Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-26

IL may oc ieiudIhcus ZOO unat n0tw1thStan
ding the immense transactions Of the bank i,
the purchase Of exchange, the losses sustain
ed were merely nominal while in the lin,
of discounts the suspended debt was enor
nous, and proved most disastrous to IN,
bank aad the country. Its power OF loca
discount has, i'm fact, proved to be a fruitfu
source Of favoritism and corruption, alike de
structive to the public morals and the gener
al veal.
The capital invested in banks of discoun
in the U. States. created by the States, a
this time exceeds $35O,OO0, 900, and if tn,
discounting Of local paper could have produ
ced any beneficial effects, the United State.
ought 10 possess the soundest currency i'm tn,
world; but the reverse is lamentably thu
fact.
Is the measure now under consideration oil
the Objectionable character to which have
alluded! 1t is clearly so, unless by the 10th
fundamental article of the lth section it is
made Otherwise. That article is in the fol-
lowing words:
"Ihe directors Of the said corporation shall
establish one competent Office of discount
ard deposit in any State in which two thou
sand shares shall have been subscribed, OF
may be held, whenever, upon application OF
the legislature Of such State, Congress NAV
by law require the same. And the said d.
ectors may also establish one or more com
petent Offices of discount and deposite in any
territory or district Of the United States, and
In any State, with the assent O. such State
and when established, the said Office or offices
shall be only withdrawn or removed by the
said directors prior TO the expiration of this
charter, with the previous assent of Con-
gress: Provided, in respect to any State
yuh oh hall .,t tha al.
Legislature thereof, held after the passage OF
this act, by resolution, or other usual legisla-
tive proceeding, Internationally assent or
dissent to the establishment of such office OF
offices, within it, such assent of the said
State shall be thereafter presumed find pro-
ptded, nevertheless, That whenever it shall be-
come necessary 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 es-
adjustment thereof shall be directed by law,
1t shall be the duty Of the said directors TO
establish such Office or Offices accordingly"
1t will be seen that by this clause the d.
rectors are invested with the fullest power to
establish branch in any State which has
yielded its assent; and having once estab-
lished such branch, it shall not afterwards be-
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 10 any State
which shall not at The first session of the lie.
gislatuIc thereof, held alter the passage o.
this act, by resolution or other usual ieefsiatir.
proceeding, Internationally assent OF dissen,
TO the establishment of such Office or Offices
within ii, such assent of said State shall be
presumed" The assent or dissent is TO be
expressed Internationally at the first session
OF he legislature, by some formal Legislative
act and If not so expressed lis assent is to
he inphed /; and the directors are thereupon
invested with power, at such time thereafter as
they may please, to establish branches which
cannot afterwards be withdrawn, except by
resolve Of Congress.
no matter what may be the cause which
may operate with the Legislature, which eli
Their prevents it from speaking or addresses
itself TO its wisdom, to induce delay, its as
sent is to be implied. This iron rule is 10
give way to no circmstances-it is unbending
and inheXible. 1t is the language of the
master to the vassal--an unconditional an.
swer is claimed forthwith and delay, post.
ponement, or incapacity to answer, produces
an implied assent which is ever after irrevo-
cable. Many Of the State elections have al.
ready taken place, without any knowledge
on the part of the People, that such ques
ton was TO come up. The Representative,
may desire a submission of the question &c
their constituents preparatory to final actor
upon 1t, but this high privilege is denied
whatever may be the motives and views en-
tertalned by the representatives Of the PEG
pie 10 induce delay, their assent is to b,
presumed, and is ever afterwards binding
unless their assent shall be unconditional,
q N Cnn atf latr ErSt q,
sage of this bill into law. They may, b,
formal resolution, declare the question of as
sent or dissent to be undecided and postpone,
and, yet, in opposition to their express dec
aratlon to the contrary, their assent is to b
implied. Cases innumerable might be cite,
20 manifest the irrationaliy of such an infer
/ ence. Let one or two in addition SUFFICE
The popular branch Of the Legislature ma
express Its dissent by an unanimous vote
and Its resolution may be defeated by ii
vote OF the Senate, and yet the assent is
be implied.
Both branches Of the Legislature may co,
cur In resolution Of decided dissent, ar
yet the Governor may exer; the VETO pow,
conferred on him by the State Constitute
and their Legislative action be defeated ar
yet the assent of the Legislative authority
Implied, and the directors Of this contempt
f ted institution are authorized to establish
branch or branches in such State whenev
they may find it conducive 10 the interest
, the stockholders to do so; and having OF
r established it, they can under no circumsta
) css withdraw it, except by act of Congress
The State may afterwards protest agar
such unjust interference, but its authority
gone. Its assent is implied by its failure
= inability to act at its first session, and
1 voice can never afterwards be heard.
S differences SO violent, and, as they seem
: me irrational, | cannot yield my consent.
t court OF justice would or could sanction the
f without reversing all that is established
: judicial proceeding, by Introducing presun
e tons at variance with fact, and differences
S the expense of reason. A State in a con
e ton of duress would be presumed to spe
o as an individual, manacled and in pris