The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-05

AEOuF cover b Ene3mpEtsat q plant IN
l0&cs eli diga1unf ana asposia wi.tia -
Limits ola Szie. wi1hBet Ehs consent of
the Snie. bow. af.sr Il j rsi ihrre. can
yea held md maintain il there IN spite Of
and against he VII Of DE saies
ilere Mr. Hives inseFpoaed, and said
thai i was ; part q he compact made
between ne sovereign Slsie and The
Mr. Clay continued. Suppose il Is.
xhenos Do zen derive yoar sathoriiy %
enforce any contract made between q so
yereign Ssale and q corporation. II you
ara forbidden hy the Constitution % place
o brznch in State. cen you delegate
sseh an snthoriiys Can you. IN other
words. delegate what YOU have not. 70 .
corporaiisns Forbiddsn 70 effect an OBJ
ject direcdy, can You achieve . indirect
lyi
The project Of the Senator from vir-
ginia proceeds upon the suppositioB that
ihe eOnsitstiOn has not granted any pow
lsr 10 Congress TO establish a National
Bank. II. therefore, q branch is admitted
within Stats, il is there, in virtue Of the
viii, under the authority Of the laws, and
subject % the jurisdiction Of that State.
It's, consequently, amenable 10, and may
be dealt with by the power Of the Safe,
according 70 the pleasure u the State.
The Senator inquired III il were not COM
petent 10 Great Britain 10 admit. IL she
pleased, the establishment Of q branch or
Office of Bank Of the United States with
an her hinitsi Most undoubtedly she
may, and il would be 40 analogous case
% the admission OF such branch by =
Stale. Upon the snpposition Of the adj
mission OF such branch. would il not be
subject 20 the Parliament Of Great Britain!
Could the fact that the corporation, whose
h-a1ch vas thus received, was created by
a foreign sovereignty, exert any restraint
upon the power Of the British Parliament
in dealing. as il pleased. with the alien or
emigrant branch which j, had thus receiv-
eH
The branch. located within the State BY
the consent of ihr State, 10 all iniens and
Purposes would Be a local institution.
governed BY theiocaI laws. That, | think,
would be the case osaay branch uncondi-
tiopally admitted BY the Legislature Of a
Sale. But, il Won organize bank with
IN this District, and, in the terms Of its
charter, announce 10 the States that
branches can only be admitted within their
limits, BY their consent and authority, you
naccssarily invoke the several States 10
deliberate on the question Of admission
which they are thus called npon to decide.
And, If they may consent or not consent,
according % their option, they may con-
sent absolutely or upon conditions, ac-
cording 70 the views which they may
happen 10 take, not Of The interest Of the
wkoit Union, bur Of their several COM
muniiies- Thus power which, il il
exist beyond all question was delegated
fof The general good. and % be exercised
By chs Senate and House OF Representa-
lives Of the United States in Congress as
sembled. 10 deyolved upon each Of twenty
SIR state sovereigniies, 10 be executed ac-
eording % their respective opinions oflhe
interests OF each Of them.
And can il be doubted that the consent
OF the several states az, indeed, any of
fhem did conseni) would be coupled with
Irarioas restrictions and conditions accord
ing 20 what they might deem best for
their several communities The taxing
power would probably be insisted upon
by all ofthem. The Bank would be told,
yes, you may establish branch, bat You
must pay the same tax that the local hanks
are subject 70. We cannot receive a
stranger within our borders and let him
fare better than the natives. And who
could Withstand the force Of that argamen.
before the people Of any state inthe Unionl
Other conditions would be sought TO be
imposed; such as the nature of the BUSH
ness 70 Be transacted by the branch, the
rates Of exchange, the denomination OF
notes. the participation of The state althori-
sies in the direction, DE. A fruitful
source Of contention. in some states,
you'd be the place Of location Of the
branch; Just as we have seen the terminus
or commencement Of canal or railroad.
or McAdamizsd road, distraciing and agi-
eating whole state. -
Another question OF great Importance
would be the degree Of legal protection
which the branches would enjoy in the
several states which might admit them.
Concede the power Of Congress to es-
sablish National Bank, and the right to
protect it, existence and its operations,
necessarily results to Congress. Deny
.thaipoweE, and Is must be wholly depend
entupoa the sta:es. The committee have
lasersi in this bill adequate provisions to
punish countcrfeites Of the issues of the
Raak, and its officers, agents, and servants,
who may embezzle its funds. These
provisions are valid and viii be effectual,
On the superstition of the existence, in the
Federal Government, of power to es-
fahlish National Bank; but, If no such
power exist, or, il existing, you forbear