Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1841-09-30

II IsEooIJ admit uninlentionaD change or il
n fraction by u majority in Congress, An
=, in that liglt alone do regard the col
:. stitutional luty which now most reluc
family discharge.
# Is the bill now presented for my appro
. val or disapproyaI, such bill as | hav
already declared could not receive m
r sanction ? + it such bill as calls for tn
! exercise o. tho negative power under tn
constitution Does it violate the const
tuition by creating national bank to op
, crate per Sc over the union Its title ii
the first place, describes its general char
acler. tits" an act to provide for thu
better collection, saie>keepng and dis
bursemen of the public revenue by
means of corporation to be styled the
Fiscal Corporation Of the United States.
In style then it g plainly national in lis
character It's powers, functions, ana
duties are those which pertain 10 the co.'s
Iecting, keeping and discussing the pub
lie revenue. The means by which these
are to be eNrted as a corporation to be
styled the SFiscal Corporation of the
United States" 1t is a Corporation ere.
ated oy Congress of the United States, in
its character of a National Legislature
for the whole Union, to perform the hscA
purposes, meet the fiscal wants and eXi-
gencies OF the treasury OF the United
States.
Such is its own description of ITSELF
DO It's provisions contradict Itself? They
DO not. 1t is true that, by its first 'ec4
uon, 1t provides tina; it shall be esab.
Ilshed in the District Of Columbia but
the amount Of It's capital the name in
whlchiiS stock is to be subscribed for and
held the persons and bodies, corporate
and polite, by whom the stock may be
leId; the appointment Of its directors. and
heir powers and duties its fundamental F..
articles. especially that to establish agenr
'ieS IN any part Of the Union the cor .
1orate power and business Of such agen-
les the prohibition Of Congress tc es>
abIIsh any other corporation with SINH,
ar powers Tor twenty years, with express .
reservation ia the same clause 10 modify
n create any bank for the District Ct Co
umoa, 50 thar the aggregate capital shall
lot exceed five millions without emu
neratlng other features, that are equally
IstlRctlye and Characteristic, clearly
how that It cannot be regarded as other
han a bank Of The United States. with
overs seemingly more limited than have
eretolore been granted to such an instl-
ltICn.
1t operates per Sc over the union, by
rtle oithe unaded, and ia my view, as
lined authority Of Congress as a Nation.
Legislature, as distinguished from
lnk created by Congress for the District
Columbia, as the local Legislature for
le District. Every US Bank hereto
re created has had power to deal in bills
exchange, as we'll as local discounts.
Both were trading privileges conferred,
nd both were exercised by virtue OF the
.oreSaid power Of congress over the
hole union. The question Of power re-
aims unchanged. If this proposed cor. :
1ration is to be regarded as a local bank !
the district of columbia, invested by !
Dngress with general powers to operate f
'er the Union, it is obnoxious to still +
ronger objections 1t assumes that con- +
.ess may west local institution, with =,
.1oral o. o'lional powers. With the =
me Prop--.y that it may do this in re- =,
rd to bank Of the district of coIum- .
a, 1t may is to a State bank Yet, who =,
n lndulga The idea that the government !,
II rightIu.Ay, by making State Bank
caI agen', invest it with the absolute Il
ID unqualified powers conferred by this n,
II?-When came to look at the details !.
the bill, they do not recommend it II
rongIy to my adoption. A brief notice |
some OF the provisions will suffice. or
FIRST, 1t may justify substantially a N
stem OF the most Objectionable charac- rs
: 1t IS TO deal in bills Of exchange to
l"n IN one state and payable in anoth- su
without any restraint. The bill of ex- he
ahge may have an unlimited time to m
l. and Its renewabiIity is no where guar &C
against 1t may, in fact, assume the
ST Objectionable form of accommoda-
paper. 1t is not necessary to rest on
actual, real, or exchange basis a ri
tWer IN one place becomes the accep- Sc
IN another, so in turn, the asceptor Ju
y become the drawer, upon matuaI
Outstanding, it may, at the same time, mi
uge in mere local discounts, under the is
ne Of bills of exchange. A bill duwn hi
Philadelphia on Camden, New Jersey, es
New York on the border town in Of
v Jersey = at Cincinnati on New wi
t, Kentucky, not to multiply lother ba
mPIes, might, for any thing in this he
to restrain it, become Il. matter of or
g local accommodation. Cities thus ga
lively situated, would possess adyan. ere
IS over cities otherwise situated, OF 50 shi
ded character, as most Justly to ex raI
dissatisfaction. ag.
9condly, there is no limit prescribed pa
le premium in the purchase of bills OF Dire
anue under which tbo c,,,,,,,,,,;, =;