Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1821-01-23

&c i.coliPaub.c with ihe existence and sieser-
walton of trade, business aud empioyments
NO just principle is perceived, upon which
these laws should receive a different inter-
pretat,on, in their application to the a ade
anu bnsiness OF private corporation.
According 10 the dsEn,iiom OF a corporation
heretofore given, the corporate ftanCh ises OF
the Bank OF tho Uriied States, invest the
stockholders with Immortality and individual
NY, with a capacity 10 ACT like one immortal
being, to perpe'uate their existence; 10 man
age their own affairs, 10 hold property, aud
transmit II fiom hand AS "A natural person
could. Thsse franchises are conieri ed by the
government or the Union, 10 enable the cons
paDy 10 conduct the business of lending mo.
ney, anu tue trade in blls of exchange, and
gold and silver bullion. with conv enience an q
security but the business and trade 20 be
conducted, are not corporate iran chises, aud
are not created by the act OF congressA
tax assessed upon the business of the Coa,ra
ny, does not touch their corpoi ate franchises.
howeVer II may affect their convenience or
'heir proht. This power TO preserve, as as.
serted by the court, aud applied u the snb.
Ject before them, IL not ASST ried fer IN ain,ain
ing ana preserving the corporate fran chises
OF the bank but tor the puipos. of giving TO
these corporate franchises action and employ
ment every where, independent OF state lava,
ana beyond the control 1T state legislation.
When fairiytfaced 10 Ills consequences, the
doctrine Asserted amounts to this that a cor
Po'au"" Cied'eu ny the government OF The u
mon Is clothed with supreme authority TO
conduct its business, without resper, 10 The
EXISTING laws OF the states, and free from any
apprehension of those that NAV he enacted
most serious obJec ton TO Tins dcctr iue Is
tat IL asserts the power TO preserve, not an
pertaining TO the government of Ike union 10
| be employed or not al the discretion OF con-
| gress, but as incidental to the charter. and 10
De secured To- the company by the Judicial
power alone.
IL is important 10 glance at the train of
| implications with which this doctiue is con-
| neeted. ihe powerto create the bauk, i'm
piles Inc power TO preserve it.-Ihis mower IN
| create IS, itself. derived by implication-It il.
| FOUND among the subsidiary powers as Incl
| uent 10 the choice otmeans for tie admins
| tratioU of the government. This Implied
power 10 create, Is made the foundation of
| further implication : it implies the mower 10
pieserVe-and again, of necessity, the power
| TO preserve, implies choice in selecting the
| means otprestivatiOn-and upon the doctrine
of Tie court, all these powers are supreme IN
the operations Of which, the constitutions aud
| iews OF the states, can oppose no obsiarle-
| IL Us certainly difficult TO see the point wherp
| 'hese implications terminate, or tn name the
power Which they leave 10 lie states unim-
paired.
The government Of The union. have mn .au
! thority, by the express provisions at the con-
| stitnticu 10 interfere with The law of con-
| tracts Ihey nave fonnd auihsriiy TO insii
"A
| private corporation of trade, and vim Tho
| power TO create, they have possessed tLe",.
selves OF power TO preserve. not the corno,,
| ton theS created, but the >busimess in which
the cooperation have engaged. This business
| extends over the whole region of con,rsct 81
ther direct InDegotiatins loans OF n,n.ev anI
purchasing and selling bills ofexriIaprs mi
gold, aud silver ullIon, or indirect in receiy,nn
| az" "lsnosihg OF merchandise aud real estate
pledged or mottgased Tor debts previonsIy
contracted. From the aid of their coruor,,,o,;'
| ne s'a'eS may withdraw their laws nr can
lVoyahces, or as applied 10 their dsaIiurs Tho
states may introduce provisions reenCs,irr
contracts, which The corporation mny L.,
distinctions TO the enjoyment Of mir 60
poiate trade From this doctiine ,ba, ~.
power TO create implies Tie power IN nrcssr,a
congress may derive power To frame rev
law of contracts, and devise A ne,y .ys,on, >.
| cUuNeyanCes. suitable 10 the be,.Eit.
| Joyment of The trade of this corporatiou. s,''i
tnis ne" system ~ tue supremacy ofjts action
may disregard boih fundamental laws and es.
| tabllshe1 maximh OF jul lspfudence
| The government OF the uujon ,ras M, :;
! stltnted TO protect individual rights mr. "
t'uress Individual wrongs but this poDsr
| TO preserve the trade business and propertv of
corporation created hy themselves invests
| them with power TO frame a code of crin,;,,,t
! laws for the punishment of those vino VIM, ~
the property OF the bank and Tins dr,,v ia. -,
| the tede At conrts the ordinary administr%
ton OF crImi'ai justice, This ~ alIeacy al :
4 me- q
WHO counterfeit the notes of The h,nL -
upon the doctrine asserted NAV be extrndoJ
| 10 cases otiarceny, burglary, or no bbeyv ma,
| their corporate property No doctrine las
ever yet oeep advanced that draws TO the go-
verument or the union such an host of nn,OaSs
non, that contains such potency for rend;no
into shreds' the authority of the s.ates.'
In the discussion oftbis subject an ez,raordj,,
and almost miraculous efficacy is given 10 the term,
| employment OF medns." And it is worthy OF rema,k
that no EFFORT ismade to explain their import: or
the sense IN winch they are used-We ave told tbaItb
collection oftaxes, and the safe keeping Of and ,ys
missien Of money from place to place is an ana %,
object o. government, and that the ha IL
means OF attaining this end-bnt il is MOI The char
corporate franchise that is or employed far ~
puTposS-i is the individuals that commas. ,I,o . l'
pauy aggregate body that are thus used go IN
corporate franchise hestOwed upOn them hv III e
eminent rs conferred to enable them tTsnsac, their
own business ana perform this the oav,rn
ment, with greater security aud convenience 4, a.
moment the goveIHmsnt of The union EMPLOYS She
franklin Bank Of ConDihns, Ia receive and osv ,,, H.
public monies, and While thus einpIoyed hi. 10 = "
used means ~ government, but being Inns "H
not SUPPOSED 10 invest With any privilege peculiar TO
| the pubiic funciionarieS." ~
p" The COMMITTEES nave carefully examined the sub
jeet, aud "ithOut pretending to present n i'm AN 'h
views of which IL IS susceptible have ,,rse al 'ns
which appear 10 lhem most prominent. The ,esuI, If
Their dellbefaJOns is, That the Bank of The
Sa,es IS, IN their opinion, mere private c.Too,,,;
ofuade and as such, Its trade aud business, must ,e
| subJect TO the taxing power OF the state ~ "
| in considering What course the committee ,boptd
recommend as proper to adopt a. this lime one ,,int
OF officially has presented Itself II is urgsd nv man
thai The tax levied and collected Is eno,Inon. -
amount, ana Therefore unequal and atust i, ia rs,
Oily admitted that this allegation IS not enlire,y m
founded ah0 al must agree that IL does not nornport
With the character Of STATE To aff,td any ,,Io, 10,
accuse her OF injustice. Even in the assertion of a
right, II Is highly derosstory for state 10 act ornres
sNey, ana all injustice IS oppression. It cannot ne
esubted, but that the tax was levied IS penalty and
tkat u was not supposed The baak would venture 10
lhcuI ~ u was an act ~ temefiy IN them 10 do So :
and although IN ibis view the tax VAS Justly aud in
the opinion Of The committee, legally collected VET
under all the circumstances Of the case the
conceive that the STATE ought 10 satisfied w.h Ell
fecting the objects Tor which the lay vas enacted
A. this time the bank have lt,tie ohI cl IN rom