The Delaware register, or, Farmers', manufacturers' & mechanics' advocate. [volume] (Wilmington, Del.) 1828-1829, 1828-11-08

gress power to pass such laws as were necessary tc
carry the specified poacers into effect yet this clause
could only be considered applicable to acts in JUS
LITIGATION of which there could be pleaded an absolute
paramount, and irresistible necessity not to those
which, like the bank proposed would only rest on the
grounds of erpedicncy superior conrencnce precedent
and general usefulness The manly understanding
however, OF the Secretary of the Treasury, and the
practical wisdom of the august Chief then at the head
OF the government could not be swayed by grammati-
cal considerations so futile. The former investigated
the question, and refted the pretended constitutional
objection with force of reasoning which could not
fail to remove all doubts esubect from every sound
and unprecedented mind and the latter CONSEQUENTLY
gave his sanction to the act of Congress ncorpora-
ting the Bank, which passed into law on the 25th
of February Of the year following Agreeaby to this
law the capital stock of the Bank of the United States
was limited to 100000 Of dollars, divided into g.
900 shares Of 400 dollars each payable one fourth in
gold and silver, and three fourths in public securities
bearing interest of six, and three per cent The
corporation restricted from contracting debts be-
yond the amount of their capital and from holding
property exceeding the value of 15,O0U,OoO of Dol
lars, real estate than necessary for the conve
nent transacng of their business. The affairs of the
Bank were to be managed by twenty -four directors to
be elected by the stockholders Only citizens of the
United States and stockholders were eligible as such
Only three fourths of their number could be reelected
every succeeding year; and several more regulations
were contained in the charter. generally well cacula-
ted to guard against any political dangers from this
national establishment, to extend its usefulness and
confirm its soldity. The duration of the bank was
limited to the 4th of March, 1871.
The subscriptions were filed as soon as opened
The government, conformably totle right reserved in
the charter subscribed 5000 shares, or two millions of
dollars, and the bank went into immediate operation.
The dividends of the Bank, made semi-annually.
generally amounted to four per cent. Its stock,
great proportion of whichwas held in Europe. soon
considerably above par and the institution proved
always convenient, some occasions eminently use
full to the government, and not less beneficial to the
public at large. Yet when the period of the termina-
lion of its charter arrived and the Stockholders app
I'd TO- Congress for renewal Of it, the same objection
1f nconstitutonalty whichhad been successfully com
oatted twenty years before, was again revived When
he subject came now again under discussion the force
If sound argument the considerations of general use
uness and the unquestionahe fiscal expodiencE of the
enewal of the charter could not he expected to avail
gainst unfriendly sentiments Of such long standng-
IN impulse wasaccordingy gvens the renewal of the
harter refused, and the institution dissolved. The U