Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-03-14
"THE FAIR PR0POSlTION."-No. L.
THE BANK QUESrlON-CoNT,NvsD.

readers with any very m,nc recount OF the I'M
successful efforts to re-chatt5tlhe Bank in 1910
III and lSlf-'l5. But we hone 10 be excused
for adverting 10 such prominent circumstances
with them, as are calculated to illus
trate their true history.
Mr.. Galatians report in favor Of the Bank hav.
ing been made, as before stated, on the last day |
but one OF the session of Congress, there was, Of
course, no time 10 act upon IT, But early in the |
next session, the subject again agitated, and
OIL reported, which was not finally acted on du- |
ring tina, session.
On the 18th December, 1910, the subject was
again revived by the petition of the stockholders
for u re-charter Of the Bank.
On the 9TH January, Mr.. 3urwell Of Va. re-
ported bill to continue tho charter, which was
discussed Tor seventeen days, with great earnest
ness and ability. MIR. Newton Of Va. then made
the following remarks: 81 am for LAYING the le-
gislative axe to the root of the evil. l am for
Immediately deciding this question, and turning
TO some other business, and for this purpose
move that the farther consideration of the bill
be Indefinitely postponed" (See Journal 1911,
p. 49o). This motion caused new debate OF
three days.
On the 9th January, 1911, the vote was taken,
and resulted: Ayes Go, Nays 64.-(See Journal
1911, p. 500.)
The most singular fac, connected with this
vote is, that John Randolph of Roanoke voted
AGAINST the motion for indefinite postponement!
The subject was also under consideration in
the Senate, during the same session, and on the
proposition 70 strike out the enacting clause ike
Senate was divided-l7 TO IL, and the motion
was carried by the casting vote of the Vice Pres
ident.
Upon examining these votes, it will DO found
mat the party lines were not drawn upon either
occasion. -Federalists and Republicans voted TO-
ge'her both tor and against the measure, accord
ing to their notions of expediency. This is ap-
parent from the fact that we find MIR. WIN. ii.
crawford of Georgia, and Timothy Pickering of
massachusetts, uniting their efforts 10 procure the
re-charter.
We cannot know, at this remote day, the mo.
uves which induced many Of the Republicans to
vote against this bill, but we believe the opposi-
ton was founded on the fact, that we were then
on the eve OF a. war with Great Britain, and sew
Gn-'enths oil the stock of the old Bank were held
ny subjects of that Government.
The melancholy experience Of the nation during
the war, the pros,ration CO credit, public and pr-
vate--the depreciation of the currency-,he de-
ranged state Of the Exchanges-the suspension
OF specie paymenis-and the immense losses
which the Government sus,ained-losses which
MI McDuiiie in his repor, of 1880 estimates at
"Foriy-siX millions OF Dollars" soon admonished
inc Republican party, which had the complete as
cendancy in all tho departments of the Govern
ment, OF the necessity Of a Bank.
On the I'd Of April, 1914, Mr.. Felix Grundy of
tennessee, moved the following resolution:
"fesoved, That commitee be appointed TO
inquire into the expectancy Of establishing Ma
nonal Bank" (See Journal 1914, p $50
MT. Grundy, In supporting his resolution, said,
~ have no secret on this subject; wish to see
National Bank established as a National Object.
let who Will be in power; as general measure
wish 10 see it adopted
Mr. Newton, OF Va, moved the indefinite post
PoneHent oil the resolution, and on the 4lh APRIL
1914, The vote was taken on that motion and re.
suited In The negative-ayes ~, noes 50. (See
Journal 1872
Among the ayes were many Of the most dis
IIinsnished ederaisis-Breckinrdge Hanson,
Mag, Pickering, Sheffey, Webster, &c.
Among the noes were the following leading re-
publIcaEs-Calhoun, Forsyth, Ineham, King.
lnow Of Alabama, Lowndes, Pickens.
motion was then made TO amend the resou-
uon ny adding after the word Bank" the words
I'm the District of Columbia" which was mega
nved, and the resolution in its original shape a.
Gopted~-tp 3ea, Journal Isl4.l Blu, as ,ls 49,,
sion OF Congress closed the 18th of April no
action was had on the resolution.
Congress re-assembled on the 9th of Septem-
Der, 1914, and on the 18th Of October following
John w. Eppes, the Chairman of the committee
OF Ways and Means, add ressed the following let
ter to Alexander Dallas, the Secretary Of the
Treasury:
Washington, Oci. ii, 1914.
Sir-The committee of Ways and Means have
had under consideration the support of public
credit by system of taxation more extended
than the one heretofore adopted. They have de-
termined to suspend proceedings their part, at
present before the House Of Representatives with
ii view TO afford You an opportunity of suggesting
any other, or such additional provisions as may be
necessary 10 revive and maintain, unimpaired, the
pnblic credit.
JOHN w. EPPES, Chairman.
The reader will here be struck with the coinci-
dence between the course adopted by Congress
on this occasion, and that pursued in 1871. Not
only do they agree in substance, but the language
Is almost the same. In 1890, MIR. Hamilton was
requested TO suggest measures "to establish the
public credit" In his reply he recommended
National Eank. In 1914, Mr.. Dallas was called
on 10 suggest measures "to revive and maintain,
unimpaired, the public credit" And in his re-
ply he recommended National Bank. 1t would
be difficult TO resist the conclusion from the SINH
laH!y OF the means employed, that similar end
was not contemplated.
The communication of Mr. Dallas i'm repIv TO
the letter OF Mr.. Eppes, was dated 18th October,
1911, and was distinguished for lis ability. He
examined the subject well, both i'm regard TO its
constituilonaity and expedency. There is one
passage OF this report which has struck us with
SO much force that we cannot deny our readers
The opportunity of seeing it. 1t relates to the
constitutional power of Congress to charter
Bank, and Is In these words:
81 cannot be insensible to the HIGH authority Of
the names which have appeared in opposition 20
that measure on constitutional grounds. 1t would
be presumption to conjecture that the sentiments
winch actuated the opposition have passed away
and yet 1t would be denying to experience a great
PRACTICAL advantage were TO suppose that
difference OF times and circumstances would not
produce corresponding difference in the opin-
ioDs OF the wtsest as we'll as the pures, &C Iivn.
Dnt, IN the present case, change of private opin-
ION is not material to the success of the PROPOSE
ton for establishing National Bank. in the
administration Of human affairs, there must be d
period when discussion shall cease and decision