The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-09-16

corporation is 10 DO regarded as a local bank of
the District Of Coln;nbis, invested by Congress
with general powers to operate over tho Union,
al Is obnoxious 10 still stronger objections II
assumes that Congress may invest q local ins
tuition with general, or national powers. With
The same propfiety that it may co this in regard
20 Bank Of the District OF Columbia il may as
to State Bank Yet VINO eau indulge the idea
that this Government, can rightfully, by making
State bank It's fiscal agent, invest It with the
absolute and unqualified powers conferred hy this
bill When come 10 look at the details Of the
bill, they 90 not recommend il strongly 10 my
adoption. brief notice OF some Ct is posi-.
sions will suffice.
First. 1t may justify substantially system Of
discounts Of the most Objectionable character
{, is TO deal in bills Of exchange drawn in one
State and payable in another, without any re-.
siraiut. The bill of exchange may have an IN.
limited lime to run, aud It's renewab.ity Is no
wore guarded against. II may 10 fact, assume
the most objectionable form OF accommodation
paper. II is not required TO rest on any actual,
real, or substantial exchange basis drawer IN
Que place becomes the acceptor in another, and
50 IN turn the acceptoF may become the drawer,
upon mutual understanding. Il may, al the
same time, indulge ia mere local discounts IN
der the name OF bills Of ex change. A bill drawn
u Philadelphia on Camden, New Jsrsey; at
New ork on boder town Ia New jersey at
Ciacnnati on Newport Kentucky, i.ct TO multi.
ply other examples, might, for az. thing IN tbs
bill to restrain 1t, become mere matter OF local
accommodation. Citica thus relatively situated
woald possess advantages over cities otherwise
t1ua'ed' Of 50 decided character as mu9i Justly
10 excite dissatisfaction.
"a. There IS 70 limit prescribed 70 The prem.
. Z 4. 81
uIn 10 TIE purchase OF biiis OF exchange there.
~ co'iectig none OF tue tFtIs under "tach the
community 10" iaDof5, ana operating most hlu'
fioasly upon The agricultural states IN winch Tue
inequalities 10 me rates OF exchange are most sc.
Verely lett MOI are THESE The only consequences.
resumption OF specie pay ments bY TIE bahks oil
those States would be llabie 10 indefinite post.
p9nemehli Tor Us the operation OF The lgcnc!es
OF the interior would chiefly consist IN selling
bills OF exchange aud the purchase could only be
made ~ specie, or in notes OF banks paying spe-
cie, The State banks would either have to cont
nue. with Their doors closed, o. e'at At the mercy
OF this national monopoly OF brokerage MOI can
4 Dc passed over without remark, that whilst me
DistTct OF Coiumbla IS made me seat OF ths prin-
eIpal BANK, It's citizens are executed rom al par.
Icipat!on III any Jenehl u might ahofd, " pc
sitlve prohibition Of the Bank nom all discount.
ing within the District
'Ibc.c n,o sor,e of tho ob;.r,;ora i,,,b nror,,i
peotIv .gninst III ,a,s,ls of,bc hili. oiters
ni-bi t.r,gd nj much fo,pe hi, /, ycnu,a h. nm.
,,6t,alta 70 dypeil nnnn hon. sr,Iia. Il IN sda
,5a, .li A.rte, = d,'i.,d +, con,i,,,s a. trpnt,,
vsars u,tont a rnn,ne,i,or I'M, tho ds,scts IN
Iyb,eI, b.ve alh,ded heinz tonnd n I'm Gnda.
mot or,L, c,,,.,o,,i;,7 ,,ei,,evoc,i,lo md
.,',Lc ,.hi,cf,ore 10 ,ojJ lonrdad i would he
o,cr i, ~ !, r.ss ,he b,,li,,o.
cav. ,h,, L,v, an ,ha mos, an yio,,s soIic,nde
~ r,,oI he wishes Of Concrcss n ne aaou,ion Of
4, Fisc.I A-r,, which. av5,din, MI cops,iistiopal
ol'iactio,sI sbo.Id h,rron,,o coraiciiry onioi,,s
he.paied by this feline | have been ready 10
WELD uucb IN spir;t Of cancellation. TO the onin.
ions of others: AID IT il with crea, pain That |
now feel coupsllcd 10 differ from Compress a Sc
coud time in the same session. A.the commence
uent Of this session, inclined from choice to defer
IN the LEGISLATIVE viii submitted 10 Compress The
o-ouris,v of adjoining Fiscal Apentv hich with
cut yolatino the Constitution, would separate Tie
p,,hllc mnuies from the Executive coutrol ana per
form lie operations OF the Treasury. withou, be
inc burden4oa,e to the people or inconreneat, or
extensive TO the Government. Ii is aeeplv 10 be
regretted that this departing nj OF the Government
cannnot, upon constitutional and other grounds.
concur with the Legislative depa rtnIent in this
last measure proposed to Attain these desirable OBJ
Jects O@rg 10 he bret space between The pc.
Rod OF The deetll Of my iamented predecessor aud
n,y own installation INTO othce, was IN iact, no
lett tine 10 prepare and submit sttin,!e recon-
mcndauun Of my own IN my regular message and
sincc. nv rind has been wholly occupied IN q
most anxious attempt 10 conierr my acton 70 'Ie
legislative VIII. In th's communication an cor
haed BY the Constitution TO my objections SIMPLY
70 tlis pl!4i uAi nv pefVa ~ thc Etguiur ecsS'oh
viii soon arrive wien L VIII be 10y du'yt under
another clause OF the Constitution, :" 70 give to
Congress attenuation o. the state Of the ualon, and
recommend 70 their consideration such measures
as | shall Judge necessary aud exPedieht -
And most respectfully submit, N spif!l OF mar,
noay, whether the present differences oi onuloh
should be pressed further al ihs tiHe, aud "heih,
CT the pecuaTity Of ny s!tuatlan does not ohti-
lie me 10 po,lponement OF 'h.s sutgeel 10 4 mere
aasfei9us period Tor dtlibcTatloa.
Tie tao Houses Of Congress have Distinguish
Cd themselves at tbs extraordinary Session, " The
soa very uh'iVofaoie Ooti 70 "sd,'H ahu 'c.o"'""'