Newspaper of Burlington Free Press, August 6, 1841, Page 2

Newspaper of Burlington Free Press dated August 6, 1841 Page 2
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WHIG STATU TICKET. TOR GOVKKNOH, CHAULES PAINE. ror. i.tr.ur. WAITSTILL OOVERNORt K. RANNEY. yon delegate pitch an authority ! Can you, in other words, dcleijfttc what you liavo not to a Corporation i f ornidticn toollcctan object, 111 roctly, can you achieve It indirectly I The protect of tho Senator from Vircinii pro. cceds upon tlio supposition that the Constitution lias not granted anypowcr to congress to cstao- j Mil ii nn nnai u Hi 11 uiuii'iti i. uiuuvii is admitted within a State, it la thcro in virtue of the will, under tho authority or tlio laws( and suhiccl to tlio jurisdiction of that Statd It is - , . . . . , consequently nnicnaino to ami may uo ueaii with hy tho "power of the State according to tho pleasure ot mo state. The Senator inquired if It were not comne tent to Great Britain to admit if she nlcascd tho establishment of a branch or ofllco of a Bank of the United States within her limits 1 Most un doubtedly she may ;and it would be an analo gous case to tho admission of such a branch by - tT.... .1 --!.!-.. J. ... u oiaiu. uj.uu iiiu Bumrusmuii ui iiiu auimssion of such a branch, would it not bo subicct to the Parliament of Groat Britian. Could the fact that the corporation whoso branch was thus re ceived was created by a foreign sovereignty exert any restraint upon tno power ot the lint if ii I'arnarr.ciit in ucanngas it pleased Willi tho alien or emigrant branch which it had thus re ceived J The branch located within tho tatc by the consent of tho State, to, all intents and purposes would bo a local institution, governed by the local laws. That, I think, would bo the case of any branch unconditionally admitted by the legislature of a State. But if you organize a bank within this District, and In tho terms of its charter announce to the States that branches can only bo admitted within their limits by their consent aim amnoriiy, you nccssaniy invoke the several Stales to deliberate on tho question of admission which tliev are thus called upon, to decide. And if they tnayconsentor not consent"! according to tnoir option, they may conscntrpb solutelv r unon condition!", according tu'thi views which they may happen to take, iioLpf the interest of tho whole Union but of thoif vi eral communities. Thus a power which, ,lfAip exist, ucyonu all question was delegated for the general good, and to bo exorcised by tho .Sitiato ami llousu of Representatives of the Unitml States in Congress assembled, is devolved upon each of twenty-six State sovereignties, to be FOR TKEANtlllKIt, JO UN S PAULDING. THE FISCAL BANK KILL. MR. CLAY'S SPEECH, ON THE AMEND. MENT OF MU. RIVES. IN SENATE, July 1. 1811. Mr. Clay, of Kentucky, addressed the Senate Aft fntloWR 1 regret extremely that the senator from Vir ginia. (Mr. Hives.) lias felt himself constrained by a sense of duty to submit this amoudmeu'. No, good, nothing I fear, but unmixed mischief, can come out of it. although 1 am quite mirfl this is far from tlio intention of the senator. The nconle want at uitr hands a bank a rca old fashioned banksuch a ono as they and their fathers have tried and experienced tho benefits of. Now tho institution, the proper organization of which we are considering, is to boa national bank w a local bank. If it is to bo a national bank, wo have tho power to make it, or we have not. If wo have tlio power, if the states have already contented, in the constitution, to the es tablishment of a national bank, no further or other conseilt from them is necessary. Indeed, if they have not already given their assent in tho constitution, they cannot give it in any mode other than that which the instrument itself pre scribes, according to which thcro must bo the concurrence of tliroc-fotirtlis of the Rtates. Thi, 1 think, is too clear fir argument. If 'o have no power to make an undisguised national hank, we ought not to attempt it. Wc ought not to beck toaccoinplish indirectly whit wo are not authorized or forbidden to do directly. This D.strictuf ton miles sriuaro was placed under the jurisdiction of tlio General Government, that executed according to thoir respective opinions the Federal authorities might govern it, not that of the interests of each of them. hv moans of tho local jurisdiction, tho whole Union should bo governed or controlcd. Wo ought not to apply apowor grunted for ono pur pose to the attainment of another purpose, for which it is not granted. I do not think, then, that wo can establish a local hank, and impart to it national faculties or functions. But tho Bank which the senator from Virginia proposes is, manifestly, a mere local Hank of the District of Columbia. The Senator might have spired himself some time in proving the power of Con gress to establish such a bank. There can be no doubt of the existence of such a power. It has been again and again exercised, in tho chirteringol'tlte Bank of Washington, the Bank f the .Metropolis, tlio Patriotic and other banks. Any one of those banks might have asked the permission of a state to establish a branch with in its borders. 7'ho bank under consideration if amended as proposed, would not essentially differ from them, except in the magnitude of its capital and the interest winch the Govern men', takes in it. Assuming the existence of tlio power as a rettled and legitimate power, it ought to uo ex ercised for the benefit of tlio wholo Union, and it ought to be so exercised, without soliciting any further consent from the States. If it bo a Federal power if it bo granted in tho Consti tutioiijuponwhat posilile ground or principle can wc place our justification for not cxt.rcising the power, without tlio previous consent of the S ate?, to bo expressed hereafter in separate acts.' And if we established tho rule that, pri or to the exercise of the constitutional power to establish a bank, we must obtain the consent of tho States, what aro the limitation--, if any, to the rule ! Mustwu not ask the previous con Kent of the States in eicry instance of tiie exer cise, of the power granted in the Constitution to the Federal Government ! If wo propo-c to establish a post office, or a mail route, in a State, or to Jay and collect taxes, or to perform any other Federal duty appertaining to this Gov eminent, must wc not solid the previous con ecnt of the Suites J The Senator from Virginia argues that, in making such a bank as he wished. m nnlv far bear to exorcise tho power, if we have it, to es tablish a National bank ; and tint forbearance to exercise is no abandonment of the power ; and that if his bank does not work well we can here after resume the power and make another bank. It is very true that, in consenting to make such a bank as ho propose?, we do forbear to exercise the power to establish a National Bank; lor there is quite as much dillbrenco between his bank and a National, as there is between any other local bank, any State ! ink and a National Bank. Just as much difference as "lore is be tween a II ink oftho District of Columbia and a Bank of is United Males. As a general propo sition, it may bo true that forbearance to exer cise power is not tantamount to the surrender of tho power. But there may be, on the other hand, a case of such marked and peculiar char acter, that the voluntary foibearance lo oxer. cise a given power amounts to a virtual surren der of that power. And I think the bank ques tion is such a case. It iias been contested for fifty years, and variously decided. During the last eight or ton years the contest has been con- ducted witli the greatest zeal and earnestness, not to say bitterness. V'lio defeated party, not niucu biion oi a moiety ot tno nation, htoutly dc nies, as a party, the ower. Now, if tho trium iii.uh pari, in me cioso 01 tno contest, roluses to exercise the power, will it not be hereafter constructed as a virtual or implied relinquish- mum 01 me power .' 