Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-07-06

DAYS, &C.
3. A prohibition against the corporations
transacling any other than legitimate bank
ing business; excluding all dealing in stocks,
and all commercial operations.
a. A requisition that majority Of the
whole number of the Board Of Directors shall /
be necessary to transact the business Of the
Corporation.
5. Ample power TO make the most thor
ough examination into the conditions and /
proceedings of the Bank, down TO the accounts
of individuals by totally removing from the |
Secretary ofthe Treasury and committees Of /
Congress the veil of secrecy.
And @, BY denouncing and Furnishing as
felony the crime of embezzlement Of the funds |
Of the Bank when perpetrated by any ofits
officers, agents or servants.
Concurring entirely in the sentiment ex-
pressed by the Secretary of the Treasury;
that many wise ana patriotic statesmen, whose
opinions are entitled 20 consideration and re-
spect, have questioned the power Of Congress
to establish National Bank: and shat it is
desirable, so far as possible to obyiate obiec-
tions and reconcile opinions, the committee
have attentyely and earnestly examined the
provision Incorporated IN the draught Of the
bin of the Secretary, in regard to the branch
mo power Vi iuC DdDhs anu tlel WOuiQ nave
been happy If they conld have reconciled it
to their sense Of duty, to adopt It. But after
the fullest consideration, they have been una
bic to arrive at that result
It.was not without hesitation that the CON-
mittee agreed to the location Of the Bank in
the District OF Columbia. This they did be-
cause they believed that the utility Of the
| Bank did not so much depend upon the place
| r a Il r.tal.
and powers should be given to il. But to
isolate it in this district, without giving it
any other branching power than such as It
might derive from the consent of particular
states, would be to create an enormous Dis
/ trict Bank, devoid of defective national char
acter. Such bank, would be bank only Of
the District of Columbia, and its offices of
discount ard depoiis, would be nothing more
than banks of the states which might al.
low them to be planted within their respcc-
tive limits. For al national purposes con-
gress might as well charter one Of the dis
trict banks, enlarge its capital and give it au-
thority TO establish offices of discount and de-
post IN any state that would permit it to be
done.
The committee believe that the capital of a
bank so constituted would never be wholly un-
able to accomplish the great and salutary pur-
poses for which it is desired and should be
designed.
But the question of establishing bank thus
be restricted and circumscribed involves hioh-
er and graver considerations than those of
mere expediency. The General Government
has or has no. the power to establish Ma
tlOnal Bank. Fit has the powes it derives it
from the existing grants IN the Constitution,
oftAe u. s. The committee beliYe II has
J the power and ought 10 exercise It. But az
ter contest during the last ten or twelve years
IN respect TO the constitutional power of Con-
t gress, which has been marked by so smuch
: animation and bitterness, a forbearance to
exercise the power would be virtual surren-
der of power If a bank were to be created
whose operations within the limits of the
/ States were dependent not upon the win oil
Congress. but upon the viii ofeach state, sep.
erately announced the creation of such bank
would add anotl er to the list of disastrous ex-
, periments, and would be Itantamount to re.
i iinquishment of the national power,and it could
? never be resumed.
The power OF the federal government is on.
, " to be.found in the grants of the constitution
Ifthey are inadequate to the fiflment of the
4 purposes ofits establishment, they can only
: be increased in the mode of amendment which
5 the instrument itself prescribed. They can
] not be augmented by the grants or consent o.
the State, or States short of the number OF
! two thirds whose concurrence is necessary tc
: give validity to an amendment. A derivation
, of power to the General Government from
r the consent of particular states would be un-
sound in principle, and the committee appre-
bend dangerous in practice. Admit such a
consent to be a legitimate source ofpower,the
Government would not operate equally in all
| the States, and the Constitution losing Its
uniform character, would exhibit an irregular
and incongrous action.
Entertaining these deliberate views, the
committee are decidedly of opinion that no
bill for the establishment ola bank in the Dis
trict of Columbia, will be effectual which does
not contain clear recognition of the copsti-
tutional power of Congress to establish bran
ches wherever, in the United States, the pub
lie wants, in its judgement require them
They cannot consent that bank eminatinr
from the will nation, and imperitiyely deman-
ded by the necessities of the Government md
OF the nation, shall be wholly dependent for It's
useful operation upol the will o. each and eve
ry state, distinctly expressed.
Accordingly, in the draught of bill now re-
| ported the right is asserted to exercise the
branching power of the bank independent of
thesassent OF tie st4tes. The committee dare
not allow themselves to believe that the bill
is free from all defects, but they do hope that
these, in spirit of lberahty, WILDE corrected
by the superior wisdom of the Senate and of
the House, and that the present session will
be signalzed by the establishment of nation
al institution, which has become a desidera-
tum TO the general prosperity.
The advantages which flow from such an
institution, in both our domestic and foreign
relations, are manifest and incontestable.
1t will give the people sound currency of
uniform value throughout the Union which is
i just as necessary to the successful operation
of all branches of business as pure air or wa
ter is to the preservation of human life or
health.
It will revive and extend commercial inter-
course. which for the want of common me-
dunn, has been almost suspended between diff
ferent parts of the Union.
1t viii reduce commercial exchange from
the enormous premiums and discounts now
frequently paid to the moderate standard grow
ing out of the mere cost and insurance on the
risk of transporting specie from one to another
part ofthe Union.
1t viii consequently save hundreds of thou
sands of dollars now annually lost in the trans
actions ofexchange.
1t will essentially benefit the manufacturing
interest by enabling it to realize sales and the
proceeds of sales.
It viii powerfully contribute TO the re-
sumption of specie payments BY the banks,
| whose existing delinquency is the greater