Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-09-22
OIL. XIV. NO. !.

nv sanction Is IL Suel Dill as calls
for the exercise ofthe negative power un-
der the consultation Does it violate the
constitution by creating National Bank,
to operate per Sc over the Union Its IL
tie, 10 the first place, describes its general
character. 1t is 3" An act to provide for
the better collection, safe-keeping and dis
bursemeut of the public revenue by means
of a Corporation, to be styled the Fiscal
Corporation of the United States" In
style, then, it is plainly national in its
character. lis powers, functions, and du-
ties, are those that pertain TO the collect
ing, keeping, and discussing, the public
revenue. The means by which these are
to be exerted, is Cooperation, 10 be styf-
ed the Fiscal Corporation of the United
States. 1t is a corporation created by the
Congress of the United States, in its char
acter national legislature for the whole
Union, to perform the fiscal purposes,
meet the fiscal wants and exigencies, sup
ply the fiscal uses, and cxersathe fiscal
agencies Of the treasury Of the United
States.
Such is its own description of itself.
Do its provisions contradict its own title 2
They do not. 1t is true, that by its first
section it provides that it shall be establish
ed in the District of Columbia, but the
amount of lis capitalize manner in
which its stock is to be subscribed for and
held-,he persons and bodies corporated
and polite by whom its stock may be
held-the appointment of its directors, and
their powers and duties-its fundamental
| articles, especially that to establish agen-
! cies in any part ofthe Union-the corpor-
ate powers and business of such agencies
the prohibition of Congress to establish
any other corporation, with similar pow
ers, for twenty years, with express reser--
walton, in the same clause, to modify or
create any bank in the District Of Colum-
bia, so That the aggregate capital shall
not exceed five miIlions-without emu
merating other features which are equally
distinctive and CLEARLY
show that it cannot be regarded as other
than Bank Of the United States, with
powers seemingly more limited than have
heretofore been granted by such an insti-
tuition.
1t operates per Sc over the Union, by
virtue of the unaided, and, in my view.
assumed authority of Congress as a ma
tioral Legislature, as distinguished from a
Bank created by Congress for the District
of Columbia, as the local Legislature O:
1.-THE District Every United States Bank
heretofore created, has had power to deal
in Bills of Exchange as we'll as local dis
counts. Both were trading privileges
conferred. and both exercised by virtue OF
the aforesaid power of Congress over the
whole Union. The question of power
remains unchanged without reference 10
the extent of privilege granted. If this
proposed corporation is to be regarded as
. local Bank of the District of Columbia,
! invested BY Congress with general pow
ers to operate over the Union, it is obnox-
ious to still stronger objections. 1t as
sumes that Congress may invest local
e institution with general or national pow
S ers. With the same proprlety that it may
a do this in regard to a Bank oil the District
= of Columbia, it may as to Stale Bank.
t Yet, who can indulge the idea that this
: Government can rightfuIIy, By making a
Y State Bank its fiscal agent, invest it with
: the absolute and unqualified powers con-
= ferred by this bill? When | come to
5 look to the details of the bill, theydo moi
n recommend it strongly to my adoption
l. A brief notice Of some Of lis provisions
Sc will suffice:
'r lst 1t may Justify substantially a ey
t, stem of discounts Of The most Objectionable,
al character. 1t is to deal in bills OF ex
r change drawn in one State and payable il
a. another without any restraints The bill
re of exchange may have an unlimited tern
u 20 run, and its renewabiIity is no wher
o. guarded against Il may in fact, ASSUME
OF the most Objectionable form of accommoda
TO tion. 1t is not required to rest on any &C
n tual. real, or substantial exchange basis
rs A drawer ia one place becomes the &C
Il ceptor in another, and so in turn the dc
ceptor may become the drawer upon mt
nd tual understanding. 1t may at the sam
i'll thine indulge IN mere local discounts unde
IS. 1.-THE name of bills of exchange. A bi
", Idrawn at Philadelphia on Camden. n.
he at New York on border town in n.
es at Cincinnati on Newport, Ky, not
he multiply other examples, might for ar
lie thing 10 this bill to restrain il, become
Itv mere matter of local accommodates
e, Cities thus relatively situated would pc
10 sess advantages over cities otherwise $
ev uated, Of SO decided character as INC
nd justly to excite dissatisfaction.
all I'd. There is no limit prescribed 10 II
ch premium in the purchase of bills of e
Il change, thereby correcting none of 1
ere evils under which the community nc
1t labors, and operating most injurious
inv upon the agricultural States, in which Il
ut; Inequalities in the rates of exchange a
ess most severely felt. Nor are these q
Ill only consequences IesumotIoD