Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-20

provide exchanges were not regulated, anu i'.
nothing added to the general circuia", a.o a.,
1870 its cmbarrassments had become 80 great, ina, tue
directors peti,ioued Congress to rcpeai that article VI
,ho charter which made It's notes reccivaoie every
where in payment Of the puniic oues. ~ huu W "
that period dealt TO bu, very small extent IN en-
changes, either foreign or aotes'e' a'.u do . 10
10 onsro,;ons in that line amounted to little more
,h,n seven millions of dollars per annum. a very
amid augmentation soon after occurred and IN lc53
lis dealings in exchanges amounted TO upwards Oh
one hundred millions OF dollars, including the sales
of IFS own drafts and all there immense TRANSACTIONS
we're effected without the employment ofcxtra.rdlnaEy
means The currency Of the country became SOUND
and the NEGOTIATIONS in the exchanges were carried OH
nj The lowest possible rates. The circulation was III
creased 10 more than @ Geo. coo, and the notes oil tne
Bank were regarded equal to specie all over tue
coun,rv thus showing almost conclusivey, that was
the capacity to deal in exchanges and not IN local as
counts which furnished these facilities and advantages
1t may be remarked, TOO, that notwithstanding inc I'M
mense transactions Of the Bank in the purchase oil ex
chance the losses sustained were merely nominal;
while IN the line of discounts the suspended deot was
enormous and proved most disastrous TO te BANK ana
the country lis power of local discounts has, IN TACT
proved 10 be fruitful source oil iaVor'lis' anu Ger
rupon alike destructive TO the public morals ana TO
the general veal.
States created hy the States, at this time, exceeds
s350 400 OCO; aud il the discountng OF local paper
could have produced any beneficial effects, the U. S.
OUGHT to possess the soundest currency IN the world
but the reverse is lamentably the TACT
Is the measure now under consideration OF the OBJ
ieconable character to which have allnded: 1t is
clearly so, unless BY the 10th fundamental article Of
the th section il is made otherwise That article Is
in the following words:
s.The directors Of the said corporation shall csta-
b!ish one competent Office Of discount and deposite
in any State which two thousand shares shall have
been subscribed, or may be held whenever upon ap
plcaon of the Legislature of such State, Congress
NAV nv law require the same. And the SAID directors
may also establish one or competent offices Of
discount and deposite in any Territory District Of
the IT, S., aud in any State, with the assent oil such
State: and when established, the said office or oihces
shall be only withdrawn or removed by the sau uiiel
ors prior 10 the expiration oil thus chat.er, WI" m
previous assent Of Congress Prortded, In respect
n onv State which shall not at the first session
of the Legislature thereof held aiier the passage OF
this act by resolution, or other usuai iegsathe Pio
ceeding Internationally assent or dissent 10 'e esa
bshment Of such Office Offices within u, such assent
of the said State shall be thereafter presumed .1nd pro-
rded p,r,rtbfess That whenever it shall become ne
cessary and proper for carrying INTO execution any ~
the powers granted by the Constitution 10 esabiis an
Office or offices in any of the States whatever, ana the
establishment, thereof shall be directed by law shall
be the duty of the SAID directors 10 cslaosh such oce
or offices according ~
Ii will be that by this clause the directors are
invested with the fullest power to establish branch
in any State which has yielded lis assent and, having
u
withdrawn except by order of Congress. Such assent
is TO be implied and to have the force and sanction OF
an actually expressed assent, provided IN respect TO
any State which shall not, NJ the first session OF the
Legislature thereof held after the passage ci TINS acl
by resolution or other usual legislative proceeding, I'M
condtionally assent dissent 10 the establishment OF
such Office Offices within il such Assem-, OF said States
shall be thereafter presumed The assent or dissent
is to be expressed Internationally at the first session
of the Legislature, by some formal legislative act;
and if not expressed, ITS assent is 10 be inpied,
and the directors are thereupon invested with power,
at such time thereafter they may please to establish
branches which cannot afterwards he Withdrawn, ex
cept by resolve of Congress. No matter what may be
the cause which may operate with the Legislature,
which either prevents it from speaking, or addresses
itself to its WISDOM induce delay, its assent is to he
implied. This iron rule is TO give way TO no clrcum-
sances-it is unbendng and lniexibe. 1t IS the Ian
guape of the master to the vassal-an unconditional
answ er is claimed forthwith; and delay, postponement
incapacity 10 answer, produces an implied assent
which is ever after irrevocabe. Many OF the State
elections have already taken place, without any know
ledge on the part Of the people, that such question
was TO come up The Representatives may desire
submission Of the question to their constituents pre-
paratory TO final action upon II, but this high privilege
is denied whatever may be the motives and views en-
,ertained by the Representatives of the people to IN
duce DELAY their assent is to be presumed ard ever
afterwards binding unless their dissent shall be I'M
condtonaly expressed al their first session after The
| u
NAL resolution declare the question Of assen. or dissent
to be undecided and postponed and yet, in oppos-
ton their express declaration TO the contrary their
assent is to be implied. Cases innumerabe might
| be cited TO manifest the irratonaty OF such an
| inference Let one or two in addition suffice. The
popular branch Of Che Legislature may express its
dissent by an unanimous vote; and its resolution
may be defeated by lie vote Of the Senate, and
yet the is 10 he implied. Both branches of the
| Legislature may concur in resolution OF decided
dissent, and vet the Governor may exert the reto
power conferred him by the State Constitution
and their legislative action be defeated and yet the
assent Of the legislative authority IS implied, and
the directors Of this contemplated institution are au-
thorzed to establish a branch or branches in such
State whenever they may find it conducive TO the
interest Of the stock holders to do SO; and having
once established II, they under 10 circumstances
withdraw IT, except by act OF Congress. The State
may afterwards protest against such unjust Inference,
but ITS authority gone lis assent is implied b. lis
failure or inability act It's first session. and lis
voice can afterwards be heard Toinferences so
violent and, they 10 me, irrational, cannot
yield my consent. No court OF justice would or could
sanction hem without reversing all that is established
in judicial proceeding By introducing presumptions at
variance with fact and differences al the expense Of
reason A State IN 4 condition of duress would be
presumed TO speak, an individual, manacled and III
prison, might be presumed 10 be III the enjoyment OF
freedom. Far letter TO say TO the States boldly and
frankly-Congress wills, and submission is demanded
II may ue mat ue oUeCtuTo uldl Hol estaoiisH
branches under such circumstances But this is
question of power and this bill invests them with full
authority to do So If the Legislature Of New \ DIRK,
or Pennsy ana, any other State, should be found
to be in such condition as have supposed could there
be any security furnished against such step the
part o.: the directors Pray, is it fairly 10 be pre-
sumed that this provso was introduced for the sole
purpose of meeting the contingency referred to- Why
else should ii have been introduced And submit 10
the Senate, wh, Their il be believed that any State
| yyon hp Ikt a SIt
things In great measure Of public interest their
patriotism may be successfully appealed TO, butte infer
their from circumstances at with such infer
ence, cannot but regard calculated to excite feel
ing fatal enmty with the peace and harmony Of the
country. | must, therefore, regard this clause
serting the power TO be in Congress 10 establish Offices
of discount State not only without its assent, hu,
against lis dissent; aud SO regarding il, cannot sane
ton it. On general principles, the right in Congress
prescribe terms to any State, implies superiority
of power and CONTROL deprves the transaction of all
petencc compact between them, aud terminates,
we have srsn IN the total abroraton Of freedom oil