Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-07

ers liamil on conceived such scheme this
which had come from high-,oned State rights con-
stutonal Presi1en, Of the United States. Even Sir
Robert Peel in a monarchy. would not dare propose
such Bank TO the British PaIl,meni. and ifno did,
II would he rejected with such vote, that, as
| the custom OF that country, he would be compelled
| ~ Il 10 resign. And Mr. b. said he was in favor
of resignnons under such ACKNOWLEDGEMENTS of the
Pfesdent-he would not have him resign-but OF
the Cabinet; and if they would resign within the
Time limited for drawing bill OF exchange by this
hill before the Senate, (thrty days,l he would be
willing receive them back into the Whig church.
tLaughter.l
MIR B. went on to say that tho plan proposed was
| a bank. There had been, he said, many discoveries
| OF late in morals, politics. and science: but until
| now, 1t had not been discovered that bank no
bank unless 1t discounted pvomissoty notes. This,
| rs he understood, was an inconsdcrable part OF
banking, because II was the least profitable part oi
banking; and If the banks from 1888 10 1897, had
been moro guarded in their discounts. many bank
now insolvent would have been solvent.
In the bill proposed there was one. sided mat
ter. Individuals ere TO be restricted. but the Gov
ernment was not re triccd; and, II no had not hccn
mlsinormcj, there was greater necessity just now
for the Government to deal in exchanges than in
dviduals, the means in the Treasury being exhaust
ed. Under the exchange provision in this bill, the
Government had power to PROSTATE any and every
bank IN the Union. Wien it stepped in, at New
Orleans for example, to operate for itself, and con-
sumed the exchange for itself which might be
cessary, the exchange which belonged TO the lisiti
mate trade would be found to be monopolized by
the Government. IL would control the market
The Government could run upon the banks, by
offering bills on New York. and thus crush them
New York was the great settling house OF this
lion for commerce and for all other business: Char
lesion, Mobile, New Orleans, all settled there. II
there were not Government funds in New York
when the drafts made, the Government, through
its New York agency, could draw on its agencies
| elsewhere, and thus control the exchanges every
where
cobwebs in the world. One drawing of bill NIGH,
I've succeeded by another, and that by third, TO
the end OF the year; and whoever belonged to
the right political church could repeal the bill.
Then, as to the power of repeal. There such
a power conferred on the President OF the United
States by the Constitution veto power; but, in
bill like this, il would be very different from
Bank Of the United States. The Government-the
party in power-would preserve il, and make il
permanent; and they who think differently (said Mir
b have better opinion of human nature than
have.
Mr. B. said in conclusion, that he had discovered.
before this report appeared, that the President Of
the United States vas disposed TO Withdraw his con.
fdcncc from the party who gave him their support.
tle had followed up one veto by another, and thus
by proposing gigantic monster, and presenting il
TO the favorable consideration OF his Wing friends
IN Congress, recos mise (said MIR D. the President
no longer as the head OF the Wing party. Let
others do as they may, am for a separation. rim
eulo ina:rii1 mil and believe there has been a
nensH ct thOro. ILlushterl do not know wha'
other gentlemen may do, but that am resolves on
doing.
Anr having vetoed those two bills of the extra
session, IN one OF which he said he h>ud have sub
ie,ted lmset TO ridicuc 1.-The had signed it, and after
presenting this bill, the esdent had subj cted him
self to The tidicLe OF the Democratic party and the
scorn OF the Wing party. The bill proposed, Isad
Mr.. Z. modify thl, clause IN relation TO bills OF
exchange us you might, will do good, and it will
place a raTy in power long they choose to
remain there. These provisions of time, thirty days
and OF miles distance, presented check which
would not make the party who controlled that in
s;itution omnipoten.
hope that the scheme proposed will not even be
allowed 10 be referred to select immit,ee Ihope
the adulterous progeny of Northern Federalism
and Virginia absiracIonism may be siranged in its
very birth.
Mr. MOREHEAD rose to continue the discussion
but an Executive session was moved, and carried !;
and
The debate closed soon after two o'clock. Mr.
NoTehead will, therefore, address the Senate to-
morrow