The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-17


policy uniriendy 10 a National Institution so much
needed and more especially 10 the establishment OF
branches at those points where, either the hnahela
operations Of the Government, or the con mercai eA
gencies Of the country may call for them. az an
events am willing TO conccde omuch TO the eonsu
uional scruples OF my political friends as 70 ~ ~
experiment Should the assent OF tie States DC ~
tanned To the establishments of branches IN some y ~
more important points, the sautary action o. e ns
tuition in a national point of view, wouiu sc ,a ,ssn
and The establishment OF other branches wou'u 80,
become matter OF mere local expedieney, WIZ
well be left TO the judgment Of the local a
Rnt should the experiment fail, and should peeoo
o.assarv N assert The power, which doubt not we
nossesa will 90 as far as any Senator on ths moor
"a calling that power into action Ana WIN can w.
he Ssn,tor IRON Virginia and his friends, 20 yieu 70
the necessity Of The case ana 70 ~ ~ nsees
IN 10 he eectua discharge OF our high constitutional
uty But it is obec ed that II TIE bil be modified as
proposed the power which have asserted Is surrender
ed Icannol regard IT, meet the Senator iom n
yinia on his ow N ground. lie repudales the inier-
ence that the power is surrendered, and we who close
with his proposition protest against II. 1t would be
most extraordinary if compromise, thus effected,
should carry with il an Inference SO expressly ex-
cuded
But, in sustaining the proposition OF the Senator
from Virginia we surrender nothing. have yet 10
learn that the mere orbeaTance exercise admitted
power involves a surrender OF that power Is there
no consideration of expectancy entering INTO inns
question Can you not consult Inc WISHES VI 'ho
people of State, TO given exercise OF power,
without putting in jeopardy the power itself
Sir there are this case, many weighty considera
tons of expediency, aside OF the constitutional point
which may be brought to bear upon this question:
The great purposes proposed by the establishment OIL
this Bank are, first, 10 facilitate the financial opera
tons of the Goyernmcnt-secondly 10 regulate the
cur ency Of the country-and thirdly, TO Furnish TO
such portions of the country stand in need OF II
an additional banking capital in aid OF ITS business,
Is il not apparent in reference to either of these OBJ
iects that the establishment of branch in any State
involves grave question OF expediency I Let me
take Tor example the humble State which repre-
sent in part on this floor. 1t is clearly not necessary
to the financial operations OF the Government that a
branch be established there. AT the same time, We
have as good currency ever existed "a currency
entitled to- as il possesses the confidence OF all who
are called upon TO give It circulation. requires no
regulation from your projected Bank. And, In my
opinion we have, at this moment as much banking
capital in existence the wants and interests OF the
State require Ii this be so, would not the esablish-
of Bank there and the introduction of an ad.
ditional banking capital where il is not needed, be
productive ofthe mschlets of over-bankng and prove
positive evil Icannot speak authortanvely on this
point; perhaps it will be found expedlent to establish
a branch there. But is il not apparent that as a
mere question of expediency, il admits of doubt ?
The case may be the with other States Now,
sir who more competent Judges, on this point,
than the local Legislatures They are, in my Opt
hesitate, before | would force branch upon State
against its will and would hesitate stu more, be.
fore would confer upon the corporation you about
to create the power to do So
The Senator from Rhode Island, following out the
auson of the Senator from Virginia, has compaie ed
this question to the controversy pending between
this country and G. Britain in reference to the disputed
territoly and he asks, whether if we should occupy
that territory, with the consent of Great Britain II
would net be recognition of her right. He argues
! nj Ia ask M ~ IN 10
consideration, would have the same effect. Without
stopping to inquire whether the Senator be right or
not in his views in relation to the disputed territory
answer that he has pursued the comparison too far
| The analogy does not hold. The question between
| us and Great Britain is mere question OF right No
consideration OF expedlency can enter into It, The
question now before perhaps of right but 1t
is combined with one of doubtful expectancy The
omission 10 assert the right IN case is equivalent
to abandonment OF il but the omission to exercise
political power in the other, may grow out OF consid-
eGations of expectancy alone.
! But, sir will undertake to prove that this bill,
even If modified as proposed by the Senator from Vr-
GINA recognizes, fully claim it, the power of
Congress over this subject.
In the first place. the amendment itself conempates
the establishment of agencies within the several
States, without their assent. This asserts the whole
power for, if you NAV establish agency 10 do the
business of the Bank, how can you distinguish be-
tween form of banking and another3 If your
agent can lawfully deal in exchange by what refine
ment upon the Constitution is 1t made out that you
cannot empower him to deal in promissory hottest If
he may purchase bill, he not conslilutionally
discount billl IL you confer upon him any
banking powers why can you not confer ALL
Again, the bill makes imperative upon the corpo-
ration TO establish branches in any State, whenever
requested by the State. Does not this language i'm
port most unequivocally that the branches estab
ished under your authorltyby force of your charer3
Do you not by this, not only create corporation, but
require that corporation TO exercise its corporate pow
within the State And how ca the States request
OF the corporation the exercise of its power without
admitting the legitimate existence of that powerl
But this is not all You assert the power in its full
extent when you create the principal Bank. The
Senator from Virginia considers the location of the
principal Bank in this District, obvatlng the con
stitutional objection. In my view of the subject this
location has no bearing upon the question of power.
But this Is one of those differences of opinion which
| regard not essential to present purpose. The
location of the mother Bank / consider practically
unmportant and IT 1t relieve the Senator from con.
stitutiona difficulties cheerfully yield the point
because, 10y doing So, my great purpose is answered
without encountering similar difficulties on my part.
But my object, In discussing this notion show TO
my political friends that surrender of constitutional
power is involved in this concession.
Sir Congress, the legislative body Of the Union,
has certain specified powers conferred upon it by the
Constitution. 1t possesses also, by force OF the same
instrument the power OF exclusive legislation the
District of Columbia. hese two branches vi power
are IN their nature separate and distinct and cannot
be blended. Your limited power of legislation over
the common interests of the Union can never be en-
largod 10y borrowing from your more extensive power
over those OF the District Every of Congress j.
reierrabe to one the other of these powers Whe.
Their 1t be exercise of the other depends up
the nature and object OF the act and the
be operated upon. When you legisate for the pte-
rests of the people of This District alone it the
else of your power of local legislation. But when you
legsate for those great natl nal interests committed
your legislative guardianship you act the Lcgso
ture ofthe Union, under grant oflimtcd power and
You cannot transcend those limits by virtue Of your To-
pose to create In the first place, it is great nan-
cal agent to operate, not merely in this District, but