The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-06-29

Va contest during the last ten or twelve years IN
respect TO the constitutional power ofCongress,
which has been marked by SO much animation
and bitterness, a forbearance 10 exercise the
power would be a virtual surrender Of the power
if a bank were 10 be created, whose operations
withla the limits of the States we're dependent
not upon the viii of Congress, but upon the will
of each State, separately announced, the crea-
ton of such a bank would add another to the
list of disastrous experiments, and would be
tantamount 10 REIMBURSEMENT OF the natiohal
power, and it could never be resumed.
The power of The Federal Government is
only to be found 10 the grants OF the Conslitu'
ton. Ifthey are inadequate to the fulhl
ment of the great purposes OF lis establishment,
they can only be increased IN the mode OF
amendment which the instrument itself has
prescribed. They canno: be augmented by
the grants or consent of any State or States
short of the number of two'thirds, whose con-
currence is necessary 10 give validity TO an
amendment. derivation fpower TO The
General Government from the consent oil par
ticular States would be unsound in principle
and the committee apprehended dangerous ID
practice. Admit such consent to be leglh'
mate source of power, the Government would
not operate equally in all the States, and the
Constitution, losing lis uniform characier,would
exhibit an irregular and incongruous action.
Entertaining these deliberate views, the
committee are decidedly of opinion that no bill
for the establishment of bank in the District
of Columbia wiz be affeciual which does not
contain clear recognition Of the constitutional
nower of Compress 10 establish branches wber
ever. in the United States, the public wants,
in its judgement, require them. They canho,
consent that bank. emanating from the will
of the nation, and Hnperatively demanded by
the necessities of the Government and ofthe
naiien, shall be wholly dependent for its useful
operation upon the will of each and every
State, distinctly expressed.
Accordingly, in the draught of bill now
reported, the right is asserted to exercise The
branching power of the bank indepen denl of
the assent of the states. The committee dare
not allow themselves to believe that the bill is
free from all defects but they do hope that, n
a spirit of liberality, these will be corrected by
the superior wisdom of the Senate and of the
House. and that the present session will be
signalized by the establishment of national
institution, whick has become a deSIde:atum
10 the genera! prosperity.
The advantages which will flow fIom such an
institution, in both our domestic and ioreign
relations, are manifest and ircontestibe.
1t will give the people a sound currency Of
uniform value throughout the country, which
is Just as necessary 10 the successful operation
Of oil branches OF business rs pure air or water
is 10 the preservation Of human life or health.
1t will revive aud extend commercial inter-
course, which, for the want of a cannon medium
has been almost suspended between different
paris OF the Union.
Ii will reduce domestic exchange from the
enormous premiums and discounts now f:e
ouenfly maid to the moderate standard growing
out Of the mele cost and insurance. on the risk
oftransportinr specie from one 10 another part
of tho Union.
1t will consequently, save hundreds Of thou.
sands of dollars now annually lost IN iransoc'
tons of exchange.
1t will essentially benefit the manufacturing
interest, by enabling it 10 realize sales and the
proceeds OF sales.
1t viii powerfully contribute to the assump-
ton of specie payments by the banks, whose
existing delinquency is the greatest source of
all prevailing pecuniary and financial embar.
easements.
Ii will greatly tend to prevent and correct
the prevailing cxcesses and abuses Of the local
banks.
1t will furnish a medium common 10 all
parts of the Union, for the payment of debts
and dues to the government (; thus rendering
duties and taxes Uniform in fact as well as in
name.
It's indispensable 10 the convenient aid sue.
cessfr financial operations of the government,
in all the departments of collection, safe keep.
ing. and disbursements Of the public revenue.
Such are some of the domestic benefits
which the committee fully believe will be Sc.
cured by national bank. Those which ap.
pertain 10 our foreign relations are also worthy
of Sc rious consideration.
If il be true that money is power, its con.
centraion under the direction of one will, sole
or collective, must augment the power. a
nation, without such concentration oil power,
maintaining extensive commercial intercourse
with another nation possessing it, must con-
duct that intercourse a condition of inc.
quality and disadvantage. National banks in
other countries therefore, beget the necessity
of a national bank in this country. in like
manner as national governments in foreign ma
tions must be met by a national government
in ours.
Accordingly, we have seen the influence
cxerted by the Bank eff England upon Ameri.
can interests, when those interests were ex-
posed to The action Of that bank, and were
left without the protection of Bank of the U.
States. The committee do not wish 10 be
understood intending TO express any ap.
probation Of the commercial operations in
which the Pennsylvania Bank. assuming the
name of the Bank of the U. States, engaged
when that state of things arose.
Ru. thew do mean TO saw that the ;n,eras,s
and dignity ofihe United States demand that