Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-09-23

alone in pursuance OF that will that auy
measure can ever reach The President; and
10 say that because n majority in Congress
have passed bill. The President should
therefore sanction ii, is TO abrogale the
power altogether, aud 10 render its inscr-
lion in The Constitution work Of absolute
superogaiion. The duty is to guard The
fundamental vii! of the people themselves
from Gn this case, | admit. uninrcnIional)
changc or intracliOn by majority in Con.
grcss. And in that light alone. do regard
the constitutional duty which ! now most
reluctantly discharge.
In this bill, now presented fnr my ap.
proval or disapproval, such Il bill as | have
already declared could no, receive my
sanction! Is il such n bill rs calls for the
exercise ofthc negative power under the
Constitution, Docs it violate the Consri-
luton, by creating National Bank, to opc-
rate per sc over the Union! Its title, in
the frs, place, describes its general charac.
ter. 1t is IAN ac, to provide for the better
collection, safe-keeping, and disbursement
OF the public revenue, by means Of n corpo-
ration, to be styled the Fiscal Cooperation
Of the United States. In style, then, it is
plainly national in its character. Its pow
crs, functions, and duties, are those which
pertain TO the collecting, keeping, and dis
bursting the public revenue. The means
by which these are 10 he cxcricd is cor
poraiion. 10 hc styled The Fiscal Corpora
tion of the United States. !, is 4 corpora
'ion created by The Congress OF the United
States, in lis character ofa National lcgis
lalurc for the whole Union, TO perform The
fiscal purposes, meet the fiscal wants and
cxigences, supply the fiscal uses, and cx-
ert the fiscal agencies ofthc Treasury ol'hc
United States. Such is lis own description
Of itself. DO its provisions contradict lis
tiilcl Thcy do not. Its true. that by
its first section. ii provides that it shall be
established in the District OF Columbia, but
the amount Of its capilal-;kc manner in
which its stock is TO he subscribed for AMI
hcld-rhe persons, bodies corporate AMI
polite, by whom its stock may be held
the appointment of its directors, and
their powers and duiies-its fundamental
articles, especially that to establish agcn-
cics in any par, olIhe Union-lne corporate
powers aud business ofsuch aScncics--lhe
prohibition Of Congress to establish any
other corporation with similar powers for
tw wcnty years, with express reservation III
the same clause. To modify or create any
bank for the District of columbia. 50 thai
the aggregate capital shall not exceed five
millions; without cnumcratng other lca-
lures which are equal distinctive and char
actcris.ic, clearly show that it cannot he
regarded as other than Bank oirhc Uni
ted States, will powers seemingly more
limited than have heretofore been granted
to such an Institution. 1t operates per Sc
over the Union, by virtue Of the unaidcd
and in my view, assumed authority OF
4 Congress as j National Legislature, as dis
tinguishablc from 4 bank created by Con-
4 gress for the District Of Columbia, Is the
!, lncal Legislature nf the District. Every
United States Bank heretofore created has
had power TO deal in bills of czcnungc, as
well as in-!Stai discounts. Both were
Trading privileges conferred nnd both
were exercised. by virtue Of the aforesaid
/ ro-,o- ~ O., ..a. .a~s---4..>. ..t--i-l.-I
The question power remains unchanged
without reference 10 the extent Of privilege
granted. IL this proposed Corporation is
tttohe regarded as ioca! Bank Of The Dis
,Iilict Of Columbia. invested by Congress
s. with general powers 10 operate over the
tI Union, it is obnoxious to still stronger Oh
Il jec,ioas. 1t assumes that Congress may
4 invest n local institution with general, or
national powers. With the same prnpric,y
that il may do hi, in regard TO Bank Of
the District of Columbia, il may rs 10 Il
State bank. Yet who can indulge the i'lca
that this Government can righliully, by
making Stale bank lis fiscal agent, in.
vest i, with the absolute and unqualified
powers conferred by this bill! When
come to look nj the details Of the hill. they
do not recommend it strongly to my adop.
tion. 4 brief notice of some Of its provi.
sons will suffice.
lsl. 1t may justify substantially sys.
TEN of discounts OF the most Objectionable
character. tits To dealin Bills of Exchange
drawn in one State and payable in another
without any restraint. The bill of exchange
mag have an unlimited time TO run. aud its
rcncwahiIiiy is 40 where guarded against.
Iimay. in fact, assume the mos, objcctiona-
bic lurm of accommodation paper. IL is
not required To rest on any actual, real or
substantial exchange hasiS. \ drawer, in
| one place, becomes the acceptor in anoth-
or, aud so IN turn the acceplor may be-
come the drawer upon mutual undcrstan-
ding. II may. III the same time, indulge
in mere local discounts under Tie name of
bills Of exchange. a bill drawn Il, Phila =.
dcphia, on Camden, New Jersey; at New
, York. OIL border town in New Jersey
at Cincinnati, on Newport, in kcntuchy Y F.;
not TO multiply other examples, might, for
, auy thing in the bill 10 restrain it, become
mere matter of local accommodations
Cities thus relatively situated, wonlJ pos
scs advantages over cities otherwise si,ua-
. led, OF so decided a character as most justly
TO excite dissatisfaction.
I'd. There is no limit prescribed TO the
. premium in the purchase of bills of ex-
change. thereby correcting none Of the evils
under which The community now labors,