Newspapers / North Carolina Whig (Charlotte, … / July 31, 1832, edition 1 / Page 1
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MINEKS’ & FAHMEKS’ JOURNAIi, iMii.\Ti5r> AN!> rj;iij,ism:i> kvkrv ti F.sijiAV, iiv tiio.>i\s.i. iRi.on r., mi: iiLr:.Mu ik; tt)ixT\, \outii- aromna. I WIIX TKACH YOU TJ) IMBRCE TIIH BOWEUS OL- THE FARTII ANU BIllNG (il T 1-KIIM ■|lir: fASlRNS OF THL MOl NTAI.NS, Mf;TAI,S V IllCll Wli.t, (ilVK STllf;.V(iTU T.> DIIR ItANUS A.NI> SUBJECT AI.L NATURK TO Ol'R I'SK ANII Pl.EASl'RE.—DR. JOIINHON. VOL. II. NO. »7. TIIK iTIiiicrs’ A. FariiicfiV Joiiriinl Is printed and published every Tiitsday morning at Tipn Dollar* and Fifly Crntu piT anniiin, if first insertion, and 25 cents tor cach succcediiip week—or*! for llircc weokf:, for one square.— A lib- ral diseount will bo made to tliosc! who advertise Iiytlir year. IT 'i On nil advertisements '’ommiinitated liir ptiblieatinn, the iiiniibcr of ’ntiortionn miiBl l»o noted on ttie margin of the tnamiscript, or they will he continued until fbrl id, and churjjrd accordingly. *,* All eommunications to the Kditor must romc freo of piishis^, or they nisy not be att> lu'cd to. cluili'd by tl»e cliuricr. In piofioitioii, j tiition. Each public oflicer who takes an tln;rt‘forf, as llie slock is transferred to for-1 (Hitli to su|)port the Constitution, swears eign holders, the extent of sutiiugo in the i tliat he will support it as he undorstnnds it, choice of directors is curtailed. Already ^ and nut as it is ufiderstood by others. It corporation, why sliould not tl;e (iovern-! The ninth .scrtion of (lie act reco;^nizLS inciit sellout the whole stiK-k, atid tims se- prin.:iples ofwor.'C tt‘iidt;nr!y thaa ai)_\ pro cure to the people tiie lull market value of vision, of the prosetit charter. tlio privileges granted? NVhy should not j If enm l.s that “ the (.’asliier of the I5auk ^ _ paid in advance; 'Anc/?o//ur» a year, if not, (\,nj,ross create and sell twenty-eight nul- “hall anuually lepoit to thc Secntary of the. : is ahno'^t a third of the slock in foreign ! is as much the duty of the House of Hoprc- imid unnl atlor the expiration of six immtlis. stock, incorporating the purchasei'.'s 'I'ii'aMii) the names of all stfKkhnluers who ^ haiitls, and not ropre.sented in elections. It ^ scntatives, of the ^>nate, and of the Presi- ADVKKTLSKME.NTS will be inserted ut Fifty with ail the pow(;rs and privileges pccurcd are tiot rosidL'i.t citizensofthe United States, : is constantly passing «iut of the countrj’,, dent to decide U|)on tlie constitutionnhty of cents per square (not cxcceding at) lines,) for the jo tliis act, and [luttiiig tho premium upon ami on the apph>:ation of thi''I'reasurer of j and thi.s act w ill accelerate its departure, j any bill or resolution whicli may bf! pre- the .sales into the 'I'reasury ? ' any State, shall inaho out and tran^niit to | The entire control of the institution would j sented to them for passage or approval, as Hut this act does not permit conii»etilion stifh Tr a^n^ r a li-t of slorklioidi.TS rcsi-| necessarily f:dl into the hands ol the few i it is of the supreme judges wlien it may be in the purchase of tliis monopoly, it st.'cins ding in, or cili/.ens of such st.ite, w ith tin-| citizen stockholders, and the ease with j brought befoio them for judicial decision, to Im' preuicaft'd on the; erroneous idea, tliat ai'ioiiat of stock owneil by caLli.” AlthoUiih , wlii( h the object would bo accomplished, i 'I'ho opinion of the Judges has no more au- thc present stockholders have a prescriptive this provibioii, taken in con:;ection w ilii a j WDiiid be a temptation to designing men to | thority over Congress than the opinion of ri;>ht, not only to the favor but the boiiiity 'decision of (lie Supretiic ('‘lUil, snrrenders : secure that control in their own bunds by | Congress has over the Judges, and on that of (ioveininent. It appears that more than | by its silence, the ri;;hl if the Mali-.s to ia\ \ ii;(.iiopuli/.iiig the remaining htoek. 'I'here | point the President, is indep>ndent of Ixith. a foui til part of the stock is held by foreign-; th(' banking ipstitu’ions crealed by tins for-j is danger that a President and Directors | The authority of the Supreme Court must ers, and the residue is held by a liundred' poraliou, under the name of brandies, wonl,I tiien be able to elect themselves | not, therefore, Ik? pr!rniitted to contnd the of our own citi/.ens, chiefly of the ricliest throug'ei/iit the I'nion,—it is evidently in- iVnm \e.ir to year, and without responsibil- i C.mgress or the Executive, when acting in class : lor ihcir benefit does this act e.xchaie tended to be con.