Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-15
"1He Fair Proposition" No. |.
THE BANK QUESTION.

HE BANK QUESTION.
We propose to commence to-day, the fulGlmen,
OF the promise which We lately made to our read
ers, TO furnish them with brief outline of the
history OF the great questions of the Bank and
iariff, more especially in reference to their rea-
lion to the political parties which have always ex-
,s'ed IN our country. We feel assured that very
general Misrepresentation has prevailed on these
points. The public have been deceived by the
outcry which has been raised against them as
Federal measures, and very few have taken the
trouble to Investigate for themselves; but have
adopted the outgivings Of the self-styled Demo-
cratic Press, continuing an authentic EXPOSE
ton OF their political bearings.
We are anxious to disabuse the public mind of
prejudices thus unjustly created, aud unsus,aned
by any solid foundation. We wish TO 90 back to
the earliest period of naiiona, history and to
trace those great measures down to the present
day, and to show from the archives of the coun-
Try, that neither the Bank nor the Tariff was, or
is Federal measure; but on the contrary that
they were emphaticaly measures Of the Old Re-
pubcsn party-have been carried by Republican
votes In Congress against the earnest efforts of
the federalists to defeat them; sanctioned by Re-
publican Presidents, and by the cordial acauies-
cence OF the People at large.
But before we go into the consideration of the
BANK Question, as il arose subsequently, to the
adoption OF the Constitution of the United States,
II may not he uninteresting 20 look at the state Of
things, anterior, at the formation of the Consti-
tuition.
Every intelligent reader knows that our Revo-
stationary struggle with Great Britain was con-
Quoted under the auspices Of the Old Continen-
tai Congress, which acted under the authority of
the articles OF Confederation. These articles of
Coniederaton constituted but very imperfect
bond OF union between the States. 1t was the
pressure from without, and the sense of common
oanger wh'ch Kept the States together, and the
moment that pressure was removed, the Confede-
fauon was about to be dissolved into its original
elements. The powers granted 10 the Continent
'al congress were In a great measure advisory,
father Than peremptory, and they were in all re-
spects much more Limited than those conferred by
che Constitution of the U. S. The preamble TO
The Constitution itself, recites that one of the OBJ
Jecss OF the new Government was s.,o form a
'oole perfect union among the States, and TO en-
sure domestic Tranquility
IL may not be without instruction for us 10 in
quire here, when was the proposition TO ncorpo-
Ia,e National Bank first brought ioTward1 By
"hom, and under what circumstances was it sug-
gested! How was it receivedl And what were
the consequences which resulted from it!
ny reference to the journals OF the old Conti-
neh'ai congress, II Will be seen that the PROPOSE
lion TO incorporate National Bank was FIRST
ma made to that body on the l7th Of May, ISL
Tho father of the scheme was the celebrated Rob-
ert MOTIFS, whose services in the management of
ue finances OF the infant republic, were almost
equal to those of Washington in the field
Inc proposition was favorably received, and
was referred to a committee, consisting of Mr.
Witherspoon, Mr.. Sullivan, MIR. Nj. Smith and
Mr.. Ciymer. On the 26ih of May, 1871, this
committee reported the plan of a Bank to be CAL
Ied 'ne "6ank OF North America" and to have
capital OF not less than four hundred thousand
nor more than ten millions of dollars.
Inc question upon agreeing 10 the Resolution
In favor of the Bank, which accompanied the re-
Por', was taken on the same day, and passed in
tue aihrmatlve. The vote, which was taken by
o'a'es' las all votes in the Continental Congress
Wsere,) was as folows:-Aves, New Hampshire,
nnooe island Connecticut, New Jersey, Mary
iand, virginia, Worth Carolina, South Carolina,
Georgia--9. Noes, Observation-Disclosures
Pennsylvania.
The Representatives Of Virginia, who were pre-
SENT and voted for the Bank, were Mr. Jones,
Mr. Madison, Mr.. Bland, and Mr.. Nj. Smith,
Doc. Hist. Bank u. s., IL
On the 3lst December, 1881. the ordinance es
saDilshinS the Bank was passed by Congress
and the Bank went into operation.
One great object of this Bank was to afford ia
cli'!ies 10 me Government in carrying the war
which resulted In our National Independence
This is expressed in the preamble to the ordinance
which contains the following, among other reci-
tais;-"Whereas Congress, on the Goth day of
may last, did from conviction Of the support
which the finances of the United States would re-
ceiVe from the establishment of National Bank,
approve plan for such an institution submitted
&c. And whereas the exigencies of the United
Satos render 1t lndIspensably necessary that such
az ACT De immediately passed." BE it, therefore,
ordained, &c.
How lar this Institution answered the purposes
Tor which il was created, is well known TO every
one at all familiar will, The History of our Coun-
Try. Mr. Sedgwlck in speech, which he made
IN t2e II. IL. OF U. s., on the 4th of February
1871, r. vol. Register of Debates old Series. D.
I9o3'J SAID AT time when our public resour-
ces were almost annihiated, our credit PROSTATE,
our government mbccile, and its PATRONAGE in
considerable, Bank Of small capital was amony
the most operative causes which produced thai
hrst dawn that ultimately terminated in meridian
eplendor, by the establishment of Peace, lnde-
pendence and Freedom"
ny consulting Sparks life Of Governor Nor
ris (vol LIST, p. $3.50 the reader will find the fol-
lowing remarks In regard to that institution =
mis- Bank had an extraordinary effect in resto-
ring pubic and private credit in the Country, and
was OF immense utility in aiding she future opera
lions of the Financier, although it was begun
with the small capital of 100000"
Here then was the first National Bank IL
was created from conviction that 'the ext
gencies OF the u. States rendered il indispensa
oiy necessary, and ii incorporated by the
o,a continental Congress, acting under the ar,i-
Giles OF confederation. The powers of that Con-
giess Were vastly less than those conferred on the
congress as organized under the Constitution.
ye' no scIopies were expressed then as to the au-
anofhy OF Congress TO pass the ordinance. 1t
was recognized, at that early day, when our finan-
ciai system was comparatively simple, as "indis-
sensa6iy necessary;" our statesmen then had
son'e'n'ng else to do than amuse themselves with
rehned distinctions, which were to he used 40 tho
means OF party intrgues and maneuvres. Tbev
were practical men, and looked to practical re-
SUITS. The deslnies Of the Country were in their
hands, and they were impelled by lively sense
OF patriotism, to adopt such measures as were me-