Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-03-18

~ illustrated by the language OF their
memorial, in which they say that thew
had had it il their power to bsiaace the
trade o.,he sta,es by the operations OF
their capital. "A high and paramount
exercise ofpower indeed and express.
ly Conhded TO congress alone and AL
though fairness compels the admission
OF the accompanying statement, that
they had exercised this power Impair.
tally, and had given proper direction,
IN their opinions, to commercial enter
Prise, that they had exercised this
high investiture of authority benevo-
lentiy! yet these statements cannot
obscure or conceal from the American
eye, the invasion Of political principle,
which here does not .confide in the ben
evolence OF impar,iali:y ofthose who
are iotrusted with great powers but to
The checks and means of controlreser-
we'd to those delegating them. With
The efficient means which they profess
sed to have in every important part of
me union, or operating at the same mo.
ment, and of course, BY previous con-.
cert, On trade, it was natural to believe
ihey would favor that species of COM
MERGE which was congenial to the in
teresss ofthose foreigners who compo-
SGD the company bat this power is pre-
senied III still more inadioissible point
OF view, when we see in the acknowl-
edged means of operating ON trade,
that OF regulating the markets Of our
native products by occasional pres.
snres on the mercantile community, &
thus, in fact, fixing the price Of labor,
and regulating the profits of the agri-
cultural citizen. The proof of,he fact
that the managers of this institution
had exercised on morablc occasi.
on, an influence of a political kind, in
favor of a foreign nation, did net fail
to produce disgust; but the reflection
that they would tie able TO exert this
dangerous influence again, could but
s1cite apprehensions unfavorablc 20
renewal.
a third objection with me was, that
one OF the provisions in the charter,
committed ain indecent invasion on the
sovereignty of the states. 1t AUTHOR
lssd The direct tors resident in Phia-
delpiils, or any seven of them to erect
a bank, Wi hin the limits of any of the
states, although many of them were so
averse on principle to the in,rodrction
OF Banks, as not 10 sanction it on their
own authority, and many ofthose who
did SANCTION the principle. had thought
IT necessary 10 reserve to their legis.
latures themselves an Efficient control
over the institutions. SO highly OBJ
Jectionabie was the renewal of this
power, that l should not have been
without well founded expectations, that
the states would have refused the ex-
ercise OF the power SO delegated, and
that dangerous collision Of authority
between the states, and the United
States might have been the conse-
1uence,
othese, and other insurmountable
objections, which might be urged l
could not see any competent answer.
on he principles OF Inconvenience or
even temporary distress, if such was
TO follow the refusal to renew. The
supposed necessity for bank in the
conduct OF our fiscal concerns, is now
ae acknowledged TO be reduced To ones-
ton OF convenience alone; for howe
yer powerfully this argument might
have inauerted the early operations
OF our government, the state Banks,
nov every where established, where
there is a deposit Of revenue or an ex.
Psnditure Of tr asure, supply that ne
cesslty and under perfect safety to the
government. Taxing those banks in
the aggregate, which will be employed
IN the states by the government, hey
are more safe, because they form in an
aggregate, far larger capital than
the United States Bank Company DOS
sesses. The temporary commissions in
trade, which have been depicted nv the
Over Jealous friends of this institution.
IN the ihsn uacertsin event OF its non.
renewal, It may in some measure de-
pead on the disappointed owners of It
70 realize l do not however Believe
IN the certainty of this tempory evil.
Inc shiPneuts made to England by