Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-10

The power of the Federal Government /,
is only to be found in the grants of the
Constitution. IF they are inadequate to
the fulflment of the great purposes OF its
establishment, they can only be increased
in the mode of amendment which the in
strument itself has prescribed. They can
not be augmented by the grants or consent
of any State or States short of the number
of two-thirds whose concurrence is neces-
sary to give validity to an amendment. A
derivation of power to the General Gov
eminent from the consent of particular
States would be unsound in principle, and
the committee apprehended dangerous in
practice. Admit such consent to be le-
gitimate source of power, the Government
would not operate equally in all the States,
and the Constitution, losing its uniform
character, would exhibit an irregular and
incongruous action.
Entertaining these deliberate views, the
committee arc decidedly of opinion that
no bill for the establishment of bank in
the District of Columbia will be effectual
which does not contain clear recognition
of the constitutional power of Congress to
establish branches wherever, in the United
States, the public wants, in its judgment,
require them. They cannot consent that
Bank. emanating from the will of the ma
ton, and imperatively demanded by the
necessities of the Government and of the
nation, shall be wholly dependent for its
useful operation upon the will of each and
every State, distinctly expressed
Accordingly, in the draught of bill now
reported, the right is asserted to exercise
the branching power of the bank indie
pendent of the assent of the States. The
committee dare not allow themselves to be-
lieve that the bill is free from all defects, but
they do hope that these in spirit of liber-
atty, will be corrected by the superior
wisdom of the Senate and of the House,
and that the present session will be signal
lied by the establishment of national in
stitution which has become desideratum
) to the general prosperity.
The advantages which will flow from
such an institution, in both our domestic
and foreign relations, are manifest and in
contestable.
1t will give the people sound currency
of uniform value throughout the Union
which is Just as necessary to the successful
operation of all branches of business as
, pure air or water is to the preservation OF
human life or health.
1t will revive and extend commercial in
tercourse, which for the want of common
, medium, has been almost suspended be.
| tween different parts of the Union.
1t will reduce domestic exchange from
) the enormous premiums and discounts now
} frequently paid to the moderate standard
) growing out of the mere cost and insurance
on the risk of transporting specie from one
to another part of the Union.
1t will, consequently, save hundreds Of
thousands of dollars now annually lost in
! transactions of exchange.
1t will essentially benefit the manufac.
turing interest by enabling it to realize sales
5 and the proceeds of sales.
1t will powerfully contribute to the re.
sumption of specie payments by the banks
whose existing delinquency is the greatest
source of all prevailing pecunary and
, financial embarrassments.
, 1t will greatly tend to prevent and cor
rect the excuses and abuses of the local
= banks.
; 1t will furnish medium common to all
parts of the Union for the payment of debts
J., and dues to the Government; thus render.
= ing duties and taxes uniform in fact as wei
! as in name.
4 1t is indispensable TO the convenient and
!; successful financial operations of the Gov.
Y eminent in all the departments of collection
t safe-keeping and disbursements Of the pub
: lie revenue.
g Such are some of the domestic benefits
which the committee fully believe will be
t secured by National Bank. Those which
e appertain to our foreign relations are also
S worthy of serious consideration.
: If it be true that money is power, its con-
d centration under the direction of one will
e sole or collective, must augment the power
4 A nation, without such concentration Of
: power maintaining extensive commercial
9 intercourse with another nation possessing
D it, must conduct that intercourse on a con-
dition of inequality and disadvantage
j National Banks, in other countries, beget
the necessity, therefore, of National Bank
in this country, in like manner as Nationa
Governments in foreign nations must be
met by National Government in ours.
Accordingly, we have seen the influence
exerted by the Bank of England upor
American interests, when those interests
were exposed to the action of that Bank
! and were left without the protection of {
Bank of the United States. The commit
tee do not wish to be understood as intend
3 ing to express any appreciation of the com
mercial ODeratiOnS in which the Pennsyl