The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-08

sion which they thus called upon 10 decide. AMI
they may consent not consent according to their
option they may absolutely upon conditions
according 10 the views which they may happen to take
not Of the interest Of tho whole Union but of their
several communities Thus a power which, If II exist
beyond all question was delegated for the general
good and TO be exercised by The Senate and House o
Representatives of the United States in Congress as
semblcd is de,olvod upon each OF twenty-siI State
soveregn,ies 10 be executed according to their respec
tive opinions OF the interests of each of them.
And can il be doubted that the consent Of the sew
erd States f indeed, any Of them did consen) wouid
be coupled with various restrictions and conditions
according 10 what they might deem best for their se.
eral communities : The taxing power would probably
be insisted upon by all of them The Bank would De
told yes, you may establish branch, but you must
pay the tax that the local banks subject TO-
We cannot receive a stranger within our borders ana
let him fare better than the natives. And who could
Withstand the force Of that argument before the people
OF any State in the Union. Other conditions would
be sought to be imposed such the nature OF the
business be transacted by the branch, the rates OF
exchange, the denomination Of notes. the participation
Of the State authorities in the direction, &c. fruit
full of contention in States, would be the
place Of location of the branch just we have seen
the terminus commencement Of a canal or railroad,
or McAdamized road distracting and agitang whole
State.
Another question of great Importance would be the
degree Of legal protection which the branches would
enjoy in the several States which might admit them.
Concede the power of Congress to establish M ion
al Bank and the right 10 protect It's existence and s
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 counerelters OF the s
Of the Bank, and its officers agents and servants
who may embezzle its funds. These provisions are
valid and will be efiectual the supposition of the
existence, in the Federal Government, of power to
establish National Bank but, If such power ex-
ls or If existing you orbear TO execute IT, these pro-
visions will lose all their force and efficacy. FOL Con
gress cannot If it is not authorized 10 establish, or
does not mean to establish National Bank, pass
penal laws operating beyond the territory of this Dis
tnct. The enactment OF penal legislation, operating
TO deprive man OF life liberty, Is the highest Inn
glnable exercise OF human authority. 5ngress can
extend its protection of the Banks OF the District
of Columbia, beyond the limits of The District into tie
limits Of the States These alone must afford then
protection, they would have there legal proec-
lion Now what would be the condition OF this FIs-
cal Bank, to crimes committed against II in the
States In the States admitting branches 7 In the
States refusing the admission OF branches
My friend from Virginia has argued to prove thai
Congress possesses the power to make such Bank
this that when lis brought into existence by the
authority OF Congress- lis corporate capacity IL com
plete and that Congress may invest IL with the pr
vege OF contracting with the States for the introduce
ton OF its branches. When introduced, he thinks
the purposes of its institution may be accomplished
There is doubt, repeat, that Congress may ere
ate such Bank, but 1t is, nevertheless, nothing
nor less than Bank of the District Of Colun-
bia. II 1t should have any exterior action, through
offices agencies situate beyond the District that
exterior acton would not result from the legislation Of
Congress, but from the legislation OF the States by
which their consent was granted TO establish these
offices agencies within their limits. And the States
would have just as much right to allow Of these
offices agencies whether there any grant rom
Congress not to the corporation in its charter TO
establish them For there be doubt, presume,
that the Bank of the Metropolis might establish
such an office agency any State that would per
init IT. notwithstanding the silence of lis charter on
that subject. The Pennsylvania Bank of the United
States has been understood, has 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
Virginia, warmer commentator than that which de-
MES To the Parent Bank all power OF discounng
within the District, and compeis 1t to transact that
part OF the business OF banking through It's offices,
beyond the District. Considered as National Bank
with branches, emanating from, and protected within
the States, by the national authority, | think that
feature is worthy of all the Senators admiration
But if il is TO be regarded n District Bank,
sprngng from the power local legislation possessed
by Congress, would he certainly most anomalous,
II not ridiculous feature. In this view OF II, Con
giess will have made in virtue of its local power of
legislation, great District Bank which is strpt OF
all essential power of banking within the District,
and transacs all It's important business beyond the
boundaries Of the District We shall have made
sort of monster indeed, with body destitute Of life,
animation or action wherelt abides, but which may
throw out all around it the States its long and
huge paws branches TO conduct the most extensive
operations there ! Mr. President is this such Ma
lona Bank the people Of the United States expect
The Senator from Virginia has invoked spirit of
concession, compromise and Cancellation in delbe
rations. believe, sir that have not been hereto
fore found wanting in yielding to the influence OF
such spirit. But there some cases OF principle
which admit OF no compromise, and fear that this is
one The question is National Bank or no Ma
tonal Bank, consttutionality unconstitutionahy,
power power. How these opposite proper
ties qualities to be reconciled compromised =
There mean middle term. If you establish
really National Bank emanating from, sustained and
protected by the power OF Congress, and operating
within the States without their consent control,
those who deny the existence of the constitutional
power OF Congress to construct such institution
dissatisfied and think they called upon to yield
every thing. And, on the other hand, if you estab
llsh mere ID strict Bank, with branching powers in
the States, dependent upon their will the friends of
the constitutional power of Congress think that you
mock the people with an incompetent institution and
call upon them to surrender every thing.
And this, it to me, is the sort of concession
or compromise which the Senator from Virginia calls
upon us to make-a concession OF every thing on our
side and nothing on his-a compromise In which he
gets all and gives nothing We were extremely glad,
Mr.. President, to find the honorable Senator, although
under respectable flag uniting with the Wings
to bring about that great change in the administration
of the General Government, which commenced on
the 18th of March last. Some OF Us INDUCED the hope
that prufng by the ilIustrous example OF his lament
ed neighbors jefferson Madison, and Monroe, he
might come to the conclusion that the Bank power
was no longer open dspuable question; but, II
he could not agree with them and us, we hoped that
other instances, important measures ofconcurrence
of opinion between might compensate for this sole
difference For one, was disposed to leave the Sc
nator in the undisturbed possession of his opinion
hoping that, if he could not unite with in estab-
fishing efIectual National Bank, that we might do
without his vote on that question But would ask