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called rotten stone, sumac, tartar when crude, teute-ward cause said goods to be advertised and sold, in the neque, turmeric, weld, woods of all kinds when unman-manner provided for in this act; and after retaining the 2 ufactured, not herein enumerated. duties thereon, agreeably to such inventory and appraiseSEC. 10. And be it further enacted, That on all arti-ment, and interest and charges as aforesaid, shall pay cles not herein enumerated or provided for, there shall be the overplus, if any there be, into the Treasury of the levied, collected and paid, a duty of twenty per centum United States, there to remain for the use of the owner ad valorem. or owners, who shall, upon due proof of his, her, or SEC. 11. And be it further enacted, That an addi-their property, be entitled to receive the same; for which tion of ten per centum shall be made to the several rates purpose the collector shall transmit, with the said overof duties by this act imposed in respect to all goods, plus, a copy of the inventory, appraisement, and account wares and merchandise, on the importation of which in of sales, specifying the marks, numbers and descriptions American or foreign vessels, a specific discrimination be- of the packages sold, their contents, the name of the vestween them is not herein made, which, from and after sel and master in which, and of the port or place whence the time when this act shall take effect and go into they were imported, and the time when, and the name. operation, shall be imported in ships or vessels not of the of the person or persons to whom said goods were conUnited States; and that a further addition of ten per signed, in the manifest; and the receipt or certificate of centum shall be made to the several rates of duties im- the collector shall exonerate the master or person having. posed by this act on all goods, wares and merchandise, the charge or command of any ship or vessel in which which shall be imported from any port or place east of said goods, wares, and merchandise, were imported, the Cape of Good Hope, in foreign vessels: Provided, from all claim of the owner or owners thereof: Provided, That these additional duties shall not apply to goods, That so much of the 56th section of the general collecwares or merchandise, which shall be imported, after tion law of the second of March, 1799, which provides the day that this act goes into operation, in ships or ves- for the storage of unclaimed merchandise, as conflicts sels not of the United States, entitled by treaty, or by with the provisions of this act, shall be, and is hereby any act or acts of Congress, to be entered in the ports of repealed: Provided also, That when such goods are of the United States, on the payment of the same duties as a perishable nature, they shall be sold forthwith. shall then be paid on goods, wares or merchandise imported in ships or vessels of the United States.

SEC. 14. And be it further enacted, That on and after the day this law goes into effect, there shall be allowed SEC. 12. And be it further enacted, That on and after a drawback on foreign sugar refined in the United States, the day this act goes into operation, the duties on im- and exported therefrom, equal in amount to the duty. ported goods, wares, or merchandise, shall be paid in paid on the foreign sugar from which it shall be manu

1: Provided, That in all cases of failure or neglect factured, to be ascertained under such regulations as to pay the duties on completion of the entry, the said shall be prescribed by the Secretary of the Treasury, and goods, wares or merchandise, shall be taken possession no more and on spirits distilled from molasses, a drawof by the collector, and deposited in the public stores, back of five cents per gallon, till the first day of January, there to be kept with due and reasonable care at the eighteen hundred and forty-three, when it shall be recharge and risk of the owner, importer, consignee, or duced one cent per gallon; and annually, on the first agent; and if such goods remain in public store beyond day of January thereafter, the said drawback shall be sixty days, (except in the case of goods imported from reduced one cent per gallon, until the same shall be beyond the Cape of Good Hope, remaining for the space wholly discontinued: Provided, That this act shall not of ninety days,) without payment of the duties thereon, alter or repeal any law now in force regulating the exporthen said goods, wares, and merchandise, or such quan- tation of sugar refined or spirits distilled from molasses in tities thereof as may be deemed necessary to discharge the United States, except as to the rates of duties and the duties, shall be appraised and sold by the collector, drawbacks.

at public auction, on due public notice thereof being SEC. 15. And be it further enacted, That in the case of first given; in the manner and for the time to be pre-all goods, wares, and merchandise, imported on and scribed by a general regulation of the Treasury depart-after the day this act goes into operation, and entitled to ment; and at the said public sale distinct printed cata- debenture under the existing laws, no drawback of the logues descriptive of said goods, with the appraised value duties shall be allowed on the same unless said goods, affixed thereto, shall be distributed among the persons wares, or merchandise, shall be exported from the Unipresent at said sale; and a reasonable opportunity ted States within three years from the date of importashall be given before such sale to persons desirous of tion of the same, nor shall the additional rate of duty purchasing, to inspect the quality of such goods,---and levied by this act on goods, wares, and merchandise, imthe proceeds of said sales, after deducting the usual rate ported in foreign vessels, be refunded in case of re-exporof storage at the port in question, together with all other tation: Provided, That two and one half per centum charges and expenses, including interest on the duties on the amount of all drawbacks allowed, except on forfrom the dates of entry, at the rate of six per centum per eign refined sugars, shall be retained for the use of the annum, shall be applied to the payment of the duties; United States, by the collectors paying such drawbacks, and any balance of money remaining, over and above respectively; and in the case of foreign refined sugars, the full amount of duties, charges, expenses and inter- ten per centum shall be so retained.

