Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-02-05
Mail ARTICLES.
UNITED STATES BANK.

UNI LII y ~ Id DAMN.
LEGIsLATURE OF PENNSYLVANIA.
Ia House Of Representatices--January 20.
Mr.. Marks called up his resolution, as
he had given notice thai Inc would on this
day, relative 10 disappointment OF Il com
mittee 10 enquire INTO the expectancy of
taxing the Bank of the United States and
lis branches established in this state.
Mr.. G.. Evans, of the city, commenced
some remarks i'm opposition 10 the motion
20 consider; i'll which he Was interrupted
by the Speaker, who informed him that IA
motion TO consider did not admit of de-
bate.
The house having agreed To consider
the resolution hleSsrs. @. Evans and
Lehman opposed it, and Messrs. Marks,
Leib, Hill and Rogers supported it.
In opposition TO the resolution, it was
said, that Bank of the u. States had
been established at Philadelphia, near 30
years ago, and great benefit had proceed
ed from it to The government OF the u.
States and the people of Pennsylvania.
The institution had first gone into opera
ton when the credit of the government
was very low, and by This it was soon rails
ed 10 be the envy OF the world. When
the old Bank of the UniiedSiates expired,
liIC ClCtll III tic government WAS again
depressed the secretary OF the treasury
recommended the establishment of u
Bank of the II. ). as a sure mean of resio-
ring credit the Bank of the L.. s. was
established and credit WAS restored 1t
had not only done this, but through lis
means, specie pay mcnlS had been rcStor-
ed and inland exchange regulated 1t
had never been suggested 10 tax the first
Bank of the u. 5. which had been pro-
ductive of The good of restoring credit
and why should this Bank betaXed, " hiclI
had been the cause OF SO many benefits
A great Dumber of people had invested
their funds III lie stock OF this Bank, and
they would suffer great injury even from
the consideration OF Tins resolution. Cie-
dii was Il thing Of SO delicate d nature,
That ii WAS dangerous 10 touch il at all
and there was no calculating TO what ex-
tent the credit of The Bank would suffer
from the proceedings that had already
taken place on the measure.-And Tins
measure might furnish ground 10 inter
rupt the good understanding between
the state and the United States go, ern-
ment.
The bonus given TO the United States
by the Bank, the loans at per cent.
and the Bank acting as Loan Office
generally 10 the government, were brot
mic view asan equnaleD III 10 taxation, and
implying an exemption frem il.
But II was commended that this legisla-
ture had not the right TO tax the Bank of
the u. States. For the state to tax that
Bank was calling i'll question the right of
the u. ). TO establish il. The opinion of
Washington, Hamilton, Madison and JEFF
tersOn were quotedin favor of the estab-
ltSl 81 D,,,I- l.. al
the powers OF Congress. In connection
with these great names. the fact of one
Bank of the u. States having been es;ab-
lished by Congress when federal politics
prevailed, and another having been es-
tab!ished when republican or democratic
politics prevailed, was stated 10 SHOW
that the authority of Congress in the
case had been sanctioned by both par
ties.
And IT was added, that as the Glib ar
tlcie Ofille Constitution Of The u. States,
declares, that "1bis constitution and the
laws OF The u. StatcS,w .Nch shall be made
III pursuance thereof, DC. shall he the st-
preme law of the land and The Judges
IN every state shall be bound thereby, any
thing III the constitution or laws of any
state to the coBtrary Notwithstanding"
so law OF tins state 20 tax an institution
established by law of the u. s. would
be perfectly nugatory.
In support OF the resolution, all nten-
ton of entering into the merits Of taxing
the Bank was discIaimed, as the proper
time for that would be when the report
Ofthe committee came before the House.
But it was urged, what bad fallen from the
gentlemen opposing the resolution, we're
the very reasons that should prompt the
House TO an adoption Of il. If the Bank
OF the United States was the frail machine
that was represented, If it was of SO deli.
cafe texture thai il would fall ia pieces
OIL being touched, il was high time 10 ex-
anime II that The people might know
the real value of the stock, and that some
stationary price might be given TO it.
1t was AN extraordinary objection "a
gainsl taxing the stock ofthis Bank, that
Bank of The u. STATES had been in exist
ence near 80 years, and no TAX had been
imposed OH if. This would apply with e.
quail prOprlety TO a person who had pur-
chased plantation, and who, rs no state
lax had been imposed on it AT The time
nor since lac purchased it, might say he
did no! purchase IL subject TO taxation
II was Only few years siuce The stock of
any Bank III the stat, had been taxed !;
and II stock of like nature with Tbs vas
now taxed, what better reason was there
for exempiing ibis from taxation All tie
citizens ought TO be placed OH an equality
If different individuals were aIloWcd by
law TO make money 10y banking, what
gave one set better right 10 be exempt
from taxation than another The bonus
given 10 the IT, States had been brought
into view as giving this privilege to The
u. s. Bank. But that bonus was mere
trifie, and by no means equal 10 the TAX
imposed OF the banks in PennSN Ivania.
This. il had been said. was Aying I'm