Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-01

from that State, called at my boarding house. and
informed me that he was induced to believe that
there was still some hope Of compromising the
difficulties between Congress and the President,
by adopting Bank bill on the basis of a propo-
sition which had been submitted by. Mr.. Bayard,
IN the Senate, modified as to leave out the last
clause which authorized the conversion of the
agencies into Offices Of discount and deposit on
certain contingencies. He produced to me por-
ton Of the journal of the Senate containing that
proposition, with the obnoxious clause crossed
cot " it'll ink, and requested that would visit the
President, and see il could not adjust the diff
hcalty. Al first declined, but at length yielded
to his desire, and promised to do SO. About i've
o'clock l drove TO the Presidents House, but
found him engaged, as was informed by the por-
ter, with distinguished democratic Senator
This thought rather bad omen; but l made
Known my wish Tor private audience, which i'm
few minutes was granted. This was the first
occasion on which had ,entured to approach the
PRESIDENT on the subject.
1 made known to him at once the object of nv
visit, and expressed the hope that some measure
might be adopted 10 heal the division between
himsef and The Wing party in Congress in
! formed him of the existence Of the committee to
| which | referred, and mentioned the names OF
| those who composed il, and relied on their are
and known character for prudence and ;nodera-
uon as The best guarantee of the conciliatory
spirit oil the Whig party in Congress. He sceu-
cd TO meet me In the proper temper, and express
ed The belief that fair ground of compromise
might yet be agreed on. then made known
what had heard of his opinions in regard to Mr..
bayard's proposition. He asked me if had it
with me, and ] replied in the affirmative and
produced the paper which hadkbeen, given to me
! ny Mr. Pearce, with the last clause stricken out
as above stated. lie read il over carefully, and
said II would do making objection, Uhufcver to
ne ciause an regard TO Tie establishment or agencies
an tie scceyat STATES tcithout their assent. But he
SAID the capital was too large and referred to Mr..
| Appleton and MIR. Jaudon authority to prove
'hat len or fifteen millions would be enough.
objected that 1t might hereafter be found INSULT
cicht, and as the charter to run for 20 years. il
might be well to provide against contingency
which would leave the Government dependcn MT
on the Bank for permission TO enlarge the capital
r and to obviatc the difficulty, suggested the
propriety OF giving Con- ;ress the power to in
crease II as the public eXigencies might require.
10 this he assenled, and by his direction, | made
, the note on the margin of the paper " Capital
Slo'ooo'oOO-to be increased at option of Con-
gress when public interests require" The Presi-
dent then said "now if you will send Inc this
Dill, Will sign il in twenty flour hours.'' His
notions in regard to the necessity of the assent OF
The States, related exclusively to the establish.
ment oil branches or Offices of discount and deposit
and not al agencies. He seemed TO entertain nc
dlfhcuty In regard TO the power to establish ugen-
n cteS In the States, without their assent Perceiv
Ing that he had not taken the trouble to inform
himself very well as TO existing legal provisions
: bearing on this point, l enquired Of him whether
n he knew that there then statute in force in
n virginia, which prohibited the establishment in
that State of agencies as well as branches of TO
reign corporation! He replied in the negative
: and sisted that must be in error, and had eiver
: an Improper construction 10 the law. | stated
that was certain was right, for my attention
MAD been particularly called 10 this law by the
following circumstances. The u. s. Bank O.
Ia, had been DESTROYS of establishing an aD.nc,
Richmond and nj cay III.
: project, but difficulty having been suggested as
e to It's legality, MIR. Chapman Johnson, who was
then In Staunton, had been written to for his OPT
nion,' had called at my Office to get the law
\. ana there examined 1t and gave the opinion tina
1t was forbidden by the law. This " mmunica
ZION seemed to surprise the President, but afte
some reflection, he said, Z" this must be provided
Tor" and he then took the paper and wrote on the
: margin the following words, which were to come
n IN alter the word "er' and before the word Bank
: IN the end lins of the proposition of Mr.. Bayard
(the blank line in this paper) sir such agen
cies are forbidden by the laws of the State
: demonstrated against this addition unnecessa-
: ry, and not meeting the objection, but he said
:" let 1t stand for the present, will think about
It," The President then instructed me to go to
, Mr. Webster, and have the bill prepared at once;
and as rose TO leave him, after caulioning me
not 10 expose him to the charge Of debating to
Congress, he held my hand in his left and raising
his right hand upwards, exclaimed with much
passing this bill through Congress, will esteem
you the best friend have on earth Z"
The paper which we had before us was intend
ed as substitute for the 10th fundamental arti-
Gle, and was in the following words the addition
made by the President in his own hand writing
being embraced in brackets and printed in italics
and the memorandum written by me under his
instructions at the bottom.
"l6,h. 1t shall be lawful for the said corporation
to establish agencies TO consist of three or more
persons, or, in case such agencies are forbidden
by the ia,cs IT tie &ate1 to employ any bank OF
banks, at any place places they may deem pro-
per, to perform the duties hereinafter required OF
the said corporation the fiscal agent of the Co.
vernment, and TO manage and transact the bust
of the said corporations other than the ordi-
, nary business of discounting promissory notes
That is 10 say, the said corporation is to have the
right at such agencies to receive dep osits to deal
or trade in bills of exchange, gold or silver coin,
or bullion. or goods or lands purchased on execu-
lion or taken bona fide, for payment of debts, or
goods, which shall be the proceeds of its lands.
1 and to circulate IFS notes."
"Capitai 1000, 000--to be increased at option
OF Congress when public interests require.''
beg leave here to remind the reader that the
, 10Th fundamental article the only point OF
difficulty with the President. lie had no scru.
pies In regard to any other clause Of the Bill. II
| his objections that point could be overcome
/ his sanction of the bill ensured.
f Upon leaving the President | took hack and
E drove immediately to Mr.. Webster's lodgings
, which were at the opposite end OF the city but
unfortunately he was not at home. then return
ed to my boarding house, where | told what had
traDspred, to my mates, Mr.. Summers and
others. After tea / went to tho meeting of the
> JOINT committee of which / have already spoken
there communicated to Mr. Sergeant, before the
committee called to order, what had occurred
= lpfN Tho DresI