est aforesaid, as well as such quantities of any goods, SEC. 16. And be it further enacted, That in all cases) wares, or merchandise, as may not have been sold for where there is or shall be imposed any ad valorem rate the purposes before mentioned, shall be delivered, and of duty on any goods, wares, or merchandise, imported the money paid over, by the collector, to the owner, im- into the United States, and in all cases where the duty porter, consignee, or agent, and proper receipts taken for imposed shall by law be regulated by, or directed to be the same; And provided, That if no claim be made by estimated or based upon, the value of the square yard, such owner, importer, consignee or agent, for the por- or of any specified quantity or parcel of such goods, tion of goods which may remain in the hands of the col-wares, or merchandise, it shall be the duty of the colleclector after such sale, the said goods shall be forthwith tor within whose district the same shall be imported or returned to the public stores, there to be kept at the risk entered, to cause the actual market value or wholesale and expense of the owner, importer, consignee or agent, price thereof, at the time when purchased, in the princiuntil claimed or sold for storage, agreeably to law,--pal markets of the country from which the same shall and the proceeds of the sale for duties remaining, un-have been imported into the United States, or of the claimed for the space of ten days after such sale, shall, yards, parcels, or quantities, as the case may be, to be after payment of duties and all expenses aforesaid, at the appraised, estimated, and ascertained, and to such value expiration of that period, be paid by the collector into or price, to be ascertained, in the manner provided in the Treasury, in the manner provided for in the case of this act, shall be added all costs and charges except inunclaimed goods in the next succeeding section of this surance, and including in every case charges for comact. And provided further, That when any goods are of missions at the usual rates, as the true value at the port a perishable nature, they shall be sold forthwith. where the same may be entered, upon which duties)

SEC. 13. And be it further enacted, That previous to shall be assessed. And it shall, in every such case, be the sale of any unclaimed goods, the said collector shall the duty of the appraiser of the United States, and every procure an inventory and appraisement thereof to be of them, and every person who shall act as such apmade, and to be verified on oath or affirmation, by two praisers or of the collector and naval officer, as the case or more respectable merchants, before the said collector, may be, by all the reasonable ways and means in his or and to remain with him; and said collector shall after-their power, to ascertain estimate, and appraise the true



THE first Bank in the United States which Tariff and the additional evils arising from. bore a National character was the old Bank the absence of any National Currency, were of North America, chartered by the Conti-the two great impelling causes of this Union, nental Congress in 1780, after the Finances to effect which the most violent and inveteof the States had been utterly ruined by the rate prejudices, the strongest local predilecburthens and calamities of the Revolution tions and suggestions of self-interest, were and the profuse issues of Government paper met and overcome. One of the first acts of known as 'Continental Money.' This Bank the first Congress which assembled under the was projected by ROBERT MORRIS, the great Federal Constitution was the imposition of a financier of the Revolution, whose exertions, Tariff; the creation of a National Bank was credit and private fortune were nobly contri- not long deferred. The chartering of such a buted to the American cause, and aided more Bank was recommended by ALEXAnder Hathan those of any other man but Washington MILTON, Gen. Washington's trusted Secretato sustain it. This Bank of North America ry of the Treasury, as absolutely indispensaproved of immense service to our Revolution-ble to the efficient and economical manageary Fathers, affording a resource in utmost ment of the Finances of the Union. The bill need, and furnishing large amounts of money chartering the Bank was warmly debated in to equip and feed our armies. But after the both Houses of Congress, but passed the close of the War it was discarded by the fee- House by a vote of Thirty-nine to Twenty. ble Government of the Confederation and took In the Senate, the Yeas and Nays were not refuge under a State Charter from Pennsyl- called on the final passage of the bill; but a vania, and ultimately-in the season of gene-variety of amendments were moved by the ral calamity which followed the unqualified opponents of the measure, the most plausible opening of our ports to the fabrics and ships and popular of which was one reserving to of all nations, while they rigorously excluded Congress the right to repeal the Charter our products from their ports-this Bank was and for this there were Nine votes to Sevenoverwhelmed. All the Specie was drawn teen against it, and in favor of the bill as it? from the Country to pay balances for foreign stood. Thus the bill prevailed in either goods, and there remained no choice for a House by a majority of nearly two to one. Bank but to wind up or break. The old Re- An impression has been studiously urged volutionary Bank, which had braved and by the later opponents of a Bank that this weathered the desolation caused by British vote was a party one-that the Anti-Federalarms, was not proof against the disasters in-ists of that day, who afterward took the name duced by aggressive British policy in peace, of Republicans,' and subsequently that of while our Country offered no show of resist- Democrats,' were united in opposing the ance. It was broken, just as the later United measure. But this representation is unwarStates Bank was after losing its National ranted by the facts. Among the votes in facharter and in like manner becoming a State vor of the Charter are recorded the names of institution in 1835-6. The parallel is striking Elbridge Gerry of Massachusetts, (afterward and instructive. Republican' Governor of that State and

