Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-01-31


which he wished to call the attention OF the gentleman
from Kentucky, (Nlr. Marsall) aud those gentlemen
who objected assent and dissent principie-the
National Bank project would delegate the great power
over the finances and the currency to company con
sstinp OF President and n,nc Directors. If Tie n,
they created National Bank, they yielded Inc soVe
reign power and The control OF the institution "nch
would WELD the great Government power over 'ne cur
rency and the finances to Board OF Directors, "cn
stood as q to 5 agains. the Government II was nor
left to the courtesy of the States TO assent 10 the TX
ehequer or not, for six Directors would possess soVe
rern power-six Directors OF individual. stocAhoiaeIS
from Kentucky: MIR Marsha,) But when the Ex.
cheouer was established, the odous and denounced
Sub Treasury restored, all would admt tha' Il
was q Government power-that II was the power OF
tie Constitution exercised according TO the legislative
will II however, gentlemen would object 10 lie
principle Of and dissent on the part OF the STATES
they ouga: by I'll 10 object to the creation Oh
National Bank for the reason that IT would give 10 SIX
individuals and not to sovereign States, that were
psrt OF the Federal compact, the great power oil as
sent or dissent And il not only one-thrd power,
hu. there pe,petnity OF power nnIepeaiaoie LOT
the duration Of The charter OF the National BAHIA
Tha, was a fourth difference between Governmeh'
Bank and Na.onal Bank. Government Bank was
always under the command Of the Government. ana
subject the will Of the people; but National banS
embraced in It's FIRST idea an act Of incorporation w'."
contained in il the sound doctrine oil Ves'eo f'Shs'
which made IL intact ior the Time ol its c1ea'o"' NV
ever Objectionable It DE.
He next proceeded to defend the Secretary oil S,a'e'
Who me sad did not 70. the first time, a. aneul nan,
avow has remuneration of Bank OF The Uniied states.
He was understood 10 assume mat Mr. "ens.ei naue
such declaration in the Senate OF the United STATES,
IN 1896, What, then, the issue between the De
ceetary of State and the gentleman from kentucky
the rsest master aud the grea. pupk The issue was
ihs flhey could not create an ncorporatoao OF Vesteo
rights defeating thirds directory o the power
the finances and the currency should they ABANDON
The power and the custody entirely aud leave the pubic
moneys nngua.ded, at present: That was what vas
proposed by the Chairman OF the COMMITTEE oil ways
and Means 10 his report, which would leave everything
10 Executive discretion and Executive power ANA the
gentleman from Kentucky would have no government
Bank for Ia. would rather have the present sysien
which according TO his argument was itself Govern
gnent Bark; that he in position that was niue
more unnatural than the in which ne SAID the BE-
cfetlry Of State placed
The honorable gentlemen continued TO comment on
the remarks Of the gentleman from Kentucky (alf
harshalD until the expiration of his hour brought hm 10
q conclusion.
MIR ATnERTON ne xt addressed The House. He
deemed it proper that he should reply TO some OF the
positions the report of the majority OF The Committee
of WAYS and Means from which he dissened; although,
30 FAR their resolution was concerned II had ms de-
cided approval 1t appeared, from the general course
of the debate that the majority OF Inc wing party o.
