The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-06-24
ed and eighty days to run, Or make any loan for lon

I'd and eighty days 10 run, make any loan for lon
ger time
That no dshi shall be renewed
That il shall not at any time loan the United States
than three milliOus of dollars, any State
than hundred thousand dollars rilher lor lon
ger time Than ono hundred days, unless authorised by
law.
Thatil shall contract no new debt for longer time
than one year.
ThI il shall issue no note of less denomination
thBn ten dollars.
That the officers of the Institution shall not he permit
ted toborrnw money from, contract any debt there's
in in any manner whatever, note or bill Of which
such officer, maker, drawer, endorser acccpim.
is forbidden to be discounted The directors of the
branches not to be considered officers within the mean
ing Of this provision.
To prevent expose any fraud indirecton in the
management Of the insliluon to prevent, also, large
and improper loans to individuals TO the injury of the
stockholders and the public. and to prevent, kewiSs,
false imputaous when such irregularities do exist
it proposed that the books ofthe institution, including
the accounts Of all individuals therein be At all times
open for the inspection the Secretary Of the United
Stntes to committee Of either House OF Congress; to
each ofthe directors ofthe Bank and 10 commitieeof
the stock holders with power to make public whatso
ever they think ft
tits proposed to provide that the branches shall not
issue bills adapted to- and intended or crcua-
toni but may sell drafts, not less in amount than fny
dollars for the purpose oftransmssion and exchange
That the bank shall not suspend specie paymen-hat
il shall not pay out anything but coin or bullion or its
own notes. That its existence corporation contn-
ue for twenty years-but that il be allowed to use its
corporate name for two years longer in settling up its a
fairs
That other bank be established by Congress during
the existence of the charter
And providing that shall not be deemed an infringe
ment ofthe privileges granted by the charter if Con-
gress shall order the said corporation to place Offices of
discount and depose wherever the same may be nec-
esSarY for the collection Safe.keepng and dlsbursss
mrnt ofth6 public revenue.
All which Is respectfully submitted.
Secretary ofthe Treasury.
And this is Mr.. Ewing plan for "Fiscal Bank,
free from all constitutional objections" To show Mr..
Ewing's friends, where he has fallen into several great
errors, we cote the language ofths N. Y. Post and
other papers, "First, he is wrong in supposng that
Congress has the right 10 do indirectly what canrodo
directly. lfCongress cannot establish corporations in
the States, it has right to establish them in the Dis
tric Of Columbia to be used by and to operate upon
the States Second he is wrong in supposing that the
restranss imposed by the law would be any restraint
in practice upon an institution of such enormous pow>
erS. The states have tried time and again, without
effect put yoke upon the comparatively small banks
which they have created. They have exhausted their
ingenuity IN devisng fetters, yet the banks have done
pretty much as they pleased Penalties, forfeitures,
nes and liabilities ofevery sort have been conirived
with about as much influence, as piece of red tape
would have in securing their doors and vaults There
never was law, said MEMBER of the British House
ofCommons "there never was law that you cannot
walk round, crawl under ride over, aud the history
oflegisaon in this countyis abundant proof of the
saying. Third, Mr. Ewing is wrong in supposing that
he prevent overtradng excessive issues huctua-
tons in prices of stocks and consequent speculation
by provision in the charter Of bank. Ho must he
profoundly ignorant of his suboctfhe does know
that these evils have their origin in the very heart Of
the banking system, AMI more be remedied, by
slight modification of bank charters than you can cure
dropsy in the head by bandagug the little toe. His n-
guires must 60 deeper than the rate Of the dividends
the mere amount of its loans; ifhe would probe the
disease to it's source. He will find in the power s-
sue notes, under the endorsement of the government,
with promise pay, which is on the face oft, ano
torouse, fostering corrupton than his search
es into details has yet revealed to him. But these
points which we have not time to enlarge upon now'
The Richmond Enquirer of Tuesday, says OF lnr.
Ewing's "Fiscal agent"-..We now lay Ills plan be-
fore our readers-and they will judge, how far he has
succeeded in stripping it ofis constitutional objections.
The question comes back to US, Congress establish
Bank indirectly in the States, which they canno cor /.
sttutonalIy establish drectly' Can they establish a
Bank in the District with poWsr establish branches
or Offices ofdiscount and deposts in the several States
,uih the assent Of tho States' This question set
tied by Mr. Madison, high principles in his ceebra-
Veto to the Bonus Bill of March 3. lsl7-in which he
maintains the following doctrine:
'If general poaoer 10 roads and canals and
improve the navigation of water courses, with the
train of powers incident thereto be not possessed by
Congress- tie assent Of the States, in the mode prOv-
ded in the hill, cannot confer the pOper. The
CASES in which the consent and cession of particular
States extend the power ofCongress those spec
CITED and provided, for inths Constitution" ~.
Il twas fortune (says Mr.. Richie, )to express at
that day. similar opinion, and among other things
to ask "w,th those sweeping clauses, titus Interpreted
that bill would have applied them, where is the in
s,utionIwhch they nightnot have estabseed by im>
phaatiOn where is the State Right which might not have
been swept away; where was the impedimentto save
us from consolidationl The assent of the States,
was Q mere deuson to conceal the usurpaton 1t was
bonus; or rather brbe offered 10 the States to
nve at a breach ofhe Constitution In Ewlng's bill
there are doucas enough to tempt the States om their
.'propriety" and devotion to the Constituion-as tho
fourth nsalment which Congress is not bound TO pay
the distribution of the proceeds Of the public lands which