The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-07-24

lands within the States. except "for the or.
ection of forts, magazines, arsenals, dock
yards, and other needful bull lings," ad ev-;
en- Cor these objects only "by the consent Of
the legislature of the State in which the same
shall be-" BY making themselves Stock
holders in the Bank, and granting to the cor.
poration the power TO purchase lands for o.
Their purposes, they assume q power not
granted in the constitution, and grant TO
others what they do not themselves possess.
Il is not necessary to the receiving, safe keep.
ing, or transmission Of the funds Of the gov
ernment, that the Bank should possess this
power, and it 10 not proper that Congress
should thus enlarge the powers delegated to
them 10 the constitution.
The old Bank Of the United States poss-
essed capital OF only eleven millions of doll
lars, which was found fully sufiicant to cna-
BILE il, with dispatch and safety, to perform
all the required Of II by the government. The
capital Of the present Bank is thirty-tive
millions Of dollars--at least twenty-four
more than experience has proved to bo ne
eessary to enable bank to perform its public
functions. The public debt which existed
during the period Of the old Bank, and on the
cstablishment Of the new, has been nearly
paid of, and our revenue will soon be rednc-
cd x This increase Of capital is, therefore,
not for public, but for private purpose. ,hu
The government is the only rpropsr" Judge
where hs agents should reside and keep their
Offices because il best knows where their
presence will be "necessary". II cannot,
therefore, be necessary or proper to author
ixe the Bank 10 locate branches whore il
pleases, to perform the public service, with
out consulting the government, and contrary
tn its will. The principle laid down by the
Supreme Court comedies, that Congress can
not establish bank for purposes Of private
speculation and gain, but only as means Of
executing the delegated powers Of the gen.
eral government. BY the same principle,
branch. bank cannot constitutionally be es-
tablished for other than public purposes.
The power which this act gives 10 establish
two branches in any State without the injunc-
tiou or request of the government. and for
other than public purposes, 10 not necessary
to the due ereentson of the powers delegated
to Congress.
The bonus which 10 exacted from tho Bank is
a confession upon the face Of the act, that the
powers granted by il are greater than are
necessary to its character ofa fiscal AGENT
The government does not tax its officers and
agents for the privilege Of serving 1t. The
bonus Of million and half, required by the
original charter, and that Of three millions pro.
posed by this act, are not cxacted for the priv
ilege of giving "the necessary facilities for
transferring the public funds from place to
place, within tho United S.ates, or the terrific
ries thereof, and for distributing the Same in
payment Of the public creditors, without char
ginE commission or claiming allowance on ac.
count fthe difference Of exchange" as required
by the act of corporation, but for something
more beneficial to the Stockholders. Tho o.
riginal act declares, that IL (the bonus) is gran
yea IN Scnsloe!auon OF mc sAEius'vc ., p.s'
~, ga SS S."S na .ha .c. hs me J.cIsrsa
n to bs ain con sdsrstion ofibo exclusive ben.
efts and privileoes continued bv this act to the
said corporation for fifteen years as aforesaid =
Il is,1 therefore, for "exclnsive privileges and
benefits" conferred for their own use and emol
uments and not for the advantage Of the gov
e,npsns ahas a. 6onSa e fus t5
pSs nav e rrc. .nrsiv he q snske a
III 6scsi ssent of the Tressury' If they were,
the sxaction Of bonus for them would not be
"psopsv."
It's maintainedby some that the Bank is a
means Of executing the constitutional power
10 coin money and reguiate me va'ue Ihereo.. /
congress nave es.ao,sneo ,'ns az, 70 J",. ,h.s hv
~" "T ps,.u .~" - .ossJ with ;,s v,lns so
ysr,,,,.J amd sych coro;gn coin. n. Congress-
NAV sdon,. ara the onlv currency known to the
Constitution. But if they have other power to
re- egulate the, currency, it was conferred to DO
exercised by themselves and not to be trans
ferred TO corporation. IL the Bank be estab.
lished for that purpose, with charter una'tera,
Bile, without its consent Congress have parted
with their power LOT term o. ysa,s, auI,"g
wn,cn s"o ~o"son ~. nnSsr ssan.rsr i.
S ;"ls,;vs n nowsrs 20 such = Bank. and therefore
uncons,i,utionat
n, n. .;,.r.. ..r.;a.r.a 4, oo,n.x;on
With m. ~ dse;s;on - os ,hs S"n,.me C"nrs II
the cose of McC.ul,acb AGAINST the State of