The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1855-05-02

government. The capital OF the present
Bank is thirty FIVE millions of dollars-at
least twenty.four more than experience has
proved to be necessary to enable bank to
perform its public functions. The public
debt which existed during the period Of
the old Bank, and on the establishment of
the new, has been nearly paid off, and
our revenue will soon I've reduced. This
increase of capital is, therefore, not for pub
lie, but for private purposes.
The government is the only proper
Judge where its agents should reside and
Keep their offices because it best knows
where their presence will be necessary"
1t cannot therefore, be necessary" or pro
per- to authorize the Bank to locate branch
es where it pleases, to perform the public
service, without consulting the government
and contrary to its will. The principle
laid down by the Supreme Court comedies.
that Congress cannot establish bank for
purposes of private speculation and gain,
but only means of executing the delega-
ted powers of the general government By
the same principle, branch bank cannot
consttutona'ly be established for other
public purposes. The power which this act
gives to establish two branches in any State
without the injunction or request of the
government, and for other than public pur-
poses, is not necessary to the due exGcu-
lion of the powers delegated to Congress.
The bonus which is exacted from the
Bank is confession upon the face of the
act, that the powers granted by it are great
or than are necessary to its character Of a
fiscal agent. The government does not tax
its officers and agents for the privilege of
serving it, The bonus Of a million and a
half, required by the original charter, and
that of three millions proposed by this act.
are not exacfed for the privilege of giving
"lhe necessary facilities for transferring the
public fnnds from place to place, within the U.
States or the territories thereof, and for dis
tr'buting the same in payment Of the public
creditors, without charging commission or
claiming allowance on account Of the differ
ence Of exchange" as required by the act
of incorporation, but for something more
beneficial to stockholders The original act
declares that (the bonus) "n consideration
Of the exclusive privileges and benefits con-
ferred by this act upon the said Bank" and
the act before me declares it 20 be "n con
Sderation of the exclusive benefits" confer
red for their own use and emolument, and
not for the advantage Of the government t,
that bonus is exacted. These surplus
powers for which The bank is required to
pay, cannot surely be necessary TO make
1t the fiscal agent of the Treasury. If they
were the, exaction OF q bonus for item
would not be proper
1t is maintained by some that the Bank is
means of executing the constitutional pow
er ''to coin money and regulate the value
thereof" Congress have established a
mint to coin money, and passed laws to reg
alate the value thereof The money Sc
coined with its value so regulated, and such
foreign coins as Congress may adopt, are
the oRly currency known to The constitu-
ton. But If they have other power to reg
ulate the currency, it was conferred to be
exercised by thc ms,lves and MT to be trans
fened to a corporation. If the bank be es-
tablished for that purpose, with charter
unalterable, without It's consent, Congress
have parted with their power for a term of
ears, during which the constitution is a
dead letter. 1t is neither necessary nor
proper to transfer its Legislative powers to
such a bank, and therefore unconstitutional.
By its silence, considered in its connec.
ton with the decision of the Supreme Court
in the case of McCdlloch against the State
Of Maryland. this act takes from the States
the power to tax portion Of the Banking
business carried on within their limits III
subversion of one Of the strongest barriers
which secured them against federal en-
croachments. Banking, like farming, man,
ufactuling. or any other occupation or pro-
lession, is business, the right to follow
which is not originally derived from the
laws. Every citizer and every company of
cizens in all of our States possessed the
right until the State Legislature deemed it
good policy to prohibit private banking by
law. If the prohibtory State laws were
now repealed, every citizen would again
possess the right. The State banks are a
qualified restoration Of the right which is
taken away by the laws against Banking
guarded by such provisions and limitation,
as in the opinion Of the State Legislatures,
and public interest requires. These cor
poraiions, ulless their be an exemption in
their charter, are, like private bankers and
banking companies, subject to taxation.--
The manner in which these taxes shall be
laid depends wholly on legislative discre-
ton. 1t may be upon tie bank, upon the
stock, upon the profits, s,or in any other mode
which the sovereign power shall will.
Upon the formation of the Constitution,
the State guarded their taxing power with
peculiar jealousy. They surrender ed it on
y as it regards imports and exports. In
relation to every other object within their
jurisdiction whether persons, property, bus-
ness or profession, it was secured in as am
pie a manner as it was before possessed.--
All persons though United States officers
are liable to poll tax by the States within
which they reside: the lands Of the United
States are liable to the usual land tax, ex.
cept in the new States from whom agree
mentS that they will not tax unsold lands
are exacted when they are admitted into
the Union: horses, wagons, any beasts OF
vehicles, tools or property, belonging to pli
vate citizens, thdrgh employed in the serv
ice Of the United States are subject to State
taxation. Every private business, whether
carried on by an officer Of the general gov.
ernment or not, whether it be mixed with
public concerns or not even If it be carried
On by the government Of the United State;
itself, separately or inpartnerShip,fallg with
in the scope Of taxing power Of the state
Nothing comes more fully within it thar