The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-05

prove TAI EQls fest posse stEs ne power
. make such . Bzlk n MS j.; 90 Whgn
Il i hronghi iaio exisiencs BE- the aathari-
y 81 Congress. is eorp0rsie esp@cify i
eomPlesss and. hsi Congress nay invest
il with ihe privilege Of contracting with
the states FOR the inlrodnchea q iis
branches. Whea introduced, ne thiaks
the purposes Of Is lnsiinE0n may be ae-
eomplishsd. Thsre i no donbi. I Ee-
peat thst Congress may create sseh .
Bank; but il i. nevertheless. nothing
more nor less than q Bank ofthe District
Of columbia- III Il should have any
exterior action. through Offices Or agencies
situate beyond he District. that exterior
action would not result from the legisla-
Tim Of Congress. bur from the legislation
ofthe states by which their consent was
granted 10 establish these Offices or
agencies within their limits. And the
states would have just a much Alright %
allow Of these Offices or agencies whether
there was any grant from Congress or
not 20 the corporation, in is charter, 10
establish them. For there can be no
doubt. presume. that the Bank Of the
Metropolis might now establish such an
Office or agency. in any state that would
permit Il, notwithstanding the silence Of
It's charter on that subject. The Penn
sylvania Bank Of the United States. il has
bsen understood. has or had is agencies
in other states, which must have depend
ed solely upon the liberation ofiheir laws.
No amendment 10 the charter, made by
the committee. has commanded, from the
Senator from Virginia, warmer COM
mendation than that which denies 10 the
Parent Bank all power Of discouniing
within the District, and compcls II 70
transact that part Of the business Of hank
ing, through is Offices, beyond the Dis
trict. Considered as a National Bank
with branches, emanating from, and pro-
iecled within the states, by the national
authority, | think iha, feature Is worthy
of all the Senator'S admiration. But IL IL
is TO be regarded as a mere District Bank,
springing from the power Of local legisla.
lion, possessed by Congress, il would be
certainly most anomalous, If not ridicu-
lous feature. In this view Of il. Congress
will have made, in virtue Of its local pow
er of legislation, great District Bank,
which is stript of all essential power Of
banking within the District, and TRANSMITS
all It's important business beyond the
boundaries Of the District. We shall
have made a sort ofmonSter indeed, with
body, destitute Of life, animation or ac-
zion where il abidss, but which NAV throw
out all around il into the states lis long
and huge paws or branches TO conduct the
most extensive operations there! MIR.
il this such a National Bank
as the people Of the United States expect
from Congress!
The Senator from Virginia has invoked
a spirit Of concession, compromise and
Cancellation in our deliberations. | be
lieye, sir, thar have not been heretofore
found wanting in yielding to The influence
Of such a spirit. But there are some
cases Of principle which admit of no
and fear that this is one.
The question is a National Bank or no
National Bank, consti.uionality or un-
constitutionality, power or no power.
How are these opposite properties or
qualities to be reconciled or compromised!
There is no mean or middle term. II
you establish really National Bank,
emanating from, sustained and protected
by the power of Congress, and operating
within the states. without their consent
or control, those who deny the existence
Of the constitutional power Of Congress
to construct such an institution are dis
satisfied, and think they are called upon
to yield every thing. And, on the other
hand, If you establish a mere District
Bank, withdrawing powers in the states.
dependent upon their will, the friends of
the constitutional power Of Congress
think that you mock the people with an
incompetent institution and cali upon
them to surrender every thing.
And this, it seems to me, is the sort Of
concession or compromise which the
Senator from Virginia calls upon US to
mako concession Of every thing on our
side and nothing on his--a compromise
in which he gets all and gives nothing!
We were extremely glad, Mr.. President,
to find the honorable Senator, although
under another respectable flag, uniting
with the Wings to bring about that great
change in tie administration Of the Gen.
eral Government, which commenced on
the 9TH of March last. Some of us
INDUCED the hope that, probing by the
illustrious example Of his lamented neigh.
bors Jefferson, Madison, and Monroe,
he might come to the conclusion that the
Bank power was no longer an open OF
disputsble question; but, if he could moi
agree with them and us, we hoped that
other instances, on important measures,
of concurrence Of opinion between us
might compensate for this sole difference.
For one, ] was disposed to leave the Sena-
tor in the undisturbed possession of his
opinion, hoping that, if he could not unite