11 fiat parly, morcoier, declining to exercise the power, puts forth in neu, uui in wio name ol a INational bjnk, a rickety imbecile, incompetent local B.ink, which I tlnnk, cannot fail to disappoint the hopes and expectations of the People, how could vou af- terwards resume the relinquished power J Why, the People would become so disgtibted the United you to re with the very name of a Bank of biatcs, that they would not allow sumo the power. 7"hc Senator tells U3 that if his experiment fail, we may then make a bank after the old model. Why, sir, what have wo been (itrug- glmg against for the last eight years ! Expert nicnt alter experiment, until our country has been brought to the very brink of iiiin. And, and at the very moment when we have not merely seen land, but trot, as all had honed, in to a safe port : when btorms, and tempests', and experiments were at an end, and the bright sun in nope anu prosperity wa6 bursting on our joyiul vision, the Senator from Virginia comes forward and asks us once inoro to put to sea wiiu nun on a instant and perilous cruise, and to try another experiment ! ho proposition which rcnuiros tin? consent of a State within whoso limits a branch is placed, proceeds upon tho erroneous assumntion that the branch is introduced for tlio sole benefit of tho particular htato. Hut that is not tho cabc, It is put there lor tho benohtot tho Union, in eluding the particular State. If tho Federal power to put it there exists, it oucht to bo ox. crcjsed, fjr the common benefit of the Union ; if there be no such nnwer. then tho branch ought not to bo clandestinely, introduced into tho state. Hut do, .Mr President, sea how ad antage is taken of tho consenting State by the Senator's proposed amendment. It is a part of that amendment that, when an oflico of ok count and deposits isonco established in a State "vith the consent of the state, "tho office shall not bo withdrawn without the assent of Congress," isow, if yourtiower bo incompe tent to plant an oflico of discount anil deposits within tno limits ot a wtote, without the consent of the State, how, after it i put there, can you hold and maintain it there in spite of and agulni the will oftho State! , Hero Mr, Rives interposed, and said that it was a part of tlio 'compact made between the roveroign State anil a mint. Mr. Clay continued. Suppose it is, whence ib you derive your authority to enforce any con tract mido between a sovereign Stato and a Corporation 1 If you aro forbidden by the C-'oaititutiun to place a branch in a State, ran And can it be that the consent of the several States, (if indeed any of them did consent,) would bo coupled with various resolutions and conditions, according to wlnt they might doom best for their several communities 1 The tax ing power would probably bo insisted upon by all of them. The bank would bo told, yes, you may es tablish a branch, but ou must pay the same tax that tho local banks arc subject to. Wo can not receive a stranger within our borders and let him faro bolter than tho natiics. And who could withstand the force of that argument be fore the people of any Statoin the Union. Other conditions would bo sought tobe imposed ; such as the nature oftho business to be transacted by the branch, the rates of exchange, the de nomination of notes, the participation of the State authorities in tlio direction, itc. A fruit ful source of contention in some States would bo the place of location of the branch ; just as wo havo i-een the terminus or commencement of a canal or railroad or Macadamized road, dis tracting and agitating a whole State. Another question of great importance would be the degree of legal protection which tlio branches would enjoy in tlio several States which might admit them. Concede the power of Congress to establish ii National Bank, and the right to protect its existence and its opera, tious necessarily results to Congress. Deny that power, and it must be wholly dependent upon the Stales. 7'iin committee have insert ed in this bill adequate pr visions to punish counterfeiters of the issues of tho bank, and ils officer?, agents, and servants, who may em bezzle its kinds. Thcbo provisions are valid and and will be effectual, un the supposition of the existence, in the Federal Government, of a power to establish a National Bank ; but if no such power exists, or, if existing, you forbear to execute it, these provisions will lose all their force and ollicacy. For Congress cannot, if it is not authorized to establish, or does not mean to establish, a National Uink, pass penal laws operating beyond the territory of this District. Tho enactments of penal Icgishtion, operatin? to deprive a man of life or liberty, is tlio highest imaginable exercise of human authority. Con gross cannot extend its protection of tlio banks oftho district of Columbia beyond the limits of tno wisirict into tno limits ot the .Mates. esu alone must afl'ord them protection, or they would there have no legal protection. rvow, what would bo the condition of tins fiscal Innk as to crimes committed against it in tlio States ! In the Slates admitting branches 1 In the States relus-ing the admission of branch cs ! .uy menu irom v iririnia has artrucii to nrove that Congress possesses the power to make such a bank as tins is ; that when it is brought into existence bv the authority of Coiiltoss, its corporate capacity is complete : and that Con ress miv invest it with the privilege ol contrac ting with the States for the introduction of its branches. hen introduced, ho thinks the mrposcs of its institution may be accomplished There is no doubt, I repeat, that Congress may create sucn a bank : but it is, nevertheless, no thing mare nor loss than a B ink of the District ot Columbia. .If it bhould have any exterior adion, through offices oragoncic.i situate leyond the District, that exterior action would not re sult Irom tho legislation ol Con 'ress, but from the legislation of tho States by which their con