Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-09-25

We administration OF the funds ct the GoNcrnmen
"nd az the same time the most convenient in tbiS a,
m'nisITNion Now was there any thing obnC \ lou
10 constitutional or other ohcc ION IN all this a..
the Government should Snpioy, IN tho only form
agency which had been found safe aud effective, II
full power OF dealing in exchange first TO the ,,tr,
ins own essential occasions, and 50 fac beyon
them only as might bc required IN chc,p and uno,
I E.cssIve remuneration OF the officer of the aceni
hs was tho iulI and blamclcss scrpc (Mr a said
oil the action OF the present bill.
But he had been told that GRANTING MI This d
had nevertheless saiu that the cunstituuuali;y of
proposed corporation depended on ils being d,ni,,
tue power OF discount; and that Il was impossible Il
separate the power to dea! IN EXCHANGES iron, IN,
power OF discount. We'll; suppose Ihis to bc true
osmt Tor the sake OF Argument, that the Separates
could not be rigorous and exact; that the d,an. n
exchange, however inhibited, Will TO greater les,
, extent run into the discount of bills; that the wal
Vt partition, however strictly established cannot bs
ms strictly uphcld-what is the far inference from
/ thus That the Government has not the pow,r
because II cannot be certainly guarded from abuse
/ ihat II ought not 10 use power convenient not
To sly essential, because exposed to prccaTinus md
/ limited abuse The power of banking, candid
men must now admit, appeared unsuSceptih q
OF euectuh guaranty against abuse. Were any,
save those drunk with the spirit OF dem.
aSosuiSin, found To derive from this incontcstablc
TACT an argument against the right or the duty at
tue state GuNernmCnts 10 preserve their bsnkir y
institutions, incorporated as they now were with the
inefndcaoie llsaments aud processes OF our social
economy
But, suppose the argument legitimate, is i, sufF.
GENTLY founded in the present case. m iact2 de.
ny tins, (sad MIR. n To any considerable extent
matntlm that the guarantees oil the present bill
against the exercise OF the discount power, are rs
great as can reasonably be expected IN any Icons
lauon. What are theyl FIRST, there Is the direct
Inhibition. When men pervrct lSw, 1t is not IN the
tech OF direct prohibition that they arc for the most
part iou"d - reach their ends. This IN any event
. not found IN the administrators OF law, Sc ected
II ms ffH.ans IN
oc affected, with caste TO bc lost, with lucrative
compensation too IN tins case. to be forfeited
ana all tins lor what For advantage to themselves
10 the stockholders wuom they wi. represent No
The proh.s Of tho institution arc to TIE confined 10
the narrow limit OF seven per cent. Profits beyond
tins will not Inure 10 their use. Where then are
the motives TO UbAsiye administration! What
no" imperative, how INV ncJole are the motives
am' Sfivsuiuis ~ those motives from ahuSc2
But this VAS not all. Tie amount OF the funds
at the comm5nd OF the institution was too moderate
10 admit oil motive n abuse, aud addressed rretraga-
bic moHNe against 1t. Exchange was confesscty
much safer subject OF traffic than what was known
MS bills for discount The capita, OF the prnnos,d
corporation was twenty one millions ui dollars and
the seventeen and halt millions of Indebtedness
which II was allowed to contract. What proportion
d'd thTty-s'vcn AMI ha.f muns OF dollars present
To the whole foreign exchanges OF the country open
10 tile traffic Of The corporation. mated at little
short of two hundred millions OF dollars a year and
destined to reach, very shortly, a larger amount
| With the subject IN which there was authority To
deal fourlod larger than the occasions and means ct
drawing, and that subject presenting mode oi m
vestment OF funds admitted TO be more secure and
no less obvious and iacIc than the mode which was
inhibited, where was tie principle OF human action,
the process Of reasoning, winch explained the dam
ger o. abuse so iHmncnt, IN the administration OF
an institution ~ such circumstances 10 infer the
non-eNscuce Of The power To carry on the traffic as
the cunsgC uCncc
Objection is taken to the exercise Of the power
OF Incorporation ry the Gii to, carry out IT'S object
tue hsca' action of the Government GCntCmfnsav
% ME, you tod IN former debate that we cou ND
not acquire power over the Union by means oi a
corporation IN the district ofColumnll. Very true;
did tell you SO then, and tell you so now, that
YOU csnno; ecIuTe a power which You did not have.
But did not say that you could not exert, through
this instrument, q power winch you did have.
The power CfdIscOuni, proposed by the two former
bills under consideration, and forming the essential
character Of the institution which has been known
rs Bank Of the United States. was not nccsssl.
