The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-09-21

Hschi agencies OF the Treasury OF tho u .. Such
is its own description Of itself Do its provisions
contradict its own title?
They do not. 1t is true that by its first section
it provides that it shall be established in the Dis
trict Of Columbia, but the amount Of lis capital
The manner in which the stock is to be subscribed
for and held-the persons and bodies corporate and
polite by whom its stock may be held; the appoint
ment Of its directors, and their powers and duties
its fundamental articles, especially that TO estabs
agencies in any part of the Union, the corporate
powers and business of such agencies, the prohibI
ton of Congress establish any other corporation,
with similar powers, for 90 years, with express
ervaton, in the clause, 10 modify create
any bank for the District OF Columbia so that the
aggregate capital shall not exceed five millions
without enumerating other features which
qaally distinctive and characteristic clearly show
that 1t cannot be regarded any other than
Bank OF the United States, with powers seemingly
more limited than have heretofore been granted
10 such institution. 1t operates per Sc over
the Union, by virtue Of the unsided, and in my
view. assumed authority OF Congress as a Nation
| al Legislature, as distinguished from a Bank
the local Legislature of the District. Every Unit.
ed States Bank hereto fore created, has bad power
to deal ia Bills of Exchange as well as local dis
count
Both were trading privileges conferred, and both
| exercised by virtue ofthe aforesaid power Of Con
gress the whole Union. The question ofpow
er remains unchanged without re ference to the ex.
tent of privilege granted. 1.-THE proposed corpora
ton is TO be regarded local Bank of the Dis.
trict Of Columbia, invested by Congress with gener
! al powers to operate the Union, il is obnox-
| ious to still stronger objections
HAITI inc toca inu
tuition with general or National powers. With the
same propriety that it may do this in regard TO
Bank of the District of Columbia, it may TO a
State Bank. Yet who indulge the idea that
| this Government rightfuliy, by making State
bank its fiscal agent, invest it with the absolute IL
unqualified powers conferred by this bill? When
come 10 look to the details Of this bill, they do
not recommend 1t strongly TO my adoption. A
brief notice ofsome Of its provisions will suffice.
lst II may justify subsant rally system Of dis
counts OF the most Objectionable character. 1t is
TO deal in bills of exchange drawn in State &
payable in another, without any restraint. The
Bill of exchange may have an unlimited time TO
run, and its renewabity where guarded
against-It may, in fact, assume the most objec
tionable form of accommodation, ii is not requr-
ed TO rest on any actual, real substantial ex-
change basis A drawer in one place becomes
the scceptor in another, and so on in turn the ac-
ceptor may hooome the drawer upon the mutual un
derstandng
1t may at the time indulge in nero local
discounts under the name o bills ofexchange.
bill drawn at Philadelphia on Clmden, New Jer-
sey-at New York border town in N. Jersey
at Cincinnati on Newport, Kentucky, not to multi
ply other examples, might for anything in this bill
to restrain il ,becomes matter of local accom-
mediation. Cities thus relatively situated would
possess advantages cities Otherwise situated
so decided character most justly to excite dis
satisfaction
I'd. There is no limit presc rihed to the premi.
un in the purchase ofbils of exchange thereby
correcting of tho evils under which the com.
munty now labors, and operating most iniurionsly
upon the agricultural States, in which the incquaii
ties in the rates Tof exchange are most severely
! felt.
J Now are these the only consequences: resum,p
ton of specie payments by the banks of those
States would he liable to indefinite postponemeni--
tor, az the operation of the agencies of the interior
would chiefly consist in selling bills Of exchange
and the purchases could only be mada in specie or
tho notes OF the bank pa ying specie the
State banks would either have to cont inue with
their doors closed, exist the mercy OF this ma
sed over without remark, that, whilst the District
of Columbia is made the seat Of the principal bank
its citizens excluded from all participation
[ in any benefit il might afford, by positive plohbi
ton on the bank from all dscounting within The
| District
These are some Of the objections which promi-
nently exist against the details of the bll-oheis
might be urged Of much force-but it would be
profitable TO dwell upon them. Suffice it to add
that this charter is Designed to continue for TWEEN
ty years without competitor-that the defects
to which have alluded, being founded in the fun
damenral law of the Corporation, and irrovoca-
I ble-and that If the objections be well founded it
| would be over hazardous to pass the bill into a
law.
In conclusion take leave most respectfully TO
say, that have felt the most anxious solicitude
TO meet the wishes Of Congress in the adoption Of
Fiscal Agent which, avoiding all Constitutional
objections, should harmonse conflicting opinions
--Actuated by this feeling, have been ready to