sent wast granted to establish these ottices or agencies within their limits. And tho Slates would have just as much a right to allow of these offices or agencies, whether there was any grant from Congress or tnt to the corpor ation, in us cnaricr, 10 esti-niisn them. J'or there can be no doubt, I presume that the Bank of the Metropolis might now establish such an office or agency in any State tint would permit noiwiiiiMaiiuing uic siicuco ot its charter on thatsubject. The Pennsylvania Bank of tho United States,it has been understood, lias or had its agencies in other States, which must have Iopended solely upon tho toleration of their Jaws. No amendment to the charter, made by the committee, has commanded from the Senator from Virginia warmer commendation than that which denies to tho parent bank all power of d.scounting within the District, and compels it to transact that part of the business of banking, through its olhccs, beyond the District. Con sidereil as a national II ink with branches, email atiug from and protected vitlnn tho S:ates by tno national auinoniy, i think that lealure is worthy ol all the senator s admiration. But if it is to be regarded as a more District bank, spri n ging from the power of local legislation posses sed by Congress, it would be certainly a most anomalous, it not ridiculous leature. In tins view of it, Congress will havo made, in virtue of its heal power of legislation, a great District bank, which isstript of all essential power of banking within the iJistrict, and transacts all its important business beyond the boundaries of the District. ) e shall nave maue a sort of mon ster, indeed, witha body destitute of life, anima tion, or action whore it abides, but which may throw out al round it nto the States its lomr andhugo paws or branches to conduct the most extensivo operations thoro ! Mr. President, is this such a National Bank as the people of tlio uiinou oiaies oxpcciirom congress J Tho Senator from Virginia ban invoked n spirit of concession, compromise, and conciliation in our deliberations. I boliove, sir, that I havo not boon herctoloro round wanting in yielding totheinlluencp of such a spirit. But there are eoino cases of principle which admit of no com promise, and I fear that this is one. 7'he ques tion is, a National Bank or no National Bank, constitutionality or unconstitutionality, power or no power. How are theso opposite proper, ties or qualities to bo reconciled or compromis cd J There i.s no mean or tniddlo term. If you establish a really National Bank, cinanatintr from, sustained and protected by the power of Congress, and operating within the States with. out their consent or control, thoeo who ileny tho e.vistenco of the constitutional power of Con. gross to construct such an institution aro dissat isfied and think they are called upon to yield every thing. And, on the other hand, If you es tablish a mora District bank, with branching powers in tho States dependant upon their will, the friends of the constitutional power of Con tircss think that Vou mock tho ncrtnto with an incompetent insllltitior and call uptjn them to surrender cVcrj' Ihlngi And this, iteoems lomei is the soft Of con cession or compromise which the Senator from Virginia calls upon us to make a conccssioa ol every thing on our sidei and nothing on hisa compromise in which he gets all and gives no thing I Wo wore extremely clad, Mr. Presi dent, to find the honorablo Senator, although under another respectable Hag, uniting with the Whigs to bring aboutthat great change in the administration of the General Government, which commenced on tho 4th of March last.' Some of us indulged the hope that, profiting by the illustrious example of his lamented neigh bors, Jcflbrson, Madison and Monroe, ho might come to tho conclusion that the bank power was no longer an open ordisputeablc question : but, if ho could not agree with them and us, wo hop. od that other instances, on important measures, of concurrence of opinion between us, might coinpensato for this sole dittcrcncc. ror one, I was disnoscd to leave the Senator in the undis turbed possession of his opinion, hoping that, if lie could not unite with us in establishing an effectual National Bank, wo might do without his voto on that question. But I would ask him if it be kind or right in him to seek to disturb us in tho nuict enjoyment of our opinions I If ho cannot come to tho 20 or S7 Whig Senators who believe that Consress has tho constitution al power to establish a National Bank, ought ho to endeavor to drag them to him 3 Is not such process against all the laws of gravita ticV! 'ftmsri! ilV. Hives said the amendment he 'proposed was reported by the Secretary of the .Tl.Tt I, trmv ami ilir. RnnMnr is entitled to Tall the benefit he can derive from that fact. I feel quite sure, however, that the Secretary docs notentoita n a different opinion oftho con stitutional nower of Congress from ours. I must then, entreat the Senator from Virginia to for. bear pressing his amendment, and, if he cannot give up his own peculiar opinionto leave us in the unuisturueu enjoyment oi our long-unurisii ed convictions. lie thinks, indeed, that the bank power is nuostion not so firmly settled, by repeated do cisions as I have supposed it to be. Why, sir, how stands the matter! Twenty-seven years ago, ,lfr. .Vadison considered and treated it as a settled question. After tint, a new Bank of the United States was established, which lasted twenty years. During its existence, twodecis. ions of the Supreme Court of tho U. States, (the bank with the State of Ohio, and McCu lough vs. Maryland, involving tho taxing and penal powers ot the btate; one, it not both, unanimously pronounced, affirmed the existence of the power. In Congress, in 183i a bill pas- sod by considerable majorities, to rechartcr the bank. Public opinion, in all the various modes of its manifestation, in ' 'gislativo assembles and in popular meetings has proclaimed the consti tutionality and expediency of a National Bank, It is not true that the re-election of General Jackson was a decision adverse to the bank pow cr ; for, in his veto of the rechartcr, he admited the utility of a bank, and stated that, if applied to, he could nave luruisucu a pian. lie was voted for, therefore, by large numbers, in my personal knowledge, he was, hy many under a full expectation that, if re-elected, a Nation. al lhnk would be established. In the case of Mr. Van Buren's election, the binglo questioi of bank or no bank, was not lairly put in issn It was mixed up with others ; and one, if not two of his competitors, were not understood to be unconditionally in favor oftho power. It has been argued that wo must incorporate this amendment in tho charter, and pass it u that form, or we shall get no bank: and alius ions havo been distinctly made to opinions en tcrtauicd cisewhere. 