The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-12-09
FOND REGRETS FOR "FIscALITIEs.'

FOND "REGRETS" FOR "FISCALITIES."
The Hteligencer of yesterday INDUCES very
fondly in lis regrets for the blasted prospects of
an "oid fashioned" Federal Bank--we say
Federal, in contradistncion TO Mathematician it
is now pretty clear, that there is as little power
among the people, as IN the Constitution, TO in
corporate a National Bank. 1t exists neither in
the republican constitutions Of the people, nor
of their Government. But to return 10 the re-
grets OF the Intelligencer.
How deeply, (says this JournaD is it not to
be regretted that the President, WHO can con-
cede SO much towards the good old tried plan
Of National Bank as to yield his assent TO Sc
veral of the features Of this new projet Such,
for example, as the establishment Of a board Of
directors, (board of control J receiving depo-
SITS issuing notes. Certificates Of deposit j
discounting bills and drafts payable at sight, or
having but short time to rum" thus furnish
ing facilities TO commercial intercourse J" using
the State Banks at a distance for agencies; all
which functions make up the definition Of a
Bank-could not go one step farther, and trust
these operations 10 the clear ghted agency Of
incorporated bankers, rather than 10 a Govern
ment agency which must greatly extend the
sphere Of Executive patronage; without any ad-
vantage on the score Of expediency that even
match the generally pervading beneficial opera
ton Of wel-constluted National Bankw
We pass over the regrets and the metamorpho-
ses of boards of control, into bank "directors,"
and certificates into bank ''notes J" and shall
first notice the insidious introduction OF dds
counting bills and drafts" and blinking the con-
dition, and the basis of the discount, and the
true Interpretation of the Message, from which
this provision pretends TO be derived. The text
reads, that the projet ''al lhorizes the purchase
and sale Of domestic bills and drafts, rest
ing ON a real and substantial basis, pay
able at sight, or having but short time TO
run, and drawn on places not less than a hun
bred miles apart; which authority, except IN
so far as may be necessary for Government pur-
poses exclusively, is only to be exerted upon
the EXPRESS CONDITION that its exer-
else SHALL NOT BE PROHIBITED BY
THE STATE IN WHICH THE AGEN-
CY is SITUATEDm
w ndt dVdlS tHiS power VI uisCouut abdihse
the insuperable bar of the prohibition of the
States2 And suppose one or two of the States
might consent" this year, and dissent next
year, while four or six and twenty of them dis
sent now, henceforh, and forever What kind
Of uniform system of discounts" and curren-
cy would this be? Would such functionary,
or "such functions, make up the definition Of
a Bank?" "Defnifion Of Bank" Truly,
there would be nothing of such Bank but
"DErrNITloN. Why, the highest Court of Eng
land is called a Bdnk"-the "King's Bank,
Cor Bench,) where, like the Pennsylvania
Bank of the United States" Of Mr. Bdde, ii
entertains nothing but lawsults-and, like it,
owns no stock, and makes no discounts" but,
unlike it, has no suspended debts' Of tpenty
nine millions of dollars But this comes from
the corporations Of the CLEAR-SlGHTED
agency Of Incorporated bankers" Heaven
sare our common country from such incorpo-
rated CLAIRVOYANCE!