Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-07


the power. Now, if the triumphant party,
at the close of the contest, refuses to eX-
ercise the power, will it not be hereafter
considered as a virtual or implied relln-
punishment of the power! If that party,
moreover, declining to exercise the power,
puts forth in lieu, but in the name of ma
tiona Bank, ricketty, imbccile, incompe-
tent local Bank, which think, cannot fail
to disappoint the hopes and expectations of
the people, how could you afterwards re-
sumo the relinquished power! Why, the
people would become so disguised with the
very name of Bank of the United States
that they would not allow you to resume
the power. The Senator tells us that if his
experiment fail we may then make Bank
after the old model. Why sir, what have
we been struggling against for the last eight
years. Experiment after experiment until
our country has been brought to the very
brink of ruin. And, at the very moment
when we have not merely seen land, but
got as all had hoped into safe port; when
storms and tempests and experiments were
at an end, and the bright sun of hope and
prosperity was bursting upon our joyful
vision, the Senator from Virginia comes
forward and asks us, once more, to put to
sea with him on distant and perilous
cruise, and to try another experiment!
The proposition which requires the con-
sent of State within whose limits branch
is placed, proceeds upon the erroneous as
sumption that the branch is introduced for
the sole benefit of the particular State
But this is not the case. 1t is put there for
the benefit of the Union including the par
ticular State. If the Federal power to put
it there exist, it ought to be exercised for
the common benefit of the Union; if there
be no such power, then the branch ought
not to be clandestinely introduced into a
State. But, Mr.. President, see how advan-
tage is taken of the consenting State by
the Senator's proposed amendment. 1t is
part of that amendment that, when an
office of discount or deposit is once estab-
lished in a State, with the consent of the
State, "the office shall not be withdrawn
without the assent of Congress" Now, if
your power be incompetent to plant an
office of discount and deposit within the
limits of State, without the consent of
the State, how, after it is put there, can
you hold and maintain it there in spite of
and against the will of the States!
Here Mr.. Rives interposed, and said
that it was part of the compact made
between the sovereign State and the Bank |
Mr.. Clay continued. Suppose it is,
whence do you derive your authority to
enforce any contract made between a
sovereign State and corporation? If you
are forbidden by the Constitution to place
branch in State, can you delegate such
an authority! Can you, in other words,
delegate what you have not, to a corpora
ton! Forbidden to effect an object di-
rectly, can you achieve it indirectly!
The project of the Senator from Viz
ginia proceeds upon the assumption that
the Constitution has not granted any pow
er to Congress to establish National Bank.
IT, therefore, branch is admitted within a
State, it is there, in virtue of the will, I'M
der the authority of the laws and subject
to the Jurisdiction of that State. 1t is con-
sequently amenable to, and may be dealt
with by the power Of the State according
to the pleasure of the State. The Senator
inquired if it were not competent to Great
Britain to admit, if she pleased, the estab-
lishment Of branch or office of Bank
of the United States within her limits!
Most undoubtedly she may, and it would
be an analogous case to the admission OF
such branch by State. Upon the sup
position of the admission of such branch
would it not be subject to the Parliament
of Great Britain Could the fact that the
corporation, whose branch was thus re-
ceived, was created by foreign sovereign
ty, exert any restraint upon the power OF
the British Parliament in dealing, as il
pleased, with the alien or emigrant branch
which it had thus received?
The branch, located within the State BY
the consent Of the State, to all intents and
purposes would be a local institution, gov.
erned by the local laws. That, think
would be the case of any branch uncon-
ditionaly admitted by the Legislature of q
State. But if you organize a bank within
this District, and in the terms of its charter
announce to the States that branches car
only be admitted within their limits by theil
consent and authority, you necessarily in
woke the several States to deliberate on the
question Of admission which they are thu.
called upon to decide. And, if they may
consent or not consent, according to theil
option, they may consent absolutely or upor
conditions, according to the views which
they may happen to take, not of the in
terest of the whole Union, but of thei
several communities. Thus power which
if it exist, beyond all question was delega
ted for the general good, and to be exercised
by the Senate and House of representa-
tixes of the limited States in Cnnmress as