The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-29

feifaih Iron exercising any act Of owner
ship o. authority.
In pursuance Of this leading idea. the
SecreiaEy Of the Treasury, IN The plan Nc
has Submitted 10 rs. has avoided alsoge-
Their ne Eered question or The power of
Congress 70 create corporations within
the limits Of The states. The Institution
which he proposes 10 establish As the rs
cal agent Of The Government Is 10 be IN
lcOfp0Tzisd within ille District Of colsm-
lbia, IN virtue Of power 20 creale bank
ing epPoralions here, exercised from DIR
lorigm az The constitution o. lie present
day, and never contested Here il Is 10
have is corporate existence, sits local
tlhabitali0n and name. y in proximity 10 she
Government. whose financial CONCERNS IL
Is 10 be employed 20 Transact, snd under
The immediate supervision Of he repre-
lseniafyes Of the people, 10 whom il Is
made aespOnsible. Such branches, or Of
lfices Of discount and deposiie. as ii may
find i expedient TO establish In sny Of the
States, are 20 be established there upon
the assent Of the States previously obtain
ed. and in virtue Of those general rights
lof sovereignty which each State possesses
within is own limits. The long contest
ed question Of the power Of Congress TO
create corporations within the Slaies--a
question growing not merely out Of The
limited nature. in general, Of the powers
delegated to Congress, but also out Of The
rejection by the Convention Of an express
proposition 70 give TO Congress the gene
raj authority to grant charters Of incorpo-
ration Tor the Union--the whole az this
ancient field OF controversy is prudently
avoided by The Secretary's plan. Ii Is
the disputed territory on which no entry
is to be made, but by the conjoint exer-
else OF admitted powers within the well
defined and ascertained limits on either
side Of the contested boundary-of the
power Of Congress = TO exercise exclu-
sive jurisdiction in all cases whatever
within the District, and the power Of the
states TO give their assent to the establish
ment Of branches Of the proposed inslitu-
ton, within their respective limits,-the
whole machinery of this new fiscal and
banking agency is organized and put in
motion, without occupying a single point
Of the disputed ground Of the constitution.
Slll. however, Mr.. President, said Mr..
Rives, an objection has been somewhere
started TO this arrangement, that though
the power Of Congress TO create banking
corporations within This District is I'M
questionable, yet theyEcan be .constim-
tionally created here only for local, and
not for national uses. On what princi-
pie can such distinction as this be sus-
= taineds Inc DissrieSiiself was created,
and set apart as an exclusive jurisdiction,
wholly for national considerations--to
give cntirc freedom and independence tn
the deliberations and action Of the nation
al authorities established here. Mr.. Rives
said he had the sanction of the highest ju-
dicial authority known to our institutions.
for SAYING that the power of exclusive
. legislation" over this District was con.
ferred on Congress, not, as is sometimes
loosely said, as local Legislature for the
District. but emphatically as g the Legis
lature of the Union" What is this mag.
nifcent Capitol erected here for,--for
what the Treasury Building. and all the
other public editices connected with the
4 operations of the Government, unless for
national purposes? And for what more
legitimate national object can any estab-
lishment be founded here, than to be an
auxiliary, and in some sort, an adjunct to
the great Revenue Department of the Co
Eyemment! $685. .2--s 81
IT'S true, said Mr.. Rives, that acts done
here, in virtue of the power of" exclusive
Legislation" over this District, are limited,
in t.ieir intrinsic force, to the District.
They have no operation, per sc, beyond
the District. Accordingly, the corpora
ton proposed to be created here as the
fiscal agent of the Government, will have
lis legal corporate existence here, and no
where else. : To use the language of the
Supreme Court of the United States, in a
recent cases. having an important bearing
on the questions we are now discussing,
is /" to dwell here in the place of its crea-
tion.' But this does not prevent it, any
more than corporations created BY State
authority, from extending its operation by
branches or agencies, into the States Of
the Union, with the assent of those States.
In every such case, the extra-territorial
operation of the institution would be the
result, not of any intrinsic force derived
from the act of incorporation, but of the
sovereign assent of the states permitting
| it to extend its operations within their Ii
mits. But this tsaid Mr.. r. is to anti
cipate question | shall presently have
occasion to discuss much more at large.
return to the competency of Congress
to incorporate Bank in this District for
national uses.
1t will be seen, said Mr.. Rives. il we
trace the history of all The Legislative dis
cussions which have ever taken place on
the constitutional power of Congress to
Festahlish a National Rank within the IL