The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-03

entering into this question 2 Can you not con-
suit the wishes of the people of a STATE, as 70
given exercise of power, without putting In
jeopardy the power itself! ,,.
Sir. there are, in this case, many Weiehty
considerations OF expedlency, ASIDE Oh inc con-
stitutional point, which may be brought TO pear
upon this ouestion.-The great purposes pro-
nosed BY the establ, shment of this bank are, hrSt
to facilitate the financial operations OF the Gov
ernment-secondly, to regulate The currency Oh
the country-and, thirdly, to furnish to such
portions of the country as stand in need OF IL, an
additional banking capital, in aid OF Its business
Is it not apparent, Interference to ellherol ihese
objects, that the establishment OF a branch ID
any State involves a grave question OF expedi-
ency Let me take for an example the humoe
State which represent, in part, on this t1oor. IL
ia clearly not necessary to the financial opera
tions ofthe Government that a branch be eStao
Iished there. At the same time, we nave as
good a cu rency as ever eXlsted,-a currency
eatitIe TO, as il possesses, the confidence oil all
who are called upon 10 give it circulation. II
requires no regulation from your projected BANK.
And in my opinion, we have, at this moment, as
much banking capital in existence as the wants
and interests ofthe State requires. If this be SO,
would no. The establishment of a Bank there, and
the introduction of an additional banking capital,
where it is not needed, be productive OF the mis-,
chiefs of ove:-bankIng, and prove a positive evil!
! cannot speak authUritively on this point per-
haps it will be found expedient to establish a
branch there. But is ii not apparent, that as a
mere question of expediency, ii admis OF doubt
The case may be the same with other States.
Now, sir. who are more competent luIges, on
this point, than the local LEGISLATURE? They are
in my opinion, much better judges than we are (;
and would hesitate, before | would force a
b,,noh upor n State anaInSt lis willard L
would hesitate still more, before | would confer
upon the corporation you are about TO create the
pow ar TO do so.
The Senator from Rhode Island, following
out the allusicn of the Senator from Virginia,
has compared this question to the controversy
now pending between this country and Great
Britain, in reference to the disputed territory /;
and he asks, whether. If we should occupy that
territory, with the consent OF Great Britain, it
would not be a recognition OF her rights. He
argues that to ask the assent of the Stale in the
case under consideration, would have the sa m
effect. Without stopping to inquire whether
the Senator be right or not IN his views In re-
lation 10 the disputed territory, | answer that he
has pursued the comparison too lar. The analo-
gv does not hold. The question between us and
Great Britain is a mere question of right. No
consideration of eXpediency can enter nto It,
The question now before US is perhaps one of
r pnt, Dul IL is COIllIueu VIII II VI OOCOllul
expediency. The omission to assert the right in
one case is equivalent to the abandonment of it !;
but the omission to exercise political power in
the other. NAV grow out Of considerations Of ex-
pediency alone.
But, sir, 1 will undertake to prove that this
bill, even if modified as proposed by the Senator
fom Virginia, recognizes, as fully as we claim it,
the power OF Congress over this subject.
In the first place, the amendment itself con-
templates the establishment of agencies within
the several States, without their assent. This
asserts the whole power for if you may estab-
lish an agency to do the business of the Bank,
how can YOU distinguish between one form Of
banking and another D.? If your agent can law
fully deal in exchange, by what refinement upon
the Constitution is it made out that you cannot
empower him TO deal in promiss DRY notes? If
he may purchase a bill, can he not constitution
ally discount a bill2 lfyou can confer upon him
any banking powers, why can you not confer
ALL?
Again, tn. bill makes it Imperative upon the
corporation to establish branches in any State,
whenever requested by the State. Does not
this language import, most unequivacally, that
the branches are established under your author
ity-by force of you. charter DO you not, by
this, not only create a corporation, but require
that corporation to eX rcise its corporate powers
within the Stale And how can the States re-
quest of the corporation the exercise OF lis power.
without admitting the legislative existence of
that power2
But this is not all. You assert The power in
its full extent when you create the principal
Bank. The Senator from Virginia considers The
location OF the principal Bank in this District,
as obviating the constitutional objection. In my
view fthe subject, this location has no bearing
upon the question of power. But this is one of
those d f~ferences Of opinion which | regard as
not essential to our present purpose. The loca
ton of the mother Bank | consider practically
unimporiant and | if it relieve the Senator from
I, constitutional difficulties, | cheerfully yield the
point ; because, by doing so, my great purpose
is answered without encountering similar diff
fculties on my part. But my object, in discus
sing this motion, is TO show TO my political friends
that no surrender Of constitutional power is in
volVed in this concession.
Sir. Congress, as the legislative body of the
Union, has certain specified powers conferred
upon II by the Constitution. 1t possesses also,
by force Of he same instrument, the power of
exclusive Legislation over the District of Column
bia. These Two branches of power are, in their
na ure, separate and distinct, and cannot be
blended. Your limited power Of legislation
over the common interests Of The Union can
never be enlarged by borrowing from your more
extensive power over those OF the District.
Every act of Congressis referable to one or the
other of these powers. Whether it be an ex-
ercise of one or the other, depends upon the ma
lure and object of the act and the interest to be
operated upon. When you l~egislate for the in
Ierests of he people of this District alone, it is
The exercise of your power of local legislation.
But when you legislate fot those great national
interests committed 10 your legislative guardian
ship. you act as the Legislature OF the Union,
under a grant of limited power and you cannot
transcend those limits by virtue of your local au-
thority. Now what is This Bank which we pro-
pose to create? In thefrst place, III a great
financial agent 10 operate, not merely in this DIS
trict, but throughout the nation wherever in
short, you have a revenue to ~collect.o or a revenue
10 disburse. Its operation here is 10 be trivial; il