Holly Springs gazette., 1844-04-27
FACTS FOR THE PEOPLE.
From the Richmond Whig.
HISTORY OF TIE UNITED STATES

BANK-NO. 4.
We do not regard it as important TO de-
tain our readers with any very minute ac,
count ofthe unsuccessful efforts 10 re char-
ter the Bank in ISI0-'Il and lSI41I5.
But we hope to be excused for adyerting To
such prominent circumstances connected
with them, as are calculated to illustrate
their true history.
Nr. Gallatin's report in favor Of the Bank
having been made. as before stated. on the
last day 6ut one OF the session Of Cong
ress, there was, of course. no time to act up
on it. But early in the next session, the
subject was again agitated, and bill repor-
ted, which was not finally acted on during
that session.
On the 18th December, 1910. the subject
was again revived by The petition of the
stockholders for recharter of the Bank
On the 4tb January, MIR Burwell cf Va.
reported bill to continue the charter
which was discussed for seventeen davs,
with great earnestness and ability. MIR.
Newton of Va then made the following re-
marks Il am for laying the Legislative
axe to the root ofthe evil am for imme-
diately deciding this question, and turning
| 10 some other business, and for this purpose
[ move that The further consideration of the
bill be indefinitely postponed" [See Jour
nal 1911, p. 495 This motion ca used a
new debate ofthree days.
On the 24th January, 1871, the vote was
taken, and resulted Ayes 65, nays Ga, fSee
Journal 1911, p 500I
& he most singular fact connected with
this vote is, that John Randolph of Roanoke
voted AGAINST the motion for indefinite post.
ponementl
The SUBJECT was also under consideration
in the senate. during the same. session, and
on the proposition to strike out the enacting
clause, the senate was divided-l7 to l.,
and the motion was carried by the casting
vote of the vice president.
Upon examining these votes, it will be
found that the party lines were not drawn
upon either ccasion-Eederalsls and Re
pudlicans voted together both for and a
gainstthe measure, according TO their no
tons Of expediency, This is apparent from
the fact that we find Mr.. Wm Il. Crawford
Of Georgia, and Timothy Pickering of
3fassac huse:lS, uniting their efforts 10 pro-
cu:e the re-chartef
We cannot know, at this remote day, the
motives which induced many of the repub-
licans to vote against this bill, but we be
hevethe opposition was founded on the fact,
that We we're then on the eve Of war with
Great Britain, and seven tenths Of the stock
of the old Bank were held by subjects Of
that Government.
The melancholy experience Of the ma
ton during the war--the proslration of cred
it, public and private-tne depreciation OF
the currency the deranged state ofthe ex-
changes-the suspension OF specie payments
and the immense losses which the gov
ernment sustained-looses. which Mr. Nc
Dullie in his report of 1880 estimates at
"F'orty six millions of Dollars" soon ad-
monished the Republican party, which had
the complete ascendency ii all the depart
ments of the government, of the necessity Of
a Bank
On the I'd of April, 1914 Mr., Felix
Grundy of Tennessee. moved the following
resoluuon
Resolved, That committee be appoint
ed to inquire into the expediency of estab
fishing National Bank (see Journal
1914, p. 360) e
Mr.. Grundy, in supporting his resolution,
said, 81 have no secret on this subject; L
wish 10 see a National Bank established as
a National object. let who will be in power;
aS 8eLeTal measure WISH 10 Sbt II duOpt-
cd
Mr. Newton, of Va, moved the indefinite
postponement ofihe resolution. and on the
4th April, 1914. the vote was taken on that
motion, and resulted in the negative-ayes
p, noes so. (See Journal p. 382)
Among the ayes, were many Of the most
distinguished 'ederalists--Breckenr
Hanson. King, Pickering, Sheffey. Webster
sc. aNa sB sT4a e~ h3l.a a
Among The noes were the following lead
ing republicans, Calhoun. Forsyth, lngham,
King. now of Alabamat Lowndes, Plckens.
a motion was then made to amend the
resolution by adding after the word Bank
the words in the District o. Columbia
which was negatived. and the resolution, in
is original shape. adopted-[p. 3s3. Journal
lsI4l But as the session of Congress
closed on the 18th Of April, no action was
had on the resolution.
Congress re-assembled on the 10Th of
September, 1914, and on the 4 of October
following, John W. Eppes, the chairman OF
the committee of ways and means. addressed
the following letter 10 Alexander Dallas.
the secretary of treasury
WASHINGTON. October IA, 1914.
SrR:-The committee of ways and means
have had under consideration the support of