The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10

though not an advocate the State Bank system, he
preferred il To a Bank of the u s.
MIR CALHOUN said he preferred il because Il could
be more easily blown up than Bank OF the United
States, 10 make way for the Teesablishment oil
| the Sub-treasury
Then surely said Mr. RlyEs all our distrust Of
the Senator Is than justified and well may we
say TO him, 1imeo Danaos e. dona ferenfes. Inc
bold annuncation he has just made, which leave hlm
to reconcile With the of good faith, reveals az
the policy of himself and of the party with whch
he il associated; and Of which, II we may Judge
from the signs of the times, he is the acknowledged
leader. They would continue TO wage unrelenung
war upon the State Bank system with the desperate
determination of bioping il up IN order to bring pack
that Iepudiacd scheme, under hose flag the Senator
proudly boasts that he still fights Al the same time,
the friends of National Bank, intent on the estab-
shment of their favoIlte plan, will be little dispos-
ed 10 orbear attack upon system which Is the anita
gonlst OF theirs well OF the Sub treasury scheme
In the face OF this united and double hostility OF the
two great politcsl parties Of the country both cease
essy warning upon il, the idea of scid and perma-
nent reconstruction of the State Bank deposit system
whatever be IL intrinsic recommendations must be ad-
mittei 10 be hopeless. What the country now wants,
above every thing else, Is stab ~ and r,pDse--the
adoption of some permanent system upon which men
of business base their operations for The present,
and their calculations for the future. The great iste
rests of society have been long enough made the vic
tim OF party agitation the sport and football q the
heatless game Of politicians. IL is time that these
pitat ~ possUlf sHOuu Dt Wy SUM
conciluory and permanent al ustmen OF the questions
hitherto so ferccy debated beyond the destructive
| operation OF the elements OF party war.
! To National Bank formerly constituted, very
large portion OF the People OF tins country have even
elt, and VIII probably ever continue to feel an lnVn
chile rtpugnauce, on the ground of lis involving an
assumption Of ungrnnted power, and an INVASION OF
the rights and reignty Of the States. 10 ob,ale
these objections the Secretary of the Treasury justly
apprecIang the advantages that would result TO the
| a We'll aS Ia HE SpIt
posed TO be irhed from cordial and general con-
currence of public opinion in lis favor, suggested the
expedency OF organising IN such manner as TO avoid
altogether the disputed question OF constitutional pow
er. he suggestion was conceived in spirit of pat l.
otism, wisdom and practical craftsmanship, worthy of
the Secretary, aud o. the Administration under whose
auspices II was presented lie proposed TO plant the
new institution upon uncoGte ted ground To require
no surrender of opinion the side the other,
to the rights ella med denied within the disputed
territory o the constitutional ar umen but simply to
lorbear on both sides from entering that tIated
domain lie proposed, iii short, to follow example
which has been 80 fruitful OF peace IN our lnterna
tonal relations regard TO our North Eastern boun
dsry either side OF which the rights of the respec
tive parties are acknowledged and defined up 10 GER
tain limits, within which each exercises full jur sdlc
ton and control, leaving, however an intermediate
border of disputed territory, claimed by both and over
which both agree for the present 10 refrain from
clsing any act of ownership or authority.
In pursuance of this leading idea, the Secretary of
the Treasury, in the plan he has submitted TO US, has
avoided altogether the rered question of he power of
Congress 10 create corporations within the limits OF
the STATES The institution which he proposes 10
tablsh the fiscal agent of the Government is to be
incorporated rttia the District Of Columbia, in yir
tae of power 10 create banking corporations here,
exercised from the origin OF the Constitution to he
present day, and never contested Here Is 10 have
its corporate existence, It's local habatlon and name
in proximity 10 the Government whose fiscal concerns
II Is to be employed To transact and under the lmne-
dae supervision OF the representatives. of the people,
to whom it is made responsible. Such branches, or
Offices of discount and deposit II may find II ex-
pedicnt 10 establish In any of the States are to be es
tabshed there upon the assent of the States previously
obtained and in virtue of those general rights OF sovc-
reigny which each State possesses within it, own
limits. The long contested question OF the power OF
Congress to create corporations within the Siaes-a
question growing not merely out of the limited nrture,
IN general, Of the powers delegated TO Congress- but
also out OF the rejection 10y the Convention OF an
express proposition Ia give to Congress the general
authority TO grant charters of incorporation for the
Uniunthe whole OF thl, ancient field Of controversy
is pludeny avoided by the Secretary's plan II Is the
disputed territory on which no entry Is TO be made =
but by the conf int exercise of admitted powers with
in the we'll defined and ascertalned limits on either
side of the contested boundary-ot The power OF Con-
gress TO exercise exclusive legislation IN all cases
whatever" within the District, and the power OF the
States to give heii assent to the establishment OF
branches OF the proposed institution, within their re-
speCtlNc Iits-tIc WnOle new
and banking agency is organized aud tut in motion,
without occupying single point of the disputed
ground Of the Constitution.
Still, however, MIR. President said Mr.. Rives, an
objection has been somewhere started TO this arrange
ment, that though the power of Congress to create
banking corporations within this District is unques-
tionable Yet they can be constltutienally created
here only for local, and not for national uses On
what principle such distinction this be sus-
tainedl The District itself created and set apart
/ l,..t,N yhN nal
sderatons--to give entire freedom and independence
the deliberations and action of the national auhori-
ties established here. MIR. Rives said he had the
sanction of the highest judicial authority known TO our
institutions, for saying that the power OF exclusive
legislation over this District was conferred on Con
grcss, not sometimes loosely SAID as local Lee
gisinture for the District, bot emphallcally as the
Leoisidture Of The Inion' What is this magnificent
Capitol erected here ior,-or what the Treasury
Bu ding, and all the other public edices connected
with the operations of the Government, unless for
tional purposes And for what more legitimate ma
tonal object any establishment be founded here,
than to be an auxiliary, and 10 some Sort an adjunct
To the great Revenue Department OF the Govern
ment
IT'S true, said MIR. RlvEs, that acts done here, in
virtue of the power of exclusive legislation over this
District limited, in then intrinsic force, to the
District They have operation, per Sc, beyond the
District Accordingly, the corporation proposed to he
created here as the fiscal agent of the Government,
will have lis legal corporate erisfence here, and no
where else. To the language of the Supreme
Court of the u s. in recent case. having an impor-
bearing the questions now discussing 1t
is 10 dreH here in The place gifts creation But nus
does not prevent it, any more than corporations created
by State authority from extending ITS operations ny
branches or agencies into the States OF the Unoni
ruth The assent Of th6se States In every such case,
the extra territorial operation of the institution would
be the result not of any intrinsic force derived IRON
the act of Incorporation but OF the sovereign assent OF
the States permitting extend It's operations within
their limits But this (sad Mr.. X. is TO anticipate
question shall presently have occasion TO discuss
much more at large ] return to the competency OF
Congress to incorporate Bank in this District Tor
l Al