Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-07-01

dependent NOT upon the will of Congress,
bit upon the will of each State, separately
the creation Of such bank
would add another to the list Of disastrous
experiments, and would be tantamount to
a REIMBURSEMENT Of the national power,
and il could never be resumed.
The power Of the Federal Government
is only to be found in the grants of the
Constitution. IL they are inadequate TO
the fulfiIment of the great purposes Of its
establishment, they can only be increased
in the sode Of amendment which the in
strument itself has prescribed. They can
not be augmented by the grants or con.
sent Of any State or States short Of the
number Of two-thirds, whose concurrence
is necessary to give validity to an amend
ment. A derivation of power TO the Ge'
neral Government from the consent OF
particular States would be unsound IN
principle, and the COMMITTEES aPprehend
dangerous in practice. Adml! such con-
sent to be legitimate source oil power,
the Government would not operate equal
ly in all the States, and the Constitution,
losing its uniform character, would exhl-
bit an irregular and incongruous action.
Entertaining these deliberate views,
the committee are decidedly of opinion
that no bill for the establishment OF a
bank in the Distric. Of Columbia will be
eiIectual which does not contain clear
recognition OF the constitutional power OF
Congress to establish branches wherever,
in the United States, the public wants, in
its judgment, require them. They cannot
consent that bank, emanating from the
will of the nation, and imperatiyely de.
mauded by the necessities Of the Govern
mcnt and of the nation, shall be wholly
dependent for its useful operation upon the
will Of each and every State, distinctly
expressed.
Accordingly, in the draught of bill
now reported, the right is asserted to ex-
ercise the branching power Of the bank
independent of the assent of the States.
The commtlne dare not allow themselves
to believe that the bill is free from all de-
fecis, but they do hope that these, in sP.
rit Of liberaity, will be corrected by the
superior wis lom Of the Senate and of the
House, and that the present session will
be signalized by the establishment of a
national institution, which has become a
desJeraium TO the general prosperity.
The advantages which will flow from
such an institution, in both our domestic
and foreign relations, are manifest and in
contcstable.
1t will give the People sound curren-
cy ofuniform value throughout the Union,
which is just as necessary to the success.
ful operation Of all branches of business
as pure air or water is to the preservation
Of human life or health.
II will revive and extend commercial
intercourse, which, for the want of com.
mon medium, has been almost suspended
between different parts of the Union.
1t will reduce domestic exchange from
the enormous premiums and discounts now
frequently paid to the moderate standard
growing out of the mere cost and insur-
ance on the risk Of Transporting specie
from one to another part of the Union.
1t will, consequently, save hundre DIS Of
thousands Of dollars now annually lost in
transactions OF exchange.
1t will essentially benefit the manufac-
turing interest by enabling it to realize
sales and the proceeds of sales.
1t will powerfully contribute TO the re-
sumption of specie payments by the banks,
whose existing delinquency is the greatest
source of all prevailing pecuniury and fl.
nancial embarrassmen;s.
1t will greatly tend to prevent and cor
..lx 4 -
banks.
1t will furnish medium common TO all
pnrts Of the Union for the payment of
debts and dues to the government: thus
rendering duties and taxes uniform in fact
as well as in name.
II is indispensable to the convenient and
successful financial operations Of the Gov
eminent in all the departments of collec-
lion, safe-keeping, and disbursements OF
the public revenue.
Such are some Of the domestic benefits
which the committee fully believe will be
secured by a National Bank. Those
which sppertoln to our foreign relations
are also worthy OF serious consideration.
Fit be true that money is power, its
concentration unuer Tue uIeCtiOH oi one
will, sole or collective, must augment the
power. A nation, without such concen-
tration of power, maintaining extensive
commercial intercourse with another ma.
ton possessing it, must conduct tina, inter.
course on condition of inequality and
National Banks, in other
countries, beget the necessity, therefore,
of a National Bank in this country, in
like manner as National Governments in
foreign nations must be met by National
Government in ours.
Accordingly we have seen the influence
exerted by the Bank Of England npon A.
me.ican interests, when those interests
were exposed to the action of that Bank,
aud were left without the protection OF
Bank Of the United States. The commit
tee do not wish to be understood as intend.
ing to express any appreciation ofthe com,
mercial operations in which the Pennsyl-
vania Bank, assuming the name of the
United States. engaged, when that state
OF things arose.
But they do mean to say that the inte-
rests and dignity of the United States de-
mand that they should not be exposed,
beyond the necessary and Legitimate in
fluence of monetary and commercial ope-
ratlons, to the action of foreign banking