The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-05-22


,..-..,. :. ,.,a ech =. ~ ,,u,,... cola and
svsr coin and four-fths or twenty four millions in
gold silver coin o. N ak per cant government stock
lssuea ~ .uo s o. tss .al ano 49,
And three -6fths in six Dor cent stock -- =" IN
That the subscriptions Of the United States paid
In six per cent stock, and that the United states
.as ia y ~ shoss 49, lot snS %"a ana
payable .sr
That the bank should loan 70 the United States thirty
d =, snch sums AZ should be- found ru,,aIiv conve
nient.
That no part Of the public stock constituting portion
o. con sae ~ conrress s'' 'AAA pA'
That the capital of tho bank its notes. deposits, dvi
donds or prons snoa'a mo 90 suoJec. 70 'axa'oh W
That no other bank should be established by Congress
during tho term for VIII CHI tho national bankwas to be
nc9rpo "a, sh,,d h. covernaa n a,,.or directors
being resident citizens OF the United satos and stock
holders The President OF the United States 70 annually
tha pd of tie hank The otber drectors to b,
annually chosen by the qualified stockholders in person
or by proxy II resident WITHIN .ne United states vosng
r rsmi So. Scd ''-' n''"'' -
Tho necessity OF such an institution nj tho time hay
inc in Wow solely the relief OF the finances
and the establishment Of a uniform currency. could
hardly bo questioned AS will be seen according to tho
Man hero nrouosed millions of goverpment
liabilities were TO be swept from the market which it
would bo patura, IN sunnose would hive tendyncy TO
raise tho government credit and thirty millions were
from, tim n TINA N no lo.rod IN yoaat tho rr,ssiny me-
cssstes ~ Tho Tr.as,rv The following resolution was
introduced in the House ON tho oath Of Octobsr
Resolved That n ia expedept to establish a national
bank with branches In the several States.
Which was passed by vote Of Ninety three 70 nifty
four Among those voting in the affirmative Daniel
Webster who then representative from New Hamp-
SHIRE and John G. Calhoun Of South Carolina Some Of
in ind tn
70 BY doubts of the oonstutonality Of tho
On the It'll Of November 1874 bill for the establish
mont Of national bank formally introduced by tho
Hon Jonathan Fisk, Of New York. The provisions Of
the act did not vary materially from the plan
msnded by the Secretary Of tho Treasury except that
prohibited the bank from engaging In mercantile specu
latons and from loaning the government ct any time,
moro than three hundred thousand dollars and from
ioanng any particular State more than fifty thousand
dollars or granting money for the use Of any foreign
power without the express authority Of law The notes
were made receivable in all payments 70 the United
ststea and power was gves TO the President TO
order tho suspension Of coin payments II at any
time an undue pressure for specie was made
upon the bank eithor for expectation or with
sinister design 70 iniure the institution. When
the bill came before the HOUSE on the 18th of No.
vambsr Mr. Calhoun proposed 10 change manv OF its
r.ot,re. No COMMANDED thai tarth or tho canaI
atok sho,d IVA nsd in sneoa that the shares sbould be
one hundred dollars each instead Of ave hundred that
tho United States should hold no stock nor
anv agency IN s disposal nor control over s opera
tions nor hight to order the suspension Of specie pay
mens and the bank not to be compelled to make any
loans 10 the government There were numerous conflict.
na opinions upon the various provisions OF the bill TO
get rid of which the House decided to refer IT, with all
tho proposed amendments to select committee: but
the committee werc no more capable Of settling the diff
than the House. and thew therefore returned the
bill in the same shape that they received H. There was
no way left then for the House to untangle the snar
which the bill had become twisted but to reject and
accordingly on the 2sth of November 1914 third reading
was refused by vote of 107 to A. The Senate subse
auenty took II up and passed it, and sent 70 the House
for concurrence on tho 10th OF December On the 10th
OF that month tho bill came up for a third |
reading and that days session was represented Is
being the most bosterous Of any that had occurred
many years The bill was attacked with the most deter
mined zeal by those who were opposed its passage
and beset with every obstacle tina. could be thrown in its
way On tho second of January 1916 vote was taken
on It's Anal passage which resulted eighty favor
OF and eighty against Hon. Langdon Cheves, of South
Carolina Speaker pro cm in the absence Of Henry Clay
who had been sent to Europe Of the peace COM
announced that under the rules Of the
House he was entitled to VOTE he should record his vote
n the negative This made tie and the bill was ac-
'ordngy, under parliamentary rule, declared rejected
On the Following dav-Janusry Sd-the vote was recon
'dcred, and tho bill was again given to select commit
ee which reported back TO the House on tho 9th WITH
} number OF amendments, which were adopted the
most material Of which were reducing the capital stock
from hfy TO thirty millions such capital TO be composed
OIL nve millions OF spen', heen millions M treasury
notes ana Zen m'iohs Id the war ~ocS OF the un'eo
States and th' share' 10 De one hnnar' a'ars cacn
instead o. i've hundred mo next iay me oil! passed
" vote - 20 o ~ rhe Hoise navus -r'ckeh out
The provision granting power 10 IN" President Oh the
In ',dSta' to order susp,nson OF specie payments
IN certain cases, the Senate onte Forci to nave rem
stated, and to add hve millions 10 the capta'
stock but the House refused 70 sanction those amend
ments and the Senate nnay. on the 10th OF January