Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-07

the reply of Mr.. CLAY, to the speech of
Mr.. RIvrs, on the States Rights section
of the Bank bill, with which, along with
the reioindcr of Mr.. PREsToN which fol-
lows, we close this exciting and deeply
MON :ntous controversy. Rcjoicing-not
exulting--that it has probably terminated
in the adoption of the principle which was
re-asscrtcd in the amendment of Mr. r.,
and that the country may now surely and
calmly felicitate itself in view of the adj
vantages of "a sound and safe and uni
form currency we dismiss all further ar
gument as to the reldtive merits of the RI
val sections and shall ask but the devotion
of moment to the more grateful duty of
endeavoring to demonstrate that the appre-
tensions most prominently dwelt upon by
Mr.. Clay, have been rendered more plaus-
iblc than probable by the fire of his genius,
and the force of his elocution. 1t is not
for us to say how much better had been
such course by the Wing press generally,
than their unrefecting denunciations of
the President and his Cabinet for having
proposed a measure which they alleged
was worse than nothing, and for insisting
upon having the whole bill of Mr.. Clay or
nonel But let that pass
A writer of great terseness and power,
in the Madisonian of the goth ultimo, most
ably answers the apprehension that "the
branch located within the State, BY the
consent Of the State, would be to all in
tents and purposes, local institution, gov
erned by the local laws"
1.-The law creating the Bank, ito dwell in the
place OF its creation must, in some measure to
some extent. be the law govern the branches This
ia "a absolutely and unaerably true as it is that
the limbs Of tree derive their heal It'll and yigor
through the trunk from its roots. Were it other
wise the Institution in the State would be the crea-
ture % the State-the substantive emanation of
the Legislative power Of the State. and not the
creature of Federal power-in other words, a mere
State Bank, and not the branch OF Federal Bank
The scheme OF the Secretary is. that the nstiu.
ton in the State is to be branch of the Bank es.
,ablished BY federal power in the District of COL
unbia The law creating it and defining its fac
nlties, il, to some extent to be the law governing
the branrhes admitted into the States. The exterior
action fine District Bank By means of IT'S branches
N the full extent of the Government of the
branches. by the law creating it. would be the re.
sui: Of federal power. Whether such all ins,itn-
ton, with branches introduced into the States. with
the asscnt of their legislatures would not be as
eaicient the same institution planting its
branches in the States without their consent, would
depend entirely on the extent 10 which the State
admitting the branch, should. BY the terms of its
admission. impair the faculties naturally resulting
from the law ing the Bank in the Distric,
Should State, in admitting branch. so impair !
the faculties resulting it in the usual course of
things, as to defeat the object OF the federal power
in creating the parent Bank it would amount to n /
refusal 10 admit il: for of course. the branch would
not he planted. Should the brunch be admitted on |
terms on which it could he fully efficient in accom-
pishing the object. i, would not TO all intents and
parposes'-it would TO no intent or purpose--'be
local institution, governed by the local laws It,
would BE- a branch Of the Bank created BY federal
power and governed by the law creating it, with the
consent Of the State"
And the Richmond Wing, than the edi-
tor of which Mr.. Clay never had nor
never will have friend more ardent and
devoted. publishes his speech as we have
done, yet remarks upon it as follows:
I've csnno, forbear the expression of the opinion
once more that an Importance very dIspropnrtiun-
ate 10 any consequences ~ result, has been given
30 the clause asserting the power Of locating
branches In practice, We believe he country will
never know the difference. If the States are dis.
DoH7l to resist the location NJ branches within their
!lmit> they vii do 80 as well under one charter as
the other. Many have always maintained the right
III the states :. brp nrbpS pF "a Nnt;op,1 Pr
and f'nGessee exercised the right 10 the exclusion
al branch of the late United States Bank from
'het Mate for more than ten years The Bank
'ncht, from the constitution Of the Supreme Court
At that time. have resisted successfully the payment
OF The tax, bit it preferred TO submit rather than
enter upon pfofitiess litigation From the present
materials which compose the Supreme Cont we
have reason 20 believe, that tax If that kind, if
The question we're to arise. would be- sustained by
The decINinn OF tina; Tribunals In this aspect then
the compulsory feature would prove equally nop-
erot''e MS :he other, if the States choose to be
In other respects, the assent Of the
states Cas proposed by Mr.. Rves) or the dissent,
'aS suggested by Mr.. BOyard) has many sdvan-
ages In the opininn Of many gentlemen, it re-
moves All constitutional scruples, and preserves The
unity aud harmony Of the Wing party. In case
1t this sort. involving practical effects, conces
SION is due from one Wing to another"
We hope none of our Wing friends
will be Disconnected or disturbed by the
launts of "the democracy" that "the friends
Of Mr., Tyler coerced the compromise from
Mr.. Clay" or, vice versa, that Mr.. Tyler
signed a bank bill altho' opposed to the
bank. They will not be Warrington it is
rot their wont to be--in any thing, how
yer irrelevant, unmanly or nsncere-to