The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-01

would be virtual surrender Of Tie pow
CT. Ifabank were % Be created, whose
Operatives within de limits Of o. siaizs,
were dependent not upon the NJ d Con-
gress. but upon he viii al each Snie, Sc
pszsely announced. The creation Of such
q bank would add another 70 the list Of
disastrous experiments, and would be tan
tzmount 10 . REIMBURSEMENT Of the nation
Il power, and il could never be resumed.
The power Of he Federal Government
Is only 70 be found in The grants of The Con-
stimsion. Ifihey arr inadequate % the full
flmeRt Of the great purposes Of lis estab-.
Eshment, they can only be increased in the
mode Of amendment which the instrument
itself has prescribed. They cannot be aug
meniedby the grants orconsentofany state
or states short Of The number Of twO-lhirds,
whose concurrence is necessary 70 give
validity 10 an amendment. A derivation
Of power 10 the General Government from
The consent Of particular states would be
unsound in principle, and your committee
apprehend dangerous in practice. Admit
such consent 70 be legitimate source Of
power. the Government would not ope-
rate equally in al the states, and the con-
siitution, losing lis uniform character.
would exhibit an irregular and incongru-
ons action.
Entertaining these deliberate views, the
committee are decidedly Of opinion that
no bin for the establishment Of bank in
the district of Columbia viii be effeclnal
which does not contain clear recognition
of the constitutional power Of Congress TO
establish branches wherever. in the Uni
ted States, the public wants, in its judg-
menL require them. They cannot con-
sent that bank, emanating from the will
Of the nation, and imperaiiyely demanded
by the necessities of the government and
the nation, shall be wholly dependent for
its useful operation upon the will of each
and every state, distinctly expressed.
Accordingly, in the draught of bill
now reported, the right is asserted to ex-
ercise the branching power Of the bank
independent Of the assent Of the states.
The committee dare not allow themselves
to believe that the bill is free from all de-
fleets, but they do hope that these, in a
spirit of iberality, viii be corrected by
the superior wisdom of the Senate and Of
the House, and that the present session
will be signalized by the establishment of
a national institution, which has become a
desideratum to the general prosperity.
The advantages which will flow from
such an institution, in both our domestic
and foreign relations, are manifest and in
contestible.
II viii give the people sound curren-
cy of uniform value throughout the Union,
which is just as necessary to the success
full operation Of all branches of business,
as pure air or water is to the preservation
of human life or health.
Ii win revive and extend commercial
intercourse, which, for the want Of COM
mon medium, has been almost suspended
between different parts Of the Union.
twill reduce domestic exchanges from
the enormous premiums and discounts
now frequently paid, to the moderate
standard growing out of the mere cost and
insurance on the risk Of Transporting spe-
Gle from one to another part of the Union.
1t will. consequently, save hundreds Of
thousands Of dollars now annually lost in
transactions of exchange.
Ii will essentially benefit the manufac-
turing interest by enabling it to realize
sales and the proceeds Of sales.
1t will powerfully contribute to the re-
sumption ofspecie payments by the hanks,
whose existing delinquency is the great
est source Of all prevailing pecuniary and
financial endorsements.
1t will greatly tend to prevent and cor
rect the excuses and abuses of the local
banks. i
twill furnish medium common to all
parts Of the Union for the payment of
debts and dues to the Government; thus
rendering duties and taxes uniform in fact
as well as in name.
1t is indispensable to the convenient
and successful financial operations of the
government in all the departments of col
lection, safe-keeping, and disbursement of
the public revenue.
Such are some of the domestic benefits
which the committee fully believe will be
secured by a National Bank. Those
which appertain to our foreign relations
are also worthy Of serious consideration.
If it be true that money is power, its
concentration under the direction of our
will, sole or collective, must augment the
power. A nation, without such a con-
centration Of power, maintaining extern
sive commercial intercourse with another
nation possessing it, must conduct that in
tercourse on a condition of inequality and
disadvantage. National Banks, in other
countries. beget the necessity, therefore,
Of National Bank in this country, in
like manner. as National Governments in
foreign nations must be-met by Nation
al Government in ours.
Accordingly, we have seen the inHu-
ence exerted by the Bank of England up-