Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-05
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protection, or they would there have no legal
protection. Now, what would be the conGi-
ton Of this fiscal bank as to crimes commit
ted against it i'm the States In the States
admitting branches I In the States refusing
the admission of branches?
My friend from Virginia has argued to
prove that Congress possesses the power to
make such a bank as this is; that when it is
brought into existence by the authority Of
Congress, its corporate capacity is completes
and that Congress may invest it with the pri-
vilege of contracting with the States for the
introduction Gifts branches. When introdu-
ced, he thinks the purposes of its institution
may be accomplished. There is no doubt,
repeat. that Congress may create such bank;
but 1t is, nevertheless, nothing more nor less
than Bank Of the District of Columbia. If
| 1t should have any exterior action, through
offices or agencies situate beyond the Dis
trct, that exterior action would not result from
the legislation Of Congress, but from the Leg
islation OF the States by which their consent |
was granted to establish these Offices or a.
gencies, within their limits. And the States |
| would have just as much right to allow of
| these Offices or agencies, whether there was
any grant from Congress or not to the corpo-
ration. III its charter, to establish them. For
there can be no doubt, presume, that the
Bank OF the Metropolis might now establish
such an oiilce or agency in any State that
would permit, Notwithstanding the silence of
its charter on that subject. The Pennsylva-
mia Bank of the United States, it has been
understood, has or had its agencies in other
States, which must have depended solely up
| on the liberation of their laws.
No amendment to the charter, made by the
committee, has commanded from the Senator
from Virginia warmer commentator than
that which denies to the parent bank all pow
er OF discoun,ing within the District, and
compels 1t TO transact that part of the business
| OF banking, through its Offices, beyond the
District. Considered as "a National Bank
with branches, emanatng from and protected
within the States by the national authority,
think that feature is worthy OF all the Sena-
tors admiration. But if it is to be regarded
as mere District Bank, springing from the
power OF local Legislation possessed by Con-
gress, it would be certainly most anoma-
lous, If not ridiculous feature. In this view
OF 1t, Congress will have made. in virtue of
its local power of legislation, a great District
bank, which is stript of all essential power of
banking within the District, and transacts all
its important business beyond the boundaries
oil the District. We shall have made sort
OF monster, indeed, with body destitute of
lie, animation, or action, where it abides, but
which may throw out all round it into the
States It's long and huge paws or branches to
CONDUCT the most extensive operations there
Mr. President, is this such National Bank
as the people Of the United States expect
from Congress?
The Senator from Virginia has invoked
spirit OF concession, compromise, and concit-
iation in our deliberations. l believe sir,
that have not been heretofore found want
ing in yielding to the influence of such a
spirit. But there are some cases of principle
which admit OF no compromise, and / fear
that this is one. The question is, a National
Bank or no National Bank, consiitutionality
or unconstitutionality, power or no power
How are these opposite properties or qualities
to be reconciled or compromised? There is
no mean or middle term. If you establish a
} really National Bank, emanatng from, sus-
, tanned and protected by the power of Con-
gress, and operating within the States with
out their consent or control, those who deny
the existence of the constitutional power of
Congress to construct such an institution are
dissatisfied and think they ale called upon to
yield every thing. And, Oh the other hand,
If you establish mere District bank, with
branching powers in heStates dependant up
OH their will, the friends of the constitutional
power ofCongress think that you mock the
people with an incompetent institution, and
call upon them to surrender every thing.
And this, it seems to me, is the sort ofcon-
cesslon or compromise which the Senator
from Virginia calls upon us to make---a con-
cesslon of every thing on our side, and moth
Ing on hls--a compromise In which he gets
all and gives nothing! We were extremely
glad, Mr.. President, to find the honorable
Senator, although under another respectable
flag, uniting with the Wings to bring about
that great change in the administration of the
General Government which commenced on
the 9TH of March last Some of us INDUCED
the hope that, profting by the illustrous ex-
ample of his lanented neighbors, Jefferson,
Madison and Monroe, lie might come to the
conclusion that the bank power was no long
er an open or disputable question; but, if he
could not agree with them and US, we hoped
mat other Instances, on Important measures,
} oil concurrence OF opinion between us, might
, compensate tor this sole difference. For one,
) was disposed to leave the Senatorin the I'M
disturbed possession Of his opinion, hoping
that, II he could not unite with us in estab-
2 fishing an etiectuai National Bank, we might
I do without his vote on that question. But
would ask him if it be kind or right in him to
, seek to disturb US in the quiet enjoyment of
, our opinions! lfhe cannot come to the TWEEN
, ty-slx or twenty Wing Senators, vino
: believe that Congress has the constitutional
f power TO establish National Bank, ought
he to endeavor to drag them to him? Is not
r such a process against all the laws Of CRAWL
2 tation?
lYlere Mr.. RIvEs said the amendment he
3 proposed was reported by the Secretary of the
D Treasury
That is true, and the Senator is entitled
to all the benefit he can derive from that fact.
a feel quite sure, however, that the Secretary
= does not entertain different opinion of the
: constitutional power of Congress from ours
must, ten, entreat the Senator from Vir-
GINA to forbedr PRESSING his amendment and