Alabama state intelligencer., 1831-11-12
NAsHyILLE. Nov. 1

The committee the House of Representatives of thls State, appointed to take into consideration the subject ol the United States Bank, have made thro' MT Brown their chairman long report against the renewal of the charter of that institution This do- cument commences with review the acts of pre- cedng legislatures of this State on the subject; mo-
 ces the resolution Of the last sesson directing the senators and representatives in Congress from Ten nessee 10 vote against renewal of the charter pro- vided the question should arise before the present session oi the legislatures and urges the proprety of some measure by the present general assembly to demonstrate that no change of sentiment has taken place among the people of this state that subject It ailudes to d proposition made by Pennsyvania and sanctioned by Tennessee in 1919, for a change oi the constitution of the United States expressly to prohibit the incorporation by Congress of any bank out of the District of Columbia. The Report, with out protesting to discuss the consutonality of the present charter evidently questions and denies the right oi Congress to create any corporation public or privaie, and undertakes to point out the possible evils that may result from the existence of such power It then proceeds to an enumeration of the grounds upon which the committee recommend opposition by the legislature to the renewal of the charter of the present United States Bank, VIZ: 1st, because the present stockholders have enjoyed the exclusive be- nefits of banking privileges under the national go. vernment long enough, and none of the citizens of Tennessee are themselves personally interested in its profits, all of which, acquired by operations here are of course carried of the state 2d because the private property of the stockholders is not liabe to any extent for the debts of the bank: 3d. because foreigners are owners of one-fih and perhaps more of the stock 4th because "the present bank if not inconsistent with the sovereignty of the states is of ten destructive to their best interests; it's property not being liable to state taxation and its profits being drained from some states to increase the wealth of citizens of other states; and 5th because if a na- tona bank must exist substitute much better or Ins tutp .l,a L,..I
 ed and established. The plan ofa substitute is then laid down, of which the following is brief synopsis.
 Let branch be established in each state, the le- gsatures of which may assent thereto. The capital stock to be fifty millions more, and except the DOT tpn belonging to the government, to be divided a.
 png the states, in proportion to their representatives Congress. One third ofthe share of each state to besubscribed by the legislature if it choose to do so at the first session after the charter granted. The remainder and if the legislature neglect subscribing
 the whole of the share to each state to be reserved for the citizens of such state. for six months, after which any portion not subscribed may be taken by any citizens of the United States The directors of the principal bank to be chosen and appointed as at present. The directors of the branches to be ap- pointed by the directors of the principal bank as at present. except that the legislatures the states may respectively choose number proportioned to the stock subscribed for by them. The dividends to be made semannuay as at present.
 An0ther plan IS suggested, "wh1ch Tn the opinion of some, would attain the purposes contemplated in the above project, with equal certainty and without producing the inconvenences of closing the concerns of the present institution" This plan consists in renewal of the present charter, with an increase of the capital stock 15. 20 25 millions of dollars, which additional stock shall be divided among the states so as make the entire amount owned in each state proportioned to its representatives in Congress- and the other provisions suggested in the plain for creating new bank, to be made as far as they may be applicable to the additional stock thus created
 The report concludes with recommending the a. doption of the following preamble and resolution:
 Whereas the charter of the United States Bank will expire in the year 1836 and the stockholders eofhaving announced, that they will probably ap- ply at the next session of Congress for its renewal and whereas, it is believed by this General Assembly that sound policy requires that the same should not be renewed, Therefore
 Resolved by the General Assembly of the State of Tennessee, that our senators in Congress be n- structed, and representatives requested to use their best exertions to prevent the renewal of the present charter of said bank should any attempt be made in Congress for that purpose. ."-Banner.