Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-21

| ''' III 'h0 ooiO ho0PilS vi t1e puOHC tnONs
ey.
2hd; for its cheap transmission from place
to place.
3rd, for furnishing convenient circulat.
ing paper medium equivalent to specie,
which shall be of equal and uniform value
in every part of the country, and which may
safely be made receivable in debts and dues
to the Government.
These are the uses of bank, as connect.
ed with operations of Government itself,
and | can conceive no others. Eveyy one of
these is provided for IN Mr.. E,cing's Bill.
To the general commerce of the country
a bank is useful, and in my opinion indispen.
sable, in these respects.
list. BY dealing, on considerable CAPT.
tai, in domestic exchanges, 1t keeps those ex.
changes steady and at low rates. Our ex-
perience has sufficiently shown the incalcu-
liable value of a well conducted national in.
stitution in this respect
3D. BY issuing, paper or notes, for gen.
eral currency and circulation, having a ma
tonal stamp, and therefore every where of
equal value, it most essentially benefits the
currency of the country.
3d. By depressing through the gentle and
quiet means of its own circulation and its
own business the issues of local institutions,
it tends to secure the whole mass of circu-
, lating paper against excess.
Now Mr.. Ewing's bill gives the power of
dealing in exchange, without limits; and it
gives also the power of issuing paper for
circulation. In what then is it wanting? 1t
wants the power of local discount, or the
loaning on local notes, without the consent
of the States, and the omission of this pow.
er is said to be "a surrender of great prin.
ciple. Let us examine this The bank can
buy and sell exchange, and it can issue its
own amount of many millions year, as the
late bank, most usefully did, it may receive
deposites at its agencies as well as at the
bank itself, and it may every where issue its
own notes, and it may issue these notes for
deposites, for specie received or for any of
its own debts. But it cannot make local
loan. 1t cannot establish branch in Wall
street, and there loan money on note given
by one Wall street merchant; and because
this power is denied it is said great consti-
tutional question is ANONYMOUSLY surren.
dered.
That this may be useful power-most
useful to the people and the States-I fully
believe; but is no respect due to that in
tellect which cannot perceive how this pow
er of local lending is national power, or
how it is connected with the duties of Con-
gress! Suppose Congress were to establish
bank with no other power than this, viz:
power to establish an Office in the State,
and to loan money on notes given by one
citizen of the State to another; would any
| Iol hot tbo .
was within the authority of Congress-
Certainly not. If the same power then be
inserted among other powers which are
constitutional, does this power thereby
cease to become unconstitutional! do not
say that these questions cannot be answered
by those who seem in such hot haste to ride
rough shod over the supposed opinions of
the President. but say they require clear
reasoning, the use of distinct ideas, and fair
exposition. They are not to be disposed of
by contemptuous sheer, and so think the
people will decide.
| 1t is now admitted that the power Of ere.
ating local corporations, both for the pur-
pose of loaning money and circulating bills,
does belong to the States The States, in
fact, exercise this power, and many of them
derive great portion of their revenue from
it. In the Eastern States, for example,
bank capital is taxed. This capital is en-
ployed mostly in these local loans. To put
five millions of untared capital into Boston,
there to be used in these local loans, dimin-
ishes, by so much, the capital on which the
State of Massachusetts levies her tax; and
to that extent directly affects her public rev.
enue. This does not prove that the power
does not exist, | admit; but it shows that
there are considerations connected with the
subject, which wise and moderate men
ought 10 respect. will not conceal my
: opinion that the power may be defended on
the ground Of its being necessary TO the ef-
fcient execution of The other powers, but
3 could never put it on any other ground than
that and have always been aware that
strict interpreters of the constitution insist
! that this mode of reasoning is dangerous as
il attaches one incidental power, raised by
, argument, to another incidental power, pre-
viously raised by argument, and may thus
run on indefinitely, till il draws along all
, sorts of powers in its train. My own opin-
ion is, however, that whatever is necessary
must be taken to be granted.
, This brings us back at once to Gen. Har.
, rison's ground, and calls upon us to decide
E whether this is necessary. Now there are
: those who think it is not, and therefore
think that its exercise cannot be justified
or, if it be, that objections from the States
or many of them, are not to be expected
and therefore, that the difficulty may in that
0 way be avoided. On this last point, the
J. probability of the States Directing or not
d Directing, know nothing which can en-