Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-07-01

votes, no proxy to be good which Is OF longer
standing than ninety days, &c.
8. A prohibition against the Corporation
transactlng any other than legitimate oahhing
business; excluding all dealing IN STOCKS, anu all
commercial operations.
4. A reouisition that majority of the whole
number THE Board of Directors, shall be neces-
sary to transact the business OF the Corporation.
5. Ample power TO make the most thorough
! examination into the condition and proceedings oil
| the Bank, down TO the accounts OF individuals, by
totally removing from the Secretary ofthe Trea-
sury and committees of Congress the veil OF Sc
crecy.
! And 6. By denouDcing and Furnishing as fell
ony the crime of cmbezzlement of the funds OF
the Bank, when perpetrated by any otits officers,
| agents, or servants.
| Concurring entirely in the sentiment express
sed by the Secretary of the Treasury, that many
wise and patriotic statesmen, whose opinions are
entitled &c consideration and respect, have cues
toned the power of Congress TO establish a Ma
tional Bank, and that il is desirable as far as pos
sble, to obvlate objections and reconcile opn-
ions, the committee have attentlvely and earnest
ly examined the provision, Incorporated IN the
draught of the bill of the Secretary, IN regard to
the branching power of the Bank, and they would
have been happy if they could have leconciled it
to their sanse of duty to adopt it. Rut, after the
fullest consideration, they haze been unable to
arrive at that result.
! 1t was not without some hesitation that the
committee agreed to the location of the bank in
the District of Columbia. This they did because
they beiieyed that the utility Of the bank did not
so niue. depend upon the place Of its location as
upon the capital, facilities, and powers which
should ne given TO it. But to isolate it in this
District, without giving 1t any other branching
power than such as it might derive from the con-
sent of particular States, would be to create an
enormous Districtbank, devoid Of effective ma
tonal character. Such bank would be bank
only of the District of Columbia, and lis Offices of
discount and deposite would be nothing more
than banks of the States which might allow them
to be planted within their respective limits. For
all national purposes Congress might as we'll re-
charter one of the existing District banks, en-
large its capital, and give itauthoriy TO establish
offices Of discount and deposte in any State that
would permit it to be done
The committee believe that the capilal Of a
bank so constituted would never be taken; and
that flake n the Institution would be wholly I'M
able to accomplish the great and salutary purpo-
ses for which it is desired and should be designed.
But the question of establishing a bank thus to
be restricted and crcumscribed involves higher
and graver considerations than those of mere ex-
pediency The General Government has or has
not the power to establish Natlona! Bank. II
It has the power, It derives it from the existing
grants in the Constitution ofthe United States
to exercise it. But after contest during the last
ten or twelve years in respect to the constitution
al power Of Congress, which has been marked by
so much animation and bitterness, a forbearance
to exercise the power would be vital surrender
of the power. If a bank were TO be created, whose
operations within the limits Of the States were
dependant, not upon the will OF Congress, but
upon the viii of each State, separately nnnounc-
ed the creation Of such bank would add anoth-
~, hn let If sfrpp q WOnlu
be tantamount to a relinqnishmeDt Of the nation
al power, and it could never be resumed.
The power ofthe Federal Government is only
to be found in the grants OF the Constitution. II
they inadequate to the fufnlcnt Of the great
purposes Of its establishment, they can only be
increased in the mode Of amend .nent which the
instrument itself has prescribed. They cannot
be augmentrdby the grants or consent OF any
State or States short OF the number ottwo-thrds,
whose concurrence is necessary 10 give validity
to an amendment. A derivation of power to the
General Government from the consent of partiC-
ular States, would be unsound in principle, and,
the committee appreherd, dangerous in practice.
Admit such consent TO be legitimate source of
power, the Government would not operate equal
" in all the States, and the Constitution, losing
its uniform character, would exhibit an irregular
and homogeneous action
| Entertaining these deliberate views, the COM
mttee decidedly of opinion that no bill for the
establishment Of Bank in the District of CoIum-
bia, will be eiIectual which does not contain a
clear recognition of the constitutional! power OF
Congress to establish branches wherever, in the
United States, the public wants, in its judgment,
require them. They cannot consent that bank,
emanatinG from the viii of the nation, and I'M
peratively demanded by the necessities OF tho
+ Government and of the nation, shall be wholly
dependent for its useful operation upon the will
ofeach and every State, distinctly expressed.
! Accordingly, in the draught of a bill now re-
ported the right is asserted TO exercise thebranch
ing power of the bank independent Of the assent
Of the States. The committee dare not allow
themselves to believe that the bill is free from al
defects, but thry do hope that these in spirit Of
! liberaity, will be correctedb by the superior wis
dom Of the Senate and of the House, and that the
present session viii be signazed by the estab-
! lishment OF q national institution, which has be.
come desidnratum to the general prosperity.
The advantages which will flow from such ar
institution, in both domestic and foreign re-
/ latons. are manifest and ncontestable
| 1t will give the people a sound currency OF uni
/ form value throughout the Union, which is jas,
as necessary 10 the successful operation of all
branches ofbusiness pure air or water is to the
! preservation OF human life or health.
! 1t will revive and extend commercial inter
course, which, for the want ola common medi
um has been almost suspended between different
parts of the Union.
1t will reduce domestic exchanges from the
enormous premiums and discounts now frequent
" paid to the moderate standard growing out o.
! the mere cost and insurance the risk of trans
porting specie from one to another part of the
Union.
1t will, consequently, save hundreds of thou
sands ofdollars now annually lost in transactions
| of exchange.
1t will essentially benefit the manufacturing in