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COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Mlinois

JOHN G. TOWER, Texas JOSEPH S. CLARK, Pennsylvania

JACOB K. JAVITS, New York
WILLIAM PROXMIRE, Wisconsin

MILWARD L. SIMPSON, Wyoming
HARRISON A. WILLIAMS, JR., New Jersey PETER H. DOMINICK, Colorado
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire

MATTHEW Hale, Chief of Staff

II

1

FOREWORD

this year.

This volume brings together a number of major Federal banking statutes enacted from 1780 to 1912. It includes, among others, the ordinance of the Bank of North America (1781), the charters of the First and the Second Bank of the United States (1791 and 1816), the texts of the acts of 1863 and 1864, and the Aldrich-Vreeland Act of 1908.

In addition, the volume contains related major legislative and executive reports made during the time these banking laws were under consideration. It includes such items as the report of Alexander Hamilton on a national bank, excerpts from reports of the Comptroller of the Currency and the Secretary of the Treasury, messages of Presidents of the United States, reports of committees of the United States Senate and House of Representatives, and the report of the National Monetary Commission in 1912.

The publication was prepared in connection with the observance of the 50th anniversary of the U.S. Senate Committee on Banking and Currency, established March 15, 1913. The contents range over sig. nificant banking laws and reports which helped to set the background against which the Senate Banking and Currency Committee was created in order to consider the proposed Federal Reserve Act of 1913. The contents also include material pertaining to the National Currency Act of 1863, the 100th anniversary of which is being celebrated

These laws and reports were chosen with a view to their importance to the historical development of banking in the United States. They were also selected with a view to their relevance to issues still under debate today. Limitations of space have permitted the inclusion only of selected major laws and reports, which are illustrative rather than exhaustive in coverage. The compilation was made by Robert Moore Fisher, formerly of the committee staff.

The National Archives and the Library of Congress have been very helpful in supplying material for the volume.

In addition to the sources given in the text, other material on banking statutes and reports may be found in such sources as Laws of the United States Concerning Money, Banking, and Loans, 1778–1909, compiled by A. T. Huntington and Robert J. Mawhinney for the National Monetary Commission (S. Doc. 580, 61st Cong., 2d sess., 1910); Federal Reserve Act, 1913; McFadden Act, 1927; Banking Act of 1933; Banking Act of 1935; Bank Holding Company Act, 1956, a onevolume compilation of the House Committee on Banking and Currency (1958); and Federal Reserve Act of 1913, With Amendments and Laws Relating to Banking, compiled by Gilman G. Udell, Superintendent of Document Room, House of Representatives, Washington 25, D.C. (1958).

A. WILLIS ROBERTSON, Chairman. MARCH 15, 1963.

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CONTENTS

Page

Foreword..

1780-81—Proceedings in Congress on Bank of North America.

1790— Report of Secretary of Treasury (Hamilton), on a national bank...

1791–Opinions on constitutionality of a national bank:

Edmund Randolph (Nos. 1 and 2)..

Thomas Jefferson...

Alexander Hamilton.

Act to incorporate subscribers to Bank of United States (Feb. 25,

1791, 1 Stat. 191)---

Facsimile of signatures of act of February 25, 1791.

1809—— Report of Secretary of Treasury (Gallatin), on renewal of charter of

Bank of United States..

1810—Report of House committee, on renewal of charter of Bank of

United States....

1811-Report of Secretary of Treasury (Gallatin), on Bank of United

States...

Report of Secretary of Treasury (Gallatin), on renewal of charter of

Bank of United States. -

Report of Senate committee, on renewal of charter of Bank of United

States

Report of House committee, on renewal of charter of Bank of United

States.

1814 Report of Secretary of Treasury (Dallas), on public credit; excerpts.

Report of Secretary of Treasury (Dallas), on Treasury notes; ex-

cerpts..

1815—Veto message, James Madison, on Bank of United States, with text

of the bill..

