History of the United States of America, Volume 5 (of 9) : $b During the first administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 5 (of 9) : $b During the first administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
When the Senate, February 20, divided on the motion to strike out the
enacting clause, seventeen senators voted for the Bank and seventeen
voted against it. Nine Northern senators voted in its favor, including
seven of the ten from New England, and nine on the opposite side.
Eight Southern senators voted one way, and eight the other. Of the
twenty-seven Republican senators, seventeen voted against the Bank, and
ten in its favor; while the three senators who were supposed to be in
personal opposition to the President--Giles, Samuel Smith, and Michael
Leib--all voted in opposition. The force of personal feeling was
credited with still another vote; for when the result was announced,
the Vice-President, George Clinton, whose attitude was notorious, made
a short address to the effect that “the power to create corporations is
not expressly granted; it is a high attribute of sovereignty, and in
its nature not accessorial or derivative by implication, but primary
and independent.” On this ground he threw his casting vote against the
bill.
So perished the first Bank of the United States; and with its
destruction the Federalist crisis, so long threatened, began at last to
throw its shadow over the government.
CHAPTER XVI.
WHILE Congress recoiled from the problem of West Florida, and
by a single voice decreed that the United States Bank should cease to
exist, nothing had yet been decided in regard to England and France.
This delay was not due to negligence. From the first day of the session
anxiety had been great; but decision, which even in indifferent matters
was difficult for the Eleventh Congress, became impossible in so
complicated a subject as that of foreign relations. The President’s
proclamation named Feb. 2, 1811, as the day when intercourse with
England was to cease. Congress had been six weeks in session, and had
barely a fortnight to spare, when at last the subject was brought
before the House, January 15, by John W. Eppes of Virginia, chairman of
the committees of Ways and Means and Foreign Relations, who reported
a bill for regulating commercial intercourse with Great Britain. As
a third or fourth commercial experiment,--a companion to the partial
Non-intercourse Act of April, 1806; the embargo of December, 1807; and
the total Non-intercourse Act of March, 1809,--the new bill promised
more discontent in America than it was ever likely to create in
England. The measure was not a non-intercourse, but a non-importation,
severe and searching, in some ways almost as violent as the embargo;
and was to be passed by a Congress elected expressly for the purpose of
repealing the embargo.
Public-domain text, read in full here on John Shaqi.
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