1 do not think that it compatible with the respect which is due to the Clnot .i.igistratc, or to the dignity and inde pendence oftho Senate, to make such a'lusions. Whatever inferences gentleman may have felt themselves at liberty to draw, I am perfectly confident that tlio President has given autlior- chts will accruo : and, among thorn, tho most I precious Is, that of oxamlning tho moasuro with all tho freedom and indepondonco wiicn oaiomr to his hlgn station, Let us hope for concurrence between tho two departments of Government ', but if their should not hoi their disagreement will not bo me greatest oi puuiic caianimucs a greater would bo a voluntary surrender or sacrifice of tho conscientious judgment and constitutional iiiuuj'uiiuuncu ui inu ono lomcuuiui. ii, uuur both have acted, there should bo any dcvolopo mentof a difference of opinion between them, tho exact point of difference will bo seen; and then, in a spirit of mutuat liberality and conces sion, somo measure may possibly be devised which will obviate all difficulties, i win not an ticipate any disagrcemont in opninion between the Legislative and Executive authorities ; but ilitehould unfortunately occur, it win not be tho first instance oftho kind, nor upon this bank subject, in our history. If, in the midst of a disastrous war, President Madison and Con gress could not agree as to the proper organtza. tion of a Bank of the U. State!, and their disa. grcemcnt did not seriously i affect the public interest, surely, if unfortunately, wo must, I hof e we may differ in a season of pn f und peace, in respuci iu mo proper coiisuiuuuu ui suuu tin institution, without the inlliction ol any irretnc diablo evil upon our country. ily to no one to say iiow, in a given contingency IIU IMIUIU llLi. UCII U "I UI U1LUUS lllllllJ'tllUII) III advance, on a question of such delicacy and di- Ihculty, 1 think 1 am not mistaken when t say ns sense ot olhcial propriety would restrain him from unking. And my confidence in tho patri otism and lienor of the 'resident, and in his de votion to the cause which brought him into power, is so great, that I feel perfectly persuaded tint he cannot fail to look at any measure which Congress may mature, and present to his con sideration, with an anxious desire, if he can, to conform his judgment to that of the Legislative department. I will not, for the reason already assigned, advert to the facts and circumstances on which I indulge hope, and from which I draw mlcrences variant Irom those which have been expressed. lint, sir, is it nunc certain that such a bank as the Senator from Virginia would alone make is really better than no bank 1 All must feel that the hank controversy lias nau suiiicicni du ration and sufficient bitterness. It bhould bo tho desire of nil to see it terminated, anr, harino. nv once more restored, if not forever, at least for a period of twenty years. Pass an old fash- toned bank, with only such improvements as exnenonco ha3 clearly demonstrated to bone cessary ; such a bank as tho People want and demand ; such as the committee have reported, and I believe, in less than six months, that we shall have on this subject tranquility and ac quiescence. For, sir, notwithstanding threats Uv Ulir WU1IIIV-U1 UI'IMJUUllia ,u uni-llll'l tu IV u charter, passeu ny majorities accorumg to an tno roduiremeuts of the Constitution, I do not lie lievo that, it it should pass, tncy arc going be fore the intelligent People of the United States upon such a question. 1 think their saber sec ond thoughts will restrain them from making such an appeal to tho moral judgment ot man kind, llutitthr.y do, it is impossible tor me to doubt the issue ol tuch a contest. Aro we sure that if wo pass abank, whoso op. orations are wholly dependent upon the sepa rate movement of twenty-six States, wo shall secure tho d'jsired ropao ! 1 loar not. I tear that such an institution will be hut the com mciict'inent of our bank troubles ; or but tho ves tibule of bank controversy. Wo shall throw among the People a new apple ol discord. All the old prejudices against a bank will be rcviv cd, and they will be aggravated and augmented by the new questions and now issues with wind this perilous bchemu is surrounded. Can pow er be derived to tlio General Government, di rectlv, bv the consent to tho admission of bran che-j i With or without conditions ! Shall they bo received without being liable to the same ta as local uaiiKs payi .-snail tho bank be allowed to plant them wherever it pleases in a State or at a city, lo he dessiguatud bv tho I.o slature f incso anu otuer questions, mav agitate and distract this People from Maine to Louisiana, i nuy win aosoru an oiuer poiuica questions, and, I apprehend, completely engross the. nublic mind. I tremble at the consenuen- cos, and no man can foroseo tho final isuo of mich a tremendous btruggle. What is to be done in this unpleasant state of things 1 7 lie path ot duty lies broad, clear, an straiL'ht before us. Wo have convictions, strong and unshaken convictions, of what ought to be done. And theso canvictions coincide with the opinions and the wishcsof tho People Tlio theory of our Government, the spirit of all freo nstitutions, anil ino genius oi iiuony incul r.ato that tho hogir.lativo and Executive depart monts of tiovorninctil snouiu uo independent and uncontrolled in their respective spheres of action, the ono by the other, uan we givo up our deliberate judgment to moro presumption what mav bo the tudginoiH oi oiners j io. m that is too great a sacrifice to ask of independent freemen, representing independent and enlight ened freemen. Ourtrue course is, to mature the morsure, according to all the lights of ou understanding, and to tho deliberate) dictates of our best iudi'inent, and transmit is as perfect a: in our conssionccs, wo can make it, to tho cu, ordinate branch of the Government. Upon re ceiviiw it, his duties, his responsibility, his BANK BILL PASSED THE SENATE. Washington, July 27, 1811. Tim insnn nf the contest nhoutthc Hank Dill is do I'idcd, though many speeches inly yet bo made beforo it will bo allowed to commence is troublous but con liftpnt rnmcr thrniirrh thn Haisc. After an able speech from -Mr. Jlorehcad, of Kentucky, in support nf thn mnstittitionaliiv of n Nnaonal Dank, in which he reviewed the whole course of the tlirco branchesof tho government in relation to this much vexed topic, rind ftnvprnl renlira thereto from Messrs. Calhoun. Al- Irn nml llrnton. Mr. HunlinL'tan's amendment was broimlit up on a motion to reconsider the tie vote of yesterday, and this motion prevailed, by ayes 27. noes 22 nfier which the amendment was adopted. It will bo remembered that it permits the bank to issue five dollar notes. Mr. Clnv then brousht forward tho anxiously ex peeled Compromise. He moved to amend the lull by strikim? out the nlcnarv branchincpowcr, and inscr- tin., n clause ncrmittinz the Directors lo tsbblish branches in any territory or districtof thoU. S. or in nnif Sintn. with the assent thereof such assent to be presumed, unless cxpresily denied by a resolution or 80niC0!iicriP'j:siniivccxres3iuii uiupuuuii ui uiuiusi meeting of tho Lcgishtiro of such State after the ni9snrp nf ihiact. Whin tho branch isoncerstab- hxhml? it cannot bcrcmovsd bv tho Directors till the expiration of the charter, without the consent of Uongrcss anu ivomjress may, npainsi inu c.xpicsseu dis.'ent of ony Statu, order tho establishment of a

