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

hOio "Ouiu De sought 10 ne imposed, suCn
as the nature of the business to be trans
acted by the branch, the rates of exchange.
the denomination of notes, the participa-
ton Of the State authorities in the direc-
ton, &c. A fruitful source of contention,
in some States, would be the place of loca-
ton of the branches Just as we have seen
the terminus or commencement of canal
or railroad, or McAdamzed road, distract
ing and agitating a whole State.
Another question of great importance
would be the degree of legal protection
which the branches would enjoy in the sew
eral States which might admit them. Con-
cede the power of Congress to establish
National Bank, and the right to protect its
existence and its operations, necessarily
results to Congress. Deny that power, and
it must be wholly dependent upon the
States. The Committee have inserted in
this bill adequate provisions to punish coun-
terfeiters of the issues of the Bank, and its
officers, agents, and servants, who may en-
bezzle its funds. These provisions are valid
and will be effectual, on the supposition of
the existence, in the Federal Government,
of power to establish a National Bank,
but, if no such power exist. or if existing,
you forbear to execute it, these provisions
will lose all their force and efficacy. For
Congress cannot, if it is not authorized to
establish, or does not mean to establish a
National Bank, pass penal laws operating
beyond the territory of this District. The
enactment of penal legislation, operating
to deprive man of life or liberty, is the
highest imaginable exercise of human au-
thority. Congress cannot extend its pro-
lection of the Banks of the District of
Columbia, beyond the limits of the District
into the limits of the States. These alone
must afford them protection, or they would
have there no legal protection. Now what
would be the condition of this Fiscal Bank,
as to crimes committed against it in the
States! In the States admitting branches!
In the States refusing the admission of
branches!
My friend from Virginia has argued to
prove that Congress possesses the power
to make such Bank as this is; that when
it is brought into existence by the authority
of Congress, its corporate capacity is COM
plete; and, that Congress may invest it with
the privilege of contracting with the States
for the introduction Of its branches. When
introduced, he thinks the purposes Of its
institution may be accomplished. There is
no doubt, | repeat that Congress may Gre
ate such a Bank; but it is, nevertheless,
nothing more nor less than Bank of the
District of Columbia. If it should have
any exterior action, through offices or
agencies situated beyond the District, that
exterior action would not result from the
legislation of the States by which their
consent was granted to establish these
offices or agencies within their limits. And
the States would have just as much right
to allow of these offices or agencies wheth-
er there was any grant from Congress or
not to the corporation, in its charter, to
establish them. For there can be no doubt,
| presume, that the Bank of the Metropolis
might now establish such an office or agcn-
cy, in any State that would permit it, not
withstanding the silence of its charter on
that subject. The Pennsylvania Bank OF
the United States, it has been understood.
has or had its agencies in other States,
which must have depended solely upon the
federation of their laws.
No amendment to the charter, made by
the committee, has commanded, from the
Senator from Va, warmer cOmmenda-
ton than that which denies to the Parent
Bank all power Of discount.ng within the
District, and compels it TO transact that part
of the business of banking, through its
offices, benond The District. Considered
as a National Bank with branches, emana-
ting from, and protected within the States,
by the national authority, ! think that fea-
Ill Il,
ton. But if it is to be regarded as mere
District Bank, springing from the power
Of local legislation, possessed by Congress
it would be certainly a most anomalous, if
not ridiculous feature. In this view of it,
Congress will have made, in virtue of its
local power Of legislation, a great District
Bank, which is stript of all essential power
of banking within the District, and trans,
acts all its importsnt business beyond the
boundaries of the District. We shall have
made a sort of monster indeed, with body
destitute of life, animation or action where
it abides, but which may throw out al
around it into the States its long and hugo
paws or branches to conduct the most eX
tensive operations there! Mr.. President
is this such National Bank as the people
of the United States expect from Congress
The Senator from Virginia has invoked
; a spirit of concession, compromise anc
Cancellation in our deliberations. believe
sir, that / have not been heretofore founC
wanting in yielding to the influence of sucI
: a spirit. But there are some cases of prin
ciple which admit of no compromise, and
fear that this is one. The question is,
National Bank or no National Bank, con
Mini; ION nlitu or nr inrnl;t,- r,n,,,n