Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-08-21

pated from its Incorporation. A uniform currency
was not provided, exchanges were not regulated,
and little or nothing was added to the general cir.
culation aud in lS2U its emharrassments had be-
come G eat, that the directors periiio1ej to Con-
grcss to repeal that article Of The charter which
made its notes receivable everywhere for public dues.
|, had, up TO that period dealt to but a very small
extent in exchanges, either foreign or domestic,
and as late us ls2S its operations in that line a.
mounted TO a little more than seven millions of
dollars per annum.
A vey rapid augmentainn soou after occurred
and in 1883 its dealings in exchanges amounted to
upwards of one HUNDRED millions of dollars, inclu.
ding the sales Of its own drafts and all these i'm
mense t snsactons were effected without the EN-.
ployment of extraordinary means. The currency
of the country became sound, and the negotiation
in The exchanges carried ON OF the lowest po-
sible rates. The circulation was increased to more
than $22 600, 900, and the notes of the bank were
regarded equal to specie oil over the country !;
thus showing almost conclusivly tha, it was the
capacity to deal in exchanges, and not in local dis.
counts, which furnished these facilities and advan.
tages.
II may be remarked 100, ths, notwithstanding the
immense transactions Of the bank IN the purchase
of exchange, the Losses sustained 'ly noni
nal while in The line Of discounts the suspended
debt was enormous, and proved most disastrous to
the bank and the country. Its power of local dis
bos -, e. h., G. ,,I
favori,ism and corruption, alike destructive 10 the
public morals and to the general veal
The capital invested in banks of discount in the
United States, created by the States, at this time
exceeds $3.50, 900 o0O and if the discounting Of 10
cal paper could have produced any beneficial effects
the United States ought 10 possess the soundest
currency in the world but the reverse is lament
ably the fact.
Is the measure now under consideration Of the obs
jectionable character 20 which have alluded Itis
clearly so, unless by the 18th fundamental article
of the llh section 1t is mudc otherwise. Tha, ar
ticie is in the following Words
"Thc directors of the said corporation shall estob-
lsh one competent Office Of discount and deposit in
any State in which TWO thousand shares shall have
been subscribed, or may be held, whenever, upon
application ofthe legislature ofsuch State Congress
may by law require the same. And the said direc-
tors may also establish or competent Off.
ces of discount and deposi,e in any territory dis
irct of the United Slates and in any State, with
the assent Of such State and when established, the
said utfice or Offices shall be only withdrawn or
lion of this charter, with the previous assent of
Congress: Provided, in respec, to any State which
shall not, ihe first session of the Legislature there
of, held after the passage Of this act, by resolution
ally assent or dissent TO the establishment of such
office or Offices within it, such assent Of the said
State shall be the eafter presumed And provided,
nerertheiess That whenever it shall become neces-
sary and proper for carrying into execution any Of
the powers granted BY the Constitution, to establish
an office or offices in any of the States whatever
and the establishment thereof shall be directed by
law, it shall be the duty of the said directors to
tablish such office or offices accordingly.
1t will be seen that by this clau g the directors
are invested with the fullest power TO establish
branch in any State which has yielded its assent !;
and having once established such branch, it shall
not afterwards be withdrawn, except by orders of
Congress. Such assen, is to be implied and to
have the force and sanction of actually express
ed assent, "provided in respect to any State which
shall no, al the first session of the legislature there
of, held after the passage of this act by resoiuti0"
or Other usual Legislative preceding, uncondtion-
ally assent az dissent 20 the establishment Of such
office Offices within it, such assent Of said State
shall be thereafter presumed" The assent or dis.
sent is to be expressed uncondiiionaKy al The first
session Of The legislature, by some ormaiiegisLaire
act and if not so expressed, lis assent is to be i'm
Piled and the directors are thcreuPon invested with
power, al such time thereafter as they may please
to establish branches which cannot afterwards be
Withdrawn, exceptb by resolve OF Congress.
! No matter what may be the cause which may
operate with the legislature, which either prevents
i, from speaking or addresses itself 70 its wisdom
to induce delay, It's assent is to be implied. Thu
iron rule is 10 give way to no ciTcumstsnce-it il
unbendng and innexabe. II is the language o
the master to the vassal-rn unconditional aaswe
is claimed forthwith: : and delay, poslponemeni, o
ncapsci,y to answer, produce an implied sssen
which 10 ever after irrevocable MsBy.of the Stat
elections have already taken place, without an,
knowledge, on the part Of the People, tina, such
question was TO como up. Tn. Representative
may desire submission Of the question to thei