, 1841-07-10
CONGRESSIONAL ANALYSIS.
.Inne IL.
SENATE.

The committee declare that the establish
iment Of 4 National Bank is i indispensable:
That 1t is 20 be regarded Us i settled Ques-
ton that il is constitutional:
That the question of eHpediency would
not be discussed:
.. That il Is the deliberate opmicn of the
committee. that an immense majority OF the
people are in favor OF and call for Il United
States Bank, and that il shall be established
-ailthis special session:
That the committee Determined To dismiss
all experiments. and take for the basis of the
new Fiscal Bank the lastchlr,er OF the Bank
OF the United Stale:
That The capital shall consist of Thirty
millions, which! may be increased 10 fifty NIL
lions:
That the dividends be limited 10 seven per
cent; If deficient one year, 10 be made up
by the surplus OF subsequent years. surplus
overseren per cent. 10 20 10 the United
States:
That its loans and discounts shall not ex-
ceedsd its capital more than seventy-fve per
cent:
That its affairs shall be open TO the inSpec-
ton of the Secretary of the Treasury. Com
mittees Of Congress. and stockholders:
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 re-
ceive accommodations by loan:
That embezzlement by any officer shall he
held rs felony:
These, as far as we could CATCH them, were
the principal features of the regort.
The report repndiates altogether the two
features of the Bank introduced BY Mr.. Ew-
ING TO satisfy constitutional objections. TIN
most material is iha. which. in Mr.. Ew-
ING's project. required the assent of the States
TO the establishment of branches within
them. This, the report treats as Welding
the question of the the constitutional power
of Congress to establish Il National Blnk.-
II argues deliberately this question. and in
sists on the establishment OF branches with
out the assent Of The States. to be essential
to the system contemplated by the commit
tee.
ADofher point on which the report wholly
repudiates the Secietary's plln. is that which
proposes 10 establish the principal Bank in
this District. So far from doing this. the
plan of the report takes the whole Banking
pouer out of the District, not even PERMIT
ting an office Of discount and deposite to ex.
ist within the District. 1t proposes 10 have
4 hoard OF directors as 4 board Of control
within the district; but no bank holding any
part Of the capital, or possessing any power
10 discount. This, So far from laying hold Of
the right of Congress 10 create 4 banking
corporation, as the root from which the States
would d.aw branches, abjures altogether the
authority o. Congress over this District rs
furnishing constitutional power to establish
a National Bank in the ten miles, to spread
its branches over the Union, but, on the con.
trary, claims the power as applicable to the
United States onl y, by denying even 4 branch
with banking powers within the District.
These are the two essential particulars, on
which it is understood the PREsIpEHr holds
views dramatically opposite 10 the commit
tee. and the committee have. notwiihstand-
ing the adiuratiun Of the National lntellI-
gencer, boldly determined to push the PREsi-
DENT 10 the wall, and make him surrender al
discretion. II is said by sonc of the friends
Of Mr.. CLAY, that it has been ascertained in
caucus the measure can be carried 10 Con-
gress without regard Ia the constitutional OBJ
~jections which Mr.. EwlSG's proposed plan
was INTENDED 10 remove. we INTER. uleIe-i
fore, that Mr.. Clay is willing to try %conclu-
sions with the President before the people, if
ne dare venture on I 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 70 give birth. Mr.. CALHOUN, in
the most s~uccinct and ~clearest manner, sum
med up The results of that State paper from
its own figures. and proved conclusively that
the mathematical results were directly in the
teeth of the measures which the Secretary
would deduce from them.
He showed that while the actual accounts
showed ~demonstrably that there would, Al;
the end, be a deficit in the Treasury OF less
than two millions, the Secretary proposed TO
fund a debt, on that pretext, Of sixteen mil
lions, which he prosed to exc out to thirty
one millions, on various schemes of policy,
having no reference to the wants Of the
Treasury.
He showed that while the pretence was
the defci. in the Treasury, as the ground
work of a national debt, the Secretary pro-
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