The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-08-24


3public morals and to the general veal.
The capital invested IN banks Of discount in The
United States, created by the States at this time is
$3.50 900; and if the dscoun,ing Of local pa
per could have produced any beneficial effects, the
States ought TO possess the soundest currency in
the world, but the reverse IS lamentaby the fact.
Is the measure now under consideration, Of the
objectionable character TO which have aIlud ed?
1t is clearly So unless by the 10th fundamental arti
Gle Of The lth section il is made otherwise. That
article is in the following words-
EThe directors of said corporation shall estab lsh
f one competent office Of discount and deposite in
ny Stnte in which two thousand shares shall have
been subscribed or may he held, whenever, upon
application Of the Legislature Of such State Con
gress may by law, require the And the said
directors may also establish compe
tent Offices Of discount and Opposite in any Terrific
ry District of the United States, and in any
State, with HE assent of such State; and when
tabsed, the said office offices shall be only with
drawn removed by said directors, prior TO the
prafou 81 this charter, with the previous assent
of Congress:
"Provided in respect TO anySta,e which shall not,
a. the first session of eLegisature thereoheld at
ter the passage ofths act, by resolution other usu
al legislative proceeding, Internationally assent
dissent the esabl ishment OF such Office or offices
within it, such assent OF the said State shall be
thereafter presumed: and provided nevertheless,
That whenever 1t shall become necessary and prop
or 70, carrying into execution any OF the powers
granted by the CONSTITUTIONS to establish an Office
or Offices any OF the States whatever, and the es
tablis hmeut thereof shall be directed by law, 1t
shall be the duty of the said directors to establish
such office offices accordingly"
Ii will be seen thatshy this clause the directors
ara invested with the fullest powe, TO establish
branch in any state which has yielded its assent,
and having once established such branch, it shall
not afterwards be Withdrawn, except by order OF
E Congress. Such assent is 10 be implied, and to
have tho force and sanction Of an actually ex-
d pressed assent, "provided in respect to any State
s which shall not. the first Session of the Legs
Iaure thereof held after the passage OF this act by
resolution other usual leg slative proceedings un
condilionally assent dissent to the establishment
ofsuch office offices within it, such assent Of said
D State shall be thereafter presumed.
The assent or dissent is TO be expressed uncon-
dtonally the first session Of the legislature 10y
e some formal legislative and if not so express
ed It's assent is To be i'm lied, and the directors
8 therefore invested with power, at such Tune there
> after, they may please, TO establish branches,
r which cannot afterwards be Withdrawn, except by
j. resolve of Congress. No matter what may be the
q cause which may operate with the legislature which
either prevents it from speaking or addressing se
/ to It's wisdom induce delay, its assent is to be
g Notwithstanding and innexible. Ii is the lawgiv
er of the master the vassa, unconditional an
swer is claimed forthwith, and delay, Postponement
or ncapacy to answer, produces an implied assent
g which is ever after irrevocable.
II Many of the State elections have already taken
. place, without any knowledge on the part Of the
people that such question was TO come up. The
g representatives may desire submission OF the
question their constituents preparatory to final
It action upon it; but this high privilege denied:
9. whatever may be the motives and views entertain
ed blythe representatives of The people TO induce de
u lay, their assent is 10 be presumed and ls ever alter
It wards binding unless their assent shall be uncon
ditonay expressed at their first session after the
:, passage Of this bill into law.
They may by formal resolution declare the cues
q ton of assent dissent to be undecided and post
poned, and yet, IN opposition to their express dec
laration to the contrary, their assent is TO be imph
n cd. Cases innumerable might be cited to manifest
the irTationaity of such Inference. Let one or
b two addition, sufllce-the popular branch OF the
-. Legislature may express The dissent by unani
- nous vote, and its resolution may be defeated by
the of the Senate; and ye: the en Is to be
If implied. Both branches of the Legislature may
r. concur in resolution of decided dissent and yet
. tho Governor may exert the veto power conferred
6 on HIM by the State constitution, and their Legisla
o action be Defeated and yet the assent of the
n Legislative authority s mped and tho Directors
i this contem institution authorized to es
tahish branch or branches in such state, whenev
e er thew may find il conducive to the interests OF
e the socsh holders to do so; and having once esah
ished it, they can, under no circumstances, with
If draw itexcept by an act Of Congress.
y The State may afterwards protest against any
}, such unjust uerence-but its authority is gone
ts assent is implied by its failure nah.liiyto act
a at its first session, and its voice after
wards be heard. 70 inlerences violent, and, as
! they seem me, Irrational, cannot yield my con
j. sent.
No court Of Justice would could sanction them
. without reversing all that is established in judicial
proceeding, by introducing presumptions gat vnri-
ance to the fact, and differences at the expense OF
. reason. state in q condition Of duress would be
h presumed to speak as an individual manacled and
Imprisoned might be presumed to be In the enjoy
=. ment of freedom. Far better to say to the States
boldly and rankly-Congress wills, and submis>
SION demanded
II may be said that the directors may not estab'
lish branches under such circumstances; but this is
IL question of power, and this bill invests them with
t full power o do so. L. tho Legislature of New
. York, Pennsylvania, or any other State should
be found in such condition l have supposed
could there be any security ishcd against such
a step tho par, of The directors? Nay is it not
r fairly to be presumed that this proviso was intro
, duced for the sole purpose of meeting the conn-
gency referred to? Why else should it have been
inlroduCed?
d And | would submit to the Senate, whether 1t
can be believ ed that any State would be likely to
! SIT quietly down, under such state of thngs9 In
= q eat measure ofpublic interest their patriotism
I may be successfully appealed to, but TO infer their
assent from circumstances at war with such INFER.
ence cannot but egard as calculated to excite ii
feeling at fatal enmity with the peace and harmony
s of the country must therefore regard this clause
. as asserting the power 10 be in Congress to estab-
lish Of discount in State, not only without its as
l..tn1 md Snr