The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-09-30

q gtrdI AtstlifNhn NrtAFEN t5r W. ~ ~
Of ,he Unlird s a.ts--a bank " discount
and dsposiie--snd The eir &c naw
,haughI - lroi ossng; md. uhslhsr ihe
constitutional que-'inn as NJ, dlhesshI.
lie Ieninded ~ thai. ~ I'll hi Isfsncr
spe.rh aid report. he had lsk-s lhe
ground Ihst Congress liad ~ eanslllnl.0,
81 pnwer ln charter bank which bad lie
power al local di,eoull. Mr Nebslsr
poinlfd oui The dlsunriinn he cen she
IA o plans On manner Vi ish aptear,ll "a
be satisfactory ~ bin. The substance ul
y hal he sand q a.. as ] nldrIs Odd him. -
lnlirws: lie had drriard plelsTsrcs
ior bank nPan lie plan lhrn Irnpas.d
aver eiil.er 81 Il,,sr whlrh had hsen gtf-
sioasiy .pnken ~. lie f.mitd.J iLe
p,e.itlenI thai h. had expressed bis l.c-
terence Tor bark which slnuid b. 90.
irIc,ed IN is dealings 10 bIlIs 81 exchange.
when crIIan genlrMen ilu,n lll+ cal, Il
/ New York arre present srr.Ial weeks
before. lie then liorgh,, ashr did NM.
/ thai Il wuGld answer all usel.l puIpasrs
One grnuhj al hi. prtierenre Vas. and
had great weight with him. ihsi tie
plan dad mol ronIrnpia'r i.,e couset,t IL
tie States as. in an. WAY OF 1T an time.
ecessaTy 10 az ex's caer af etllsirnry.
l lie thought the plan proposed u liz coa.-
nenerment u ile srssioa. KeIsIally
knusn : Mr.. Ewing's bal, ~ intoagfu-
nus aud objectionable an this ground.
! Ills general course Of blinking an such ,
s"hjec's led han Ia lerier thai. aba,eser
power the G1ger1nrni asserted. az Nss
auliur,zed To asseTl. shpnl.l br ex, rcirFd
independently ul State auth u,,y. AMI {
t.e indifference OF Ihr States. tie tluaz}i
there could he nn dnuDi III be r0n, isu-
. honal power D. ehsnrT Sch bsnk ~
. wa. Thea prupnsriI. according nh. r. r..
idrnl's own m"des vi thinking upon .llal.
snhjrci, n lle undrrsi 10 ihtm. Iegtasn
ly here was clear distinction he.se,a
such bank aud the late Bank nl the Uni.
ted States. The one nav proposed VAS 10
be- limile'i ~ It's operations T. such objects
a. we're clrsrly wlhn come Of The gege-
j raj provIsipRs o the Cunsli.u i'm. ur esrh
IS were CLEARLY necessary ~ he tAteu-
uun Of others. The prrsi'ese Of ,ssulag
liz own NUTS, Ol dealing in Exchanges.
and oil receiving moness an ,lsposile, all
appeared 10 have Immediately reference
to or coRnexinn with The power given in
,he Constitution aver commerce between
tthe States. ossr The currency, ani the ne-
cessary ti.c.l operations uI the Cove rn.
G,enl IN llir collec i'm. sale.kee l.ing. and
disbursement oil ,lle public. revenue.
! These were ali subjects of national, and
n"tlucsl or Stale cancetu. THE d,spnr-
u"n between This plan aHd the late Bank
OF The Unilsd Slaes lay IN tbi.: Tie pri-
, IIrge rnj"yed By the old bank, ul deal.
ing 10 local paper, or dIScounling RnIes
having M ciTrGlA.Iou. as IL might br, but
between tae different streets or CONNER
cIsl puiuts uf the same city. had nn eau
ncxiOn ": b the trade or camneIre b.
I tween The States and rumnle sections Of
the Union, nor with The transfer Ol Ihs
public money from one puiit 10 anolhet;
aud IL had, therefore, no Necessary eun
neXlnn With any oil the great u ,,lOnsl oh
jerls Tor which the bauk was chartered:
n.r could II be rlumcd a. an inrlden, H.
any Of the powers gwen tpCongFtss By the
Guns tuition. That privilege, he appre.
hcnieJ, was conferred upon the late NIX
from the belief that withnnt il The stnrk Yf
! The bank cn"li nat BE- made profitable;
! aud II WAS therefore considered as ne.
ccsary incident To all instt.Uiiun which
was itself but The offspring Of inrihcn-
| 'aI rover. Experience, he lhuugh,, had
shown clearly hist such privilege was no
l"ngrr ImpnrtaTl or necrsssry. b. CON-
iining,he ,ii.coun,ing privilege oil the pro.
passed bark To bulls al exchange between
this country and foreign States, and b;-
tween The several States of the Uniun,
this rhlerti"n would not lie against it.
The President expressed his regret that
he bal MOI used the words =. bank of dis.
coWm and deposi,e" IN las late Message,
81 thai Ihe distinction he now took might
be clearly inferred from thai message. aud
he rould not then he charged With incon.
sisienry. Mr.. Badger said lie thought
nnIhine woali have beer gained by the
use of the terms bank of discount aud
iepnsiie" in ms message; fnr. as 10 The
charge Of inconsistency, IL might, aud
probably would. be made against him for
party effect. II he sanclipne,l The hill then
proposed IVY him, inasmurh ~ dealing in
or buvlng bills al exchange would be DIS
counting. aud Ia that ex,ent make 1t .
bank Of d,scaunt. s>.:.
When all the materisl points appeared
To be disposed Of. and the members Of the
Cabinet present had expressed their de-
cided apprehension Of The plan the Pies;-
dent had suggested, he said that. af,er
al, he would not sac,ion bank in The
form just agreed upon, il he supposed
ths, i, would be made the groundwork ar
basis Of baak with all, lha pssess al
The late Bank of the Uaited States. lie
never would give his ssnctcn 10 The pow
er Of local discount. lie feared that, at
the next or succeeding sessions Of Cons