The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-05

nai0r from Virginia proposes. Is msnifesi-
ly = mere local bank q de Disnics Of Co
lnmbia. The Senator might have spared
himself some time IN proving The power
Of Congress to establish such bznk.
There can be no doubt of he existence of
such power. IL has been again and
again exercised. in the chariering 81 tlse
Bank Of Washington. de Bank OF die
Metropolis. the Patriotic and other banks.
Any one Of those banks might hare asked
the permission Of Stale 20 establish .
branch within is borders. The bank mn
der consideration. il amended a. propose
ed, would notessentially differ from them.
except in the magnitude Of is capital and
the interest which the Government lakes
in il.
Assuming the existence Of lhe power
as settled and legitimate power. il oughi
% be exercised for the benefit OF the whole
Union; and ID ought % be 50 exercised.
without soliciting any further consent
from the States. III be Federal pow
er--if il be granted in the Constitution.
upon what possible ground or principle
can we place our justification Cor not ex-
ercising the power, without The previous
consent Of the States, 70 be expressed
hereafter in separate acisg Aud If ne
established the rule thai, prior 70 the en-
ercise Of the constitutional power 10 estab.
lish Bank, We must obtain the consent
Of the States, what are The limitation. IL
any, 10 the rule! Must we not ask the
previous consent Of the States in every
instance of the exercise Of the powers
granted in the Constitution 10 the Federal
Government 1--we propose 70 establish
Post Uffice, or mail route, in State,
or 10 lay and collect taxes, or 10 perform
any other Federal duty, apperiaining 10
this Government, must we not solicit the
previous consent Of the Staiesi
! The Senator from Virginia argues that
in making such bank a. he wishes we
only for5ear to exercise the power, il we
have it, TO establish National Bank; that
iforbearance to exercise is no abandonment
of the power; and that, if his Bank does
not work well, we can hereafter resume
the power and make another Bank. IL
is very true that, in conserving 70 mako
such Bank as he proposes, We do for
bear to exercise the power to establish q
National Bank; for there is quite as much
difference between his bank and Nation
al Bank as there is between any other To-
cal bank, any State bank and National
Bank. Just as much difference as there
is between bank Of the District OF Co-
lumbia, and bank of the United States.
As general proposition, il may be true
that ior5earance 70 exercise power is not
tantam0unt TO the surrender Of the power.
But there may be, on the other hand,
case Of sch marked and peculiar charac-
Yer that the voluntary forbearance to ex-
ercise given power amounts 10 virtual
surrender Of that power. And Iihink the
bank question is such case. Ithas been
contested for fifty years and yariously de-.
cited. During the last eight or ten yeas
| the contest has been conducted with the
greatest zeal and earnestness, not 10 say
bitterness. The defeated party, not much
short OF moity Of the nation. steudy de-
mics, as party, the power. Now, ifthe
triumphant party, at the close of the con-
test, refuses to exercise the power, viii it
not be hereafter construed as virtual or
implied REIMBURSEMENT of the power! If
that party, moreover, declining to exer-
else the power, puts forth in lieu, but in
the name of a National Bank, rickety,
imbecile, incompetent local bank, which,
think, cannot fail to disappointthe hopes
and expectations of the people, how could
you afterwards resume the relinquished
power! Why the people would become
so disguised with the very name Of a bank
of the United States, that they would not
allow you 10 resume the power. The
Senator tells US that if his experiment fail
we may then make bank after the old
model. Why, sir, what have we been
struggling against for the last eight yearss
Experiment after experiment until our
country has been brought 10 the very
brink Of ruin. And, at the very moment
when we have not merely seen land, but
got, as all had hoped, into safe port;
when storms and tempests and experi-
ments were at an end, and the bright sun
of hope and prosperity was bursting upon
our joyful vision, the Senator frum Vir-
ginia comes forward and asks us, once
more, to put to sea with him on distant
and perilous cruise, and to try another
experiment!
The proposition which requires the
consent of State within whose limits
branch is placed, proceeds upon the erro-
neous assumption that the branch is in-
troduced for the sole benefit Of the parti-
cular State. But that is not the case. It
is put there for the benefit Of the Union
including the particular State. IL the
Federal power to put it there exist, il
ought 10 be exercised for the common be-
netit of the Union; if there be no such
power, then the branch ought not 10 be
clandestinely introduced into State. But
do, Mr.. President. see how advantage il