Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-09-18

The qa, s'icn ofpower remains unchanged, whou,
reference to the extent of privilege granted. IF this
proposed Corpoiation Is to be regarded Q local
gress with general powers to operate over the u
nion, it is obnoxious to still stronger objections. II
assumes that Congress may invest local institution
with general, or national powers. With the same
propriety that il may do this in regard to bank
of the District Of Columbia, it may as TO a State
bank. Yet VIII, can indulge the idea that this Gov
eminent righ,fuIly. by making State bank
its fiscal agent nves, it with the absolute and un-
qualified powers conferred by this bill ! When |
come to look at tho details Of the bill, they do not
recommend it strongly to my adoption A brief
notice of some Of its provisions win suffice.
First II may justify substantially system of
discounts Of the most Objectionable character. II
is to deal in bills Of exchange drawn in one State
and payable in another, without any restraint
The bill of exchange May have on unlimited time
60 run, and its renewabi,y is no where guarded q.
gsinst. II may, in fact, assume the most objec-
tionable form of sccommod4 4tion paper. II is not
required 20 rest on any actual, real OF substantial
exchange basis; a drawer in one pl,ce becomes
ceptor may become the drawer upon mutual IN
deTstandng. II may. at the same time, indulge in
mere local discount under the name Of bills Of eI-
change. A bill drawn a, Philadelphia on Camden.
New Jersey; at New York on border town in
New Jersey; at Cincinnsti on Newport Kentucky,
not to multiply other examples, might, for any
thing in this bill TO restrain it, become a mere
matter Of local accommodation. Cities thus rela-
lively situated would possess advantages over cities
otherwise situated, of so decided character as
mos, justly to excite dissatisfaction.
I'd. There is no limit prescribed to the premium
in the purchase OF bills of exchange; thereby cor
rectng none OF the evils under which the communi-
ty now labors. and operating most injurousy upon
the agricultural States, in which the in quality in
the rates Of exchange most severely felt. Nor
are these the only consequences. A resumption of
specie payments by the banks of thess States,
wonld be liable to indefinite posponement; for as
the operation of tie agencies of the interior would
chiefly consist in settling bills of exchange and the
purchases could only I've made in SPECIE or in notes
of banks paying specie, the State banks would e
ther have TO continue with hei. doors closed, or ex.
ist at the mercy of this national monopoly of broker
age. Nor can it be passed over without remark,
that whilst the District of Columbia is made the
seat of the principal bank, its citizens ale excluded
from oil participation in any benefit it might Afford
by positive prohibition of the bank from all dis.
counting within the District.
These are some of the objections which promin>
emily exist against the details of the bill others
might he urged, Of much force, bu, it would be un
profitable 10 dwell upon them suffice il to add, that
this charter is designed to continue for twenty
years, without competitor that the defects to
which have alluded b. ing founded on the funda-
mental law OF the Corporation, are iuevocsble and
that if the objections be well founded. it would be
over hazardous to pass The bill into law.
In conclusion, take leave most respectfully to
say, that have felt The most anxious soicitude TO
meet the wishes Of Congress in the adoption of g
Fiscal Agent, which, avoiding all constitutional OBJ
jections, should harmonise conflicting opinions.
hC'udSu, ny uis ieeiiHS,i nave oeen reauy 10
yield much, in spirit of concilaton, to the opin-
ions of others and it is with gres, pain that now
feel compelled to differ from Congress a second
time in the same session. At the commencement
Of this session. inclined from choice to deferto the
legislative will, submitted 10 Congress the propriey
of adopting Fiscal Agent which, <i,hout viola
ting the Constitution, would separate the public
moneys from the Executive control, perform the
operations fthe Treasury, without being burden
some to the people. or incoRvenient, or expensive
to the Government II is deeply to Re regretted
that this Department of the Government, cannot,
upon constitutional and other grounds, concur with
the Legislative Department in this last measure
proposed to attain these desirable objects. Owing
TO the brief space between the period of the death
of my amented predecessor, and my own ins,alla-
iion into Office was, in fact, not left time to pre-.
pare and submi, definite recommendation of my
own regular message; and since, my mind has been
wholly occupied in most anxious attempt to con-
form my action to the Legislative will. In this
communication, am confined by the Constitution
to my objections simply to this hill bu; the period
OF the regular session will arrive, when it will
be my duty under another clause Of the Constitution
"to give to Congress information Of the State of the
! Union, and recommend to their considerable such
measures as shall judge necessary and expeditnt "
And most respectfully submit in a spirit of har-
mony. wether the present differences of opinion
should be pressed further this liIne and whether
the regularity Of my situation does not entie me
to postponemcnt Of this subject to more au.
| spicious period for deliberation