Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-09-16

debti and TO say that because q msiorit,
N Congress have passed q bill, the Ptesi
dent should therefore sanction Il. 10 10 a.
rogate the power altogether. and 10 rsnde
It's insertion in the Constitution : work Q
absolute su?eretogSiion. The duty Is Z,
guard the fundamental will Of the beopl,
Themselves from I'm this case I admit IN
Intentionally change OF ATTRACTION BY a m
Jority IN Congress. And in that light alone
do regard the constitutional duty whiel
new most reluctantly discharge.
IL this bill, now presented for my an.
prevail or disapproSal. such bin as have
already declared could not receive nv
sanction Is iisuch a bill as calls for ,hs
exercise Of the negative power under the
Constitution ? Does It violate the Con.
siiiuiion, by creating . national bank, to
operate per Sc over the Union Its title
in the FIRST place, describes its general
character. II is IAN act 10 provide for
The better collection, safe-keeping and
disbursement Of the public revenue, by
means of q corporation, TO be styled the
Fiscal Corporation Of the Uaited States. -
la style, thea. it is plainly national ia It's
character. Us powers. functions, aud du-
ties, are those which pertain to the co.,
fsefiRg. Keeping, and disbursing tho public
revenue. The means by which these are
to be exeTied is q cooperation. to be styled
the FtSeaI Corporation Of the United States
II Is corporation created by the Congress
Of the United States, in the character Of q
National Legislature for the whole Union,
to perform the fiscal purposes, meet the
fiscal wants and exigenciss, supply the
fiscal uses, and exert the fiscal agencies
Of tbs Treasury Of the United States
such - IFS own description Of itself Do
Us provisions contradict its title They
do no.. IL is true, that by the fret section.
d provides that II shall be established in
the District OF Columbia; but the amount
OF It's esPiiul-the mSnner in which its
stock Is 10 be subscribed for aud held
the persons, bodies. corporate and polite,
by whom itS stock may be held-the ap.
Poinimsni Of its directors. and their pow.
ers and duiieS--IiS fundamental articles,
especially 10 establish Sgeneiss in any part
OF The union-th0 corporate powers aud
business Of such agenoies-ihe prohibition
OF congress 10 establish any other coTpo-
ration with similar powers for twenty
years, " Iih express Tesery alton in the same
clause, TO modify or ereate any bank for
the district Of Columbia. 90 that the sggre-
gate capital shall not exceed five millions
without enumefaiiug other features which
are equally distinctive and characteristic,
clearly show that IL cannot be regarded As
other than a Bank Of the United States,
with powers seemingly more limited than
have heretofore beer granted TO such 60
institution. II operates per 90 over :he
Union, by virtue Of the Enaided, aud, in
my view, assumed authority Of Congress
IS National Legislature, as distinguishes
bic from q bank created by Congress Tor
the District OF Columbia, as the local Lee
giSlstuTs Of the District.
Every United States Bank heretofore
created hes had power TO deal in bills OF
exchange, a. we'll - IN local discounts.
Both were trading privileges conferred.
aud both exercised, by virtue Of the sfora.
said power Of Congress. over the whole
Union. The question Of power remains
unchanged, without reference 10 The ex.
tent Of privilege granted. II this proposed
Corporation 10 TO be regarded as local
bank 81 the District Of Columbia invested
by Conggess with general powers 20 oper-
ale over the Union. Il is obooEious 10 still
stronger objections lianumes that Con.
gress may invest local institution with
general, or national powers.
With the same proprieiy ihatitms Do
this 20 regard 10 bank Of the District Of
Columbia. il msy a. 10 a State bank. Yet
who can indulgs the idea that this Gov.
eminent can Iighifully, By making State
bank its fiscal agent. inves, It with the
absolute and unqualified pov ere conferred
by this bin When come 10 look at the
details 81 the bill they do not recommend
Il strongly 10 my adoption. A brief go,ics
Of some Of iis previsions will suffice.
First. Il may justify Substantially a
system 81 discounts Of ihe most obiec-
tionable ohsfscier. II Is 10 deal 10 bills
Of ozehanoe drawn IN one State sod par
able Dr. p without any fesiraiul.---
The b. snge may have an unlim-
tied time 10 Tsu. add iis fenewabilty j.
90 where Fusfded against. Il may, IN
fact. assume The most objectionable form
Of accommodation paper. II b not Fe-
quired 10 Fesi 90 any actual. real, or sub.
sianiial eNchaHge basic q drawer in enc
Place becomes The aerepioT IN smother.
and 90 90 in torn the hctrpiof may be-.
come The drawer, upon q mutual undeF-
handing. iinay 81 he samo Sine To-.
duiEs in msts local discount undff he
nama Of bilia d esctanee. a b,ll dIaun
81 Philadelphia On Csmdfn Suv Iefrey
q New foFk 90 e bofdsr toHn in New
louey; ai Ciueinnsii on Nsarofi. Kea.
lucky. noi io muliiflY 0ihcf fzamT'ef.
Wight Ga ang thing in ihis biii io rrsifa.a
o. tecome a mere mailer OF lorai accom-
Hoda.ion. Crisr ihul rsiaiivsiy ftuaisd
eouid possess advantages over ciuat
othafase aiuaied 81 81 decided s. che.
rarieF hs most iasty % eHeiis iissaisfac.
iion.
9 There BE- ~ limii prsfrnbsd 60 iht
pfsmium in ihe purchase 81 bilia III g..
chaage ihafety cousriinF nons ol ihs
evils uadsT which the coamuniir noa
iaburr, cod opsraling mosi iniauously ~.
on the aTrcuHarai States. fn uhirh ns