Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-02-22


for the purpose Of protecting American Manufac-
lures, and raising money enough to discharge all
its obligations. When We come to treat Of the
Tariff, we shall have occasion, more particularly,
TO examine this subject. We now barely advert
10 il, as an evidence Of The desire on The part Of
Congress to support the credit of the Country, and
of the 'neticency Of that measure Of ITSELF to eff
feet that object. The first Tariff Bill was passed
ON the 1ih Of July, 1889. The debt Of the u. S.
ut that time was S5i, i,4Gi.-(See Alex. Ham.
ilton's report on Public Credit.) On the 2lst Sep
TENDER, 1889, Congress passed resolution re-
curing the Secretary Of the Treasury to report to
that body at its next session. "a plan for the sup
port of the public credit" On the 9,h Of Janu.
AIRY, 1880, the Secretary made his celebrated re-
port on that subject. On the 9th of August,
1870, Congress. not deemng the previous report
altogether satisfactory, adopted another resolution
directing the Secretary to report "such other pro-
visions as might in his opinion be necessary to
estaOiish the public credit" In answer TO this
resolution the Secretary of the Treasury, on tho
l4th OF December, 1890, made his report 10 the
IL. OF Representatives, recommending A BANK
OF THE U. S. as the agent best suited to effect
that object.
On the ED Of December, the Secretary made
the same report to the Senate, and it was referred
10 select committee consisting of Strong Of
Mass, Siorriss Of Pa, Schuyler of n y, Butler Of
Z, and Ellsworth of Conn, with instructions to
report on it. On the 3rd Of January, 1891, Bank
bill was reported. 1t was Immediately taken uyj,
and made the subject of earnest deberation and
discussion, until the 20th of Janry, when it was
passed by the Senate. The ayes and noes were not
taken on the passage of this bill, hut they were
| recorded upon two questions, which were regard.
ed as tests, viz on Limiting the charter 10 ten, in
stead oil twenty years; and on striking out the
clause which prohibited the establishment of a.
mother bank during the continuance of the con.
'emplated charter. On the first of these PROPOSE
tons, the vote stood: Ayes 6, and Noes l6 on
the latter, Ayes 8, Noes l3. (Sce Register ofDe-
bates. vol, p. 1919
| The Bill was immediately sent 10 the House Of
Representatives, where, on 81 ST January, it passed
to its third reading, without opposition. At this
stage it was strongly assailed by Mr.. Madison,
MIR. Giles, Mr.. Jackson, and MIR. Stone, and sup
ported with equal ability by MIR. Amos, Mr..
Sedgwick, Mr.. Smith of G., Mr.. Lawrence,
MIR. Boudinot, Mr.. Gerry, and MIR. Vining.
On the 9th of February, after more than two
weeks discussion, both upon the constiuionaliy
and eXpediency OF the measure, the vote was la
Ken, and resulted in the passage of the bill -
Ayes 80, Noes 20--Or nearly two 10 one.
Atthis stage Of our review, il is proper to pause
and examine what truth there Is in the charge that
! this Bank of 1871 was FEDERAL MEASURE, pas
sed by FEDERAL VOTES!
| Upon this point, the first witness shall call
/ TO the stand, is George M'Duiiie of S. G.. What
says lie on the subject in his mastery report on
/ the Bank, 18th April, 1880! In The first page Of
that document he af,rms The constitutional pow
er of Congress to pass the act Of incorporation,
was thoroughly investigated both in the EXecu-
tive Cabinet, and in Congress, under circum-
stances In all respects propiiious for dispas-
slonate decision. There was, at that time no or
! ganizafiOn IF political parties and the question
was therefore decided by those, who, from their
knowledge and experience, were peculiarly quail
fed TO decide correctly, and who were entirely
tree from the Influence Of that party excitement
and prejudice, which would Justly impair, in tho
estimation of posterlty, the authority of legisla-
tive Interpretation of the Constitution"
But not satisfied with the authority Of even
! the distinguished Senator from South Carolina,
we go 10 the record, 10 inspect the ayes and noes;
ana without pretending TO be- able to class poliii-
caily oil who voted for or against the Bank, we
End the names OF enough, whose political prnci.
pies are known to the nation, TO answer our pur-
J pose. Among those who voted for the Bank, we
md many OF those who were afterwards the most
distinguished Republicans. Among these is Ell
dIidge Gerry, the man who was elected as Vice
Resident of the U. S. on the ticket with
James Madison! We may also mention the
names OF Peter MuhleEburg, James Schureman,
Nicholas Gilman, Roger Sherman, Samuel Smith
/ of Mary land, and William Smith Of :. C.. We
have :he authority of Nathaniel Macon for say
/ ing, that OF 80 who voted for the Bank Of 1871,
IN the subsequent division Of parties. ecDen ,rtre
Republicans, and OF the 20 who voted against the
Bank SIC were Ederahsts! (Seo Doc. Hist.
Bank u. ). p. 29S.)
With these facts before us, we appeal 10 every
candid man to say, whether the charge that the
Dahk oil 1901 was 4 Fedcral measure is not wholly
without foundation.
I Having disposed Of this collateral question we
now proceed with our review.
| On the 18th February. 1891, the bill was sub
United TO President Washington for his sanction.
The question being one of novelty and impOr.
lance, the President, with that wisdom and pru-
dence which characterized his conduct, both in
the field and in the COunci-room required his Of
/ fetal advisers TO furnish him with their opinions
/ in writing. The Cabinet consisted of Thomas
Jefferson, Edmund Randolph, Alex. Hamilton,
and Gen. knox. Jefferson and Randol pin
opposed TO the law, and Hamilton and Knox III
favor OF II. Their respective opinions were sus-
/ tanned by written arguments, which have literally
exhausted the subject. General Washington de-
layed his decision to the last moment, giving TO
the views Of his Secretaries the most profound
consideration-and at length, being satisfied that
the measure warranted by the Constitution
and called for by the necessities of the country,
slgnCd the bill and thereby gave it the sanction Of
! a name which, in the estimation of all well-ba-
anced minds, would far outweigh the authority of
an hundred hairspli,ng, refining Abstraction.
s,s!''
There is one passage in the written opinion Of
! Mr.. Jefferson which we beg leave to commend I'd
the especial attention Of our readers. After en-.
forcing his objections to the bill with all the pow
er and ingenuity which his vast intellect could
bring 10 bear on the subject he remarks: sit must
be added, however, that unless the Presidents
mind on a view Of every thing which Is urged for
and agans, the bill is toerably clear, that it is
authorized by The Constitution if the PRO and
! con hang as TO balance his Judgment, a
just respect for the wisdom Of the Legislature
would naturally decide the balance in favor Of
their opinion. 1t is chiefly for cases where they
are clearly nhSled by error, ambition or interest;
that the constitution has placed a check In tho
negative OF the President" How much evil