Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-03

,nry to be planted in the District al Columbia whore
here is no commerce. While It's branches are to be
'pread nut our great commercial cities, over
,hadowing the whole OF this vast Continent, Mat,
presume will be hardly lousht o! a1,ln. It's h!csi
Emblem is unk III flower pot, wiiic should De Ia
ken Tor the device lis notes /. new EDITION al
he scheme is to he put firth, let me recommend
ihe ARSENAL al St. Louis the Ndns. The powers OF
Congress there and in The District defined ~ the
same words. That location might win few votes.
Or II commercial benefit Is realty intended, plant in
the navy yard at New York. Ard why cmbarroes our
selves about the consent of the States: There n navy
yard too at Philade ps, at Norfolk, and more than
place in every State, over which Congress has ju-
rsdction; and If, by means Of branches, Congress
can convert each of It's posts into commercial
emporium they who dssIr. 10 extend the power OF the
Federal Government, should ask nothing better There
IS room nj Fort Monroe for handsome City, which,
peoprd by the loving subjects OF the Central Sove
reign, its Acropos strongly fortified, we'll garrisoned
and supplied, not only with the ordinary munitions of
war; but with gold and silver, and paper shot to boot
and commanding the mouth oour principal river, might
over-awe the contumacy of Virginia.
Is this idea too ridiculous tao aiarmtng' Be II
which il may, it follows inevitably from the premises
ncoasderately suggested ten years ago, by Judge
White, and adopted by too many State Rights men.
trust this mention Of name honorcd IN lne, and
consec'ated by death may be taken as proof that no
dsrespect Is meant 10 the living. Mr.. Ewing is man
OF merit all his His rise in life is encourage.
i
which all men in all conditions nav study proftab.y
tie must he presumptnous indeed who name such
| man wlthou. sense Of humiliation | am persuaded,
there IS no man living, who think of Mr.. Ewing
history without INSULTING comparisons disadvania-
gcous to himself. Their was in understanding,
absolutely words which should be understood only
eundam smhicri0m m0:orieRt Blu. interpret them as
you will-estabiish your Bank where You will, and
branch 1t IS You peasa-yct, with lis limited capital
and restricted powers, il could only dsappoint the
han 1aIi Hn p,nl Vet
capital, and more efficient powers, II NIGH, be unsafe
10 trust private corporation without armng the Go.
vesnmcnt with power its operations, which
would make II dangerous eng ine in the hands OF
bilious rulers The necessity Of caution in this re.
spect, we have all been made TO feel
70 the advocates Of well regulated banking sys.
tem would therefore propose the question, "Whal is
to Ire dome to supply that convenience 10 the
Of the country between this time and the 4th March
lS45:" To Their candid consideration, beg leave 10
submit the answer that occuTs 70 me.
The States Of this L nion themselves artificial
PERSONS, possessing capital, and, IN all matters .!
contract and in NIL recunary transactions, capable OF
exercising all the functions Of natural persons. They
are as capable Of forming Blinking association as
any other persons, and there can be no reason why
while they mpa to their citizens the benefits of such
institutions, they should not appropriate 10 themselves
those other benefits which make for the advantage 0
the stakeholder.
Would then propose a Bank of the U. S. Of which
the States should IL the only stakeholder By no
means. deny ,hr power of Congress To create
porntion whoever be the corporatnrs, and even had
Congress such power, the States should never, with
my consent a charter al the hands OF body
which is but their own creature but The States would
need no charter and proceed 10 show how every pur-
pose of incorporation might bc attained by The separate
but concerted legislation Of the several States.
Foremost among the objects which render charter
of Incorporation indispensable 10 private banking
ISOLATION, is The faculty Of sung and being sued No
private ASSOCIATION Of any sort be sued BY its
name Of association unless il be incorporated. All the
names Of the individual members must be used, and
where these numerous, long succession Of a5ate
aud REVEALS on the death ot parties might rendt
the attainment of JUSTICE mpracicablr But th;s IS i
rule Of municipal Lave which any State may changs
ut pleasure. 1t mag be declared, that all mercantile
firms may and be sued b. the OF the firm.
Or this privilege may be conferred any particular
association Of any kind. To take familiar example,
what should prevent law declaring that in all the
Courts Of this Conmonw wealth the Richmond locke y
Club may sne and he sncd by That name: Such 4 law
would not be binding in any other Slate, but every
other State ms ht favor the institution By pTescrb
inr the rule To her Courts. Congress might also
prescribe il 10 the Federal Courts, and thus unln.
curpora.ed association would BE- invested with this most
valuable facility Of corporation.
Ia ike manner, the law which recognizes The com.
mon seal OF corprrooa, as the INSTRUMENT by which
lis corporate done, is part Of the municipal
law capable Of being modified in any way, or extend.
ed ii need be, 10 unIncorpo.aied associations
As TO the power of corporation to hold lands, that
is faculty which the local sovereignty imparts or
wthholds al pleasure The rs winch The SOIL OF
the country, which the very throne of its sovereign
- shall be held, and the persons hn 10 be capa
bic incapable If holding H. are matters in which the
authority Of each State is absolute, unqualified, il'm
table II the Of land be necessary 10 any purpose
Of an association OF the States the power OF The State
where i: may happen 10 lie supply The capacity TO
i,tJ he. lppiSl ~, \ as
ISOLATION Of Sovereign States cannot need any au;bo
riiy but their Tor the enactment of such laws az
NAV be necessary 10 regulate their association
The remaining incident to corporations, that they
have perpetual succession, is superfaous The
States being the only parties TO the assocation the idea
of successon is excluded. They themselves, in
contemplation Of ap immortal, and, if not in tact,
they at least enduring any institution esta
blished By themselves, or by the Federal Government,
can be.
No lawyer then will deny the power Of the States to
mpart TO association entered into by themselves,
every quality of corporation which could be al all de-
sirabe to banking establishment.
What then should hinder such an association as !
have spoken of, There certainly obstacles IN the
way. Are these insuperable;
II is hardly To be expected, that any State could de-
wise plan which all the rest would be ready TO adopt
Even those 10 whom the idea would be acceptable
might be expected 70 meet any such suggestion win
counter propositions and generation might pass away
in the discussion Moreover, the assent of Congress
being necessary every compact between the States
that indispensable sanction might in the end be denied
and new discussions must he opened.
This suggests the expedency Of the movement OF
Congress itself in the FIRST instance. Made up OF Re-
representatives. from all the States, that body might be
expected to keep clear OF any provision which would
be particularly offensive to any one OF them, and what
should be agreed there, and thus proposed 10 the
States would he apt to meet the appreciation OF at least
majority Of them.
A more formidable difficulty in the present embar.
ras-menls of the commercial world is the difficulty OF
collecting the necessary capital 1t could only be OBJ
tanned by loans; and while people, on their
part, cherish laudabe aversion to the idea OF gong
in debt foreign capitalists, on the other hand cannot
be mnch disposed to trust their friends to the States OF
this Union, at The present moment The demofallz'n5
doctrines lately put forth by some who from their sta
tons shouid be Statesmen, not very favorable TO
our credit abroad. But, the time is far distant, when
confidence in the sturdy honesty Of the Anglo Saxon
race will be misplaced and our people cannot be e1-
preed relapse far into babarsm, as TO become IN
sensible 10 the napprrcabIe value Of public credit
The pnod faith Of the United States collectively IS not