Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-09-16

local bank OF the District OF Columbia
invested by Congress with general power,
to operate over The Union, it is obnoxou:
20 still stronger objections. II assumes
that Congress may invest lrcal insii,u-
ton with general, or national powers.
| With the same propri, ty tina, il may do
this 10 regard TO a bank of the District OF
Colombia, il may as to State bank. Yet
who can indulge the idea that this Gov
lernmen, can rightfully, BY makiuga State
bank its fiscal agent, invest ii with the alb.
sol0:e end unqusli!ied powers conferred by
this bill When come to look at the de-
tails of the bill, they do not recommend it
strongly to my adoption. A ief notice
Of some Of its provisions will suffice.
lst. 1t may justify Substantially sys-
Item Of discounts of the most Objectionable
character. Ii is to deal in bills of ex-
change, drawn in one State and payo-
BILE another, without any restraint. The
bill Of exchange may have an unlimited
time TO run. and iis renewabiity IS no.
where guarded against. limay, in fact, as.
sumo the most objectionable form of accom-
modation PAPER. lis not requiieoto rest on
any actual real, or substantial exchange
basis drawer in one place becomes the
acceptor in another, and so on in turn the
accep,or may become the drawer, upon a
mutual understanding. l. may, at the
same time, indulge in mere local discount
under the name Of bills Of exchange. A
bill drawn at Philadelphia on Camden,
New Jersey a! New York on a border
town in New Jersey; at Cincinnati on
Newport, Kentucky, not to multiply other
lexsmplcs, might, for any thing IN this bill
to restrain il, become mere matter Of
local accommodation. Clies thus rela-
lively situated would possess advantages
over cities otherwise situated, Of so cid
cd a character as most justly 10 excite dis
satisfaction.
ID. There is no limit prescribed 10 the
premlurn in the purchase Of bills OF ex-
change; thereby correcting none Of The
evils under which the community now la
bors, aud operating most injuriously upon
the agricultural States, in which the me
quality in the rates Of exchange are mos,
severely felt. Nor are these the only
consequences. A resumption Of specie
payments by the bnnks of these States,
would be liable 10 indefinite posiponement
for as the operation of the agencies OF the
interior would chiefly consist in settling
bills Of exchange, and the purchases could
only be made IN specie, or 10 notes oil
: banks paying specie, the State banks
would either have TO continue with their
doors closed, or exist at the mercy Of this
national monopoly of brokerage. Non
can il be passed over without remark, thai
whilst the District Of Columbia is mad,
the seat Of the principal bank, its citizen,
are excluded from all participation in any
benefit it might afford, by a positive pro
hibition OF the bunk from all discounilnl
within Ire District.
These are some Of the objections which
prominently exis, against the details @
the bill others might be urged, Of mucl
furce, but il would be Improbable to dwell
upon them suffice it to ldl, that Thu
charter is designed to continue for twenty
five years, without competitor: that th'
defects to which have alluded bein,
, founded in the fundamental law OF ih,
Corporation, are rrevocable and tina
, if the objections be well founded, it woul,
, be over hazardous TO pass the bill Into ,
law.
Ia conclusion, ltahe leave most respect
f fully TO say, that have felt the mos, aDx
ous solictude to meet the wishes Of Con.
gress in the adoption of Fiscal Agent
which, avoiding all constitutional objec.
tions, should harmonize conflicting opin.
ions. Actuated by this feeling, have
been ready to yield much, in spirit OF
cancellation, TO the opinions of others and
it is with great pain that now feel com.
PEELED to dilfsr from Congress second
time in the same session. Al the com.
mcncement Of this session, inclined from
choice 10 defer TO the legislative will,
submitted to Congress the propriety Of
adopting a Fiscal Agent, which, without
violating the Constitution, would separate
the public moneys from the Executive
control, perform the operations Of the
Treasury, without being burdensome &c
the People, or announcement, or expensive
to the Government. 1t deeply to be re.
GREETED that this Department of the Gov.
eminent cannot, upon constitutional and
other grounds, concur with the Legisla.
tive Department in this last measure pro.
posed TO attain these desirable objects.
Owing to the brief space between the Pc
Rod Of the death of my lamented prede.
cessor, and my own installation into Of
flee, was, in fact, not left time to prepare
and submit definI!ivo Recommendation OF
my own regular message; and since, my
mind has been wholly occupied in a most
anxious attempt TO conform my action to
the Legislative will. In this communica-
ton, | am confined by the Constitution TO
my objections, simply to this bill, but the
period Of the regular Session will soon ar
rive, when ii will be my duty under ano-
Their clause Of the Constitution, "to give
to Congress information Of the state Of the
Union, and recommend to their considera.
ton such measures as shall Judge me-
cessary and expedient. And most re-
spectfully submit in spirit of harmony,
whether the present differences Of opinion
should be pressed further at this time, and
whether the popularity Of my situation
does not en,ite me to pcstponement Of
this subject TO more suspicious period
for elaboration.
The two Houses Of Congress have dis
-. At. IL