~ CT appropriate, and therefore no legitimate I'M
p.emcnt of the known power OF tho Government
u could no; ue made legitimate by the medium
OF ITS cNcr'iOa and Incorporation in the District.
j, w1s not, however the creation OF corporation In
the Disrc; tn cary a power through the Unron
which objected TO- gul is being made the cover 10
carry POWER not pDsscsse i. twas not that ID s.
TICK machinery might not nc employed 20 work ih,
rga''u, revenue power OF the Union, bat that tins
m 'c!ncry Gu not &c m dc the pivot a wh Oh 20
to work larger effect than the revenue power IL.
self, to which the proposition 20 annex 10. But
IS this the case with the present h.. l. not the
case exactly the reverse? j. not the power which
he machinery OF this b.. = designed 20 work, .e- !
climate, essental-t7at without Hich the Govern. |
ment can exert no function effectively, nor even |
maintain eE.sience' There was no Incorporation IN
TIE states and 40 unauta1r ed power carried into
Them ~ means OF iG= Incorporation 10 the Dis.rIc'
which 3; was s.siu. go establish.
The ground take, then, tNr. \. said) is this /
u any authority is conferred ~ ihs b... which q !
Secretary % the Treasury may not exert, or may
no, .awiu.y be- made 70 exert now before the bi,
IS passed, the mode and selection only Of agency
beng varied, then ! am ready TO vote a-aius- =
But g this so3 May not the Secretary now exert |
or he lawfully made 10 exert just the same amour,
OF power which this corporation may exert after this
pl. has passed. Suppose that instead OF a S,c-e.
t1ry OF the Treasury, the Government were 20 10.
stI,u'c q Treasury board, with precisely the same
powers, functions, aud duties TO collect keen. and
transfer the public revenue through the instrument
ta'y OF bills AZ exchange, would this us uncans.I.
tuuona2 And If the Government might do Tins
through a Secretary OF the Treasury, or treasury
board established In the District, may not act e
Ultimately uy corporation established or visiting
m The District where there - power 10 establish
corporation, carrying no corporate organization nor
any assumed power beyond the DISTINCT The az
PRIMITIVE Of thss proposition seemed to him fNr Al
.p nc Incpn.esuu.e. u % were otherwise, Of any
function not inherent 10 mere - strict coronation
were TO he cxeuei beyond the District, or any BOW
or carried over the gufOu which vas not inherent boz
the Government Of the Union, then he would boz
among the first O. Isl, and Withstand II. lie cha..
iengsI the dlsprO1fo' th.s proposition. In no. limos.
HiDIlty of flsplooG Zoe claimed ths pro5fofthe eg.
tlmacy Of the h....
Would any gentleman deny the competency of
the Government 20 USE STATE Brns7 f,r he exercise
NJ I,s functions nf fiscal agency But ifItd1es no
choose ip use ursC--Il % finds % more convenient
and advantageous 'u avail itself of similar corpI-
ration within the District with facilities which h.,
The faculty 10 communicate, wi.. any man say that
what 10 may .cg.mItc'Y DO by State c1rpsr,tlnn
II cannot as lawfully do by District corporation Of
similar character Ind conformation n We had fine
constitutional power 20 employ ba'ehrg Of S.9.c
banks 10 1851 for the discharge Of these slme firr.
lions, Why have we not the constitutions. power 10
employ Dstrc, urnk Ns our agent in I-iIy
The Supreme Court iNr. A. went ON 10 s7y}
h11 decided In the case Of the Bank Of AIrri.f1 a.,
Elr.s, the prime pic that a State bank clrIIsI into
other States of rOg Union tue rsht 90 dcH, sf,forf
limit DO EXCHANGES '.l prohibited by the Sltc an.
thoriy. Then we gave mo- unwlrr1n'od or unusual
power % our Farl. Corporation Jy this H,.r. OF
which % would MOT have had AS n simpc Distinct
us'l'u'1uf u0oonnCctgi altogether with ue fs-aI
operation of WcE1vernmcnL Where, then. wac
,.e unronSH'u.lnnlHty uf our exercise Of pDwsry-
u % existed 100 1I, o. was un unrDnstfu,1ur|l,v i'm
JWW', ny cIpntDn, contingent. and which, there.
force might never rcrs rui aI. But that i, was
hEien'i 10 contest 100 vIua.c1r'n OF the HI Isaprc.
sen. Murnrs'UlluuHlI.y, NOT rfD. p.r'fgn ur'-lr.
tanned condition Do tIIt respect. Sufficient Gr ,l,
dny is TIC EVIL thereof A. regards the distraction.
/ OF THIS peculiar subject, the npbDr,m would boz
. readily 1rd heartily g. echoed by the public yq.rs
/ Tho distinctions certainly have been ENOUGH audi
nre enough, without throwing BOO n question cf -,r
lssape p"",r, which tho states having shown mo-