Seventh annual message, James Madison; excerpt.

Annual report, Secretary of Treasury (Dallas); excerpt.

Report of Secretary of Treasury (Dallas), on national bank.

1816-Act to incorporate subscribers to Bank of United States (Apr. 10,

1816, 3 Stat. 266) ----

Facsimile of signatures of act of April 10, 1816.

1829—First annual message, Andrew Jackson; excerpt.

1830— Report of Senate Committee on Finance, on national currency-

Report of House Committee of Ways and Means, on Presidential

message about Bank of United States; excerpt.

Second annual message, Andrew Jackson; excerpt.

1831—Third annual message, Andrew Jackson; excerpt---

Annual report, Secretary of Treasury (McLane); excerpts.---

1832—Report of House Committee of Ways and Means, on renewal of

charter of Bank of United States; excerpts.--

Bill to renew charter of Bank of United States.

Facsimile of signatures of bill..

Veto message, Andrew Jackson, on bill to renew charter of Bank of

United States ...

Facsimile of signature of veto message of 1832.

Fourth annual message, Andrew Jackson; excerpt-

1833— Andrew Jackson, on removal of the public deposits -

Report of Secretary of Treasury (Taney), on removal of public de-

posits; excerpt..

Fifth annual message, Andrew Jackson; excerpt.

1834—Sixth annual message, Andrew Jackson; excerpt.

Annual report, Secretary of Treasury (Woodbury); excerpts.

1835–Seventh annual message, Andrew Jackson; excerpt.-

Annual report, Secretary of Treasury (Woodbury); excerpt.

1836– Act to regulate deposits of public money (June 23, 1836, 5 Stat. 52).

1861—Annual report, Secretary of Treasury (Chase); excerpt.

1862—Annual report, Secretary of Treasury (Chase); excerpt.

1863—Special message, Abraham Lincoln, on financing the war..

Act to provide a national currency (The National Currency Act)

(Feb. 25, 1863, 12 Stat. 665) --

Annual report, Comptroller of Currency (McCulloch).

Facsimile of signatures of act of February 25, 1863.

Third annual message, Abraham Lincoln, excerpt.-

Annual report, Secretary of Treasury (Chase); excerpts -

1864— Act to provide a national currency (The National Bank Act) (June

3, 1864, 13 Stat. 99) --

Annual report, Comptroller of Currency (McCulloch)

Fourth annual message, Abraham Lincoln; excerpt---

1865— Act of March 3; excerpts (act taxing State bank notes) (Mar. 3,

1865, 13 Stat. 469) --

1873—Annual report, Comptroller of Currency (Knox); excerpts.

Annual report, Secretary of Treasury (Richardson); excerpt-

1876— Annual report, Comptroller of Currency (Knox); excerpt -

1884—Annual report, Comptroller of Currency (Çannon); excerpts.--

1887—Act of March 3 (act on central reserve and reserve cities) (Mar. 3,

1887, 24 Stat. 559) -

1891–Annual report, Comptroller of Currency (Lacey); excerpt.-

1893— Annual report, Comptroller of Currency (Eckels); excerpts.

1907– Annual report, Comptroller of Currency (Ridgely); excerpt.

Annual report, Secretary of Treasury (Cortelyou); excerpt.

1908 Act to amend national banking laws (the Aldrich-Vreeland Act)

(May 27, 1908, 35 Stat. 546) --

Facsimile of signatures of act of May 30, 1908.

1909-Annual report, Secretary of Treasury (MacVeagh); excerpt-

1910—Annual report, Secretary of Treasury (MacVeagh); excerpt.

1911— Annual report, Secretary of Treasury (MacVeagh); excerpt.

1912—Report of National Monetary Commission.-

Monetary Commission's draft bill..

Annual report, Secretary of Treasury (MacVeagh); excerpt-

Annual reports, Comptroller of Currency, banking statistics, 1774–1912..

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