Litchfield enquirer., 1841-07-08

But the question of establishing Bank, thus to be restricted and circmscFibed, involves higher and greater cOnslderatOns than those of mere expedency The General Government has or has not the power establish National Bank. lift has the power, it de-
 Ves from the existing grants in the Constitution of the United States. The Committee believe it has the power, and ought to exercise it. But after Q contest 9ung the last ten or twelve years in respect to the marked by 90 much animation and bitterness, a for. OeaTance to exercise the power, would be virtual surrender of the power. If a Bank were to be crea- ted whose operations within the limits of the states were dependent not upon the will of Congress, but upon the will of each state, separately announced the creation of such Bank would add another to the mount to relinquishment of the national power and It could never be resumed.
 The power of the Federal Government is only to be found in the grants of the constitution If they are inadequate to the fument of the great purposes of Its establishment, they can only be increased in the mode of amendment which the instrument itself has presented. They. cannot be augmented by the grants or consent of any or states short of the number 0f twothiFds, whose concurrence is necessa- " to glve validity to an amendment derivation or power to the General Government, from the sent Of particular states would be unsound in prnci- ple and the committee apprehend dangerous in prac. lce. Admit such consent to be a legitimate source oI power, the Government would not operate equally m all the states, and the constitution losing it's uni form character, would exhibit an irregular and incon- gruOuS action.
 Entertaining these deliberate views, the committee are oecoedly ot opinion that no bill for the establish ment of Bank in the District of Columbia will be eff. !ectual which does not contain clear recognition of the constitutional power of Congress to establish branches wherever, in the United States. the public wants, m Its Judgment, require them. They cannot consent that Bank, emanating from the will of the nation, and impe ratively demanded by the necess- sies ot the Government and of the nation, shall be wholly dependent for it's useful operation upon the will of each and every state, distinctly expressed
 Accordingly, in the draught of bill now reported the rgh IS asserted to use the branching power of the committee dare not allow themselves to believe that the bill IS free from all defects, but they do hope that these, in spirit of beraity, will be corrected by the superior wisdom of the Senate and the House, and that the present session will be signazed by the es tabIishment of national institution, which has be- come desideratum to the general prosperity.
 The advantages which will flow from such an ins tution in both domestic and foreign relations are manifest and incontestible.
 !s will give the people sound currency of uniform value throughout the Union, which is just necessa. " to the successful operation of all branches of bns ness as pure air water is to the preservation of hu man life or health.
 It will revive and extend commercial intercourse, which, for the want of a common medium, has been almost suspended between different parts of the Un. ion.
 It will reduce domestic exchange from the enor- nous premiums and discounts now frequently paid to the moderate standard growing out of the mere cost and insurance on the risk of transporting specie from one to another part of the Union.
 It will, consequently, save hundreds of thousands ot dollars now annually lost in transactions of ex. change.
 It will essentially benef. the manufacturing inter- est. by enabling to realize sales and the proceeds of sales.
 It will powerfully contribute to the resumption of specie payments by the bank whose existing dein. qnency IS the greatest source of all prevailing pecun arv and financial endorsements.
 It will greatly tend to prevent and correct the ex. cesses and abuses of the local banks.
 It will furnish medium common to all parts of the Union for the payment of debts and dues to the Go vernment; thus rendering duties and taxes unifOrm in fact as we'll as in name.
 It is indispensable to the convenient and successful financial operations of the Government in all the de- partments of collection, safe-keeping and disburse- mens of the public revenue.
 Such are some of the domestic benefits which the committee fully believe will be secured by National Bank. Those which .appertain to our foreign rea- tIons are also worthy of consideration.
 1t he true that money is power, its concentration under the direction of one will sole collective, must augment the power. nation without such a con- cenraton of power maintaining extensive commer- cial intercourse with another nation possessing it, must conduct that intercourse condition of inc quality and disad vantage National Banks. in other countries heget the necessity, therefore, Ot National Bank in this country, in like manner as National Go vernments in foreign nations must be met by a Ma tional Government in ours.
 Accordingly, we have seen the influence exeried by the Bank of England upon American interests when those interests were exposed to the action of that Bank and were left without the protection of Bank of the United States The committee do not wish be understood as intending to express any ap probation of the commercial operations in which the Pennsylvania Bank. assuming the name of the Bank of the United States, engaged, vixen that state of things arose.
 But they do mean to say, that the interests and dignity of the United States demand that they should mt be exposed, beyond the necessary and legitimate influence of momentary and commercial opera ons to the acting of foreign banking institution. They believe that, without a competent Bank of the United States, foreign National Banks may and probably will exercise undue and possibly perous influence upon our interests.
 In this view of the case. the question is whether it is better that should be left liable to be materially affected by foreign institution, in which have no interest. over which can exert control. interests, shall have an Amercan Bank, the creature of our will subject to American authority. and animated by American interests, feelings, and sympathies
 The committee could not entertain a doubt in such an alternative And, in reference to the foreign as- pect of the Bank, the committee thought it expedi- allow it deal in foreign bills of exchange, trade.
 In conclusion. the committee think is proper to say that they have given due consideration to the rious memorials referred them. and to the nstruc- iions moved by Senator from Mississippi. They subjnin, that whenever, in this report, the committee is mem toned. majority of the committee is to be understood.
 All of which is respectfully submitted. UNPLEASANT RUMoR.-The correspondent of the New Y ork Courier and Enquirer, mentions a rumor, that MT. Calhoun and MT. Pickens intend to throw what there left of themselves into the scale of the Administration. We do not know what the Whig party has eveer done to these gentlemen, to prompt hnnko.