Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-21

THE LETTER TO SENATOR MERRIC

THE LETTER TO SENATOR MERRICK.
Mr.. Editor Il was much surprised, on
reading the letter of Messrs. Alexander
Brown & Sons, and others, to find that they
had entirely Inexperienced the scope
and object of Mr.. Rives' amendment to the
Bank bill now before the Senate, and will,
with your permission, point out what am
sure they, on further examination, will
agree with me is an unfortunate error on
their part.
To the amendment of Mr.. Rives they
object for the reasons set forth in their let
ter, and which l quote in full, as follows:
"But the undersigned humbly conceive that
there is one mportant particular in which C ON.
promise or yielding, for the sake Of expediency,
would be fatal TO the scheme itseli--and that is,
the provision that the corporation may have pow
er to establish a branch in the different States
without their consent. So essential to its sue
cess, do the undersigned believe this feature OF
the scheme, that they do not hesitate to say that,
in their opinion. ii it be stricken out, and the
substitute proposed be inserted in its stead, the
stock to be subscribed for by individuals will! not
be taken; and for the following reasons:--If the
subject be left open for State action, such action
will be so uncertain that capitalists will no,
subscribe for the stock inasmuch as it will be
constantly presented before the people as topic
OF discussion, and, Of course, will be necessarily
exposed to the vscllating policy Of successive
Legislatures, just as the ma Orty may happen to
be opposed or favorable to the bank 1t is use.
less TO say that the desire OF investment in bank
stocks, whether Of local or national character, is
not so great as to induce parties TO subsc he for
them without due consideration OF the provisions
of the t Of Incorporation. Again, il may hap.
pen that a: certain points it may be very impor-
,ant for the healthful action Of the bank, that
branches shout be established, for the more con.
vealent and safe receipt and disbursement OF the
public money, where it is, al least at present, GER
tain that the consent Of the States could not be
obtained. The necessary consequence would be
that the value OF the institution, as fiscal agent,
would be very much impaired, and its usefulness
as regulator Of domestic exchanges, exceeding
y circumscrbed."
The reader will see that the sisners of
the letter object to the proposed amend
ment on two grounds, First, Because it
would be constantly presented as topic
of discussion. and subject the bank to the
vacillating politics of States where branches
might be admitted--that is. this year a
Legislature night agree to admit branch
and next year vote to exclude it. Sec
ondly, That it makes no provision for es-
lablshing proper branches or agencies in
States where the exigcncies of the public
might require them for the collection and
disbursement of the public revenues, and
in which States, it is certain at present the
Legislatures would not agree to admit them.
1t is most unfortunate, | repeat, that the
highly respectable gentlemen who have
signed this letter did not more closely con-
slider the proposed amendment. Had they
done so, they would have seen that the
objections they urge against it, land which
if unprovided for by the amendment, |
freely admit would be fatal to it) are alto
gether fanciful, having no foundation, and
seeing this, they would have forborne to
sign the letter, and been saved the pain and
regret, which | am sure they must feel, in
having unwittingly lent their names to the
propagation of an erroneous view of the
subject.
That the error of their objections MAY
be made manifest, | quote Mr.. Rives
amendment-whchI may remark is in the
very words of Mr.. Secretary Ewing's bill
as follows:
THAT the said corporation shall establish &
competent office Of discount and deposte in any
State, by the assent Of the Legislature OF suct
State, whenever the directors may think fit so t
do.AND WHEN ESTABLISHED, THE OF
FICE SHALL NOT BE WITHDRAWN
WITHOUT THE ASSENT OF CON
GRESS; and The said corporation shall have
power to commit the management OF the said OF
fee and the business thereof, respectively, Il
such persons, and under such regulations, a.
they shall deem proper, not being contrary to
law or The constitution Of the bank;
land here mark, all the powers conferred
IN the following extract are conferred in
dependent of any assent Of the States
and are derived solely from the Genera
Government
or, instead OF establishing such Offices. it shall
bs lawful FOR the directors Of the said corpora