Holly Springs gazette., 1844-04-13

Ill we ldti nave occasion. more pdTIlcu'
larry 70 examine this subject We now
barely sdveFt to II, a IS an evidence of The de-
sire on the part OF Congress to support the
credit OF the Country. aud of the IN hicien-
cy ofthat measure of itself to effect that
obiec!. The first Tariff Bill was passed Oh
the 4th 0fJuly. 1879, The debt of the u.
States at that time was S54, 124 464-( See
Alex Hamillon's report on Public Credit J
On the 2lst September 1899, Congress
passed q resolution requiring the Secretary
of the Treasury to report TO that body, a. Jts
next session, "a plan Tor the support Of the
public credit" On the 9th of January. II
90. the Secretary made his celebrated re-
port 0u iaa. subIect-Ou The 9sh Angus,
1870, Congress, not deemIng the previous
report altogether SAT alisfactory, adopted anoth-
er RS JiuiiUr, directing the Secretary to report
such other provisions as might IN his o.
DiuiOn be necessary 10 establish the public
credit" Ia answer TO this resolution, tho
Secretary of the Treasury. on the l4th Of
December. 1890, made his report to the
House Of Representatives. recommending
A BANK OF THE UNITED STATES
as the gent Dest suited to effect that object
On the 23d Of December. the Secretary
made the same report TO the Senate, and il
was referred 10 a Select committee. consist,
ing Of S, olg, Of Mass. Morris OF Pa,
Scbyler Of Y y, with instructions TO re
port on It, On the Sd Of January, 1891,
Bank Bill was reported. 1t was immedi
ateIy taken upon, and made the subject of
earnest deliber8ti0n and discussion, until the
20th ofJanuary, when il was passed by the
Senate The ayes and noes were not Ia
ken on the passage Of this bill: bat they
were recorded upon two QUESTIONS, which
were REGARDED as tests, viz. on imiliag the
charter to ten, Instead Of twenty years; and
on striking out tha clause which prohibited
The establishment of another bank during
,he continuance or the contemplated charter /
On the first of these propositions, the vote
stood: Ayes 6, aad Noes g; oa Toe latter,
Ayes 8, Noes is. (See Register of De 4
bates, ? vol p l80I)
The Bill was immediately sent to the I
House of Representatives,, where, on 2lst
January, It passed 10 lis third reading, with I
ont opposition. At this stage. it was strong I
IV assailed by Air Madison Alr Giles MIR 4
Jackson. and Mr Stone, and supported with I
equal ability bv Mr. Ames, Mr SedgWick, 4
3 51ud!u0t, Alr. Gerry and Air NInla
r -
.wo weeks discussion, both upon the constI
.atjonality aud expedency # tie measure,
.he vote was takeu and resulted ia the pas
5 zee Of the 5ili A yes 80. Noes 20-or near
Iy two to ore-
Atthis stage Of our own review, u IS pro- I
per 20 pause and examipe wsat truth there
IS in toe caarge that this B4uk Of 1871 WAS
a FEDERAL MEASURE, passed by FEDERAL
voTEsl
Upon this point, The first witness we shall
call TO the stand, il George NJ Dgffe Of s
G.. What sayes be or tbs sabIsct, in his
masterlv report on the Bank 18Th April,
1907 Ia the fret page Of that document
be afiirms The constitutional power of
Congress TO pass the act Of Incorporation,
was thoroughly invested both 10 the Execu
tive Cabinet aud 10 Congress, under cir
cumstauces in all respects pfopiJioos for d
dispassionate decision. There was, at hat
time, no organization OF political parties,
and the question was thessiora decided bv
those, who, from their knowledge and expe-
Iience, were peculiarly qualified to decide
correctly, and ho were entirely free from
the influence of that party excitement and
prejudice. which would Justly impair, IN the
estimation OF posleri:y, the authority of a
legislative Interpretation ofthe Constitution /
But not satisfied with the authority Of ev
en- the distinguished Senator from South I
Carolina we 90 othe record, to inspect the I
ayes and noes and without pretending to 1
be abla 70 class among politically az who
voted for or against the Bank. we end the
names of enough, whose political princi. /
pies are known 20 the nation, TO answer
1uF purpose Amongthose who voted for
he Bank, we find many of In ose who were /
afterwards the most distinguished Republi- I
cans Among these as E. GERRY. the /
man who was elected as Viee-Prssident Of I
he L, S, on the same ticket with James
Madison We may also mention the names
If Peter Muhlenburg. James SchuTeman, |
Nicholas Gilman, Roger Sherman. Samuel
Smith Of Maryland. and William Smith of
5 G. We have the authority OF Nathaniel
Macon for saying, that 80 who voted fer the
Bank Of 1922 IN the subsequent division OF |
parties, elecen acsrs Republicans and Of the
20 who voted against the Bank sic tcere
Federatistsl (See Doc. Hist. Bank U. S.
p 295)
With these facts before MS, we appeal to
every candid man TO say, whether the
charge that the Bank of 1871 was Fede- !
raj measure is not wholly without founda- |
ion.
Having disposed ofthis collateral question