New-York tribune., 1841-07-22

The BANK QUEsrIos.-The following letter Is III con-
,;nualion of the discussion commenced IN ia v" e"'.
Yesterday and is from the source f'a'Hs
both Mr. Ewings and Mr. Clays reports VIC Hhsh' 'efy
well be excused from pursuing the matter Tar out 'hs
letter IS so clear frank SO f9rcioe IN It's advocacy Oh W.T.
Eyvinys plan and excellent IN Its SPIRIT that we copy 1t
i, b.or,v rood will rs explained in This letter,
no, see that the modified plan submitted by Mr. Ewing is
seriously Objectionable likely prove Inefficient If the
difference only tie poaesr Of discount leaving the
right to establish Branches Agencies for other purposes
Gnimpoired, prefer this plan; for opinion de-
cdedy is long since avowed, to granting tie
yoper 10 discount at all If the Bank rgidly re-
srced to Exchange business buying only bills ether
cities having than ninety days run, believe
profits would be increased its risks reduced and its
fitness trebed. Long loans may benefit individuals but
do nothing facilitate Exchanges equalze the Cur
rency.-But here is the letter:
WASHINGTON July II, 1871.
My DEAR Sir: The power Of Congress to establish
Bank propositions.
Fir-Tha Bank necessary and proper agent In the
collection and disbursement Of revenue
Second-That is proper and useful means of regulating
Commerce between the several States and with foreign ma
lions by furnishing Currency and Exchange
There is other lawful object for Bank because the
Constitutional power extends other object Revenue
and Commercial Regulation compose the whole power.
Constitutional Bank, them be limited to these purposes
For Revenue Bank is necessary,
1st For the safe keeping of the Public Money
Cd. For its cheap transmission from place TO place
Sd. For furnishing convenient Circulating Paper Me
dunn equivalent Specie which shall be OF equal and uni
form value every part Of the country, and which may
safely be made receivable debts and dues to Government
These are the of Bank connected with the ope-
ratons OF Government ITSELF and can conceive no others
EUery Of these IS rrocded TOR IN M EctnS on.
To the general Commerce of the country Bank useful
and in my opinion Indispensable, in these respects
lst By dealing considerable capital IN Domestic TX
changes keeps these Exchanges steady and at low rates
Our experience has sufficiently shown the ncacuablc value
of wellconducteL National Institution in this respect
cd. By issuing paper notes, for general currency ana
circulation, having National stamp and therefore every
wherc of equal value, essentially benefits the Cur
rency of the Country.
3d. By REFRESHING through the gentle and quiet of
its circulation and business, the issues OF local
institutions tends the whole mass OF circulating
paper against excess.
Now Mr.. Ewings bill gives the power of dealing IN EX-
change without limits; and gives also the power OF issuing
paper for circulation In what, then, Is wanting IL wants
tho power of local discount the oanng ON local notes
without the consent of the States and the omission OF this
power said be surrender Of great prncpIe Let
US examine this The Bank buy and sell Exchange,
and it can issue its for Currency 1t may deal III
Exchange the of many millions year. as the late
Bank most useuly did it may receive deposits at It's
agencies well the Bank ITSELF and 1t may every
where issue its notes. and may issue these notes tor
dcposts for specie received for any OF Its own debts
Biz IL cannot loan. II cannot establish
Branch in Walsreet and there loan money on a note
given by one Wa-strect Merchant another Walstree
Merchant and because this power is denied, 1t said
great Constitutional question is gnominousy surrendered
That this be useful pOwer-most useful TO the Eco
pie and the StatesI fully believe but respect due to
that intellect which perceive how this power OF oca
lending is National power how connected with the
duties of Congress Suppose Congress were TO establish
Bank other power than this, power to establish
office in tho State and loan money On notes given by
Of tho State another would any body say that
the OF such Bank within the authority OF Con-
Germ
among other powers which Constitutional does this power
thereby become unconstitutional do not say that
these questions be answered by those who seem III
such ride, rOughshod over the supposed opin
ions of the President but say they require clear reasoning
the of distinct ideas, and fair exposition They are not
be disposed of conemptuou sneer and 50 THINK the
People will decide.
1t is admitted that the power of creating local Cor
porato both COR purpose of looming money! and circu
lang bills does belong the States The States In TACT eN
ercise this power and many OF them derive siea
their revenue from IT, In the Eastern Staas Tor example
Bank capital is taxed This capital is employed mostly IN
these rcv local loans To put five millions OF undTed cap
ia Boston, there to be used IN these local oans o
hcs by so much, the capital on winch the state OF
Massachusetts leyes her and that extent direct
10 affects her public revenue This does prove that
the power docs exist, admit; but It shows tnat
there are considerations connected with the SUBJECT which
wise ard moderate ought respect will not con-
ceal nay opinion, that the power may be defended on
The ground 10 the eihcen execution OF
the other powers but could never put II on any ether
srauud Than that and have always been that strict
interpreters of the Constitution insist that this mode OF rea-
sog is dangerous attaches incidental power rails
ed by argument, to another Incidental power previously rails
Cd BY argument and thus may indefinitely t draws
MONS nil SORTS of powers in lis My opinion Is,
however that whatever necessary be taken be
granted
This brings us back at once General Harrison ground,
and calls upon decide whether this necessary Now
there are those who think not and therefore think that
be justified, it be- that oheolions
FROM the States, many of thcm not 10 be expected
and therefore that the difficulty may in that way be avoided
not cbicctag know nothing which enghen your
opinion but myself Notwithstanding oresee some en-
barrassmcu fully believe, that ii the Wing party choose
take energsticaly they carry hreush
and put the Bank successful operation few months
But while they continue differ and discuss their differ
,nces while adhere VIVA; they call (crroncously
Think principle, and others themselves but