Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-06

''ars Of CONGRESS in relation to the banking powers
claimed for il, it will aid us greatly, II we wi ioi
lime dissociate all partnerships in relation 10 IT. a''u
conslrain the Government TO do It's own oanA'"s
a GoUernmeHt Bank
Those who maintain that Congress has power - 80,
,absh National Bank, maintain also, tlI' ;. n6ch
| if il would, establish Government bahh' !" I'll:
the Government should hold the enlife SUI" ,h,t
SUPPOSE is nndonb,ed. Indeed, II c'uiu au ponk
!, could establish Bank at ALL it would be saen D"
a.I, c,r cannot think that the Government can Nc
tIor;s,d bu n,o TO enter into partnership WIN any
! body. p,nL think il
must be clear from what have aifeaay saa; i the
object and end of charters to confer powers ~" ore
49,, ,bov c,n only be necessary to those WIZ "
,5,hout tbem-,hat this could not be the cohd't" "
the Government for, to concede 'hn' !. - w.
them is TO concede that 1t can neil.ei - -" os,n
\ ercise them But then it follows from THESE ps
,,ss ,1on that as there is necessity LOT c"nft'
here can be none for Bank, and that Inc Powels
usually denomnated Banking powers can pI h ~
c;sed without any of the usual orniates' anu ~ -"
ordinary officers Of the Government-ama nehoe
plain law regulating the details "ouio oe III ~ "
be needed. a., n,nL;,o
or are those of Discount Deposite Circulation anu
Exchange and among the highest privileges oesto"eu
by charter, necessary now to notice, are th"se -
hitting Bank 10 its credit to double ana 'rep'e tux
amount of its capital, and exemptIng sockhoiaefS iron"
| all liability beyond the stock holden, &c.
Now. let us suppose an act of Congress to be based
on the assumed possession by the Government Oh
movers and privileges and regulating the detas OF Tue
mode in which they are TO be exercised ms WIZ OF
found not only very curious statute, hut lhink hus
demonstrate 10 every candid mind how exceedingly
absurd and preposerous * the assumption Ina, oahH'
| powers belong to the Government MINI, ahi ~"
spcakinr of the fiscal service which banks may or may
moi PERFORM but of the proper banking power ana usua
banking privileges OF banks which every one Xho"s
may and do exist, though the bank may De never
charged with any fiscal ssrrice whatever Nehher 10
say that if the Government possessed these powers
and privileges it would be the most Judlcious ana con
ven;ent mode ofexercsng them. only say, tnat II II
has tem it exercise them in that way,n 1t .nW,
II lie, II. then endeavor to frame law having Mt.
Clay bill for lis basis, but changing his phraseoiogy,
adopt another which shall give the real English oil
], It's enactments | suppose a proper title to the law
would be- Gan act 10 carry into effect, and regulate
the exercise of the banking powers conferred on 'he
Government by the Constitution oil the u ,:
"Whereas, the Government being considerably IN
debt and the Of the Treasury being greatly IN.
creased, and its operations embarrassed by an act OF
the present session, distributing three millions as
/? doaaiion 10 the several States Of the Union anc
Whereas it is the purpose oil the present aumhls'ia-
h ton 10 sgnaze its patriotism and love OF country ~
conducting the Government upon splendid and mag
niiccnt SCALE retrenching all former ertr0raSances,
and introducing all saluary measures 81 rorm IN FUR
thcTnnce whereof act is in progress 10 borrow ST.
600 900 the credit Of the United States; ana Where-
as il is deemed advisable aid OF the foregoing Hea
sures and in fulflment Of the powers vested in Con-
rress ito lay and collect taxes Duties &c, IN order
10 pay the debts and provide for the common defence
and general welfare &c, borrotc the further sum
Of $50 O00 10 loan out TO the said Government and
the peopie whereby their several wants may be sup
j Piled Therefore, be il enacted, &c
. "Sec J. There shall be borrowed OF the people oil
the sereral States S30,OUO,000 the credit 81 NE
United States, 10 be set apart in the Treasury that the
u L.. fam f,r,a IN tIn1p IN la
United Siatcs and The people Of The Sereral States
bearing an interest of six per cent. :.
