Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-01
Mr. Clay's Report.
PROPOSED BANK OF THE U. STATE

"S io''"hS 70 TUG lepOrt OF the SeleC
Committee ofihe Senate on the Currency
&c., Of which Mr.. Clay, of Kentucky. 4
Chairman, as read by him in the Senate
on the 2lst June:
The committee 10 which was referre,
so much of the Presidents Message as re
lates to uniform currency and suitable
fiscal agent, capable of adding increase,
facilities in the collection and disburse
ment, aud security OF the public revenue
have had the same under consideration
and beg leave TO report:
That, after the most attentive and anx
ious consideration of the state Of the cur
rency, and the finances of the Govern
ment, in all their interesting and impor,
tant bearings, the committee have arrived
at the same conclusion with the Secretary
of the Treasury, that sound and just
policy requires the establishment of a
Bank Of the United States with as little
delay as practicable.
The committee have neither time nor
inclination to enter into discussion oil
the question of the power of Congress.
under the Constitution Of the United States,
10 establish National Bank. After all
that has been said and written on that
question during the long period Of half a
century, nothing remains to be added that
would be likely to shed much new light
upon it. 1t ought, in the opinion of the
committee, to be regarded as settled
question-settled by the appreciation and
judgment Of the People, by the authority
of the Legislature, by the sanction or the
Executive Department of the Govern
ment, and by the solemn adjudication oil
the judiciary. If 1t be not regarded as a
decided question, when, in the collisions
and conflicts among men arising out OF
diversity OF opinion and Judgment, is a
controverted matter to be considered us
terminated and quoted?
Nor do the committee deem il neccssa-
ry to discuss the question of the expedien-
cy of establishing such an institution as u
Bank Of the United States. On this there
is even less contrariety of opinion than
on the former question. On both, it is
the deliberate conviction of the committee
that vast majority Of the People Of the
United States concur and that they are
now looking, with anxious solicitude, 10
the deliberations Of Congress, under the
confident hope that Bank of the United
States will be established at the present
extraordinary session of Congress.
Passing by, therefore, those Two ques-
tons as being unnecessary to be further
argued, and assuming, what the commit
tee verify believe, that n National Bank
is indispensably necessary, they will pro-
coed at once to the particular form, pow.
ers aud faculties with which it may be ex-
pedient to invest such an institution
And here tho committee have no hesta-
ton in saying that, confiding in the expe-
rience of forty years, during which the
nation has enjoyed the benefit Of a Nation
al Bank, and during the greater part of
which it has realized every reasonable
hope and expectation in the operations Of
such an institution, they came to the con-
cusion that it would be wisest to dismiss
all experiments, and to cling to expert.
ence and assume the last charter granted
by Congress as the basis of new bank,
ENGRAVING upon it such restrictions, guar.
antics, amendments and conditions, as
have been found necessary by actual ex-
perience.
The Secretary OF the Treasury came
to similar conclusion and in his report,
and the draught OF bill which accompa-
ries it, he has taken as his model the char.
ter granted by Congress in 1916. On
that he has suggested great many valua-
BILE improvements, most of which the COM
mittee have incorporated in the draught Of
a bill which they now report TO the Sc
nate. On this draught they wish TO offer
TO the Senate some brief explanations and
observations.
The committee have adopted Washing
ton city, proposed by the Secretary Of the
Treasury, as the place Of location of the
principal bank. They believe the place
Of its location is a subordinate question !;
but there are many advantages from the
proximity of the Bank to the Government.
The distribution of the capital Of the Bank
among the several commercial cities, in
proportion to their respective wants and
magnitude, is what they naturally desire,
and what will doubtless be dtne. But to
guard against the exercise OF any undue
Government or official influence, or the
irnputation Of any unworthy transactions,
the committee have thought it expedient
to deprive the parent Bank Of all power
TO make any discounts or loans whatever,
except loans to Government, authorized
by express law. In order to ensure the
command Of the best financial abilities oil
the country, the bill provides that the Di-
rectors Of the Parent Board, which is to
consist of nine members, shall be paid for
their services by the Corporation, and all
compensation to the Directors, in the usual
form of bank accommodations, is utterly
prohibited.
Thus, the Directors Of the Bank al
Washington will become Board OF Con-
troll, experimenting the branches, supply
ing them with currency. and banking
exclusively through the agency OF their
offices of discount and deposite.
The capital of the Bank, proposed by
the Secretary, is retained but power
is reserved to Congress TO augment u by
the addition of twenty millions, making
the aggregate amount ultimately hity
millions of dollars, if that should be found
10 be necessary.
10 guard against undue expansion Of
the currency by the operations OF the
D.t. ripua raSfririin nc and securities