Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-27

s'itunnal ROVER OF Congress in tins particular az
believing the power useful one, ifa . he's ,housl
like me, the bill would contain ". But is la
power absolutely essentai2 l. its inset ton matt,
ofneceSsi;y2 Is any great. impor,an; constitution
principal surrendered by its omlssionl l. he exi.
tence ct the power elecr that respect is due
him who dOubsl Will the bill he good Tor moth
ing without this powcr1 And if we cannot get
bl containing u, is It better that we should have
bank2 What IS this power of dScount2 How IA
is y, q HssUa GG-Hd mat srl How lar Is It con
necIeu with ihe power anu duty OF collecting an
dIshursns revenue, or with tho duty of resulalir
commerce between the several states, aud VII
iorcign nn,ionsi These are questions which pres
upon us, and ought 10 DC snNiously cousidcrei.
commend them, my dear SIR, To your earnest atten
ton, and may trouble YOU with my own thought
upon some OF them ia another letter.
am, with regart, yours, Sc.
From the Commercial .IdUs,hssr
"UNlON-IMMEDIATE UNlON~
We place before our readers another letter fiou
Washington, on the same subject with, aud IN Tao
continuation OF, that We published Yesterday. Th
letter has been reproduced by several of the morn
ing papers, and We hope that the whole series vii
I've read carefully aud considerably by every Wing
by every citizen who wIshe. and hopes To see &c.
| ton BY Congress, NJ the present session, for the
good OF the country. We see no occasion To point
out the utility aud practical sisdNn aud the earn.
! eStnesS OF these communications TO the people.
wAsHrSeroS, July l., ISil.
My Dear Sr-The power OF Congress TO estaS-
lish bank, res;s on two propositions.
First-That a bank Is necessary and p-oper
agent 10 the collection and disbursements OF teye.
nue..
Second-That it is a useful and proper means of
regulating commerce between the several states and
with foreign nations, hy furnishing currency ana
exchange.
There IS no other lawful object for bank because
the constitutional power extends to no other object
Revenue and commercial regulation compose the
whole power. \ constitutional bank, then, mus,
be limited TO these purposes.
For revenue bunk IS necessary.
Isl, for the safe he ping OF the public money.
2nd, for its cheap transmission flom place TO
place.
Sd io5 furnishing convenient circulating paper
medium, equivalent to specie, which snail be OF
cqua. and uuf rm value IN every part of the coun.
trN, and which may safely be made receivable IN
debts and dues TO Government
These arc the uses OF bank as connected with
the operations OF Gove,umen, Itself, and can con.
eeiye no others. Every one q them is ProVi4sd for
IN Mr.. EriHg's bIA
To the genera commerce Oft the country bank
IS useiu, and IN my olinon indispensable, IN these
respects.
LIST. By dealing on a considerable capital. in
domestic exchanges, keeps those oEch lnges steady
and al low rates. Our experience has suttrien,y
shown the Inc,cu.aole value Of wei conducted
na'o1al institution n iL.s respect.
2i. BY issuing paper or notes fors general cur
rency arc circulation, having national stamp, and
therefore everywhere OF equal value, It mos; essen
ally bcpthts the currency Ufthe country.
81. BY re1rrsslns, through the Ccate sud
quiet means ul Us own circulation and Us own bu.
sIneSs the ISSUES OF local institutions II tends TO Sc
cure the whole mass Of circulating paper against
excess.
Now Mr. Ewing's bill gives the power Of dea ing
m exchange, without limits; and II gives also the
power oiIssuIus paper for circulation Inwhlt then
IS !. wanunsi il wants the power Of Ecal discount
or the loaninc on local notes, without he consent
of the states aud the omission OF this rover IS aid
10 be surrender Of great priHettls. Let rs exam
Ine tn. The bank eau buy and sell exchange,
and u car issue iis own notes Tor cgrreucv l. may
deal ~ exchange 10 the amount Of "a INV million,
year, the ate bank most use.uI.y did: Il may re-
ceys deposits az It's agencies, well as I the bank
Itself, ami It may eve ywhere issue is own notes
and D. may issue these notes tor deposits for specie
received or lor any Of us debts But /. ca not
make n l0eI! loan. IL cannot establish a branch m
Wal street, end here oaH HlsHcv on 4 note given
by one Wal. street merchant to auOther Wal street
merchant; and because tins power Is 6enied iii said
a great eonsu1uuonaiques: Is ANONYMOUSLY sur
rendered.
