Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-20


sumo there can be no difficulty in place
ing the bonds themselves there, il they
must be deposited with some bank for COL
lection, which deny.
Again: One of the most important and
complicated branches of the Treasury De.
partment, is the management of our land
ed system. The sales have, in some
years, amounted to upwards OF half IA mill
lion Of do lars, are generally made upon
credit. and yet no Bank whatever is made
use otto facilitate the collection. After ii
is made, the amount, in some instances,
has been deposited with banks, and, ac-
cording to the Secretary's Report, which
have before adverIed to, the amount so
deposited was, in January, upwards of
three hundred thousand dollars, not one
cent Of which was in the vaults of the
Bank of the U. S., or in any of its branch
es; but in the Bank of Pennsylvania, its
branch at Piltsburg, the Marietta Bank,
and the Kentucky Bank, Upon the point
of responsibiity, | cannot subscribe to the
opinion of the Secretary of the Treasury;
if it is meant, that the ability to pay the
amount of any deposits which the Gov
ernment may make under any oxigency,
is greater than that of the Slate Banks
that accountability ola ramIfed insti'u,
ton, whose afflirs are managed by sin
gle head, responsible Tor all its members,
is more simple than that of number OF
independent and unconnected establish
menis, shall not deny; but, with regard
to safety, am strongly inclined to think it
is on the side OF the local banks. The
corruption or misconduct of the parent, or
any of its branches, may bankrupt or cc-
stroy the whole system, aud the loss Of
the Government in that event, will b Of
the deposits made wlth each; whereas, ia
The failure Of one State bank, the loss will
be confined to the deposit in the vault Of
that bank. 1t is said 10 have been part
of Burr's plan, u seize on the branch
Bank at New Orleans. AT that period,
large sums. imported from La Vera Cruz,
are alleged to have been deposited with it,
and if the traitor had accomplished the de-
sign, the Bank OF the Y. s., if not actual
ly bankrupt, might have been constrained
to stop payment.
1t is urged by tho gentleman from Mas.
sachIsetts, (Mr. Loyed0 that as this ma.
ZION advances IN commerce. wealth anc
population, new energies will be unlolded,
new wants and exigencies will arise, and
hence he inlegs, that powers must be i'm.
piled from the Constitution. But, Sir, the
question is, shall we stretch the instru.
nent to embrace cases not fairly within its
scope, or shall we resort 10 that remedy,
by amendment, which the Constitution
p'escribes2
Gentlemen contend, that the construc-
ton which they give to the Constitution
has been acqulesced in by oil parties and
under all Administrations; and they rely
particularly on an act which passed in
1904, for extending a branch to New Or
leans; and another act Of 1907, for pun
ishing those who should forge OF utter
forged paper of the Bank. With regard
to the first law, passed no doubt upon the
recommendation Of the Treasury Depart
ment, | would remark, that it was the eX-
tension of branch to Territory over
which Congress possessed the power of
legislation almost uncontrolled, and where,
without any constitutional impediment,
charters of incorporation may be granted.
As to the other act, it was passed no less
for the beniit of the community than the
Bank-to protect the ignorant and unwa-
ry from counterfeit paper, purporting TO
have been emitted by the Bank. When
gentlemen are claiming the advantage
TO be deducible from acquies.
cence letme inquire what they would have
had those to do, who believed the establish
ment of a Bank an cncroachment upon
State Rights! Were they to have resist
ed, and howl By force? Upon the change
Of parties in 1900, it must be we'll recol.
ected, that the greatest calanities were
predicted as CONSCIENCE Of that event.
Intentions were ascrIbed to the new occu-
pants of power, of violating the public
faith, and prostruting National credit
Under such circumstances, that they
should act with great circumspection, was
quite natural. They saw in full operation,
a Bank chartered by Congress WHO had
as much right to judged of their Constitu
tional powers as their successo Hac
they revoked the law which gave it exist
ence, the institution would, in all proba
bility, have continued to transact bushes.
Notwithstanding. The Judiciary woulc
have been appealed to, and, from the
known opiuioIs and predictions of the
Judges Thea composing it, they would have
Pronou.l iced The act of incorporation, as ir
the nature OF a contract, Eeyond the re-
pealing power of any succeeding Legisla
ture. And, Sir, what scene of confusion
would such state Of things have preseI
teG-an act of Congress, which was Law