Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-01-20

. his honorei friend before him from South Carol
ma, (Mr Preston,) he would be governed 6y
catholic spirit and do what could be done for Tn
relief OF the country. He proposed to cxamin
the bill in reference TO its political aspects an,
us relation to the Government as matter of OK
cnange, currency. and revenue. 1t was proper {,
view Tin all those lights, in his estimation.
In It's Governmental relations it was highly in
Iuiious, and he believed would be destructive oil
the public liberty. 1t would also, i'm his judp.
ment, be destructive in its operations. In tho
iirst place said Mr.. H., this bill proposes to ere.
ate Government institution-to establish Gov
eminent Bank. Let us see what are its powers.
us functions, and Its clements. 1t is, then, a
oank o. issues, OF deposits, of circulation, and in
every thing Government bank, excepting in the
| discount oil promSs0ry notes. 1t receives cold
ana silver on deposIte TO the amount of ssl5.poO.-
G0eerih dilEo -eceisefyess bank no:gJ. /; "a tes
FROM individuals gold AID silver, from tie he Sks
sbanii snet.a. and from the Government lis & sc-
| nueS.
Ii was a bank of issue, too. 1t issued ccrtii-
Gates, with the faith of the Government pledged
for their redemption. 1t issued Treasury notes,
! with promise to pay on demand
Ii was bank OF exchange, too, and gave these
boards of control the power to traffic in the funds
of the Government TO any amount. L his could
be done to any amount, and the restriction Of time
was only to bills bought. These kind Of bills
might be drawn for twelve months. This was
| the nature of the powers of this institution, and
tablish Government bank, with power to issue
money, receive deposites, and deal in bills Of ex
change"
1t was said not to be bank, because private
funds were not employed. This was not neces-
sary to constitute bank. The functions of
bank had nothing to do with the capital of
bank. They were the same, whether the capital
was public private.
Mr.. III. suggested, too, that the agencies propo.
| sed could discount under the form of bills Of
exchange. When the so.much talked of FiScali-
| ty was discussed at the extra session,
told that the bank to deal in exchanges be-
tween the States and in foreign exchanges. The
objections to the system of "kile ilying'' under
this bill would operate will! tcn-fold force over
the bill of the extra session, and the bill contain
ed objections which referred to by Mr. II. as
contained i'll the second Veto Message Of the
President.
1.-THE objections to that bill were good, phi
vate corporation as it was, they We're tentold
true Of this bill to create public corporation.--
And was not this bank9 Was it not Govern
ment Banha In the first place its capital was
Government capital. It's Sl5, 100000 of money
and stock We're Government money and Govern
ment stock.--lts whole capital was Government
capital. 1t pledged the faith Of the Government
for all issues Of deposite, and not only was the
Government responsible for this, but for the bills
of exchange which il authorized. 1t had control
+ over every dollar of revenue OF the United States
also, and had power to pledge $50, 100000 oil
{, Government securities, 3I5,OO0,000, of stock
! and the same amount Of Treasury notes, beside.
the $5,00O,O00 authorized, if necessary, IN I'll,
f bill.
: This bill was invested, in the first place, (saiC
F.; Mr.. H.) with a power over all the revenues o
the country, and, in the second place, over all hC
: credit OF the Government 1t controlled all IL
: money, and all its credit.
And what benefit would we have from it, sui,
posing il did % hat conended for il, rcstCI,
the currency, Improve the exchanges, revive con
e fdenco, make the businessof The country, sc.
}, W ere we prepared, under any circumstances, t.
I invest such power i'll any agent! w ould III
e friend in nay eye {Mr Clay employ me to deal il
It exchanges tor hing Would john Jacob Asto
0 give amy one man control over all his money ant
II Fans! And what did you propose to do in th
bill! What less than 10 invest all you posses
v in a Government institution? | am against this
. Investment Of power (said hlr. H. would no
e giveitto private individual. / would not Civ
t il to the Government with my consent.
: have said ibis was Government institution
from the manner in which its capital is to origi
{ nate and its duties to be performed. Under thi
/, bill, and speak Of this alone, 60 further, ant
i say, that it is Government Bank. because tn
II Government has the management of it. 1t mad
e the Secretary CT the Treasury aud the Treasure
=, of the United States members of the Board
5 Control. The Secretary of tie Treasury, undt
II this bill, appointed all tie suborduaLes-al Il
IT agencies were controlled by him. He appoin,t
re all the interior officers and all the sab agencies
lie the agents. They may beremovcd DIS well wit
;e out with cause The beard, too, fixed oil the
lie salaries except their In regard TO the pov
ne er OF removal, Mr.. II. did not intend to discus
il,e subject. The practical construction Of Il
I'd Constitution, that the power of ren!oval was i
d. cident to the power of appointment, We
ne understood, and under its exercise there could
ry removal for any cause or for cause.
re The board also regulated all the premiums
he exchanges, and this power must have struck ey
Ike ry man with establishments; and here MIR.
Tor would say, that il any safe, practical agen
sh could be established, he would be glad 10 see
az done, and no
m, Letus see CONTINUED Mr.. H. whether Il
lit power, or the power Of removal can be modif
we to diminish the objections TO the
it'll Suppose that the presiding officer Of the Sena
led the Speaker of the House, and the Chief Just
E- of the Supreme Court the board, as !
the been suggested. The Constitution unlin
hat ed, and said, with certain exceptions the Pre-
ow dent shall appoint. The exceptions were t
a they might by law invest the appointment OF
the iegior officers In superior officers. Bat these
rate Board Of ExchtqueT) were not inferior officers
les, They had control oil the public money. L
me- Were superior officers, and amenable 20 no poy
act unless il was to the People. Tie clause rue
ling that the inferior officers Of their own courts shc
was be appointed, and no others. They could app
,een inferior officers sucl as poslmasiers, because
tive were officers appointed by law. The President
con- vested with power to appoint the superior
ex- GERS, and they were empowered 10 appoint Iii
iatoI feroE officers.
had And what was meant by the purse and sw
was OF which so much had been said! 1t mean
in was generally understood, the power Of r.