Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-04-25

vast portion of the circulating medium OF the couh
try in the hands OF any corporation, Will pe oabge'-
Gus TO our liberties? BY whom is this immense power
WELDED BY a body who, in derogaton oil 'he gfea'
principle of all our institutions, responsibility 70 TUE
people is amenable only 10 few stockholders, anu
they chiefly foreigners. Suppose an attempt 10 SUI
ver this Government Would not the Traitor ifst ann
BIZ force or corruption, 10 acquire the treasure o. '
Company, Look at 1t in another aspect. SEVEN
;enths of its capital in the hands OF foreigners ana
these foreigners chiefly English subjects. we are
possibly on the of rupture with that ha',oh,
Should such an event occur do you aPprehrno 'ia'
The English Premier would experience any d'i.cu,y
in obtaining the entire control OF this institution N
ouhlics above all other Governments, ought most So
riously to guard against foreign influence. ~, -" -
tory proves, that the internal dissehsoHs'
forepn intrigue, have produced the downaii OF u
most every free Government that has hitherto
existed and yet gentlemen contend, that we are oene
fitted by the possession OF this foreign cap''a'' -
could have its use, without its attending ABUSE snou
be ara,ifed also But it is in vain TO xpect the 20"
without the other. Wealth is power, anc, unuef VIA
soeyer form it exists its proprietor whether ne es
on this or the other side of the Atlantic, WIN nave
proporlonae influence II is argued, that the posses
sion of this foreign capital gives US greal
over the British Government IL .hs 80 ai;ens
sound we had tier revoke the introduction Us 70 aS
holding land and invite foreigners 10 ens'oSs ',,e
whole property real and PERSONAL OF the country. we
had better at once exchange The conoiiion VI
dent propretors for that of stewards we snoua lneh
be able 10 govern foreign nations' acco'ang 10 ,ne
reasoninr of gentlemen the other side. But
LEI Us nut aside this theory, and appeal 10 the de-
csions of experience. Go TO The other SIDE OF the
Atlantic and see what has been achieved Tor us
there, by EnslIshren holding seVen'tenths OF the
copital of this Bank. Has it released from CALLING
and ignomnous bondage one solitary American sea-
man, bleeding under British oppression: DID It pre-
vent the unmanly attack upon the Chesapeake: DID
it arrest the pomu CATION has it ubrogaed the or
ders in councl-those orders which have given birth
to new era in commerce: In spite of all its boosted
effect are not the two nations brought to The very
brink of war Are we quite sure that, on this side OF
the water, it has had eec; favorable to British IN
terests 1t has often been stated, and although DO
not know that il is susceptible Of strict proof believe
it 10 be fact that this Bank exercised It's influence IN
support of Jays Treaty-and may il not have contr
bulcd to blunt the public sentiment, or Pnralyze the
Efforts of this nation against British aggression:
The Duke Of Northumberland is SAID to be the most
considerable sockholder in the Bank OF the " States.
late Lord Chancellor Of England, besides other no.
blemen, vas large stakeholder. Suppose the FRINGE
OF Essling, the Duke of Cadore, and other French
dgniiarics owned seveneIghts of the capital OF THIS
Bank should witnes. the same exettIons Il ailude
any made in the Senate 10 recharer II: 30 lar
from it, would not the danger OF French influence be
resounded throughout The nation: | SHALL therefore,
give my most hearty assent to the motion Tor striking
out the first section of the bill.
SENATE OF ruE u. STATES, FEB. 20, 1911.
The question came on upon the motion TO strike out
the first section of the Bill renewing the Charter Of the
Bank of the United States. Upon this question, the
Senate were divided follows-ycas IL, nays IL,
viz
Yeas Nlessrs Anderson, Campbell, Clay, Cuts,
Franklin, Ciaard. German, Giles. Gregg, Lambert,
Leb, Alaihewson, Reed, Robinson, Smith OF Mary land,
Whiicsldes and Worlhington-l7
hays-Nessrs Bayard Bradley, Brent, Champin,
Condlct, Crawford Dana. Gilman, Goodrich, Horsey.
