Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-25

proxies such as, that no oihcef OF Inc banh eau y.
vv. no proxy can give more than jo votes 10 proxy
10 be good which is OF longer s'andhs 'an ~ "'SS'
;, n,,hiblion against the corporation transaclihs
,h., Than legitimate banking business excluding
~, dealing in stocks, and all commercial operations
! 4 reeuIsition tina, a majority OF the whole mum
,sr If The Board Of Directors shall be necessary 70
,r,nsnc, the business Of the corporation.
: Ample power to make the most thorough e5anna'
,;o, n,n rbe condition and proceedings ot the Bank,
don n he accounts of individuals by totally reno
v,n, from the Secretary of the Treasury and Commit
tees of Congress the veil of secrecy ana
g. By denouncing and Punshhg as Ie'ons ',,e s'1n,e
r e,,syzlement of the funds Of the Bank when per-
mtrated by any OF its officers, agents, or servants
Concurrinr entirely in the sentiment expressed "
the Secretary of the Treasury, that many WISE anu pa
trotic state snen whose OPINIONS are eiti'ieo y e
.deralon and respect, have qnesa'onea 'is =
CONGRESS 10 establish National Bank; and that II Is
desirable as far as possible To ohvatc objections anu
reconcile opinion the Committee have attent'Veiy anu
earnestly examined the provision incorporated III ie
draft of the bill of the Secretary, regard TO the
ing power of the Bank and they would have oeeh nap
nv II they could have reconced 1t to their sense oil GU
" adoptit But after the fullest CONSIDERATIONS ey
have been unable to arrive at that result
Il was not without some hesitation that the Solh'
mtee agreed To the location OF the Bank IN 'ne Us
trict of Columbia. This they did, because 'hey ue
eved that the utility of the Bank did not 80 nuch de
nend mon the place Of lis location upon The caP,a',
facilities and powers which should be gwen 10 IT, Du'
Ia isolate il in this District, without giving II any o'
branching power than such as It might derive run Wv
consent Of particular States, would be 10 CREATE ~
enormous District Bank devoid of effective and na.'oh
al character Such Bank would be Bank only OF
the District of Columbia, and its ohces OF osS
and deposle would be nothing more thai DAMS
the States which might allow them to be panteo WIZ
in their respective limits. For all hilloha' P"'
CONGRESS might rs well recharer one OF lie e5'seh9
Banks enlarge its capital and give II authority 10
tablish Offices Of discount and depose III any Sa th
would permit II 10 be done !.
TIL. Committee believe that the capital Of BANK 50
constituted would be taken, aud that, u taxen'
the institution would be wholly unable 10 ac'o'P''s',
the great and salutary purpose Tor when u Is oesfeu
and should lie designed
But The question of establishing Bank thus TO be
restricted and crcumscrbed, involves higher ana great
er considerations than those Of mere expectancy me
General Government, has has not the power 10 es'a
blsh National Bank fit has power to derive u from
the existing grants in the Conttution oil the u states
The Committee believe II has the power, and ou@ht !"
exercise IT, But after i contest, during The last len OF
twelve years in respect to the constitutional power OIL
Congress, which has been marked by 50 much ah'iia'
ton and bitterness torbearance to exercise inc power
would be virtual surrender OF the power u DanA.
were be created whose operations WITHIN Tue ihs
of the dependent not upon the VIII OF Con
gross but upon the Will Of each State, separately az
nnunced, the creation oil such Bank wouih aau ano
Their the list Of disastrous experiments and would ne
tantamount 10 n REIMBURSEMENT oil Tie natloha! power
and II could never BE- resumed.
The power Of the Federal Government IS only 10 VI
found in The grants Of the Constitution. II they are
INADEQUATE 10 The fuilmen, of the great purposes Of
its establishment, they only he increased m Tue
mode Of amendment which the instrument 'sei mas
prescribed. They cannot he augmented oy lhe grams
or consent Of any Srar States short Of The numoer
of twohirds whose concurrence IS necessary 10 g.e
validity to amendment \ derivation OF power 10
the General Government, from the consent OF parti-
cular States would be unsonnd IN prInclPie, ana Tue
Committee apprehend dangerous IN practice. Hdm't
such consent to be legitimate source OF power, 'he
Government would not operate equally IN all the
States and the Constitutions losing s uniform chaac-
ter would exhibit irregular aud lncongruous acton
Entertaining these deliberate views, the Committee
are cdedy of opinion that no bill Tor The establish
ment Of Bank in the District OF Columbia, VIII be e.
(actua which does contain clear recognition OF
the constitutional power of Congress TO establish
branches wherever the u. $, the public wants IN
its Judgment require them. They cannot consent mat
Bank cmanating from the wall OF the nation, and I'M
peratively demanded by the necessities oil the doverh-
ment and Of the nation, shall be wholly dependent Tor
It's useful operation upon the VIII q each ana every
State, distinctly expressed.
Accordingly, in the draft Of bull now reported the
right asserted TO exercise the branching power o. the
Bank independent OF the assent o the States ! ne
committee dare hot allow themselves to believe that
the bill is free from all defects: but they do hope
that these in spirit Of liberalty will be corrected
by the superior wisdom OF the Senate and oil the
House, and that the presen, session will be ssnazed
by the establishment of national institution, which
has become desderatum to the general prosperity
The advantages which will flow from such instl-
tuition, in both our domestic and foreign relations, are
! manifest and inconicstibe.
II viii give the people sound currency Of uniform
value throughout the Union which Just necessary
10 the successful operation d all branches of business
as pure or water to the preservation Of human lie
or health.
/, will revive and extend commercial intercourse,
which for the want ot common medium has been al
most sus pe nded between different parts of the Union
Ii will reduce domestic exchanges from the cn"r-
nous premiums and discounts now frequently paid TO
the moderate standard growing Of the cost
and insurance the risk Of transporting specie from
one 10 another point Of the Union.
Il will consequently hundreds of thousands OF
dollars now annually lost in transactions of exchange
1t will essentially benefit the manufacturing interest
by enabling il 10 realize sales and the proceeds of sales
IL will powerfully contribute to the resumption of
specie pa ylnents by the Banks whose existing den-
qnency the greatest source OF oil prevailing pecunary
and financial cmbarrassmcnts.
II will greatly tend 10 prevent and correct the ex
cesses and abuses Of the local banks.
II vii! furnish medium common 10 all parts Of The
Union for the payment Of debts and dues 10 the Go.
vernmenl; thus rendering duties and taxes uniform in
fact we'll as IN name.
1t is indispensable TO the convenient and successful
financial operations of the Government in nil the de.
partments Of collection, sale keeping and disbursement
of the public revenue.
Such are some of the domestic benefits which the
committee fully believe will be secured by National
Bank. Those which apperiain 10 foreign relations
are also worthy OF serious consideration
If it be true, that money is power, its concentration
under the direction of WILL sole collective, must
augment the power. nation without such con-
centraton OF power, maintaining extensive CONNER
cia intercourse with another nation possessing IL,
must conduct that intercourse condition of me
quality and disadvantage. National Banks in other
countries beget the necessity therefore Of National
Bank in this country, in like manner as National Go
vernments, in foreign nations, must be met by Ma
tional Government, in ours.
Accordingly, We have seen the influence exerted by
the Bank Of England upon American interests, when
those interests exposed 10 the action of that
Bank and left without the protection of Bank Of
the United States The committee do not wish to be
understood intending TO express any appreciation Of
the commercial operations in which the Pennsylvania
Bank assuming The Of the Bank Of the United
i H.