In 1789 a new and stronger Federal Gov-Vice President under Madison in 1812,) Floyd ernment was constituted, avowedly to 'form of New-York, Dickinson of New-Jersey, a more perfect Union' between the States.-Heister and P. Muhlenberg of Pennsylvania, The want of power to establish a Protectivel&c. In truth, the vote on the Charter was


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almost precisely a sectional one. The loca- and the question of renewing it came up untion of the Bank at Philadelphia was the der most unfavorable auspices. The Directcause of the opposition. The Southern Mem-ors and a majority of the Stockholders were bers were then struggling for a more South- Federalists, and the Bank was assailed as ern location of the seat of the Federal Gov- Federal, while the Government was strongly ernment, and they considered the placing of Democratic, and party feeling overruled every the Bank at Philadelphia calculated to dimi- thing else, leading all the young and ardent nish their chance. Under this impression, all Democrats-Mr. Clay among the numberthe Members but seven from the South of to oppose the Recharter. Yet such was the Delaware voted against the Charter, while all earnestness and depth of conviction on the from the North but Mr. Grout of Massachu- part of those who had shared in the experisetts voted in its favor. (Mr. Grout had just ence of the country without as well as with a before voted for the Assumption of the Debts Bank that it nearly overbore the mountain of of the States, which was considered a test of prejudice and party feeling_arrayed against parties, and his the Federal side of the ques- that institution. The bill to Recharter passed tion.) the House in spite of a powerful opposition, Of the Members of Congress who voted on including a most effective speech from Mr. this bill, Nineteen had been Members of the Clay, then Speaker, and was transmitted to Convention which formed our Federal Con- the Senate, where an equally energetic strugstitution, and ought to have known what they gle took place. The Senate consisted of meant by that instrument. Thirteen of them twenty-four Republicans' and ten 'Federalvoted in favor of the Charter, thus clearly af-ists.' On the final question, the vote stood firming its Constitutionality. With the other seventeen for and seventeen against the ReSix, the local question of which we have charter, when Vice President Clinton gave spoken had much weight, and was probably the casting vote against the bill, and thus terconclusive-so that their vote was not so much minated the Bank's existence. Mr. Clinton against the Constitutionality of the Bank as its had been averse to the forming of the Federal? location. The only one of them whose opinion Constitution and to any institutions more Naon Constitutional questions is regarded as tional than those authorized by the old Conweighty is Mr. Madison, and he afterward federation, and still cherished the same tenbecame a champion of the Constitutionality dencies, somewhat modified by experience. of a Bank, signed as President the Charter of On the other hand, among the able and influthat of 1816, and just before his death wrote ential Republicans' who supported and voa most conclusive letter in support of the ted for the bill was WILLIAM H. CRAWFORD Constitutionality and utility of such an insti- of Georgia, afterward the leader and champion of the Radical Democracy, and its canBefore signing this Charter, President didate for President in 1824. The last public Washington required the opinions of the paper which emanated from this great StatesMembers of his Cabinet on the question of its man (in 1832) was a most conclusive vindicaConstitutionality. The two Virginia Mem- tion of the expediency and constitutionality bers (Thomas Jefferson and Edmund Ran- of a National Bank. His long experience as dolph) gave opinions against it; Col Hamil-a leader of the Republican party in Conton and Gen. Knox gave theirs in its favor. gress, and more especially as Secretary of Gen. Washington maturely considered them the Treasury, entitles his opinion to great all, and then signed the bill, though all the weight.



Members of both Houses and of the Cabinet So the Bank was killed in 1811; and, not from his own State had gone against it. attempting to prolong its existence by a State:

The Bank thus chartered went immediately Charter, it wound up its affairs, paid every into operation, and proved of immense service body dollar for dollar, and returned its capinot only to the Government but to the whole tal to the stockholders. The country soon Country. By its aid, the Finances were after engaged in a War with Great Britain, brought out of confusion into order, and the and very speedily experienced the want of credit of the Government fully established. the institution so destroyed. Our Finances No man can tell any harm that it did, while again fell into inextricable confusion; the its blessings were universally felt. Mr. Jef-Government was forced to borrow money at ferson, who had at the outset been its most 12 per cent. interest, give $100 for $88 at prominent and determined opposer, evinced that, and then take the proceeds in the notes no hostility to it during his Administration, of Banks which could not pay specie-which but on the contrary signed the bill authorizing notes were worth sixty to ninety cents on a the establishment of a Branch in the recently dollar.

acquired Territory of Louisiana-an act ut- At the close of the War, with an empty terly incompatible with a belief that the Bank Treasury, an enormous Public Debt, and was either unconstitutional or pernicious. a Currency in every different stage of In 1811, the Charter of the Bank expired, rottenness, the Government set earnestly

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