The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-29
FISCAL AGENT.

A striking difference in the views and wishes o.
those who desire of national institution to
facilitate the operations of the United States Treasury
and to promote sound currency consists in this
The Wall street and Chestnut street people, and citi-
zens of other Atlantic cities believing in the power OF
Congress to charter National Bank, want an insti-
tuition which shall be commercial agent Those on
the contrary, who agree with the aforementioned in
some particulars, but who doubt the conslitutionaty
ola National Bank, want only fiscal agent such as
is necessary and proper for the interests of the nation
al Treasury.
Among the latter those who believe that il is
neither right nor expedent for Congress to establish
an Institution solely for the benefit of commerce They
think that such an institution is partial in its ope-
raons and that If commerce is thus particularly pro-
vded for, then agriculture, the arts DC are also de-
serving particular legislative benefits The other class
the contrary insist that an institution for the
mutual benefit of commerce and the Government is
conducive to the general welfare of the whole people
of every class.
The fundamental present difference between some
of the friends of the Administration on the projects
before Congress, consists merely in their views of the
mode of establishing branches. Some insist that the
assent of the States should be required-others that
the institution shall establish branches where it
pleases. This difference is insufficient to produce
those divisions which the Locotocos seem to anticipate
with so much delight.
Suppose there should be inserted in the bill before
the Senate the following fundamental rule of Mr.
Ewing's project, viz:
"l6h That the said corporation shall establish
If and lpppsit in
by the assent of the Legislature of such State when
ever the directors may think fit so TO do and when
tablished the Office shall not be Withdrawn without
the assent of Congress and the said corporation shall
have power to commit the management of The said
Offices and the business thereof respectively to such
persons and under such regulations, they shall
deem proper not being contrary to law the consti
tuition of the bank or, instead of establishing such
offices it shall be lawful for the directors of the said
corporation from time to time, to employ any indivd
ual agent or any other bank banks to be approved
by the Secretary of the Treasury, at any place
places that they may deem safe and proper to manage
and transact the business proposed as aforesaid other
than for the purposes of discount and to perform the
duties hereinafter required of said corporation to be
managed and transacted by such officers under such
agreements, and subject to such regulations they
shall deem just and proper.
Would this be regarded by the friends of the Senate
Bill surrender of the principle which they hold,
that Congress has full power TO spread the branches of
the bank any where the States, with and without
their assent 1t would surrender nothing. Permit
ting principle to lie dormant is surely no denial
surrender of it, But in addition the insertion of the
above clause, suppose the following, from Mr.. Ew-
ing's plan, should be added, viz
Sec. % Andbc IL. further enacted That Congress
the right to limit extend the time for which
the said corporation may discount notes bills of ex-
change; and to pass all laws which may be necessary
to carry into effect the provisions OF this act according
to the true intent and meaning thereof and it shall
not be deemed any infringement of the privileges
errcd by this act for Congress TO direct the placing of
offices of discount and deposit in any such places
may be necessary and proper for the collection, safe
keeping and disbursement Of the public revenue
Would not such a compromise of the views Of gen
emen scatter the hopes of Locofocosm to the winds2
At the bare suggestion of it, methinks we see them
put on all the grlmaces of disappointment and despair