The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24
TO THE HON. w. D. MERRICK

The undersigned, Merchants and Traders in the
city of Baltimore, have regarded with deep anxiety
the action of Congress upon the several leading mea-
submitted for its consideration during the pre-
sent session, believing they do that if enacted in
to law they will eminenty tend to promote the wei
fare of the country.
But none Of these measures have they regarded
with more anxiety than that which proposes the
tablishment of Bank of the United States. They
humbly believe, that unless some such measure is
adopted at the present session. the expectations of
the country will be disappointed, and that gloom and
dependency will paralize the exertons of all classes
of the community. But while the undersigned are
alive to the Importance of the success Of the general
scheme before Congress, they cannot be Indifferent to
its provisions, and the in which 1t is to be
carried into full and efficient operation. We are
fully aware that upon some OF these provisions the
friends OF the measure, as WHOLE may, and do,
honestly entertain difference Of opinion and we are
happy in believing that for the most part these diff
ferences of opinion may be reconciled without a
compromise of principle, or that even where prin-
ciple would be right in the abstract it might be per-
mitted to yield to expediency al IN
But the undersigned humbly conceive that there is
one important particular in which compromise,
Yielding for the sake Of expedency, would be fatal
to the scheme itsef-and that is the provision that
the corporation may have power to establish branch
in the different States without their Consent. So es-
sential to its success do the undersigned believe this
feature Of the scheme, that they do not hesitate to
say that in their opinion, if it be stricken out and
the substitute proposed be inserted in its stead, the
stock to be subscribed for by individuals will not be
taken; and for the following If the subject
be left open for State action such action will be
uncertain, that capitalists will not subscribe for the
stock inasmuch will be constantly presented be-
fore the people as topic Of discussion, and, Of
course, will be necessarily exposed to the vacillatng
policy of successive Legislatures just the majority
may happen to be opposed favorable to the Bank.
it useless to say that the desire of investment in
bank stocks, whether of local national charac-
ter is not great to induce parties to subscribe
for them without due consideration of the provisions
of the act of incorporation. Again, it may happen,
that at certain points it may be very important for
the heathu action of the Bank that branches should
be established, for the convenient and safe
ceipt, and disbursement of the public money where
it is at least present. certain that the consent OF
the States could not be obtained The necessary
consequence would be, that the value of the nstitu
ton, fiscal agent, would be very much impaired
and its usefulness, regulator of domestic ex-
| changes, exceedingly circumscrbed ....
Sincerely entertaining these views, and under a
deep and abiding conviction, that the provision, it
now stands in the bill before the Senate is essential
to the success of the whole scheme at least far
the subscription on the part of individuals may be
important, we beg leave to subscribe ourselves,
Your obedent servants. sn .,
.Siontld In fifth, Mercantile Htnfses.