Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-08-26

ted without teheemploymeut of cxlraordin-
ary means. Thescurrency Of The country
became sound, and the negotiations in the
exchanges were cnrried on at The lowest
possible rales.s The circulation was in-
creased to more ilian 3d., 100000, and the
notes OF the bahk were regarded as equal
to specie all over the country; thus show
inS, almost coEclusively. that it was the
capacity 10 deain exchanges, and not IN
local dlscoun,ss which furnished these IA
cilities aud advantages. II may he re-
marked. too, that Notwithstanding the i'm
mense transactions of the bank in the pur
chase oil exchange. The losses sustained were
merely nominal; while in the line Of dis
counts the suspended debt was enormous,
anL proved moss disastrous to the bank and
the country. lis power Of loca. discount
has, III fact, proved To fruitful source OF
favorilism and corruption, alike destructive
10 the public morals aud 10 the genera!
veal.
The cnpitalinvested in banks Of discount
IN the United Safes, crealed by the States,
at this time ex6eeds S250,000,000; and il
the dlscountinsof local paper could have
produced any tencfcial effects, the United
States ought topossess the soundesl cur
rency in the world; but the reverse is la.
menab!y the fact.
Is the measure now under consideration,
Of the Objectionable character 10 which
have alluded Jt is clearly 50, unless by
the 10th fundamental article of the llih
, section. il is msde otherwise. That article
is in the following words:
THE directors Of the said corporation
shall establish one competent office of dis,
count and deposi, in any Stale in which
two thousand sl,ures shall have been sub.
scrihed, or may DO held. whenever, upon
application Of such State, Congress may
by law requiIs The same. And the said
directors may also establish one or more
competent Offices of discount and deposit
in any Terrific pr district Of the Uuiled
States. and in &ly' Stale, with The assent o
such Stale: aud when established, the said
office or offices shall be only Withdrawn OF
removed 10y the said directors prior 10 the
expiration Of this charter, with the previous
assent Of Congfess Provided, in respect
to any Stale which shall not, n, the first
session Of The Legislature thereof, held al
ter the passagecf tins act, by resolution, oT
other usual legislative proceeding, uncon-
ditionally assert or dissent to The establish
mcnr Of such efficc or Offices within it,
such assent Of the said Stale shall I've there
after presumed; And prorided, nerrihe-
less, That whenever il shall become ncces'
sary aud proper for carrying into execu-
ton any OF tho powers granted by the
Constitution, 10 establish M Office or offices
in any Of the Slntes whatever, and the es'
Establishment thereof shall be directed By
law. j, shall 5eihe duty ofiihc said drec-
tcrs 10 establish such office or Offices nc
eeriiugly."
It viii be seen that by ,ilis clause the
Edirectors are invested witiithe fullest :,osg.
4 a. ioesiabish aIbranch in any State .yiiict
has yielded its aiseut; and having obca es,
tablished such branch. il shall moi alies-
wards be withdsawu, except by order ol
Consrcss. SuSh assent is % be implied,
apd 10 .bave TIA force aud sanction Of arl
PaGinally expressed assent, provided ID
respeci 10 anysStaie which shall mol al
tke first ssssios sf The Legislature thereof,
held after The geof this aci, by resolu-
Internationally assent or dissent 10 the es-
tablishment ofsuch Office or offices within
Il. such assent Of said State shall be there
after presumed."-The assent ar dissent is
| to bs expressed unconditioarflyas at tie first
ssssiofloftie Legislature, bsf soac Jorniaiit-
g;sldssre act; ana i' no, so expressed. its
assent Is to be implied, andtbc directors
are there upon invested with power.
at snci, lime thereafter as they may
pfeaso, 10 establish branches which can
mol afterwards lie withdrawn. except by
resolga Of Congress. No mailer whn,
mag be the cause which may operate with
The Legislature, which either prevents it
from speaking, or addresses itself TO its wis
dom to induce delay, its assen, is TO be i'm
piled. This iron rule is to give way TO no
circunslances-il is unbendina and infex-
iblc. II is the language of the master to
The vassal-an unconditional answer is
claimed forthwith. and delay, postpone
'ncnt, or incapacity TO answer, produces
an implied assent, which is ever irrevoca-
bile. Many Of the State elections have al
ready taken place, without any knowledge,
on the part of the People. that such ques-
lion was to come up. The representatives
may desire submission of the question to
their constituents preparatory to final nc-
lion upon il, but this high privilege is de-
MED: whatever may be the motives and
views entertained hy the Representative
Of the people to induce delay, their assent
is TO be presumed, and is ever afterwards
binding. uuless their dissent shall be un-
coudilionally expressed At heir first ses-
sion after the passage Of this bill into a
law. They may, by formal resolution,
declare the question Of assent or dissent to
be undecided aud postponed; and yet, in
opposition to their express declaration to
The contrary, their assent is to be implied.
Cases iunumcrable might be cited 10 man.
ifrs' their rirrationality of such an inference.
Let one or Two in addition suffice. The
popular branch ofrbe Legislature may cx-
press its dissent by an unnuimous vote, and
its resolution NAV be defcaled by tic vDie