Legislation: National Bank Act of 1791 (Defeated)

[Galaxie]

Mr. Speaker,

Our United States are in desperate need of a financial institution with the stature and ability to conduct fiscal affairs and alleviate our debt. State-level banks have only sewn more chaos in our financial system, and have done little to pay off our war debts.

This National Bank, which shall be established in our new Seat of Government, the District of Columbia, provides a solution to these woes. It further establishes a unified national currency that supersedes the many currently established by our states. It has a capital ceiling much higher than any state bank, allowing for large movement and growth, and it creates a system in which private shareholders and the Department of Treasury work together to lead fiscal growth and manage our Bank.

Fear not of the increase in federal burden that this bank creates, for it is absolutely needed to ensure financial security and stability. There is only only way for us to take on this debt, gentlemen, and that is through a national entity as described above. May we remain steadfast and bold in our action taken on this debt, and understand that a move as bold as this is ultimately needed.

I yield.

[Galaxie]

Mr. Speaker,

Gentleman, the opposition to this bill is noted, and there is only so much that repeating ourselves can accomplish.

What we cannot argue, however, is that we are a nation in an economic crisis that will continue to grow in scale and immediacy unless action is taken.

Is there any way to amend this Act to make it friendly to those opposed, and if not, why have the opposed not offered their own plans for economic revitalization? Surely we cannot be the only Faction concerned about this.

Gentlemen, I extend the most sincere invitation to compromise on this Act for the good of the nation. I ask that you accept it so that a more constructive dialogue can begin, and that our nation may regain financial stability.

I yield.