The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-07-01


committee are decidedly Of opinion that
10 bill for the establishment Of baaA IN
the District Of Columbia will be efiecIuai
which does not contain a clear recognition
OF the constitutional power Of Congress 10
establish branches wherever, in the UNI
ted States, the public wants, ia its judy
ment, require them. They caan.t con
sent that a bank, cmana,ing from the will
Of the nation and lmperatlyely demanded
by the necessities of the Government and
OF the nation, shall be wholly dependant for
its useful operation upon the viii Of each
and every State, distinctly expressed.
Accordingly, 10 the draughl ofa bill now
reported, the right is asserted 10 exercise
the branching power Of the bank indcpen-
dent Of the assent of the States. The
committee dare not allow themselves to be-
Ieye tina. the bll is free from oil defects.
but they do hope that these, in spirit Of
hberallty with be corrected by the superior
wisdom Of the Senate and OF the House,
and that the present session viii be signal
zed b. the establishment ola national m
s,tution, which has become desideraIum
TO the general prosperity.
The advantages which will flow from
such an institution, 10 both our domestic
and foreign relations, are manifest and NJ
con.estable
/, viii aue The People a sound currency
Of uniform value throughout the Union,
which IS Just as necessary 70 the success
d.I operation Of all branches Of business as
pure air or water IS 10 the preservation OF
human lie or health.
II viii revive and extend commercial
intercourse, which, for the want Of com
mon medium, has been almost suspended
between different parts q the Union.
II vii reduce domestic exchange from
the enormous premiums and discounts nov
frequently paid to The moderate standard
growing out oil the mere cost aud insur-
ance on tie risk Of Transporting specie
from one to another part u the Union.
Il MI, consequently, save hundreds 81
thousands Of dollar, uow annually lost IN
transactions Of exchange.
II Will essentially benefit the u.anufac-
tuning interest by Grabbing It TO realize
sales and The proceeds Of sales.
II will powerfully contribute 10 the 70.
sumption Of specie payment by the banks
whose existing delinquency the greatest
source Of prevailing pccantar} and huan
cial embarrassmenls.
Il vii greatly ;cud to prevent aud cor
rect tho eAccsscs and abuses Of Tie loca
banks,
II vii furnish a medium common 90 al
parts 81 tie IT,. On for the pay mcnt Of dclu
and dues to the Government thu, render
ug duties aud taxes uniform "a fact as wei
as ~ name.
Il Is indispensable 10 the convenient ans
successful financial operations Of the Go,
ornment IN all the departments Of eollec
ton, satc-kecpng, and disbursements o
the pabi.e revenue.
Such arc some Of the domestic bencft'
which tie committee fully believe will b,
,geugcd b d National Bank. Those which
Z appeytain 70 our foreign relations are alse
worthy Of serious consideration.
Ii It be tnIc lha, money j. power, a.
+ concentration under the direction Of one
Will, sole.o collective, must augment the
, power. 4 ualion, without such a concern
tralion Of power, maintaining extensive
CONNIE rclal intercourse with another ua
ton possessing Il, must conduct tina, inter-
J corrse % condition II inequality and dis.
/ advantage. Na'ional Banks, 10 other cuun,
tries, boget the necessity, therefore, Of d
National Bank 10 ,hi- country, n like man
ncr as National Governments in foreign
nations must ~ met L, National GOV
crumcnt noHrs.
AccHdHaI We have socp Tie infucnc,
eyegiod 81 tho Bank u Eeglaud upot
American interests when those interest,
were exposed TO the action u that Pank
and were eA without the protection If a
Bank II the tuiled States. The commit,
tee do not wish TO be understood a. intend
mg loc1press ans appreciation Of the com
mercaI operations m which the Phhadcl
paa Bank, assuming the name Of the Bans
oi the United States, engaged, ahen thai
state of thing. arose.
BGi lbey Do moau to say that tho lntc.
rests ana dignity Of the United S,atc- de.
maHds tia; they should not be evpuecd
beyond the necessary and legitimate ndu
ence Of monetary aud commercial opera
lions, TO the action Of foreign banking
institution. They believe that, without Z
competent Bank % the United States, 70.
reign National Banks may md probably
viii exercise an undue and possibly per.
mcious influence upon our interests.
In this view q the c1sc, the question e.
whether i Is better that we should be lcn
liable - b. materially affected by foreign
institution. IN which We have to interest
over which Sc can exert no control, which
!. administered solely IN reference to e..
reign interests, or VIC shall have an Angri.
can Bank. the creature of orr will subject
to American authority, and animated by
American interests, feelings, aud sympa
tines
The committee could not entertain d
doubt "a snrh an alternative. And. ia re-
ference 70 the iornrgn aspect Of the Bans,
the committee thouvbt n eNia.diant Ia aIlou