hrnnrh within it3 borJcrs. when tliev shall deem such nn act nccssary andproper to carry iutocH'ect any of the powers coiucrreuuponu vujngrc-s; uy inu vun. stitution. Mr. Clav advocated thenassaseof the amendment wuh Rrcat ardor and iloqucncc. He iirougiu u tor. ward, ho said, in the aiirilof conciliation and conccs ai.uv fr tin. nurnosf of unitini? the friends of tin measure in me senaio lie niu noi know, nur uaa iic sought nor desired tolnow, the opinionsof tho Chief nf minilmr lirnnch of do Government ill respect to this Compromise, not tecniise beaut not entertain tlio higbc-t re-pect for sucl opions, but because he consid ered it to bo the duty o" the legislature to act without reference to the scntintntsot members oi oincr ue nuimmn. Mr. Uives vasnot bv anv means satisfied with tho Compromis1. He thought it conceded nnthinff, and he couli not voto for it consistently. with his views of theuonstilution. iir. ituiiou nnnnspd it. ns introdiieiirr a new mode of altering tb Constitution. It wasatempting to do, with tho as sent of any particular State, what could only bo done by three-fourths ol iho3tatc, upon the recommen dation of two thirds of each branch of Congress, or of the Legislatures of tvo-tbirds oftho States. Mr. Walker thought ita most dangerous encroach ment upon the tliorightsof the Stales, and seemed to consider it tho same thin- with tho original bill, ns far as the assertion of the brinchinc power was roticcrn ed, except that it was, in lis opinion, more insidious. Mr. Preston wished tha- Senators would assume some single ground of oppisitior. Onscontendedthat tha assent of the Sta'cs was not required by the amendment, while another objected toil because such nscnt was required, liotk theso proposition could not be true. He went on lourge the adoption of tho Compromise with bis usual tower, and more than his usual ardor. Mr. Simmons, also, ab y sjpportcd the amendment and Mr. llncbanau opposed it. The question was finally taken, after a very earnest discussion, which commanded the most perfect silence in tho Chamber, thouidi loth the floor and Kalknca were densely crowded, and decided in the affirmative, by ayes 2), noes 21. The bill was then ordered to n third reading by tho same vote and the Senate ad journed. Mes-rs. Clayton and Henderson were ab sent. lll'iHUU mill llly ..uii; vm'ublu to nit uiiiiiui- inent, tlio former because it comedul too much the latter because it did not eoncdo enough but it is considered certain tint they wif vote for the amended i.m ,t,nm.li ih,.v would cive onv a nassiveossent to the amendment. This same passive assent to the amendment is now all (hat is roiuircd of the States, and in this mainly consists ibelillerence between the Compromise and the plan submitted by Mr. l-.wmg, nm! nficrwards bv Mr. Rives. I lie latter scheme ivnulil hnvn left in th nowcr cf ono branch of any State i.egi-iature, lo prevent tio introduction of a branch against the will of the otier two branches and t the people tiiemseivcs, wiiuoinis gives mo power exclusion only to a decided uujurity ot tno enemies the bank. This is a more prtcticalile scheme than mntliiT. nnd asserts for Comrress greater nowcr. The declaration thata branch stall he established in nrituin. whenever LonL'rcs- tha 1 deem it necessary nd proper to carry out any nf tho granted powers, is liictli. ininortaiit ns a natt f the contract with the corporators the power asserted being given by the uoiisinuiion annusi in pii-tlM; nuius ui wiu mendmiMit. The branches will now bo established, a was nroooseil hv Mr. Ewini.by the joint authority of Congre's mid ilia resiiecl.vo States, though the will of the latter will, probably in some cases, bo only l)rc$umed to co-operate in the matter. The state of tho caso is simply this. Congress have the power to establish a ban', where they deem proper, without ie assent of the States. At present, ir0m consiucp altogether unexpected but It was the duly ol the nicmlcts of tho convention to consult and canvass tho merits of tho different persons proposed, make eir election among them ami sustain tno nomiiia. ma. Tho convention decided to support for Cover- nor, Charles Paine, of Northflcldi for Lieutenant Governor, Waitstili 11. Ranney, of Townsbcnd, nnd for Trcarurcr, John Spalding, of Monlpclicr. The subject of candidates for tho two last named offices had not been a subject of discussion among tlio people. It was generally conceded that the candidate for gov ernor should bo scloctcd from tho cast side of tho mountains, as that officer bad for several yeats, ond indeed for the greater part of the time since Vermont was admitted into tno union, pecn a rcsiucnt oi me western nortion of the Stato. Two eenelcmcn wcro named in referenco to this location, viz. Col. Taino, of Norihficld, and Juugo Harri', or Strollord, either of whom, it was understood, would bo acceptable to the whigs of the State. Judgo Harris declined being n candidats, ond Col. Paine was selected with as much unanimity as could have been expected. .The nomin ation was well received, ond we had nn right to anti cipate that it would meet with opposition from the whigs in any quarter of the State. Those, who best know Col. Paine, his active and discerning mind, his nanus in inuusiry, ins pruinpuiuuc uuu uiiyuuui j m business, his acquirements as a scholar, and bis gen eral knowlcdgo of the politics and condition of the country, nnd sec, at the satno time that, being a manu- inciurcr, ins interests nrc lueutineu wnu niuw ui mu farmers of thii State, feel a strong confidence that no person could bo placed nt tho head of the stato govern ment who would better understand or guard the wcl- faro nf its citizens. Wenresorrv to lav that notwith standing tho manifest fitness of the nomination for the convention, a portion of our brethren in tho coun ty of Rutiand have, come out in opposition tn it and proposo a separato ticket for governor and lientenant ,-nvrrnnr. vvnneeni sticn a course ais nucniuus anu nrrnsnnt. Itis true that the whit's in tlio county of Rutland, ot their convention for the nomination of senators, toon upon iiicmscives me gratuitous uust ncss of miking a nomination of stato officers, but who felt bound by such nomination 1 1t should be taken to bo tho preference of so many persons as then nnd there otFreed to it. hut it should be taken for notlnnrr more. But since the convention, a correspondent of n nnun.infrnrminnl.a Itidfro Willtfitns. fur rmvprnnr. ond Col. Coolidgc, for lieutenant-governor. With ihese'J gentlemen wo nave no taint to una. i ney ore cniiueq to our ncarty respect and the one as cinci-jusiico anu mo oincras spcaxcr oi tne iiouso oi iippreseninuycs preside