Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1832-07-20

complishing any other end. On every 9TH
er subject which comes within the scope OF
Congressional power, there is an ever living
discretion IN the use oil proper means, which
cannot he restricted or abolished without an
amendment Of the constitution. Every act
OF Congress, therefore, which attempts, by
grants of monopolies or sale of exclusive
privileges for a limited time, or time with
out limit, To restrict OF eXtingush its own
discretion in the choice of means 10 execute
IFS delegated powers, is equivalent toa legis-
tive amendment of the constitution, and pal
pably unconstitutional.
| This act authorizes and encourages trans
iers OF its stock 10 foreigners, and grants
them an exemption from all State and nation
al taxation. So far from being Unnecessary
and proper" that the bank should possess this
power, 10 make ii safe and efficient agent
OF the Government in its fiscal operations,
IT is calculated 10 convert the Bank Of the Y.
States into foreign bank 10 impoverish our
people in time of peace, TO disseminate for
eign influence through every section of the
republic, and in war 10 endanger our indie
pendence.
| The several States reserved the power at
/ the formation OF the constitution, TO regulate
and control titles and transfers of real prop
erty, and most, if not all Of them, have laws
disqualifying aliens from acquiring or hold
| ing lands within their limits. But this act,
| in disregard ofthe undoubted right Of the
States TO prescribe such disqualificaiions,
I gives 10 aliens, stockholders in this bank, an
| interest and title, as members of the corpor-
alton, 10 all the real property il may acquire
within any of the States of this Union. This
privilege granted 10 aliens is not "necessGry"
10 enable the bank to perform its public du-
ties, nor in any sense "prQper," because it
is vitality Subversive of the rights Of tie
States
The Government OF the United States
have no constitutional power 10 purchase
lands within the States except 'lor the C.
rection of forts, Magazines, arsenals, deck
yards and other needlui buildings" and for
: these objects only "bv the consent OF the le-
gislaure of the State in which the same
shall be-" BY making themselves stock
holders in the banks, and granting 10 the
corporation the power TO purchase lands for
other purposes, they assume power not
| granted in the constitution, and grant 10 9TH
ers what they do not themselves possess. II
is not necessary 10 the receiving, safe keep
ing, or transmission ofthe funds of the Gov
eminent, that the bank should possess this
power, and it is not proper that Congress
should thus enlarge The powers delegated TO
4
The old Bank of the United States posses
sed capital ofonly eleven millions of dol
lars, which was found fully sufficient TO en-
able it, with despatch and safety, 10 perform
all the functions required of it by the Gov
eminent. The capital OF the present Bank
is thirty FIVE millions of dollars, at least
twenty more than experience has prov
ed TO be necessary 10 enable a bank TO per-
form lis 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 our revenue
will soon be reduced. This increase of cap
ital is, there lore, not for public, but for pri-
vate purposes.
| The Government is the only "proper"
! judge where its agents should reside and
keep their Offices, because ii best knows
where their presence will be necessary. -
II cannot, therefore, be necessary" or ''pro.
per" TO authorize the Bank TO locate branch
es where it pIeases, TO perform the public
service, without consulting The Government,
and contrary TO its will. The principle
laid down by the Supreme Court comedies
that Congress cannot establish a bank for
purposes of private speculation and gain, hut
only as means of executing the delegated
powers of the General Government. By
the same principle, a branch bank cannot
constitutioLslly be established for other than
public purposes. The power which this act
gives to establish two branches in any State,
without the Injunction or request of the Gov
eminent, or for other than public purposes,
is not NECESSARY" tothe due execution Of the
powers delegated TO Congress.
! The bonus which is eXacted from the bank,
is confession, upon the face of the act, that
the powers granted by it are greater than
are necessary" TO IFS character as fiscal a
gent. The Government does not tax IFS off
GERS and agents for the privilege of serving
IT, The bonus Of 5000, 900 proposed by this
act, are not exacted for the privilege of giving
the necessary facilities for transferring the
! public funds from place 10 place, within the
United States or the Territories thereof, and
for distributing the same in payment Of the
public creditors, without charging commits
sion or claiming allowance on account OF the
difference OF exchange" as required by the
act Of incorporation hut for something more
beneficial 10 the stockholders. The original
act declares, that if (the bonus) is granted
lin consideration of the exclusive privileges
and benefits continued by this act TO the said
corporation, for fifteen years as aforesaid"
II IS, therefore, for Exclusive privileges
and benefits" conferred for their own use
and emolument, and not for the advantage
OF The Government, that a bonus ID eXacted
These surplus powers, for which the bank
is required to pay, cannot be Unnecessary" 10
make it the fiscal agent the Treasury. II
they were, the eXaction Of bonus for them
would not be ''proper."
IT is maintained by some that the bank is
a means Of executing tho constitutional pow
OF IN. rx... -