The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-06-12

will proye to be resstlsss Objects ofpolticai agsran-
dsement may sednce the first and the promptngs Of
boundless cupdity will assail the last Aided BY the
experience Of the past il will be the pleasure Of Con-
gress SO to guard and fori the public interests in
the creation Of any agent place them, far
as human wisdom accomplish ii, on footing Of
perfect security"
The President also makes the following sug-
gestion in connection with the subject of distri-
butng the proceeds of the public lands:
whether such distribution should be made directly
to the States in the proceeds Of the sales in the
form Of profits by virtue of the operations any fiscal
agency having those proceeds Us basis should such
measure be contemplated by Congress would well de-
serve its consideration.
The President, then, we remark contemplates
the establishment of new fiscal agency which
shall not'sconfict with the Constitution He
even intimates that il may be located in the Dis
trict of Columbia-that it should be suitable, !"
satisfactory" 'with due restrictions" not in
.'conAict with the Constitution ]" that possibly
il might have the proceeds of the sales of the
public lands, in part, as its basis, and that the
consent Of Congress might be rendered in adj
vance to the States, to establish branches,
with view Of supplying the purposes Of COM
merce, and of correcting the evils Of unlimited
and vicious local banking The Message is
sufficiently explicit to enable us to make these
differences as to the Presidents views of fnan-
cial agent, to be established here, as necessary
and proper for the fiscal operations of the Gov
ernment.
Can we not build a very fair superstructure
upon these suggestions of the President2 Let
us try.
Establish, if Congress pleases, a FISCAL
AGENT in this District as place Of deposit
for, and administrator Of, the public funds.
Give il capital Of $4,000, 900, based, in part,
if you please, upon the proceeds Of the sales Of
the public lands, and in part upon public stocks
and private subscriptions. Let the States be as
sociated in the ownership and direction of the
Institution. And with aview of preventing any
tampering whit, on the part of the Executive,
or members Of Congress, under whose supervi-
sion the establishment might bespecially placed,
let the officers Of Government and members of
Congress, for the time being, be excluded from
all pecuniary dealings with it. Let the agency
here do no discounting, and let the discounts in
the States, if branches are permitted, be confined
to business paper on short time, and prompt pay
ment. Let the Government appoint part Of the
directors, and call the rest from the States. Let
the dividends be limited to certain sum, and the
surplus paid into the Treasury, or to the States.
Let no director be borrower. Let the Institu-
ton be open to daily inspection, and compelledto
make frequent reports. Let branches be esta-
blished in those States, whose Legislatures will
agree to have them, and let the notes (f allowed)
be always redeemable in specie, and receivable
every where in payment Of public dues. NY
Now, it seems to us that some such project
is Swallowed forth in the Presidents Message.
THE constitutional power Of Congress to charter
a corporation in this District is undoubted--the
power has always been exercised, and never dis
puted. Such charters, deriving their existence
from Congress, we see at this moment amongst
US. And as to the establishment Of branches
in the States, it is clearly admissible, under the
third paragraph Of section 10, article |, of the
Constitution of the u S., which is as follows:
aNo State shall, .o;lsoss kse eonsent of Congress,
lay any duty tonnage keep troops ships of war
in time Of peace, enter into any agreement or compact
,oiih another State with foreign power, or engage
danger as will not admit Of delay"
An Institution established here, would Ger
tanly have right to establish branch in any
State that should assent to it, if Congress would
permit it. And the States are expressly permit
ted to agree to establish branches within their
limits, with the consent Of Congress. If the
people want the benefit Of such an institution,
they will not be slow to compose their legisla-
lures in such manner as to secure it. And if
the States, by consent Of the General Govern
ment, agree to establish branches, and the in
stitution should answer the expectations Of the
Government and the wants Of the people, this
whole vexed question would be settled for our
day and generation, and would be placed, we
should hope, far above the reach Of party poll
tics. We should then be blest with perma-
nent policy, with currency of universal and
impregnable credit, at home and abroad, with
ap institution Of the peoples own creation, and
for the peoples own benefit, far removed from
the abuses and evils to which the country has
long been subject, and diffusing its benefits from
the centre to the circumference of the Union
We throw out these views with great difhdence
and Difference, merely as aids to the reflections
of others, and as being justly inferential in our
Judgment from the Message Of our patriotic
Chief Magistrate.
2. The Constitution declares that the Presi
dent /" shall, from time to time, give to the Con-
gress information Of the state Of the Union, and
recommend to their consideration such measures
as he shall Judge necessary and expedient" -
The Loco-focos complain that Mr.. Tyler has
not sent to Congress more explicit recommen-
dations for its action. This Congress is called
for an extraordinary purpose. Mr.. Tyler has
recommended such measures to their conside-
ration as he has Judged necessary and expedi-
emit In this resnect he has fully met the re-