in their respective departments with dignity and to public satisfaction. Hut that constitutes no reason why they should bo brought forward to brcali down a regular nomination i men selected for such an entcrprie would bo supposed to bo of the first class. There i. however, unmo imnronrietv in lirinmnc for- ward n luuco ot tho supremo court, as a canutaaic for popular election. Of this nnyono, who reflects upon tho importance of tho judWary and the neces, sity of keeping it free from suspicion, will be satis fied. Wn eannnt tlnnk that thn course tntten hv the Rut land Herald will bo seconded bv anv other mess in the state, or receive the countcnanro of the whig clcclors. We call upon the whigs to discard all l(M prejudices nnd com? to the support of the regularly nominated ticket, a ticket selected in the usual man ner bv a state convention, constituted nnd assembled according to usage. Let tht re 1 r union, for in union there is strength. wooub'.ock Mercury. FRIDAY MORNING, AUGUST 0, 184 1. no nnmition, and we ore well nssurcu tha Col. I'alno will receive a cordial support from tlio pooplu of Rutland County. Mil. CLAY'S SPEECH. Wo publish to-tlny, Mr. Clay's Speech in tlio Semite, in opposition to Mr. Rives' amendment to tlio Bank Dill. As u specimen of constitutional argumentation, it is one of Mr. Clay's happiest efforts. It is tersevig orous nnd logical ; and, though brief, covers tlio whole ground, and scatters to the winds tlio fino spun abstractions of tlio Virginia Scuator. Tho course of Mr. Clay, during tlio pre sent session entitles lum to the warmest thanks of the Whigs throughout tlio country; while it lias extorted from his political oppo nents, admiration for his unbending integrity, indomitablo perseverance, and unrivalled powers. Uy his efforts, tins the Bank Bill been kept beforo the Senate, and sustained against the attacks of its enemies and the hesitation of its friends; Ho never allowed a doubt of success to make him a traitor to the cause : and when lie had cariicd it to that point at which it must bo passed or rejected, he proposed a compromise, sustained it, and carried it through a compromise, which, while it yielded the form, preserved tho jvincipc. Wc could have wished that this mall sacrifice, thus made, had not been re- crtjjred that the bowing down in tho house of Rimnion had not been deemed necessary; but wo may convince judgment, while, un fortunately, prnjudito is to bo dealt with in a different way. Bit, Mr. Clay has achie ved Itis triumph in tlio Senate, and the nation looks with confidence to the speedy consum niation of the work in the lower House. No ono now believes thai President Tyler will interpose the veto power. state ; Mr. Smith is from Connecticut, and Mr. Wright is from New York ; Mr. Will iams is from Maine all Whig stales. Tako the notes of these Senators, who aro misrep resenting tlicir constituents according to tho G lobe, and nddtotlicm the votes of Messrs Rives and Mr. Archer, elected by a wAij cgisluturc, and the list of nays would shrink into insignificance. ii. lions of expediency merely they .10 not choose to iliia nnwer to its fu I extent, hut prefer to ask the consent ofllie States, antl iwing iuii coniroi oi inc subject they cnncludo to fix the precise degree of assent (licit ttiey wm ii.-iiiiiir. There is scarcely a doubt tliat nil the States whoso assent is desirable will 'dadb afford it, and thus all tho great objects of a National Hank will be attained, 'Mtlie, ill Hie s;iiuu iiine( uui nypui:iiuiiiiiiii.ui unoiii". ions nf some of our friends are irood-naturedly in lulled, but not without nn eve to thrift. There is no tmitit ilinr this hill will n.ms dip Hmisn without diffi culty. An influential Western member predicts for it a majority oi iiiiny-nva. inemcinuersoi tut; nunsi seem quite eager lo get hold of it, anticipatiug nothing but intense enjoyment in witnessing the ineffectual strui.'Tlps ol ino l.nrn.hoeos. it 13 exnecteu. mu. that thn hill will bo sinned hv I he President, nnd every oily looks bright at having fairly passed mis laic trcatening snag. SENATORIAL NOMINATIONS. The Iiroceedings of the Chittenden coun ty Convention for nominating Senators, will be found in our columns to-day. The mee ting was very respectable in point of num bers, and its deliberations characterized by a good degree of unanimity. The resolu tions, which wcro adopted unanimously, clearly set forth the great principles of the Whig party, and furnish a cheering pledge that the people of Vermont will not bo di verted from tho important ends aimed at in the late glorious revolution. That in rela tion to the stato ticket, but fairly expresses the views of Chittenden County. Colonel I'ttino will have a cordial support in this re gion. The nominations will ho very generally acceptable to tlio Whigs of the county, and of thoir triumphant success there can be no doubt, if tho Whigs but do their duty. Mr. Fletcher, as a business man, lias no superior in this County, and as a legislator, liis servi ces, both in tho House and Senate, are too well appreciated to need urging. Mr. French is also well known to this community as sound, practical, common sense man, who has heretofore rendered acceptable service in the lower House, and who will fully sustain his fair fame in the Senate. Lotus give the nomination a united, cor. dial support ; not forgetting in the mean time that the opposition arc wide awake, and on the alert at every point. Wo have the strength ; but let us not forget that we have an untiring, vigilant enemy to contend with ho would regard the overwhelming defeat f last year, moro than compensated for bv - it stolen triumph tins. FROM WASHINGTON. Recent advices lead us to expect a moro auspicious tcrminatiot of tho Extra Session than many had feared, Tho apparent want concert among the Wriigs on leading meas ures, has given place to a spirit of mutual concession and energetic concerted action, which promises the lappiest result. The battle has not been fotght in vain, and wc aro lo havo a change tf measures, as well as men. A late letter from Washington, says " It is now ascertained that you will have Bank Bill, u Bankrupt Bill, a Loan Bill, a Home Squadron Bill, a Bill of large ap propriations for defence, a Bill liiisingthe duties to 20 per cent., (with exceptions,' and a Bill for the D.stribtitiou of the pro cccds of the Public Lands, provided its friends will postpone the operation till the Treasury bo full, which tliey ought, are not much disposed to do. Will these measures, as Lanncelot oubbo said of Ins twenty-one Vivos, " be a tolerable coming in" for one, and that an extra scs ' sionl" Another account assures lis that the best spirit now animates the whole par. ty in Congress. Alter accomplishing the great and important task devolved upo lliem, thev will return lo the bosoms o their constituents, and present thcro an tin divided front to whatever adversary mav assail them. Tho ordeal through which they have passed, has only served to try the weak points like putting water in a new canal to find out tho leaky places. They lave passed through the trial with success and have come out stronger than ever " President Tyler, aided by a reform Con gress, will signalize ins administration ny upsetting the whole batch of destructive and rVnti-republican measures of Martin Van Burcn. TIIE postmasti:r-gf.n'Kral. A nrcat hue ond crv has been raised hv tho Loco- Foco newspapers in everv direction, against the pre. sent Post-Master-Gcneral, for various alterations which have taken place in tho transportation of the Mail- and some of the Whig journals, experiencing great inconveiinience, nn tiouiit, uoiii ine cnnncc! have exnreaied surmise and dissatisfaction. We he leave tn inform them (that is, Iho Whigs the l.ocoi weearo nomine about,) that they no great in. ust ice when thev minute tlio blame f r the-c innova m- n 1. .rit..,,! r I.I.I, IIUII- lU .'