resolve II
all into Bank Of the United States, al
ter the model Of The last.
The committee declared that the estab-
lishment of National Bank is indisPen.
sable, ~. 80
That it is,to be regarded as settled
question that is is constitutional:
Tha. the question Of expediency would
not be discussed:
That ,itsis The deliberate opinion OF the
committee, that an immense majority oi
the people are in favor of and call tor
United: States Bank, and that it shall be
established at his special session:
Thailhe committee determined to dis
missall experiments. and take for the ba-
sis of Inc 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; if deficient one year. to he made
up BY The Surplus Of subsequent years;
surplhs ssover seven per cent:io go to the
United States:
Thatits loans and discounts shall not ex-
, ceed its capital more than sevcnly-h"e
per cent:
That its affairs shall be open to the in.
speclion Of the Secretary of the Treasu-
ry, Committees of Congress-, and stock
holders:
That when its notes exceed three times
the specie in its vaults, further loans shall
not be made:
That no paid officer Of the Bank shall
receive accomm odations by loans:
That embezzIement by any officer shall
be held as felony:
2, These, as far as we could catch them,
were the principal features of the report.
The repot otrepudiates altogether the two
features Of the Bank introduced by MIR.
Ewing to satisfy constitutions. The most
material is that which, in Mr.. Ewing's
project, required the assent of the States
to the establishment Of branches in them.
This, the report treats as yielding the ques-
ton of the constitutional power of Con.
gress to establish National Bank. Ii
argues elaborately this question. and in
sists on 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 report
wholly repudiaies the Secretary's plan, is
that which proposes to establish the prin-
cipal Bank in this District. So far from
doing this, the plan Of the report takes
tle::whole banking po1uer out of the Dis
t.ct, not even permitting an officer Of
discount and deposite 10 exist within the
District. 1t proposes TO have board Of
directors as board of control within the
District; but no bank holding any part of
the capital, or possessing any power to
discount. This, SO far from laying hold
of the right Of Congress to create bank.
ing corporation, as the root from which
the, States wonld draw branches, abjures
altogether the authority Of Congress over
this District as furnishing constitutional
power to. establish a. National Bank in the
ten 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 bank
ing powers within the District.
These are two essential particulars, on
which it is understood the President holds |
views Numerically opposite to the COM
mittee; and the committee have, notwith
standing the adjuralion of the National
Intelligencer, boldly determined to push
the President to the wall, and make him
surrender at discretion. 1t is said by some
Of the, friends of Mr.. Clay, that it has
been ascertained in caucus the measure
.can be carried in Congress without regard
no the constitutional objections which Mr..
Ewing's proposed plan was intended to re.
move. We infer, therefore, that Mr.. Clay
iswilling to try conclusions with the Presi-
dent before the people, if he dare venture
ION veto.
After Mr.. Clay had read his report, Mr..
Calhoun entered upon the discussion of
the Treasury report, which is made the
basis of The called session, and of the
measures to which it is to give BIRTH
Mr.. Calhoun, in the most succiact and
.clearest manner, summed up the result Of
that .Siatespaper Gom-it oYn-fgnres, and
proved conclusively that the ma,hematica!
results were directly in the teeth of the
measures wfTich' the Secretary would de.
duce from them.
He>s showed that while the actual ac.