Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1834-04-10

itv 10 create a National Bank, for the pur-
p0ss of making it fiscal agent, how he
can possibly think that the President has
constitutional authority to frame league
of State Banks, and make them fiscal a.
gents? Is there any man who can be re
cOnciled to measure which he objects TO
as having tendency to monarchy 10
The next place, say. that, by this scheme,
the President has secured 10 himself. il
not directly, a power to dispose Of the
public treasure in the interval between the
collection and the disbursement Of il, yet
an absolute control over the State Banks
Of deposiie, which is very nearly the same
thing. Take the Manhattan Bank again,
for instance. Its capital, by charter, is
only two millions Of dollars. The public
revenue collected in New York is, at least,
twelve millions Of dollars-one half oil
which, six millions of dollars, is deposited
in the Manhattan Bank. All banks trade
on the average amount Of the deposite;
coafided TO il, which is ascertained by ex
perience. Let US suppose, then, that the
average amount Of deposltes Of the mo
neys Of the United States, on which the
Manhattan Bank will trade, is one-thirC
of the whole amount of the deposites, q
am not pretending to accuracy in these
estimates, neither ia accuracy necessary
TO my purpose.) Then the President vii
have given this Bank capital TO trade on
equal 10 the whole amount of its capital
by charter. What becomes OF the aufhori'
~ Of tho State Legislature OF New YORK
which has limited its capital TO two mil
lions Of dollars! But let the Bank pro
coed to trade on the public deposltes, no
matter how cautiously; and then let II
presume to disobey any orders from the
President, however unreasonable his
suspicions be aroused, with or without
canse-and let him, through mistake or
caprice, or anger, or passion for con
quest, withdraw the public deposltes from
Il, and leave the Bank an overtrader ex
actly 10 the amount to which ii has trad
ed on the dcposites; who does not see, that
the Bank, in such a state Of things, must
be placed in imminent. jeopardy. if not
condemned to instant bankruptcy that 10
avoid the danger of ruin, it must be his
slave? And who doubts which alternative
this artificial being, without a heart or
soul, bound by the law OF ITS nature to
follow its interest, must embrace! The
power which the Presldeh. has secured to
himself ever this league of State Banks,
is quite as unconstitutional as the lncorpo-
ration of National Bank by Congress
indeed, much more plainly so, and far
more pernicious; for it is not only an as
sumption Of power not delegated by the
Constitution, but il is an appropriation OF
the usurpcd power TO the Executive De
partment. i
The developments Of tho present year
may open another view to the people oil
and Of this whole Union 1t is,
presume, known TO every body, who has
bestowed the least attention on the sub
iect, that it was by means OF the public
denosi,es, the connexion oil ITS branches
with the mother Bank and with each 9th |
er, and the consequent absence Of all ri |
valrv among them, that the Bank Of the
United States has been enabled, and that
il has been its interest, to facilitate ex |
changes between the different parts Of the
country, at so moderate a rate. The
members Of this league of State Banks,
are no more likely than those of other
leagues. to be exempt from rivalry; nor
will even the master influence OF the Pres
AIEII ilC dtILC W iiidNC ttCui "pAA '" PNi-
feet harmony. The revenue Of the Unit |
ed States, collected at the port of New
York is equal at least to Si2 1000 900
The deposltes of this immense sum is dl-
yided between two State Banks, and these
Banks are to mako distribution of it
throughout the United States. This must
give them, | should think. and through
them the city of New York. vast PRO
portion of the whole business of the do
nestle exchange of the United States;
add TO which, in consequence OF the con
centration Of so large proportion Of the
import trade Of the country In that city,
every dealer in foreign merchandise in
the South, West, Southwest, and North
west. must have money current IN New
York, or credit there, am not able to es
innate the value Of such advantages. mol
indeed sure that | clearly understand
them: | am throwing out hints for the
consideration Of others better informed
Win not New York avail herself of al
such advantages? What shall prevent
her from awaiting herself Of them to the
uttermost? VIII she not make the utmost
profit Of them she can? When or where
has there existed any community OF men
VINO ulu not pursue tnelF own INTERESTS
and avail themselves of every opportunity
and every means Of advancing themp
do not mean to insinuate that the people
of New York are more selfish than 9th
ers-l do them no such injushce-I onl.
think them like other men. And, sir,
am very much deceived, if the continu
ance Of the Presidents system of measure
If its continuance can by any means b
accomplished) viii not have the effect, il
the end. whatever may be their presen
sutIerings under it, to subject the Who'll,
trade Of the country TO the city of New
York. Now, sir, | am not conscious o
any jealousy of New York-any envy o
her prosperity; on the contrary, sincere
IS rejoice at the spectacle of her prospect
ty. as do in the prosperity of every par
Of the country, when it is derived from it
peculiar advantages, its own capital, in
dustry, and enterprise. But if the actor
Of the Government gives her advantage
which she otherwise could never enjoy
advantages 10 be enjoyed at the expense
OF others--if the tendency of public mea
4ures IA IN constitute her the Rome of thi!