.I .111111:1.1. l.ll I V IIIIU UI IIICIII, U. T.IIIVII wo havo heard any complaint, a tlio handy-work if John M.Nile, the late Postmaster-General. On the 30th of June last, the contracts for the Mail routes all expired, and All the channes that have been made, took place on the first of July and took place under contracts nntio irom pronosiis issued liy .nr. iMii s. lyotntng into olfiee. ns Mr. Grander did. with no knowled ni ines iietnus no nan no oilier uour-c to pursue man to biso his contracts upon tho proposals called for by ins priuiressor onu m cnango mem nnerworus, 11 chanic should he found npce.sarv. Whether Mr, Niles introduced theso chances into his advettisements for tho purpose nf embarrassing tho proceedings of ins successor, or not, n a point that we do not under take Ui determine but of onn ihin-r wn aro certain. that .Mr. (.ranger has made, and will continue to nunc, any alteration in ine course oi 1110 transpor tation of tlio Mails that tlio nublic convenience mav appear to remiro. We baio tho fullest confidence notwithstanding tho incessant growling of political and other opponents that ho will discharge the duties 01 111s department wnh credit to himself, and uwfuf ma iu iiiu liuuuiry. .tilUJ, ALL'S WELL. Tho Suicidal attempt oftho Rutland Her nld to prejudice the nomination of Col Paine, mulcts with but a cold response from tlio wing 1'rcss throughout the state. Will tho oxception of the Lamoille Whig, no pa per in the Stato has seconded the move ; and even that journal expresses a willingness to support the nomination "if it turns out that Col. Paino is the choico of other sections of the State." On this point we presume the Whig is, by tins time, satisfiedfor, every public meeting assembled since tho nomination, has decisively approved of and every whig press in tho Stato has ut torcd its indignant rebuke of iho attempt to undermine it. Indeed there is now everv indication of that vigorous, united action which must ensure the triumphant success of the regularly nominated whig ticket. To which end, let every true whig lend his best efforts. THE STATE TICKET. itwasknownj two months ago, that our present (oveinor and jraipn.,.i.c,...nn. .ii;n...i .,ii.. election, and of course that new candidates were to uu iwt ii or itioso offices, ond it waa well under stood that Iho wings would designate the persons to ,...,p,.Y"ui ni iiuir regular convention! 1111., "i, iiiu mil 01 ino stato cot nice, at somo tiinodtirine the urmrni 1. ....... ..tV 1 .1 k. t 1 r , , -mi.. inn, u, uimj rvnutvii hat Mr. Janes had determined to dcclino llioofficeof ii.aauiri mm pinco was also 10 bo supplied, and candidate to he selected at the same convention I lie call of the commit tee was made in the usual wo ) ond the convention assembled at tho usual time and ai ttm most central point in the state. It was not 10 bo supposed that there would bo perfect unanimity among the inemhera of iho convention. Such an event, on the rejection of new candidates, wgnld bo FRANKLIN COUNTY. Wo are rejoiced to see things goine right in " Old Franklin." A Sonatorial Convcii lion, including a part of Lamoille County was held at Fairfield on the 28th, at whicl tho subject of the nomination for Governor was brought up und discussed, at some lengtl 1 o test the scuso of the meeting, a rcsolu tion was offered, disapproving the noniina tion of Col. Paine, and recommending Judg Williams. This was ot onco voted down, and tho following lesolution, reported by the committee, adopted by a two-lhirds majori ty : lltsolttd, That union is strength, and (bat we ap prove of the ticket for St.110 Officer, made at tho Whig State Convention recently holden at Montpelier. and that wcjdeprccato any attempt at a aivUion uf theWhig parly. Horuco Eaton, Alva Snbin, and Moses Fisk wero nominated for Senators. but not id ADJOURNMENT OF CONGRESS. Tho National Intclligenccrsays : Thcro is somo speculation as to tho probable timo at which Congress will bo ablo to closo its present session. Somo supposo that tho two Houses may get through their busincs by the 10th or 15th of August. Wo shou Id be very glad if only on account of 10 convenience of Members, that they could do so. From tho first day oftho ses sion, ho wever, we had in our own mind fixed upon tlio 10th of September as the limit to 10 session, and wc hardly think that Congrcs will break up much before that day. Of this, at least, wc feel certain that Congress not rise until they have despatched all, ay, more than all, tho business that tho People expected then to do when they camo here." CHITTENDEN COUNTY WHIG CONVENTION. The Delegates from tho several towns in Chittenden County, met in convention at Williston, on Saturday tho 31st of Julyult., for tho purpose of nominating candidates to represent the county in tho State Senate, at the ensuing election. The Convention was called to order at 11 o'clock, A. M.,by Hnnv Bradlcv, Esq. of Hurlington, and organized by appointing tho IIo.v. TRUMAN GALUSHA, of Jeri cho, Chairman, and IIcNnv Hale, of Bur- ington, Secretary. On motion of F. G. Hill, Esq. of Jeri cho, a committee of thrco from each town was ordered to be appointed by the delegates from the several towns to nominate to tho Convention, two candidates for County senators. On motion, the Chair appointed the fol owing gentlemen to report resolutions ox- pressive of the sense of the Convention. John Peck, Ciiaklf.s Adams, A. G WiiiTTE.MoitE, F. G. Hill, and E. A Stansiiuiiv. On motion, the convention then adjourn ed till 2 o'clock, P. M. WILL TIIE BANK BILL BE VETOED Because Messrs. Rives and Archer voted against Mr. Clay's Bank Bill, some persons have felt and expressed apprehensions lor tho course which Prcstdunt Tyler would pur suo with referenco lo iijat JJill. 