Lloyd, Pickering Pope Smith of n. y, TAFT, Taylor
and Turner-l7.
The Senate being equally divided, the Vice President
George Clinton) determined the question in the afr
native, but submitted TO the Senate the following pre-
fatory remarks:
Gentlemen: As the subject on which | called
upon to decide, las excited great sensbility, must
solicit the Indulgence Of the Senate, whilst briefly
state the reasons which influence my judgment.
Permit me 10 observe, that the question 10 be de-
cidcd does not depend simply upon the right of Con-
grcss 10 establish, under any modification, Bank,
but upon their power 10 establish National Bank,
as contemplated by this bill In other words, can
they create body polite and corporate, not const''
tutng part Of The Government nor otherwise re
sponsihe to it bu, by forfeiture Of charter, and be-
stow on lis members privileges, immuniiles, and ex
emp,ons, not recognized By the laws OF the States
nor enjoyed by the citizens generally?
1t cannot be doubted, that Congress may pass all ne
cessary and proper laws for carrying into execution
to any department or officer thereof but, in doing so,
the be suited and subordinate 10 the end.
The power TO create corporations is not expressly
granted it Is high attribute of sovereignty, and III
It's nature not accessoria dervatIve by implication
but primary and independent.
cannot believe that this Interpretation oil the Con
stltutlon WILL in any degree, defeat the purposes for
winch II formed the contrary, il does appear 20
me, that the opposite exposition has inevitable ten
dency 10 consolidation, and affords just and serious
Of alarm
In the course OF long time, have found that Co.
vcrnment not to be strengthened by assumption Of
doubtful powers, but by wise and energetic execution
of those which ncontestibe; the former never fails
to produce suspicion and dslrus, whilst tie latter IN
spires respect and confidence.
II, however, after q fair experiment, the powers
vested in the Government shall be found incompetent
to The attainment OF the objects for which it nst
tued, The Constitution happily furnishes the means for
remedying the evil BY amendment and have no doubt
that IN such event. appeal TO the patriotism and
good sense of the community, 1t will be wisely ap
Piled
will not rcspass upon the patience of the Senate
any longer than 10 say from the best examination
have been able 10 give The subject, am constrained by
sense Of duty, TO decide in the affirmative; that is,
that the first section OF the bill be stricken out
Mr. Clay was even vehemently opposed to any ex
tension of the charter far to enable them to settle
up the accounts Of the Bank-For, when memorial was
presented from the Stockholders, asking such extern
sion, was referred committee of five members,
consisting of Messrs Clay, franklin, Leib, Anderson
and Baya.d-and on the I'd March, 1911, Mr.. Clay,
from the Committee, made the following Reporl:I
That your Committee have duly weighed the con
tents of the memorial and deliberately attended to such
explanations OF the views OF the memornlIsis as they
have thought proper to present, through their agents;
That, holding the opinion (as majority OF the Com
mitee do, that the Constitution did not authorize Con-
gress, originally grant the charter, it follows,
necessary consequence OF that opinion that an extern
sion OF il, under the restrictions contemplated by
the stockholders, equally repugnant TO the Consti.u-
ton. But, If it possible to surmount this iunda
mental objection, and If that rule which fobids, during
the session of the Senate, the agitation of
proposition decided, dsregarded, your Com
mee would still be at loss 10 find any sufficient rea
sons for proongng the political existence Of the corPo
ration, for the purpose of winding up its affairs; for
As It respects the body ITSELF II is believed that the
existing laws through the ns,rumcntaliiy OF trust,
property constituted, afford ample quail
fed continuance of the charter would, for the iquida
ton oil lis accounts, and The collection and final distr
button of It's funds. But should any Inconvenience be
experienced on this subject, the Committee are per-
suaded It will be very partial, and such the Stale