That this m-y I've 4 useful power-most useful TO
the people aud the sliles-l fully believe; but Is no
respect cue 10 IN & intellect which cannot perceiy.
how Tins power OF local lending is a national power
or how Is II connected with the duties Of Congressl
suppose Congress was 70 establish a bank with no
other power than this, power 10 cs'auli,h an
Office IN the state and 10 loan money On no es gwen
by one citizen OF the state TO another; would any
body soy tna- tue Grafton Oi such UIuk was with.
IN the AUTHORITY Of Congress- Certainly not, II
the sane power then be inserted among other Low
Crs which are coast tuIOnI does this power thereby
cease 20 become unconstitutional / do not say
that these questions cannot be answered by those
who seem IN sucn hot hase 10 ride rough shod over
the supposed opln Ors Of the Prrsiden', tn, | saw
they require clear reasoning the use OF distinct 4e
and fair exposition. They are not 10 DISPOSED OF
~ contempiuOIs sneer, and 50 think lhe people
wal decide.
l. IS now admitted tina, the power Of creating 10.
ca corp rauOus, both for the purpose OF Janiuy mo.
ney, and circulating bills, does Ueiorg 10 the states
Ine states no TACT exercise this power and many OF
them derive great part Of th-ir revenue from IT, In
the Eastern sa!es, Tor example, hank capital is tax
e1.-Ihs capital Is employed mostly i'm Ines. very
local loans To put i've millions Of uutaxeJ cam
tai into Boston there % be used M these local Io.as
duuinlshes, 10y 50 much, the cJpI al on which the
state OF AlasslchI'cus ieves he. tax; and 10 TINT
extent directly Affects her public revenue This
does not prove that the power does not exist adj.
MT out II shows that there are considerations con-
necLsd with the subject, which wise aud mode r,te
men ought ~ respect. ] viii no. conceal nv ouin
ion, that tue pOwer may be defended on the ground
Of ITS being necessary 10 the gEci-u. execution OF
the other powers, but could never nut 10 ON ,r,,
other ground nan that, and have always been auL
that strict interpreters Of this Constitution insist that
this mode OF reasoning IS dangerous us Il a.,che,
one incidental power raised by argument 10 anp,b.
/ er incidental pDwer previously raised by argYmen
]
all sorts OF powers 10 is tram. My osn opinion IS
however, hat whatever IS necessary mus. Ue taken
| 10 be granted
This bGngs US back 1t once n General Hirri-
sons ground, aud calls upOn Us to decide whether
! ths Is necessary. Now there ore those who think
not, and therefore think that ITS exercise cln-
not be justified or fit be, that objections from the
states, OF many Of them, are not 10 be eEpec.cJ.
and therefore mat the difficulty may IN ths; gay be
avoided. On this last point, the probability Of the
states Oni.cting or not oiJec,Ing, know nothing
which en- enIghien your own opinion; but Tor nv.
self, Notwithstanding I foresee some embarrass.
msuf fully believe thit n the wing pirty choose IN
take up the matter encrgetca y, they can carry 1,
though ond pot the bank INTO successful operation
/ 10 r. fsw months. Bot while they continue 10 differ
| add 10 discuss their differences, while some adbcrt
| 10 what they call tCrrone1usly tnIuk,J principle
and Others exert uemseiyss, but Hre on iscd to s1ed
/ Themselves without the gi OF their brethren for
what they think prlCGoaJ.c luI aiiDBaJb while out
says be is Of PHu, lnd another that no Is Of pJI0s
/ not only does time run ON, leaving nothing done
I but n Willy and reckless adversary % Bretkipv !.
upon our ranks, and IS very likely 10 he able {,
tnwart every thing.
Union, decision, pnd energy, are DO indispsnsab' Q
But union is fret. u We vii but unite ge can tom
decisive purposes, end summon Up our enetse.
But hDu can We nIiy one stt OF friends rgaInst an
other set oil irisndsi Of wh,t use are DECISION on,
energy m our family d,fercnce3 My dear 90
there s but ono path out Oi ibis bJyrnla. Thrr
Is but one remedy Tor ih. urgent necessities Of q.
country, but ono hope Of the salvation oI the VIII
party, o. ls union, immediate UNION. Let us tr
, such Diuk as We can agree upon and can oBtaJ
i.sn. Iiit fails for want Of any particular pJwel
then ihe necessity Tor such n power VII. have bee
u9ceTiIIuC1 aud proved, and Cuugrf4 81 will meet n