As the Congress of 1801 showed itself, in its legislation, to be in substantial accord with President Jefferson's views and sentiments, so did the Congress of 1815 manifest, in its legislation, the same general harmony with the views and sentiments of President Madison. In order that the latter part of this statement may be set down as an established fact of history, we will review with some particularity the two cardinal acts of this Congress—the United States Bank Act and the Tariff Act.
| The United States Bank Act of 1816. |
So soon as the reading of President Madison's message before the House of Representatives was completed, that body resolved to refer that part of the message which related to the establishment of an uniform national currency to a select committee. The committee chosen was composed of Mr. Calhoun, Mr. Macon, Mr. Pleasants, Mr. Tucker, Mr. Robertson, Mr. Hopkinson, and Mr. Pickering. The first five of these gentlemen were from Commonwealths south of the Pennsylvania line, and only two, therefore, from what began now to be called the "non-slave-holding States." In other words, it was a Southern committee, and the great South Carolinian was its chairman. It is, therefore, just to regard the bill which this committee brought in, and the arguments with which they supported it, as containing the views and the sentiments of the leading Southern Republicans in the House.
| Report of the Bank Bill by Mr. Calhoun. |
This committee came speedily to the conclusion that the nationalization of the monetary system was the most pressing need of the country, and within a month from the date of the appointment of its members the chairman of the committee reported a bill for the creation of an United States Bank, a mammoth national banking corporation, which should have a capital of thirty-five millions of dollars; in which the central Government should own one-fifth of the stock and be represented by one-fifth of the directors; the president of which should always be selected from among the Government's directors; the demand notes and bills of which should be received in all payments to the United States; and the chartered privileges of which should be made a monopoly for twenty years.
| Mr. Calhoun's argument in favor of the Bill. |