ieced 10 Government Bank, whilst the other portion
objected to a u. ). Bank The whole tenor OF The re
port of the committee indicated preference tor the
independent Treasury over any other system except
Bank of the IT, S From the remarks o! the gentleman
from Massachusetts, he should ner that that gentleman
preferred the Independent Treasury any system eS
except o Government bank. Now, he thought these
several divisions of the Wing party were correct IN te
objectons-one 10 Government Bank, and the DINER
20 IT, s. Bank.
Mr. WISE wished TO know if the gentleman under
stood hun (Alr. W. as having advocated Government
Bank
Mr. ATHERTON said he did understand the gentle
man having advocated what ne (hs AZ CONSIDERED
q Government Bank
These objections to Government bank, which were
urged by & nsjorlty Of the Committee of Ways and
Means would he OF the opinion apply Giih elua
force 10 u S. Bank What were they' He referred
20 the 10Th page Of the committees report where The
objection IS raised that it would give an undue con-
r,o over the State banks The report said: at istrue
shat. by the eachequer plan, the bills Of sPece-pay'ng
banks are receivable for public Dues but II must be
borne in mind that It made the imperative duty OF
the agent receiving them TO Sete with the banks week
" and this settlement have other object than
20 draw out the amount III specie
But oy the exchequer plan, large additions are invited
fo- deposes and drafts sold and all received Tor pub
lie dues and drafts sold goes into the hands of the ex-
chequer agent who has the power to favor petled IN
suon, by paying cat is bills during the week, ard
10 rush an obnoxious one by demanding the specie on
all tia bills. This may be n:cs. dangerous political
power which may be brough. TO bear wiih tremendous
effect upon the various banks throughout the country
and s this respect la more dangerous than lhe Sao
Treasury" Now h asked, how would this danger be
irresponsible money corporation Would any OF the
evils be taken away, By placing those powers in the
hands of corporation governed by men whose obleci
would be subserye their own exclusive inerest-Hen
not selected BY and responsible to- the PeopcsDd who
have NO ambition 10 perform the, trusts faithfully: lie
Thought ths. il must be admitted he power thus spoken
of by tho committee woud be equally dangerous lie
hand of moneyed corporation
Again: the 10Th page Of the report the committee
said awe have deplorabie evidences Of this, in the
numerous defaulters to the Government, and the
scarcely less numerous instances oil bank oicers act
ing unce. the Immediate eye OF those interested, VINO
have embezzled the funds, which they were paid TO
guard" Here was admission that bank officers were
not TO be trusted Did not, he would ask, the fact ap
ply with equal force 10 the officers OF Bank created
vita Government: n the page (l0) the COM |
zn;tiee .elther said "A these facts lead 10 but one
conciusou e.t that irresistible: which IS, that
the Government ocght not TO engage IN banking but
Cha. that shoold be left 10 private corporations or com
car;ee wtch may he eiisc,Gally restrained in their
asues by penal laws for the violation of which they
may be made atcnabe 10 The courts Certainly nothing
short OF s prevent excessive issues, or insure
crompt redemptioE and even this has not always Ell
fectsd that object Mr. Ricardo, an eminent writer on
tas guuect rs. " Experience, however, shows that
aei,hel state baak has had the unrestricted
power OF iss1ar paper money, without abusing that
power IN ell states, therefore, the issue OF paper mo-
aey urhi 20 be under check control. Asyou
cannot check control Congress on this SUBJECT 1t
would follow that usht attempt 10 exercise
4his power" Sow, what he would remark wac, that
this powe. Gbc 10 abuse IN the hands O: cor
noration az by Government itself II was, fact
the interest OF individuals owning corporations which
ever prompted to over'issies'
In speaking CT deialcatons by officers ard agents,
tho ,on,.j;tee SAID Gins the hazard wtth no
aest agent EItsppPose the excaequer agent dishonest
Suppoye INN we: political partisan might not these
fayors be dealt ou, 10 political friends and denied 10
political enemies Or spppcse money wanted to cor
runt the fountains Of the elective sHer or cary some
yrea, political eontest-ho" easy wouic II &c for dsho-
Ses and plant excheGuer ayen, buy tie drafts Of some
irresponsible political friend md thas pour cot the na-
siona Treasury for the bases, Of purpose
He asked were the dangers here spoken oil likely TO
b, lessened by coniding The public money 10 an I'M
men.e corpotation: Did no, the history of the late
II s Bank show that the public money constantly
used tos the uyherance Of political purposes Surely
&c areb an objection as has been here urged by the