Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1832-08-01

d Fhladelphla, employed private Banker t.
keep and transmit their funds, would it have de
prived Pennsylvania of the right to tax his Banl
and his usual Banking operations! 1t will not bt
pretended. Upon what principle then, are thu
banking establishments of the Bank Of the Uni
ted States and their usual banking operations, to
be exempted from taxation. 1, is not their public
agency or the deposits of the government which
the States claim right to tax, but their bank:
and their banking powers, Instituted and exer
cised within State jurisdiction for their private
emolument-those powers and privileges fol
which they pay bonus and which the States
tag in their own Banks. The exercise of those
powers within State, no matter by whom. OF
under what authority, whether by private citi-
zens in their original right, by corporate bodies
created by the States, by foreigners or the agents
OF foreign governments located within their i'm
Its, forms legitimate object of State taxation.
From this, and like sources, from the persons,
property, and businets, that are found residing,
located or carried on under their jurisdiction,
must the States since the surrender of the RICH,
to raise revenue from imports and exports, draw
all the money necessary for the support of their
governments and the maintenance of their indie
pendence. There is no more appropriate subject
of taxation than banks, banking and bank stocks,
and none to which the States ought more peril
naciously TO cling.
1t cannot be necessary to the character of the
Bank, as fiscal agent of the government, that
its private business should be exempted from that
taxation to which all the State Banks are liable
nor caa conceive it "proper'' that the substan-
tive ant most essential powers reserved by the
States snail be thus attacked and annihiated as
means9f executing the powers delegated to the
general government L may be safely assumed
hat e,fth H., l,,l -,
forming Oh adopting eur Constitution ever ina
gined thatany portion of the taxing power of the
States, no prohibited to them nor delegated to
Congress, was to he swept away and annihlafed
as meano( executing certain powers delegated
10 Congress.
| If our pwer over our means is 80 absolute
that the Spreme Court will not call in question
the Constihtionality of an act of Congress, the
subject of Which is 'not prohibited, and is really
calculated effect any OF the objects entrusted
to the Government" although, as in the case be-
tore me, it axes away powers expressly granted
to Congress and rights scrupulously reserved to
The States, becomes us to proceed in our legis
iation withthe utmost caution. Though not d
|rectly, our own powers and the rights of the
States ma, be indirectly legislated ava, in the
use OF means to execute substantive powers. We
may not exact that Congress shall not have the
power OF exclusive legislation over the District
u Colupia, but we may pledge the faith of the
United States that, as means of executing other
powers, it shall not be exercised for twenty years
| or forever. We may not pass an act prohibiting
The States to tax the banking business carried on
within their limits, but we may, as d means of
executing powers over other objects, place
that business in the hands Of our agents, and then
declare it exempt from State taxation In their
hands Thus may our own powers and the rights
4 OF the States, which we cannot directly curtail
or invade, be frittered away and extinguished in
the use OF means employed by us TO execute other
powers. That$a Bank of the United States
competent to allthe duties which may be required
by the Government, might lie so organized as moi
to infringe on our own delegated powers, or he
reserved rights of the States, do not entertain
doubt. Had the Executive been called npon t.
furnish the project Of such an institution, the dn,
would have been cheerfuily performed. Ia the
absence of such call, it was obyiousl, prope,
that he should confine himself to pointing ou
those prominent features in the act presented
which, IN his opinion, make it incompatible viii
the Constitution and sound policy genera
, discussion will now take place, eicting new ligh
and setting important principles; and new Con
, Igress, elected in the midst of such discussion
and furnishing an equal representation of tn,
people, according to the last census, will bear
the Capitol the verdict of public opinion, and
doubt not bring this important question TO "a sat
isfactory result.
II Under such circumstances, the Bank come
toward and asks renewal of its charter for
term OF fifteen years, upon conditions which no
|ony operate as gratuIty to the stockholders O
many millions of dollars, but will sanction an,
abuses, and legalize any encroachments.
Suspicious are entertained and charges ar
made Of gross abuse and violation of its charter
An investigation unwillingIy conceded, and $
restricted in time as necessarily to make it incom
piee end unsatisfactory, discloses enough to e..
cite suspicion and alarm.
II In the practices Of the principal Bank partial
ly unveiled, in the absence of important witness
es, and in numerous charges, confidently made
t1and as yet wholly uninvestigated, there wa
Z enough to induce majority of the committee @
) Investigation, a committee which was selecte
3 from the most able,a honorable members of tn
> House Of Representatives, to recommend sus
: pension of further action upon the bill, and D. q
! secution of the enquiry. As the charter had We
RI four years to run, and as renewal now was no
fl necessary to the successful prosecution of its bust
! ness, it was to have been expected that the BAN
3 itself, conscious of its purity and proud of it
character, would have Withdrawn its annl;cat;o