The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-24
from he NJ y. Times and Evening Star

From the NJ ~ Times ana Evening otdr ,
The Fiscal AGEST.-That the plan OF bank
with objections in many of its details, IL quito
and accountable lie was aware that the iocoiocos
wanted no bank al all-lhat some OF the wings hau
scuples the subiectthat one interest desifeo ine
institution IN place, and another Interest
il in another place-that demanded u shouiu goa,
in foreign exchanges while the other was ia ia'oi -
combining il TO domestic exchanges IN snort no.
proceed with objections To many OF the ue'as, ,l
Secretary Of the Treasury, aware ihat oP'h'o ~,
not be concentrated or objections known uh' p'i'
of some kind was prepared Offers the present p iof
The consideration OF Congress, and u thefe 10 any IN
tenion 10 pass Bank bill at all, or the wings nave
sufficient force in the Senate TO accomplish tna' aesa
be object here is the plan Of Bank, obJecuohapie
: ,r,,. IN .ome of its details yet sufficiently guarded
in many TO cover constitutional scrupes, the basis OF
The affections. With this plan before Congress, lei
that body proceed earnestly and zeaousy ana 10 good
faith 10 make such amendments Will reconcile pub
nc opnion and do something TO regulate the currency
and restore confidence and national prosperity
Objections have been made that by locating the
mother Bank in the District of Columbia you call in
question the constitutional power of Congress to m
corporate any Bank. Although that power has been
exercised and very properly So in perous times, me-
yertheess doubts have existed and do at this moment
exist whether that power is SO clearly defined as TO
authorize Congress TO establish branches IN the sew
eral States without the consent OF their Legislatures
We ourselves have never entertained doubts on the
States himself has frequently questioned the powers Of
Congress on this subject, and his assent to Bank
bill must be predicated the fact that the mother
Bank is TO be located in the District of Columbia
where there are no doubts that Congress possesses
every power to establish Bank.
Ii we desire TO have such an institution, we must
give and take; we must reconcile opinions; we must
compromise preudces and aay hostlities, and do the
best we can in the premises. The President may be
wrong in OF his views, but he is honest IN them
and SO far he is TO be sustained. The Wings cannot
hope, nor should they desire to drive the President
from any constitutional objections he may entertain
but rather meet them, yield to them and enable HIM
openly and consistently do all he to promote the
general prosperity. We know the fact, that in the
early stage the difficulties with the old U. States Bank
had Mr. Biddle, having less confidence in coercise
power, gone TO General Jackson and said, We lciH
take such charter as, under all circumstances, you
rH feel yourself Justified in signing, the Bank would
have been chartered and the country would have been
safe. We have never considered the mother Bank at
Washington in any other light than as mere auditing
department--a mere balance wheel The capital Of
the Bank must be located where il is wanted, and II is
not wanted in the District IT. therefore, all the CON
stitutiona objections bank are by oca-
ting it in the District of Columbia with branches else
where let it be done We are in favor of obtaining
The consent of the Legislatures to the establishment OF
branches but the consent only coupled with no
power to control the capital manage the Bank. Sc
veral Legislatures will for time refuse consent but
when the Institution is successfully in operation, and
The currency made uniform, and things work well,
srery State will consent the ground that II will add
10 the active cash capital and by It's circulation mate
rally add TO the prosperity of the State.
Let the Wings, therefore compromise-give and
lake do the best they can but get the Bank and rely
on time and circumstances 10 make ii work right