Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-13

IN the OF proper means which cannot be restricted or
abolished without amendment of the constitution
Every act of Congress, therefore, which ATTEMPTS nv
grants OF nonopoes, sale of exclusive privileges for
limited time, or time without limit restrict or extin-
guiSh its own discretion in the choice Of means TO execute
It's delegated powers, is equivalent TO legislative amend
ment OF the constitution, and plpably unconstitutional
ms act a"oises and encourages transfers of its stock
10 foreigners ana grants them exemption all State
and national taxation. So far from being necessarU and
proper that the bank should possess this power to make
il safe and efficient agent OF the in its fiscal
operations, II is calculated TO convert the Bank of the u
States into foreign bank mpov our people in time
oil peace 10 disseminate foreign influence through every
section Of the republic aud in TO endanger our indie
pendencc.
The several States reserved the power at the formation
OF the constitution regulate and control titles and trans
ters OF real property and most, if all of them have
laws dsquaiying aliens from acquiring holding lands
within their limits But this act disregard of the un
doubted right OF the States TO prescribe such DISQUALIFIED
tons, gives TO aliens stockholders this bank an
and title, as members OF the corporation all the real
property il may acquire within any of the States of this
Cnon This privilege granted 10 aliens is "necessa-
y TO enable The bank TO perform its public duties
any sense proper because it is vitality subversive
The Government of the United States have no constit
tona power TO purchase lands within the States except
lor the erection OF forts, magazines arena dock yards
and other neediul buildings, and for these objects
only "by the consent Of the Legislature of the State in which
the shall be-" BY making themselves ckbolders
in the bank, and granting the corporation the power
not granted III the constitutions and grant others what
they do not themselves possess necessary to the
the Government that the bank should possess this power
and is not proper that Congress should thus enlarge the
powers delegated TO them in the constitution.
The old Bank OF the United States possessed capta of
only eleven millions odolars which found fully su
cen 10 enable it, with despatch and safety perform all
the functions required of il the The ca
pal Of the present bank is thirty five millions of dollars
least than experience has proved TO be
necessary to enable bank to perform its public functions
The public debt which existed during the period of the
old bank and on the establishment of the new has been
nearly paid off, and will soon be reduced.
This increase oil capals therefore, for public for
private purposes.
The Government is the only "prOper' Judge where lis
agents should reside aud keep their Offices because
knows where their presence WILDE Unnecessary" 1t
not, therefore, be necesSGy 'pTOpeT authorize
the Bank TO locate branches where pleases TO perform
the public SERVICE without consulting the Government
and contrary 10 lis WILL The principle laid down bv the
Supreme Court comedies that Congress cannot establish
bank for purposes of private speculation and gain, but
ly as means oil executing the delegated powers of the
General Government. BY the same principle, branch
bank cannot constutionay be established Tor other than
public purposes The power which this gives TO cs-
absh two branches in any State, without the injunction
request of the Government, and Tor other than public
purposes, not necessary 10 the duo erccution OF the
powers delegated 10 Congress.
The bonus which is eXaced from the bank, is confess
SON. upon the lace OF the act that the granted by
are greater than eceSsdry its character s-
cal agent The Government does not tax its officers and
agents for the privileges of serving it, The bonus of
million and half required by the original charter that
of three millions proposed by this act for
the privilege oil giving the necessary facilities for
ierng the public funds from place TO place. within the
United States the Territories thereof and for distnbu-
ting the same in payment Of the public creditors with
out charging commission claiming allowance account
OF the difference OF exchange, required by the
incorporation; but for something beneficial TO the
stockholders The original declares, thaif he bonus)
granted sin consideration of the exclusive privileges
and benefits conferred by this act upon the said bank
and the act before declares be Sin consideration of
the exclusive benefits and privileges continued by this
to the said corporation, for fifteen years Aforesaid
is therefore, for exclusive privileges and benets
ieed for their own and emoument and not for the adj
Government,
These surplus powers for which the bank is required
pay cannot be Unnecessary TO make it the fiscal agent of
the Treasury If they were, the eXaction of bonus for
them would not be ''pr0per.'
Its maintained by that the bank is means of ex-
ccutng the constitutional power 10 coin money, and re-
guac the value thereof" Congress have established
mint 10 coin money and passed laws regulate the
thereof The money coned with its value reguat-
cd and such foreign coins Congress may adopt the
only currency known 10 the Constitution. But il they
have other power 10 regulate the currency, confer
red be exercised by themselves and not TO be
TO corporation. II the bank be established for that pur
pose, with a charter unaerabe without its consent, Con-
gress have parted with their power for years.
during which the Constitution is dead letter 1t is
ter necessary proper to transfer its legislative
10 such bank, and therefore unconstitutional.
BY its silence, considered in connexion with the deci-
sion oil the supreme Court, in the case Of McCuock
against the Slate of Maryland this act takes from the
States the TO tax portion of the banking business
carried oil within their limits, in sbverson of one of the
strongest barriers which secured them against federal en-
croachmcnts. Banking, like ermng, manufacturing or
any other occupation or proiession business the right
Every citizen and every company of citizens in all of
our States possessed the right until the State Legisa-
lures deemed good policy prohibit private banking by
law. III the pTOhbitory State laws were now repealed,
every citizen would again possess the right The State
banks qualified restoration Of the Tieht which has
been taken away by the laws against banking guarded by
such provisions and limitations in the opinion Of the
legislatures the public interest requires These copo-
ratOns, unless there be exemption in their charter,
like private bankers and banking companies subject
TO State taxation The in which these taxes shall
DC laid, depends wholly legislative discretion L, may
be upon the bank upon the stock, upon the profits
any other mode which the sovereign power shall will
Upon the formation of the Constitution the States guard
ed their taxing power with peculiar jealousy. They
rendered 1t only regards imports and exports
laon to every other object within their jurisdictions
whether persons property, business professions
secured in ample manner il before possessed
All persons, though United States officers are liable TO a
of the United States liable the usual land tax ex-
cept in the States, from whom agreements that they
viii not tax unsod lands, eXactcd when they adj
United into tie Mon: horses, wagons, any beasts or
hices, tools, or property belonging to private citizens
though employed in the service OF the United States
subject TO State taxation Every private business whe-
Their carried by officer Of the General Government OF
not whether it be mixed with public concerns or not
even IL II be carried by the Government Of the United
States itself, separately in partnership falls within the
scope of the taxing power Of tile State Nothing comes
more fully within than banks and the business OF bank
ing, by whomsoever instituted and carried on. Over Thu
whole subject NATTER il il Just absolute, unlimited, ant
uncomfortable if the Constitution had never been adopt
cd because in the formation Of that instrument it was re
served without qualification.
The principle is conceded, that the States canno
rightlully tax the operations of the General Govern
men They cannot tax the money OF the government de
posted IN the state banks the agency Of those bank