New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-06-24


inserted, which ii Is hoped may be eHectuai-
l. No paid officer Of &c Bank is to receive ,oans
commodations in any form whatever.
Securities are provided against abusive Of proxies
such A.. that no Officer OF the Bank be proxy L,
proxy can give more thar 300 proxy to be gooc
which is Of longer standing than 90 days, &c
8 prohibition against the corporation ;Tansacng an!
other than legitimate banking business excluding all dcae
in stocks, and all commercial operations.
A. a requisiton that majority OF the whole number o
the board OF directors sa! be necessary the bu
siness af the corporation.
s. Ample power make the most thorough examination
10 condition aAd proceedings of the Bank down TO the
OF individuals by totally removing from the Score
tary Of the Treasury and committees Of Congress the veil
secrecy; and
C. By denouncing and furnishing as felony the crime OF
ebczzlement of the funds Of he Bank when pe:ratcd
b. any OF It's officers, agents, or servants.
Concurrng entirely in the sentiment expressed BY the Sec
Rotary OF the Treasury, that many and patriotic
whose opinions entitled consideration and
spec have questioned the power OF Congress establish
National Bank and that desirable far possible
obvae obiectsns and reconcile opinion the Committee have
acnyci and earnestly examined the provision Incorporated
in the draft OF tic bill Of the Secretary regard the
branching power OF the Bank and they would have been
happy they could have econced their of duty
to adopt But after the fullest consideration they have
been unable to arrive at that result.
1t not without hesitation that the Committee
agreed the location of the Bank the Disc; Of Coul
bia This they did because they believed that the utility
the Bank did much dcpQnd up-a the place its
ton upon the capital faculties and power, which should
be given But isolate it in this District without
giving any other branching power than such might
derive from the OF particular States would be
create District Bank devoid of effective ma
tonA character. Such Bank would be Bank only Of The
District OF Columbia AID lis Offices Of discount; ana dcp"se
would be nothing than Banks of the States, winch
might allow them 10 be planted witA their limits.
For all national purposes, Congress might well rcchrcr
of the existing District Banks enlarge capital and
give it authority establish Offices OF discount and icpoc
in any State that would permit it to be done
The Committee believe that the capital Of bank
sutcd would be taken; and that Il taken the
tuition would be wholly unable accomplish great and
slluary purposes for which desired and should be de-
,gnsd
But the question of establishing Bank thus De
trictcd and circrScbcd involves higher ad greater
deraiions than those of e>peicncy. The General
Government has OF has the power establish National
Bank Ii it has the power derives from tie existing
grants in the Constitution OF the United States. The Com
tee believe it has the power and ought to exercise it
Bur after during the last twelve years.
pcrt 10 the Constitutional power OF Congress- which has
been marked by much animation and bitterness orbear
The power would be virtual surrender of
the power If Bank To be created whose oprra
within the limits Of the States dependent s?oa the
vii! OF Congress but upon the will 81 each Siair SCI y
announced the creation OF such Bank would add another
te the list odi>atrOus experiments and would be
REIMBURSEMENT o. the national power and it could
be resumed
The power of the Federal Govcrnmca, only be found
in the of the Constitution If they inadequate
the shmcnt of the great purposes Of the establishment.
they only bc incre scd by the mode OF amendment which
the instrument itself kas prescribed. They cannot be
mcntc by the grants OF any State States short
OF the number of two-thrds whose necessary
10 give validity arcndrncn Derivation u power 10
the General Government from the Of particular
States. would be unsounj in principle, and the Committee
apprchend dangerous practice Admit such consent be
legitimate o; power the Government would rot
operate equally al the States ard the Constitution losing
It's uniform character would exhibit irregular and neon
grUuus action.
Entertaining these deliberate views the Committee are
decidedly of opinion hut b! Tor the establishment OF 4
Bank the District Of Columbia VII, ~ eicctual which
does contain clear recognition OF tic
power of Congress establish branches wherever, IN The
United Sta the public lis ud cement require their
They that BanA cnanang from the will OF
the nation and inpcralivcy demanded by the necessities Of
the Government and OF the nation. shall be wholly depend
cn for its useful operation uToa the viii OF each and ever
State, distinctly expressed
Accordingly. in the draft OF bill reported the night
asserted exercise the branching power OF the Bank IN
dependent Of the o; the States. The Comntiec
dare not allow themselves believe that the bill fee .ron!
all defects, but they do hope that these, in spirit OF Hbc.-
ality will be corrected by the ,er dom Of the Senate
and of the House. and that tue present Session wall De 70
nazcd by the establishment of national institution winch
has become a dcsidcraum lie general prosperity
Tho advantage, which viii flow from such an institution
in both our domestic and foreign relations manifest and
ncone,tibe.
viii give the people SQUAD currency of uniform waite
rousnou IT, Union, which just necessary 10 TIE sac-
ccssf operations Of all branches Of business as pure az or
wafer j. 10 the preservation Of hun;a life heath
!, will revive and extend commercial intercourse. winch
Cor the wait OF a medium has been almost suspend
ed between different par, Of the Unicu
will reduce domestic cNchaase, from die eaorn'o"S
premiums and discounts frequently pail 10 the moderate
standard growing Of the and insurance on The
risk of transporting specie from to another part OF tn,
Union
1t will consequently hundreds Of tn aa d dollars
now annually lost in transactions Of exchange
l. Mil essentially benefit ,hc manufacturing bs
ablng it to realize sales and the proceed, OF sales
1t will poNcrfuly contribute tie resumption OF sIc,i'
payments by the banks, whose existing delinquency : The
greatest OF all prevailing pccuniary and na'cia EN-
barra>sucatS.
1t viii greatly tend to prevent correct the cSsses AZ,
.l-c I-..ul ll..rL.