Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-07-13

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buildings" and even for these objects only "by
the consent of the legislature Of the State IN
which the same shall be- By making them
selves stoc kholders in the bank, and granting to
the corporation the power to purchase lands Tor
other purposes, they assume power not granted
in the constitution, and grant to others what they
do not themselves possess. 1t IS not necessary
to the receiving safe keeping, or TRANSMISSION OF
| the funds Of the Government. that the oanK
should possess this power, and 1t 10 not proper
! that Congress shauld thus enlarge the powers
delegated to them in the constitution.
| The old Bank Of the United States possessed
capital of only eleven millions OF dollars, which
was found fully sufficient to enable it. with de-.
spatch and safety. to perform all the functions
required of it by the Government. The capital
OF the present bank is thirty-fve millions OF dol
lars, at least twenty four more 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 Oft. and our revenue Will soon De re-
duced. This increase of capital is, therefore,
not for public, but for private purposes.
| The Government is the only "proper" Judge
Offices, because it best knows where their pres
ence will be Unnecessary" 1t cannot, there
/ fore, be necessary" or "proper" to authorize
the bank to locate branches where 1t pleases. to
perform the public service, without consulting
the Government, and contrary to its will. The
! principle laid down by the Supreme Court con.
cedes that Congress cannot establish bank for
purposes of private speculation and gain, but on
iy as a raeans Of executing the delegated powers
| of the General Government. BY the same prin-
cipIe, branch bank cannot constitutionally be
established for other than public purposes. Tine
power which this act gives TO establish two branch.
es in any State. without the injunction or re-
quest of the Government, and for other than
public purposes, is not necessary" 10 the due
execution Of the powers delegated TO Congress.
The bonus which is exacted from the bank. is
a confession, upon the face Of the act. that the
powers granted by it are greater than are "neces-
| snry'' to its character as fiscal agent. The Go
vernment does not tax its officers and agents for
the privilege Of serving it. The bonus of mil
lion and half. required by the original charter,
and that of three millions proposed by this act,
are not exacted for the privilege of giving the
necessary facilities for transferring the public
funds from place to place, WITHIN the United States
or the Territories thereof, and for distributing the
same in payment of the public creditors, with
out charging commission or claiming allowance
on account of the difference of exchange" as re-
Quired by the act Of Incorporation; but tor some
| thing more beneficial to the Stockholders
The original act declares. that it (the bonus)
| is granted sin consideration of the exclusive
privileges and benefits conferred by this act
upon the said banks" and the act before me
declares it To be in consideration OF the ex.
elusive benefits and privileges continued by this
act TO the said corporation, for fifteen years as
aforesaid" 1t is. therefore, tar "exclnsive
privileges and benefits" conferred for their own
use and emolument, and not for the advantage Ut
the Government, THAI bonus ,s exacted. These
surplus powers, for which the bank is required to
paw, cannot be " necessary to make it the fiscal
agent Of the Treasury. If they were. the exac.
ton of bonus for them would not be proper I"
} 1t ia maintained by some that the bank Is means
Of executing the constitutional power 4" to coin
money, and regulate the value thereof" Con-
gress have established mint to coin money, anu
passed laws to regulate the value theIe of. The
money so coined, with its value SO regulated, aod
such foreign coins as Congress may adopt, are the
! only currency known to the Constitution. But
if thew have other power to regulate the curren-
cy it was conferred to be ised by themselves
and not to be transferred TO corporation. Ii
the bank be established for that purpose, with a
charter unaterable without its consent, Congress
have parted with their power for term OF years,
during which the Constitution is dead letter.
1t is neither necessary nor proper to transfer its
F, legislative power to such a bank, and therefore
unc stitutiOnal.
! By its silence. considered in connection with
the decision of the Supreme Court, in the case OF
McCulock against the State OF Maryland, this
act takes from The States the power to tax por.
lion Of the banking business carried on within
their limits, in subverson of one of the strongest
barriers which secured them against federal en-
croachments. Banking, like farming, manutac.
turing or any other occupation or profession. is
business the right to follow which is not original.
~ derived from the laws. Every citizen. and
every company Of citizens, in ali of our States.
possessed the right until the STATE Legislatures
deemed it good policy to prohibit private banking
BY law. Ii the prnhibitory State laws were now
repealed. every citizen would again possess the
right. The State banks are qualified restora-
ton of the right which has been taken away by
the laws against banking. guarded by such pro-
visions and limitations as, in the opinion of the
State legislatures. the pubic interest requires -
These corporations, unless there be all exemp.
ton in their charter, are like private bankers aud
banking companies, subject to State taxati"n.-
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