The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-08-25

4 1000 tts uedIlnSS III exchanges o'p"a"tcH
to upwards of one hundred millions OF
dollars, including the sales of its own
drafts; and all these immense transactions
were effected without the employment OF
extraordinary means. The currency ol
the Country became sound, and the nego-
Citations in the exchanges were carried On
at the loves, possible rates. The clrcu'
lation was increased to more than S22,OO0,-
600. and the notes Of the bank were re
garded as equal to specie all over the
country; thus showing almost conclusive:
Iy that il was the capacity TO deal IN eX-
changes. and not in local discounts,
which furnished these facilities and advan.
lages. 1t may be remarked. too, that
notwithstanding the immense transactions
Of the hank In the. purchase of exchange,
the losses sustained were merely nominal;
while in the line Of discounts the suspen-
ded debt was enormous, and proved most
disastrous, to the bank and the country.
Its power Of local discount has, in fact,
proved to be fruitful source of favoritism
and corruption, alike destructive to the
general veal. I
The capital invested in banks Of dis
count In the United States, created by
the States, at this time exceeds $3.50, ,0Oo.-
600; and II the discoun.ing Of local pa
per could have produced any beneficial eff.
fects. the United States ought TO possess
the soundest currency in the world; but
the reverse is lamentadly the fact.
Is the measure now under considerera-
tion of the Objectionable character to
which | have alluded! II is clearly so,
unless by the 18th fundamental article Of
the llth section it is made Otherwise
Tha, article is in the following words:
"'Fhe directors of the said corporation
shall establish one competent Office Of
discount and deposite in any State in
which two thousand shares shall have
been subscribed, or may be held, when
ever, upon application Of the Legislature
of such State, Congress may by law re-
quire the same, And the said directors
may also establish one or more competent
Offices Of discount and deposite in any ter
rilory or district Of the United States, and
in any State. with the assent Of such Stale;
and when. established, the said office or
Offices shall be only Withdrawn or rem"ved
by the said directors prior TO the exPira-
don of this charter, With the previous
assent of Congress: Prooided. In respect
to any State which shall not, at the first
session Of The Legislature thereof held
after the passage of this act, by resolu-
tion, or other usual Legislative proceed
ing, aaconditionally assent or dissent to
the establishment. OF such Office or Offices
within il. such assent Of the said State
shall be thereafter presumed: And proeid-
ed nevertheless, aThat whenever il she'll
become necessary or proper for carrying
into execution any Of the powers granted
by the Constitution, to establish an office
or Offices in any Of lhe States whatever.
and the establishment thereof, shall be di-
rected by law, it shall he the duty Of the
said officers to establish such Offices accor.
dinghy"
II will be- seen by this clause, the tlirec-
tors are invested with the fullest power to
establish branch in any State which has
yielded its assent; and having once estah-
lshed such branch, it shall NOT afterwards
be Withdrawn, except by order Of Con-
gress. Such assent is to be implied, and
TO have the force and sanction Of an actu-
ally expressed assent, ''proyided, in re-
spect to any State which shall not, at the
first session Of the legislature thereof,
held after the passage Of this act, by reso-
luton or other usual Legislative proceed
ing, Internationally assent or dissent to
The establishment Of such Office or Offices
within it, such assent Of said State shall
thereafter be presumed" The assent or
dissent is to be expressed, umconditionaL-
ly, at the first session of the legisletnre,
by some formal Legislative act, and if not
so expressed, its assent is to be implied,
and the directors are thereupon invested
with power, at such time thereafter as they
may please, to establish branches, which
cannot afterwards he witdrawn, except
by res"lve Of C"ngress. No matter what
may be the cause which may nperate with
the legislature, which either prevents it
from speaking, or addresses itself to its
wisdom, 10 induce delay, lis assent is to
be implied. This iron rule is to give way
TO no circumslances-il is unDending and
inhexible. Ii is the language Of the mas.
ter to the vassal-an unconditional answer
is claimed forthwith; and delay, postpone.
ment, or incapacily to answer, produces