1 hat is, Messrs. Rives and Archer, bei;.'"; Virginians have, notwithstanding their Whig principles jvotcd against a whig measure because, being nstructionists, they believed their constittt cuts, a majority in the,, stale ot Virginia, which they rcpesontcd, were opposed to that measure. Hence Mr. Tyler, being also Virginian, must pursue the same course. The difference is obvious. Mr. Tyler is no representative of tho stato of Virginia, nor of anv other stato. He is President of (he United States ; and even if he wcro an instructioiiist, the case would not reach him Ho was not elected by, nor with the aid of Virginia; he owes her and her particular te nets, in his present position, no more alle giance than he does the stato of New Hamp shire, which also voted against him. We will not now stop to argue the difference of un executive rcfo and a legislative voto in tho negative they arc obvious to all poli ticians, and the practice of Mr. Madison illus trates the caso. Ho would probably as a Sen ator from Virginia, have voted against a bank bill, which, as President of tlio United States, ho signed and ojiprovctl. Il will bo seen that the course of Mfssrs. Rives and Archer, as Senators, in reference to tlio Fiscal Agent Bill, has nothing necessarily to do with the course of Mr. Tyler as Pres ident, ' THE MINORITY. The Globo notices the passage of the Bank Bill through tho Senate, and of course at tempts to prove that it was all wrong. A mong tlio evidences adduced by that paper is tho following : It was carried at last by tho vote of Mr. Prcstgn, who notoriously iolates the almost unanimous pub lic sentiment of his Slate. DECLENSION. Just as our paper was going to press, wo received tho Rutland Herald containing a letter from Judge Willanns declining (ho ubolition nomination for Governor. It camo too late tor to day, but shall appear in our next. Tho Herald now goes for tho regular Who knows that Mr. Preston "violates tho sentiment of his state 1" Tho only proof is that the stato of South Carolina vo ted against General Harrison. Tako (hat ns a proof, and what will bo (ho effect upon (ho (wcnty-dirco nays ! For oxamplo, Mr. Allen and Mr. Tappan aro from Ohio; Mr. Buchanan nnd Mr. Sturgeon nro from Penn sylvania ; Mr. Mouton is from Louisaua ; Mr. Nicholson is from Tennessee, and (hero is n vacancy in tho representation of thai At 2 o'clock, the convention again assem bled, and tho committee from the several towns recommend the names of THAD- DEUS R. FLETCHER, of Essex, and DAVID FRENCH, of Williston, as suita ble persons to be supported for State Sena tots, hy the Freemen of Chittenden County at the approaching election. On motion, tho report of the committee was accepted, and the gentlemen recommended were unan imously approved as suitable candidates to represent the county in the State Senate. The report of the Committee on Resolu tions were then called for, whereupon tho committee submitted the following RESOLUTIONS: lltsolttd. That that in the opinion of this conven tion Congress possesses an undoubted power to estab lish a bank or such fiscal ttgent as may be neces sary to secure the collection of the public revenue antlihc moot easy dUtribution nnd pawnriu of it, anu ttiai navittg tins power, nicy ate uouna 10 exer cise it in the manner most conducive to the public ;oou. lltsotrcd. That the establishment of such a bank is demanded by the business of the country, and if properly conducted may essentially promote 'its prosperity. lltsolttd, That while wc think it is unnecessary for this comcntion to designate the powers that should be delegated to such an institution, we hold thai it may be proper to assert the power of Comrrcss to establish branches in every stato independently of tho powir of such state. Iltsolrti', That we consider tho distribution of the proceeds of the public lands among the several slates a a mailer of right belonging to the states, and im periously demanded by the wants and interests of the people of the states. lltsolttd, That the defenceless condition of the country demand tho immediate attention of the gov ernment, and we require that our public agents loss no lime in puttitig t.'ie country in the highest possi ble state nf defence. We rejoice that we ore now at jieace with all nations, nnd pray that the relations of peace may long be continued, but situated ns we ore with great and interesting questions pending between us and one of the most powerful nations, we cannot' but fed that the bc-t provision of peace is in perfect preparation for war. The nation that is not prepared for defence mav bcinsultcd, nnd the nation that can be insulted with impunity is already half enslaved. lltsotrcd, That we rc?ard tho protection of Amer ican industry as among tho first of American duties and in order to do this, that a well regulated tariff is necessary in the present condition of the world. That tho doctrine of free trotlc must he illusive, so long as the greatest manufacturing nation in the world levies the greatc-t amount of duties on the products of industry in the United States. lltsolttd. That while we regard the compromise as honorably binding, wc assert the riiht of taxing such articles as are not unbraced within it. And with a dint of more than ten millions incurred bv the late ad ministration, we are bound to make provision for its payment, nnd cannot doit in a more equitable manner than by taxing silks, wines, and other articles of foreign luxury, that we teel a just pride in observing the promptitude with which Congress has made prn ision by a loan for the payment of the debts of tho nation and we say to them go on, and levy the taxes necessary for its redemption, lltsolttJ, That the will of the people when cons titutionally expressed is the supreme law in the land, and necessarily binding on all that we regard every attempt to impair the authority of this lawas a direct attack upon the goicrnmcnt. We have observed wuh pain lint at a late convention in Williston, and nlso nl n convention in Middlthury, it was avowed that if Congress should tt tablish a Rank or their fiscal ngent, iho authority would not be regarded by the opposers of the present administration, and that they would repeal it, if ever they had the power. We regard the prineiplo on which such resolutions aro based not only os anti-republican, but destructive of tho government under which wc live. lltsolttd, That this convention approve of the no miminations for governor, lieutenant governor and treasurer, made at the late Stato Convention, and that, regarding the nominees of ihnt contention as able and worthy representatives of Whig Principles, wc pledge to them our united and cordial support. Theso resolutions, after having been dis cussedjby several gentlemen, wero unani mously adopted. On motion, a County Committee for tha year ensuing, was then appointed, consisting of tho following gentlemen. George A. Allen, if. Glectson, Wm. Harmon, A, G. Whitemore, Truman Cfl litsha. Tho delegates from the several towns then recommend (o (ho convention the ap pointmont of (ho following gentlemen as Town Committees for the ensuing year. For Bolton. James Norris, Isaac An drtts, Elisha Bennett, and Joseph Morse. Burlington S. E. Howard, H. Mayo, 2d F. C. Vilas, nnd E. C. Loomis. Charlotte Win, R. Pease, D. C. Lako O. Read, and B. Leavenworth.