y "Sec g For the more equal distribution of the said
loans il shall be the duty of the Secretary of The Urea
sury may be, 10 purchase for the use OF the
Government the sererat States, lands tensments ana
hrreaamenis, &c. and establish loan Offices therein:
provided howe YER that other lands, ieaemsntS, or
heredtameas shall be acquired and holden by the 1o
rernmfnt i'll SIMPLE, EXCEPT such as may be 3D.
tanned from Debtors regular oil business
aSec 3d. The Secretary of the Treasury shall not pay
ont from the counters of the Treasury several ioan
offices any thing bu. gold and silver, Treasury notes,
aud the Treasury notes in circulation shall never ex-
coed three times the amount of the capital 10 wit,
200 900 OOO Prorided nererheess that should the achoe
captal be last lie Gorernmcnt shall not be liable beyond
I thnt amount, that is to say, S30,O0O,0OO
sSec L. The Secretary Of the Treasury shall perform
ali e functions usually devoving upon the President
Directors Cashiers and other officers OF Banks, with
pocer to employ all the Clerks, &c. he may need TO as
sst him his business, and he may also appoint such
o0icers for the loan Offices in The States as may be need
/, cd, and make all bye.iamS ordinances, DC, which nc
may deem necessary not contrary to this act, ana The
laws of the United States
q need not give the other Sections, except the ast)
"Sec. %. This law shall be in force until the first OF
June, 1862, and this Congress pledges its filth to
self that no other Inc shall be passed altering this law
establishing any other loan offices, until the cxp'ra
ton of that time.
What would one think Of law, of which these were
some of lis chief features Yet is there singh lea
ture in it which essentially contained IN prtnei
pie in each Of the only two Bank charters winch nave
ever been granted which is not now contained IN
Mr. Clay bill : This must be answered negatively,
and yet think that all candid minds will concur that
there is not single feature in the miniature bill have
presented which has the least sanction III the Consti
tuition, in reference TO any one OF the obfcts aimed
10 accomplish. But what would call public attention
to- is the fact that though it embraces many oil the
great Banking powers and privileges II contains no al
fusion whatever any fiscal serrice 10 be performed
for the Government. Yes, but it will be said that
mine is only carcaure, and we must resort to MIR
Cays for full expose of the great tscdl Serrtce TO
be performed Well, it has not been in my power
10 obtain Mr.. Clays bill, and have only had
glance or two at IT. but from what have seen, am
very sure that it mainly copied from the Bank char
ter of the 10Th Of April 1916 And, reader, how mnch
do YOU suppose that great charter Of $780, 0G0 con-
tans about fiscal serref9 Not quite four lines 1t is
charter of t,centythree sections, now occupying upon
the statute book sixteen large printed pages and
though like Mr.. Clay BILL the man motive ior us es-
Enlistment said TO be the fiscal serricc it was to
PERFORM il comprises all lis obligations 10 do 8" in not
gu;c our lines But these lines are too precious to be
lost. You must have them. Here they are: "IHE
SAID CORPORATION SHALL GIVE THE NECESSARY FACE
; LlTIEs FOR TRANSFERRING TIE PUBLIC FUNDS FROM
: PLACE TO PLACE WITHIN THE u. S OK THE TERRIFIC
RIEs THEREOF, Asp FOR DISTRIBUTING THE SAME Is
PAYMENT OF THE PUBLIC CREDITORS See 9th vol.
Laws U. s., (I3io. ed.,) p. 40, sec. 10.
Now, for the performance of this gigantic FISCAL SER
l,,ro Rap of
the use Of the public deposes, permits it to trade on
its "promses pay to double the amount of its capt.
tai, cxempts the private fortunes of the Stockholders
from all responsibility, gives it monopoly of twenty
years. enables it TO hold real estate in sovereign States
exempts its stock from State taxation, empowers II at
discretion 10 ucu1te and control the value OF all mems
property through lis expansions and contractions to
bring lis numberlcss debtors 10 subj ecton through
out the Union, and WELD over the States what pol'tl.
cal power its sovereign pleasure may dictate And all
hasa Cr Ills ndicuu of EScAL