Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-09-16


character ola National Legislature '.r 'ns ~,'%'e
Uu,on. perform tie f,eat pulp,'', nv ~. j
cal wants aud * genes, sutf' - J ~.
exe,t the fsCat agencies 81 ihe i'e"'u', '''"e
ulied States, Such ils own uese, VI 'sei'
H. ,,v,.,,p. contradict lis lille! They 90 not.
Il !, ,ue ,., by the first SECTION, provides that II
shall b. established in Tie District OF Columbia; but
IL cunt OF It's capila-the manner IN winch Ms
stock ~ 10 be subscribed ior and hed-the persons
and bodies, corporate and polilc, by whom lis s"tk
may be held--the appointment Of lis dhectots, aud
lher powers aud dulrs-ls fundamental az IcIes.
especially thai TO establish agencies IN any pant Of
tie Unlon-lhe corporale powers and business OF
such agenctes-he prohibition Of Congress to esiab.
llsl any other corporatIon with slmllar powers Ion
twenty years. with express reservation IN the same
clause 10 mod iy create any bank Ion Tie DIS.
icl Of Columbia. 81 thai the aggregate capital shall
not eXcecd five millions; without ennmeraiing 9th
e. features which are equally distinctive aud chafaC-
tensile CLEARLY SHOW that II cannot be regarded as
other than a Bank Of tie United States. with pow
ers seemingly more limited than have heretofore
been granted 10 such an institution. Ii o'etales
per over the Union, by virtue OF The undded,
and 10 my view, assumed authority OF Congress AS
a National LEGISLATURE As dslinenl>habie irom a ban
created by Congress Tor the District oil Ctlum-
bra, as The local Legislature Of the District f.
very United States Bank heretofore created
has had power to deal IN bills II exchange, rs
we'll as local discounts. Both were trading rrVl-
lrges Conferred aud both were exercised, 10y virtue OF
tie aforesaid power OF Congress over the whole UNI
on. The question Of power remains t"1hanged,
WI hour Ieier' the extent OF privilege granted.
II this proposed C",poral,on IS 10 be regarded as
local bank OF the DIsifct II Columbia Invested by
Congress WIN general po"eIsto operate over the Un'-
on II Is obnoxious 10 sill stronger objections. IL
as ~umes that Congress may invest lot al institution
with generate or national overs With the samepfo-
prey that II may do lhls IN regard the bank OF
lhr DI-ulcr OF Columbia, II may as 10 STATE bank.
\ ct who can indulge the idea that This Government
can rlghrIuliy by maxi ing State bank us fiscal IA
gent invest WITH II e absolute aud unqua fed pow
ems conferred b, tins bill When | come to hook
al tie details ol tIc bull, they do not Recommend
strongly TO ny adopnnn. bnci uollce OF some oi
lis PROVISIONS viii ST flee.
Fuss. il may uslIty subs anlally system Of
discounts ui me most ol JecnonabIe Character. II
Is 10 deal IN balls Of exchange drawn IN one STATE
aud payable IN another. without any restraint. The
bill Vt eNchan nay have an unlimited time 10 run,
aud rs rrur"abiIlty is no here guarded against
1t may, IN t'r assume The most Objectionable form
"i accommodation paper. Ii IS not required 10 resi-
on 'ry actual, real. or substantial exchange basis;
drawer N one place becomes The acccptor IN
other, so on III tutG The acoeplor becomes the
drawer, upon mutual understanding. 1t may
The same TINE, hdulge IN meIe local discount I'M
der the name Of bills Of exchange. A bill drawn
II Philadelphia Cam,en. New jersey al NV
\ ON on Il border town in New jersey at CIntin-
na'l on Newport, Kentucky, not 10 multiply other
examples, might, Tor any lhlng in tins bill TO
TN II, become IA mere Matter OF local acco Imo-
d'ion. Cues thus relatively situated wo"h pos
sess advantages Clues otherwise situated OF so
decided chaia ter as most justly 10 excite dssats
faction.
q. There is no limit pre- sc,ibed TO the premium
IN the pure base of the bills OF exchange; thereby
cottec ing uoue of the evils under which the com
MUMMY now labors, and operating osl irjuriously
upon the agricultural States IN which the lnoquai-
lyn Tie rates OF exchange is most severely felt.
a
uon OF specie payments BY the banks of these States,
"oud be liable TO indefinite postponemeni for as
the operation Of the agencies OF the interior would
chiefly consist IN selling bills Of exchange, and the
purchases could only be made IN specie, notes
OF banks paying specie the Safe banks would either
have TO continue with their doors closed, exist at
the mercy OF thus national monopoly OF brokerage.
Nor can II be passed without remark, that
whilst the DISTINCT Of Columbia Is made he seat OF
lie prime al b'uk, its cl'zens excud d from
all participation IN an, benefit il might afford, by
positive lrohblon oil tie bank from all dIscouuling
WITHIN the ID ,Sttict
These are some of The objections which prom,
nrntly tx 81 against The details OF the bI Others
m'gh' be Urged, of much force. but II would be
unIfon able 10 dwell upon them: suffice II 10 add,
that 's charter is designed 10 coornue for twenty
yeas, without competitor; that the defects % winch
HAY" alluded being founded nihe fundamental law
OF the & rpoai"n, are Iirev"cabe; and that # the
objections BE- well founded. II would be over hazard
Gus % pass the blll iuto a law.
ia CONCLUSION, | take leave II ost respectfully to
sly that have tell the ms anxlous soIlci.ude to
meet the Wishes of Congress the adop ron Of d
FSr"l Ageut, which, avoiding all constitutional OBJ
Jtcuohs should harnonse conf ctng opinions
Actnated by tins ieellug have been ready weld
much, ~ dsput # Cancellation, 10 the opinions OF
others, ana II IS with gtea pam that now feel com
ptHeu I" dllef from Congress seco d Time IN the
same session. Atthe commencement Of THIS session,
Incnrd from choice to deter 10 he legislative VIII,
subm' cd 10 Congress the ptopne'y ol adopting
! i>cI Agent winch, WITHOUT violating The Couslltu-
llon, would separate The pubic money from the
Executive control, aud perform the operations
] ct The Treasury, without beng burdeusome to
the People or announcement expensive to
me Government. 1t Is deeply 10 be regret
ted mat tins Department al the Government
cannot, upon Constitutional and other grounds, CON
eur with the Legislative Department tins last
measure proposed 10 attain these desirable objects.
! Owing 10 the bret space between the period Of the
death tiny lamcnteG predecessor and my irsla.
la ION office. was III not left Time TO prepare
aud subnU dtinlliye recommendation OF my own
IN my regular ssage; and since, my mird has be
wholly occupied IN mos anxious attempt to con.
tom my atuon to the Legislative will. lntuis com
nuhIcalIuul am Confined, by the Constitution, to my
objections simply To tins bill, but the period OF the
! guar session VIII soon arrive, when II Will be
duty, under another clause OF the Constitution, "lo
give 10 Congress information of the state of the T.
uIun and recommend 10 their consideration such
measures as ! shall ud t Necessary and expedlent."
! Ahd most respectfully submit, il spirit of har-
/ muuN, whether The resent differences ut opinion
should be pc>-td IuIther AT lhls tlme and whether
TIE pecuiIry II ny SITUATION does euIule me to
j d pos ro"emen' Of th's subject TO a more auspI-
H.