The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-07-01
PROPOSED BANK or THE UNITED

Committee of the Senate ON the Currency,
&c. oil which Mr.. Clay OF Kentucky, Is
Chairman, as read by him IN the Senate
yesterday:
The committee 10 which was referred
so much OF the Presidents Message as re-
lates to uniform currency, and suitable
fiscal agent capable Of adding Increased ia
cilities IN the collection, and disbursement,
and security Of the public revenue, have
had the same under consideration, and beg
leave 10 report:
That, after the most attentive and anX-
ious consideration OF the state Of the cur
rency. and the finances of the Government,
IN all their interesting and important bear
ngs, the committee have arrived at the
same conclusion with the Secretary Of the
Treasury, that a sound and Just policy re-
quires the establishment of Bank of the
tnited States with rs liltle delay as prac.
iicable.
The committee have neither time nor
inclination to enter into discussion of the
question Of the power Of Congress, under
the Constitution of the United States, TO
establish National Bank. After all that
has been said and written on that question
daring the long period of hah a century,
nothing remains 10 be added that would be
likely TO shed much new light upon il, Il
ought, in the opinion Of the committee, to
be regarded as a settled quest.on--scttled
by the appreciation and Judgment of the
People. bV the authority Of the Leglsla-
lure, by the sanction Of Tie Executive De-
partment of the Government, and by the
solemn adjudication Of the Judiciary. ii
il he not regarded as decided question,
when, in the collisions and conflicts among
men, arising out Of diversity Of opinion and
Judgment, IS a coutrovertcd matter to be
considered as terminated and quoted
Nor do the committee deem It necessa-
~ TO discuss the question Of the eXpedien-
cy of establishing such an institution as a
Bank Of the nued States. On this there
is even less contsauety Of opinion than on
the former question. On both, II is the
deliberate conviction Of the committee thai
a vast majority Of the People Of the United
States concur and that they are now look-
iBg, with anxious sollci,ude, TO the dclIhcr.
ations Of Congress, under the confident
hope that a Bank Of the United States w;.l
be established at the present extraordinary
session OF Congress.
Passing by, therefore, those two guos-
lions as beng unnecessary to be further
argued, and assuming. what the committee
verify believe, that a National Bank IS in
dispeusabiy necessary, they will proceed,
At once, TO the particular form, powers, and
faculties with which i, may be eyped.ent
10 invest such an institution. And here
the committee have no hesitation in saying
that, confding in the experience Of forty
years, during which the nation has ENJOYED
the benefit Of National Bank and during
the greater part Of which II has realized
every reasonable hope and expectation II
the operations of such an institution, they
came to the conclusion that il would be
wisest to dismiss all experiments, and 70
cling to experience and assume the last
charter granted by Congress as the basis
OF new bank, ENGRAVING upon it such re-
stricuous, guarantees, amendments, and
conditions, as have been found necessary
By actual experience.
The Secretary of the Treasury came tc
similar conclusion; AMI in his report, and
the draught Of bill which accompanies Il
he has taken as his model the charter grant.
cd by Congress ia 1916. On that he has
suggested a great many valuable improve
meats, most Of which the committee have
Incorporated IN the dFaught Of bill which
they now report to the Senate. On tins
drught 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 th,
principal bank They believe the place d
IFS location is a subordinate question bit
there are many advantages from the prox.
unity Of the Bank to the Government
The distflbl,ion Of the capita Of the Bank
among The several commercial cities, III
proportion 70 their respective wants aud
magnitude, IS what they naturally desire
and what wili doubtless be done. Bot a.
guard against the exercise Of any undue
Government OF official influence, or the i'm.
putations Of any unwc thy transactions, tho
committee have thought II expedlent to de.
priye the parent Bank Of all power to make
any discounts or loans whatever, except
loans to Government, authorized by ex.
press las. In order to ensure the com.
uand OF the best financial abilities OF the
country, tho bill provides that the Direc.
tors Of the Parent Board, which is to con
sist 0! nine members, shall be paid for lheiI
services By the Corporation, and al com.
pensalon to the Directors, IN tbs nsHal torn
81 bank accommodations, Is utterly pro.
hi5ted.
Thus, the Directors Of the Bank al
Washington will become hoard Of Con.
troll, experimenting the branches, supply.
ing them with currency, and banking ex.
clusirely through the agency Of their Of
fees Of discount and deposite.
The capital Of the Bank, proposed By
the Secretary, is retained but power i,
reserved to Congress 10 augment it By the