Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-09-21

with similar powers for twenty years,wilh
express reservation in the sans clause h
10 modGyor create any bank for the Dis.
lricl of Columbia, so ihatthe aggregate
capiial shalt not exceed FIVE millions I
without cnumerating other features which
are equally distinctive and Characteristic
-cleurly shpw that il cannot be regard
ed as other than bank of the United
States, with powers seemingly more lin
tied than have heretofore been granted to
such an institution. 1t operates per sc
over the Union, by virtue Of the unaded
and, in my view, assumed authority Of
congress as National Legislature, as dis
iinguishabie from bank created by Con
gress for the Dislaict Of Columbia, as the |
local Legislature Of the District Every
United States Bank heretofore created
has had power to deal in bills OF exchange
as we'll as in local discounts. Both were
trading privileges conferred, and both ex-
ercsed, by the virtue Of the aforesaid
power of Congress, over the whO,e Un-
ion The question Of power remains un-
changed, without reference TO the extent
ofprivilege granted. If this proposed
cooperation is lobe regarded as local
D,nk of thief district of Columbia invested
by Congress with general powers to ope.
rate over the Union, it is obnoxious to still
stronger objections. 1t assumes that
congress may invest local institution
with general, or national powers, With
, the same propuety that it may do this in
regard to a bank Of the District ofColum-
bia, it may as 10 State Bank. Yet who
can indulge the idea that this Government
, can righlfuIly, by making State bank
t its fiscal agent, invest II with the absolute
{ aud unqualified powers conferred by this
J bill? Wnen,I cume TO look at the de.
D ta.l' Of the bill, they do moi recommend
Il il strongly TO my adoption. A brief notice
{, Of some Of It's provisions will suffice.
,. First. Itmay justify substantially a
: system of discounts of the most objec.
3 ionabIo character. Ilisto deal in bill.
s Of exchange drawn in one Slate and pay
IS able in another, without any restraint
n The bill Of exchange may have all un
Z. limited time 10 run, and lis Tenewabillty il
in no where guarded ag,nsl. It, may, il
II. fact, assume the most Objectionable forr
le Of Accommodation paper, Ii is not requ
%, red 10 rest on any actual, real, or sui
e. stanlial exchange basis; drawer in on
Ne plce becOmes the accepor in anolhe
K aud 50 on in lurh The accept0r may bt
IN come the drawer, upon urutual under
w alanding. il may, al the same time, ia
or dUlse in mere local discounts under tn
e. name Of bills of exchange. A bill draw
~ at Ph Iadelpba on Cam len, New Jersey
ic NJ New York on a border town in New
10 Jersey;al Cnc inn,li un Newport, Ken
. lncky, not 10 multiply other examples
ls might, for any thing in lh's bill 10 restrain
IL it, become mere matter OF local accom-
ir moditOn. Cities thus relatively situated
y would posses5 advantage over cities. 9th
: eTwise situated, Of so decided charac
+. ter az most justly 10 excite dissatisfaction
h Second. There is no limit prescribed
= to the premium IN the purchase ofbilIs o
3. exchange, thereby correcting none Of The
u evils under which Tho community now Ia
B. bors, and operating most njurtously upoI
y the agricultural States, in which the ue
d qualities in The rates Of exchange arr
II most severely felt. Nor ara these thr
i, only consequences. A resumption o
.. specie payments by the banks Of thOs
le States wOnIi be liable to indefinite post
Dr ponemenI; for as the operation OF th,
Df agencies Of The interior would chief
er consist in selling bills Of exchange, an,
9. the purchase could only be made IN snc
8. Gle, or in notes Of banks paying specie
re the State banks would either have To con
il. time with their doos closed, or exist a
in the mercy ofIhis national monopoly o
II. brokerage. Nor can il be paest owe
he without remark, that, whilst the Dslric
n. Or Columbia IS made The seat Of the prn
n. cpal Bank, its citizens are excluded from
ia all participation in any benefit il nigh
hi atiOId,b by positive prohibition Of the Bank
ty from all discounling within The District
70. These are some OF the objections which
Ip Prominently exist against Me dPla Ii o.
We tho bill; olheIs might be urged, Of mucI
ny force, but it would he unpf&flable tC
'Or dwell upon them; suffice il 10 add, :ha
in. this charter 10 designed 10 continue lol
ITO twenty years; without q CumpelilOr; the
lal defects TO which | have alluded, being
NJ fund in the fundamental law Of the cor.
lie poratiOn, are irrrevocable; and that lhe
rO- objections he we'll founded, it wonli b
'p. over hazardous To pass the bill into law
,e In conclusion, lake leave most respac,
be fully to say, that lhave fell The most aox
al. lous socIHde TO meet The wishes o con
My gIess 10 the adoption ofa Fiscal Agen'
rs, which, vbdimg all constitutional oLjac
ch liOns, should harnonze conflicting opin
I'D IONS. Actuated by This feeling, / hav,
he beedrready TO yield much, in a spirit u
cd cancellation, 10 the opinions Of others
cal and il is with great pain that now fee
. compelled Ia d tITsr from Conuress -.