Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-07-01

bank so constituted would never be taken :;
ana mat, II taken, the institution would be
wholly unable to accomplish the great and
salutary purposes for which il is desired and
should be designed.
But the question Of establishing bank
thus to be restricted and circumscribed in
wolves higher and graver considerations than
those oil mere eSpediency. The General
government has or has not the power to es-
taoiish a National Bank. If it has the pow
en- II derives from it the existing grants in
The constitution of the United States. The
comnittee believe it has the power, and
ought to exercise it. But after a contest du
ring the last ten or twelve years in respect to
The constitutional power of Congress, which
has been marked by so much animation and
bitternoss, iorbearance to exercise the pow
er would DC virtual surrender of the power.
III a bank were to be created whose opera
tions within the limits Of the States were de-
pendent not upon the will of Congress, but
upon the will of each State, separately an
nounced, the creation of such IA bank would
add another 20 the lis, of disastrous expert
ments, and would be ,aniamount TO relin-
quishment of the national power, and it could
never be resumed.
The power Of the Federal Government is
only to be found in the grants of the Consti-
-"'SH' ~ shN tudubtuNtc 10 TIC Iuiit-
ment OF the great purposes of its establish
ment, they can only be increased in the mode
OF amendment which the instrument itself
has prescribed. They cannot be augmented
ny the grants or consent of any State or
states short OF the number OF two-thirds,
whose concurrence is necessary to give valid
NY To an amendment. A derivation of DOW
er to the General Government from the con-
sent OF particular States would be unsound
In principle, and the committee apprehend
dangerous In practice. Admit such consent
10 be legitimate source of power, the Gov
eminent would not operate equally in all the
States, and the Constitution, losing its uni
form character, would exhibit an IRREGULAR
ana lncongruouS action.
Entertaining these deliberate views, the
committee are decidedly Of opinion that no
bill Tor the establishment of a bank i'm the
District OF Columbia will be electual which
does not contain clear recognition of the
constitutional power of Congress to estab-
iiSh branches wherever, N the United States
| inc public wants, In its Judgment, require
them. They cannot consent that bank, e.
manating from the will of the nation, and
lmperatively demanded by the necessities of
the Government and OF the nation, shall be
wholly dependent for lis useful operation up
on the Will of each and every State, distinct
ly expressed.
Accordingly, in the lraught of a bill now
reported, the right is asserted To exercise the
branching power Of the bank independent of
Inc assent of the States. The committee
dare not allow themselves TO believe that the
bill is free from all defects, but they do hope
that these, in spirit of liberality, will be
corrected by the superior wisdom Of the Sem
ate and oil the House, and that the present
session VIII be signalized by the establish
'nent OF national Institution, which has be-
come desderatam to the general prosperity.
ne advantages which will flow from such
an institution, in both our domestic and for
elgn relations, are manifest and incontesta-
BILE
II will give the People sound CURRENCY of
UNIFORM value throughout the Union, which
Is just as necessary to the successful opera
non OF all branches ofbusiness as pure air or
water is to the preservation of human life or
| health.
IL Will revive and extend commercial in
tercourse, which, for the want of a common
medium, has been almost SUSPENDED between
different parts of the Union
III Will reduce domestic exchange from the
enormous premiums and discounts now fire.
quehtly paid to the moderate standard crow
ing out OF the mere cost and insurance on the
FISK OF transporting specie from one to anoth-
er part of the Union.
1t will, consequently, save hundreds of
thousands of dollars row annually lost in
transactions Of exchange.
1t will essentially benefit the manufaciur-
ing interest by enabling il to realize sales and
the proc eeds of sales
1t will powerfully contribute to the resump-
Ton OF specie payments by the banks, whose
existing delinquency is the greatest source OF
ali prevailing pecuniary and financial embar-
easements.
1t VIII greatly tend to prevent and correct
the excuses and abuses of the local banks.
1t VIII furnish medium common to all
parts Of the Union for the payment Of debts
and dues TO the Government; thus rendering
duties and taxes uniform in fact as well as in
name.
1t is indispensable to the convenient and
successful financial operations CT the Govern
ment in all the departments of collection,
saie-keeping, and disbursements of the pub.
lie revenue.
Such are some of the domestic benefits
which the committee fully believe viii he So
cured by National Bank. Those which
appeftain to our foreign relations are also
worthy OF serious consideration.
IL II be true that money is power, its con-
centrailon under the direction OF one will.
sole or collective, must augment the power.
nation, without such concentration of
power maintaining extensive commercial in
tercourse with another nation possessing it,
must conduct that intercourse on condition
OF inequality and disadvantage. National
BANKS In other countries, beget the necessi.
W, therefore, of National Bank in this conn
Try, In IKE manner as National Governments
IN foreign nations must be met 10y a National
Government in ours.
Accordingly, we have seen the influence
eNer'ed by The Bank of England upon Amer
icdn interests, when those interests were ex-
posed to the action of that Bsnk and were
Left u.Iinnut The =