The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13

tested IN relation 10 the location OF an o,hsS "
discount and deposit. Each city woud nave
ITS friends and supporters; each wouiu consul ,I;Ia
| its claims as the most meritoIlous, ana wnie
contendng for the prize, the interests OF me
| State and nation might he overlooked IN tug
/ fierce contests which would exist, and the eAas-
| peration might arise 10 such degree, d. ua'
majority could moi be found in favor OF any place.
and should a majority agree, the place might pe
quite unsuitable, and, in the opinion =, ~
Bank. one which they could not approve hes'
are few Of the conditions which might DC IN
| rasaa mon The Rank. as precedent 10 the exer-
| c;se az The right 10 locate a branch Many more
m;gbt be supposed, and doubtless great many
more would be offered. Enough have been men
TONED 10 show how unwlse II would De 10 throw
This annie of discord into Legislature halls, and
great and well founded would be the apprehen-
sions that assent would be refused, except upon
terms deemed TO be wholly inadmlssbie. IS
there no fear that even the doubts which would
be thrown over the subject. might deter capital
lists from becoming subscribers 10 The institution,
and thus every national benefit be lost TO the
country have made these suggestions with
| view of calling the attention OF The Senate 70
the great disadvantages, not 10 say serious efiis
| which might follow from requiring the assen. o.
the States TO the location Of the branches, ana 70
urge the expediency OF retaining from giving
this power TO the States, unless deemed indispen-
sable TO attain great and important ends oil use.
fitness 10 the country. know Il has been said
that Legislatures will be SO convinced OF me
utility of the branches inpromoting the business
Of their citizens, and in the facilities which they
will afford, that they will Internationally assent TO
the establishment of the branches. II may possibly
be So but Legislators are but men, and among them
1 there are certainly sometimes 10 be found polilci-
ans; and when these shall be united the opposiion
Of State institutions the effects OF party Leaders,
| the popular topic of equal taxation the Deneh,
| of State directors, the importance OF afevVed
power to Withdraw an assent once gwen, the
conflicting claims OF rival cities Tor the loca-
lion of the branch--when all these matters, and
Others which might, but need not be mentioned,
are duly considered can il be wise 10 hazard the
existence, or the benefits Of great national IN
st tuition, necessary and Indispensable TO secure
the prosperity of the country, and the operations
| of the Treasury upon the contingency OF the
| voluntary and unconditional consent oil the
States TO the establishment oil offices within
their limits, so that these important objects may
thereby be attained leave this question for
| those who advocate this amendment, anu LOT the
| Senate TO answer.
If do not mistake, II is quite evident that the
grounds of expediency on which this amend
ment has been placed, will not sustain 1t
There does not, as II seems 10 me, exist al pre-
sent, any necessity for adopting II, nor any be
neiit which will follow from it. On the contra
nv can foresee much mischief as the result,
without any corresponding good. have lnclden-
tally referred TO these evils, while examining the
views of expedlency presented by my Trend ;
who have advocated the proposition. will add
few suggestions more, and then relieve the
Senate from any further consumption OF their
time.
| This amendment, although il does not express
| ly, and in terms. deny the power OF Congress to
| establish these offices, vet II practically denies
/ it, The strong implication OF the want OF this
rover, derived from the insertion OF the words,
- 1rih the assent Of the legislatures Of he
| States is itself highly Objectionable. am
aware that my friends suppose, and know that
they are sincere in the belief and conviction, that
these words contain no denial of the power, but
are merely indicative Of disposition not now 10
exercise it. But al this p,r.od OF our history,
and in view of all which has been said and done
comforting the authority claimed the very deter
minat!on not to use ii, carries with II strong
doubts of its existence. But waving this view
of the subject, will call their attention 10 ano-
Their as, ect in which it should be considered.
have said the amendment practically denies the
power And is 1t not so2 make no preten-
sons TO the gift of prophecy--l lay no claim 10
/ any superior foresight. But will venture &c
predict. that If this amendment be adopted. nc
charter oc n psnL Of the United states, IN all
,i,nr ~ come, will be granted. without the nser.
ton of similar provision. Once ask the States
for their assent, as preliminary TO the location Of
| the branches and you will be required, ever al,
ter to ask it. 1t is in this respect like the exten
sion of the right of suffrage. When once al
lowed, it can never be recalled. This results
! from the combination Of causes TO which have
heretofore alluded, and which, while they may
operate either to prevent branches from being es
,ablished or to cucumber them with conditions
will forever be united TO demand and insist that
in all future charters, the assent of the States
shall be required. Twill not occupy the time o
the Senate in referring again to these powerful
and all-controlling causes, nor 10 the manner IN
which they will be brought TO bear upon the
question of requiring assent in charters which
| may be hereafter granted nor TO the overwhelming
influence which they will exert upon this ques-
ton. Having once given up the DID, well es-
tablished and sound doctrine that Congress may
incorporate Bank with branches, irrespective
of the States, and having yielded to the States
the right to give or withhold their cooperation
in point essential, that right will never be Civ
en- up. Senators will be instructed and pre-
sentatves requested not TO vote for any charter
which does not contain such provision affirm
ing such right and thus the assent will, in all
future time, be made an indispensable prerequisite
to the establishment of an office of discount and
deposit; and so, the entire power of Congress
over the subject, although il may not literally,
will practically, be given up and abandoned.
cannot unless greater necessity exists than
can an present perceive, record my name in ia
vor Of proposition which may produce such
results ! prefer 10 walk in the plain path mark
ed out by my predecessors, which the experience
or fifty years has proved safe, and TO exercise a
power so beneficial, firmly established, in
stead of subjeclng ii 10 the caprlces, the jealou-
sizes, the conflicting interests, which might pos
sbly be brought TO bear against it.
might with propriety, call the attention OF
the Senate to the question, whether Gin the
event Of the refusal Of some of the States, IN
which the location. of branches Is most impor