Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-05

ecome so disguised with the very name of
tank Ut tho United States that they would
ot allow you to resume the power.
The Senator tells US that if MS experiment
all, we may then make a bank after the old
model. Why, sir, what have we been strug-
ring against for the last eight years ! EX-
pertinent after experiment, until our country
has been brought to the very brink of ruin
And, at the very moment when we have not
merely seen iand, but got, as all had hoped, |
into safe port when storms, and tempests,
aud experiments were ut an end, and the
bright sun Of hope and prosperity was burst
ing upon our joyful vision, the Senator from
Virginia comes forward and asks us once
more to put to sea with him on distant and
perllous cruise, and to try another experiment!
The proposition which requires the con-
sent OF State within whose limits branch
Is placed, proceeds upon the erroneous as
sumption that the branch is introduced tor the
sole benefit Of the particular State. But
that Is not the case. 1t is put there for the
benefit of the Union, including the particular
State. If the Federal power to put it there
exists, it ought to DO exercised, for the COM
mon benefit of the Union if there be no
such power, then the branch ought not to DO
clandestinely introduced into a State. Blu,
do, Mr.. President, see how advantage is Ia
proposed amendment 1t is part of that a.
mendment that, when an Office of discount
and deposite is once established in a State
with the consent of the State, "the Office
shall not be Withdrawn without the assent of
Congress-" Now, if your power be incom-
petent to plant an office of discount and de-
posite within the limits of State without
the consent Of the State, how, after it is put
there, can you hold and maintain it there in
spite of and against the will of the State!
Here MIR. Rives interposed, and said that
it was part of the compact made between
the sovereign State and the Bank.
Mr.. Clay continued. Suppose it is,whence
do you derive your authority to enforce any
contract made between sovereign State and
a corporation fyou are forbidden by the
Constitution TO place a branch in State,
can you delegate such an authority Can
you, in other words, delegate what you have
not to a corporation Forbidden to effect an
object directly, can you achieve it indirectly =!
The project of the Senator from Virginia,
proceeds upon the supposition that the Con-
stitution has not granted any power to Con-
gress to establish National Bank. If,there-
fore, branch is admitted within State, it is
there in virtue Of the will, under the authori-
ty of the laws, and subject to the jurisdiction
Of that State. 1t is consequently amenable
" dttu US ucdlt WIFI NY, tu0 pow ct Oh tllc
State, according to the pleasure OF the State.
tent to Great Britain to admit if she pleased
the establishment of branch or Office of a
Bank of the United States within her limitsl
Most undoubtedly she may and it would be
an analogous case to the admission of such
brunch by State. Upon the supposition of
the admission of such branch, would it not
be subject to the Parliament of Great Brit
ain Z Gould the fact that the corporation
whose branch was thus received was created
by foreign sovereignty exert any restraint
upon the power of the British Parliament in
dealing as it. pleased with the alien or emf
grant branch which it thus received The
branch located within the State by the con-
sent of the State to all intents and purposes
would be a local institution, governed by the
local laws. That think, would be the case
of any branch Internationally admitted by
the Legislature of a State. But if you orga-
nize bank within this District, and in the
terms Of its charter announce to the States
that branches can only be admitted within
their limits by their consent and authority,
you necessarily invoke the several States TO
deliberate on the question of admission
which they are thus called upon to decide
And if they may consent or not consent ac-
cording to their option, they may consent abb
solutely or upon conditions, according to the
views which they may happen to take, not Of
the interest OF the whole Union, but of their
several communities. Thus a power which,
ifit exist, beyond all question was delegated
for the general good, and to bu exercised by
the Senate and House of Representatives of
the United States in Congress assembled, is
devolved upon each of twenty-six State
sovereignties, to be executed according to
their respective opinions of the interests of
each of them.
And can it DO doubted that the consent of
the several States, if indeed any Of them did
consent,) would be coupled with various re-
strictions and conditions, according to what
they nigh; deem best for their several COM
munities The taxing power would proba-
ably be insisted upon by all of them.
The bank would be told, yes you may es-
tablish branch, but you must pay the same
tax that the local banks are subject to. We
cannot receive stranger within our borders
and let him fare better than the natives. And
who could withstand the force of that argu.
ment before the people of any State in the
Union. Other conditions would be sought
to be imposed such as the nature of the bu-
'sness to be transacted by the branch, the
rates Of exchange, the denomination of notes,
the participation of the State authorities in
the direction, &c. A fruitful source of con.
'tention in some States would be the place Of
location of the branch; just as we have seen
the terminus or commencement of canal OF
railroad, or Macadamized road, distractinp
and agitating whole State.
Another question Of great importance
W ould be the degree of legal protection
which the branches would enjoy in the sew.
eral States which might admit them. Con.
,cede the power of Congress to establish q
National Bank,--and the right to pro.
tect its existence and its operations necessari
ly results to Congress. Deny that pow.
ar and il must be wholly denendent unon The