The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13

constitutional law which have been raised and
decided in this country within the last fifty years,
there IS no one which, by the People at large, Is
considered 10 be more defnitively settled than
the constitutional authority TO establish Bank
Of the United States. And now, what IS pro-
posed BY this amendment Why, TO open anew
his disputation, which has been almost entirely
closed 10 throw a fire-brand among the People
Of the States 10 revive again the discussions
and disputes of former times, and TO awaken all
he animosilies and embtler the feelings which
have become quiet, and are covered up as IN the
repose and silence OF the grave. Is II not quite
obvious that such will be the result OF adopting
this amendment Will il not revive the very
iealousies il is proposed to allay2 Human ma
lure is the same in all ages and all countries,
and once afford the opportunity 10 indulge old
opinions and act upon them 10 permit former
opinions TO guide and regulate the conduct; 70
allow matters long considered as settled, 10 De
treated as new questions and VIII not me result
be lust what is dreaded by the advocates OF me
amendment-the free and full indulgence OF an
those iealouses and feelings which ougnt fa'hei
10 be allayed than excited2 VIM mol me ques
ton of poper again be discussed IN 'ne nsh
lative halls of the States III no. -
qarded a, legitimate and fair topic OF argument
And viii not matters of erpediency be merged
il questions of porer2 Will there not be dan
ger thar the inquiry, whether the establishment
Of branch will be beneficial or otherwise, 70
The States, be 10 sight OF IN the more absorb
ina topic of the right to establish Bank al all I
And Is there no reason TO apprehend that, when
a charter is presented 10 State 70 OBTAIN Us a.
sent 10 the location OF oihce within It's iimi,s,
one Of the principal topics OF debate WIN DC,
whether any power exists TO give such assem- a.
will Justify that location ! put this inquiry TO
those who think this amendment IS cacuiateu
10 produce harmony and quiet among the States.
Jndrnendent however of all this, what WIN pc
The course adopted, in any one OF the states y
their assent be made necessary 70 the location Of
The branches7 | will state what VIII De the
course, in several particulars. II IS wen known
that many of the local institutions CONSIDER VI
affect to consider, the establishment OF oianch
of Bank Of the United States as preJudiciai 70
tbei, interests-as interfering with their legiu
mate business-as reducing their protits-as ex-
ercisn an unnecessary control over their issues,
and limiting the amount OF their loans. w I'm
such views, these institutions may array them
selves in hostility to the establishment OF branch
They NAV enter the political arena, and candi
dates for the Legislature may be selected ana
voted for in reference 10 their opinions on this
subject Thus the question OF Bank OF no BANK
may become political question, and PaIiies ana
State institutions may be arrayed al inc Pohs-
State pride be appealed to-State Jealousies De
fostered and mere question OF expectancy
NAV be turned into question OF party politics,
or be made TO depend in measure, upon selfish
considerations, irrespective oil the PUBIC good
But 10 this array Of opposition from interested
individuals and corporations, from political de-
magogues, and selfish politicians, and from party
predictions for party purposes, are 10 be ADDED
other matters which will not Ian TO create owl
sions and dissenslons, and ultimately perhaps
deprive the nation and the people Of the State,
~ H. nf m off nj demo-
sit. In many of the States a great desire will
probably be manifested to impose conditions TO
the location of a branch and have no doubt
great exertons will be made to impose them,
and il would not certainly be matter Of surprise
if some of them should prevail. There may be
almost as many different projects, suggested in
the form of conditions, as there are members OF
the legislative body; but among those which
will probably be the most prominent, and the
most fayorably received, are the following
First That the capital employed at the branch
be taxed to the same extent as the banking In
situations of the State This will be popular
condition, and will be urged as being perfectly
Just 1t will be said that there IS no sufficient
reason why the stockholders of a State Bank
should be required TO deduct from their dividends
given sum, by way Of tax, upon the franchise
Of banking and the stockholders OF the Bank OF
the United States be exempted from 1t; that II
is just both should pay for the franchise, IN the
same way and e tyAo hen wse defined dstnc
tion, that the power to tax the Bank, as corpo-
ration, may be abused, so as to destroy the fran
chse, and thus defeat all the national purposes
designed by the establishment Of branch in a
particular State, the subject is viewed only in
reference to what is supposed to be an improper
distinction, between State and a national in
stituton, and the right and the equity of impo
sing the tax will be urged and insisted on-and
would it be too much to say that in many States
the argument would prevail And if 1t should
or il it is believed by capitalists that it would be
successful, is it probable they would subscribe
TO the stock, and that the subscriptions would be
filled up}
Second Another portion of the members Of
Legislature might deem II proper to say, pre-
yious to granting the assent asked, that as the
institution solicited the privilege of doing bust
ness within the limits Of the State, it would be
not only prudent, but right for the State to have
some agency IN its management, and therefore
ought TO REQUIRE as a condition, that the State
NAV select one person at least TO be director
in the branch. This would be urged, on the
ground that there ought TO be nothing concealed
from the knowledge OF confidential officer OF
the State, in the transactions OF the institution
that il is the duty of the State TO protect the
rights of its own citizens, and as the business
operations of the Bank would more or less affect
individuals 1t would be very proper that protec-
ton should be afforded them, in the form pro.
posed II would also be said, that so far from
causing any injury to the Bank, IT would tend
10 aay any fears which might exist from the
influence OF foreign institution, and conse-
quently that the Bank should rather solicit than
object to such a supervision. Such propo
siton would probably find some advocates, and
might combine other interests in its support.
Third. Another class of Legislators would
urge the proprety and necessity of superadding
TO the consent Of the State, provision retaining
the right TO withdraw it, after the lapse OF a
specified period of time. This would be pre-
scented to the consideration Of members, as a