-3lru(;ii as a cuncession oi' ily or rontroi, niuiiaj;e the whole concerns j their legislative capacities, but to have wn- the whole American peiple from competi-, theii right to ta.v 'hat portiun i.f the *ti(k of the I’.ank during the e.xistcncc of itschar-1 ly su( h influence us the force of their rea- tion in the purchase of this monopoly, and which may be beltl by their own ciiiz'ais ter. it is ea-y to concei\e that groat evils j soning may deserve. dispose of it for many million.s less than and residents. In this li^ht, if the ail be- j to eiir counliy and its ins^titiitn'iis iiiight | I5ut in tlie case relied 11^911, the Snjiremo it is worth. Thia seems the less ex-| comes a law, it will be under.-tood b^ t!ie j ilow iVoiu sucli a concentration ol'power in (’ourt have not decided that all the teatuiea cu&able, becau.se some of our citizens, States, wlio will probably proceed to levy a ; the hands of a lew men irresponsible to the of this corporation are compatible with tlio not now stockholders, politioned that the tax ecpial to liiat pai.l upon tiic stuck ot j people. ('onstitutit)ii. It is true tlmt the court have dfHir of compfctitioii might l>e o|>ened, and banks incorporatt d by lliein.seKes. In | Is there no danger to our liberty and in- |s;iid that tiu; law incorporating the Hank is o(I!;red to take a charter on terms much some Slates thal la.x is now one per cent., | dependence in a IJank, iliat m its nature ; a f:onstitutional exercise of power by Con- inoro I'avorablo to tlio governnient and either ou the capital or on the shares, ai.ii j lias so little to bind it to our country ! The gress. Ihit, taking into vit:w the whole o- country. that may be assumed as the amount which President of the i»aiik has told us, that pinion of t’.ie court, and liie reasoning by P»iit this proposition, aithongh made by all citizens or re.'idenl stockholders w ill be j most of the State lianks exist by its tbrb«‘ar- ; which they Imve come to that conclusion, 1 men wliose aggregatr wealth i-s li'lifved to taxod under the operation of this act. .\s | ance. Should its inlluencb become concen- understand them to have decided that, inas- be equal to all tiie private stock in the ex- it is only the .stock AcW in the States, and 1 tr'd, as it ma), under the operation of such ■ much as a Hank is an appropriate means for Mi:ssA(;i: I 'rain t/ic Prntidrnt of the V. Staten, returning the Bunk Bill to the Sniiitr, irith his ohjcctionv. To THF. SEN.vrn: 'I'he bill “ to modify and continue” the net etifitled “ an act to incorporate the sub- scril)crs of the Bank of the I'nited States, was presented to me on the 4th of July instant. Having considered it with that sol emn regard to the principles of the Consti tution which the day was calculated to in spire, and come to the conclusion that it ought not to becomo a law, I herewith re turn it to the Srnate, in which it originated, with my obj*ction; A Hank of the I'nited States is, in many respf'cts, convenient for the (lovernment and useful to the people. Entertaining this opinion, and deeply impres-sed with the be lief that some of the |)owers and privileges pos,>e.“sed by the exi.sting Hank are unau thorised by the Constitution, .subversive of the rights of the States, and langerous to and at this moment, wield the power of the tliat the .stock held by them will be c.xempt existing institution. I cannot ptrcoive the from I his burden. Tiicir annual profits, will juNlice or policy of this course. If our tlitrelbie Ik- one [icr cent, more than the (iovernmeiit must sell intjnopolics, it would citizen stockholders' aud as the annual div- seem to 1k! its dulv to make noitiiiig less ■ idend.-> of the I’ank may be salely estimated , , 1 iri 1 than iheir full value ; ai*'l if Kf'Hu'ties must I ;.t teven per cent., the slock will Ix* worth thclilK.rtiesoftheropKl felt .tinvduty, i„. ,oai.s.' tci. or l.ue. u (..r cent, n.orc to foreigners at an early p r.od of my admmi.stration, to , ^i.tes. To ra I fho atterilion of Congress to the dcsigi.a-; appreciate the ef-ects which this state of c:dahty of organizing anujst,tut,on combn^,^^.J^,,- „,• ^ur own ; things will pioduce, we musl take a brtef iiig all Its unvaiilages and obvialing oIh y riions. I sincfmly rogrct that, in the art before me, I can prrceivo none of those iikkI- ] ow n fellow citi- j j>y ducumctils .suLmiiti d to (’ongres.s at ! would l.e mnde to feel its iufluence. I of the I'nited States i.s a law made in pur- zeus, and let cach ni his turn enjoy an op- ■ pre,s nl session, it ajipears tint on the j Should the stcx;k of the P.ank principally | suance of tho Constitution ; ’ hut,” say jiortunity to profit by our boimt) . In the of January, of the millions of^ pn.ss into tiie hands of the subjects ofa for- j they “ where the law i.s not prohibittd and bearings of the act lieforc me upon t lies*' piivatc stotk in the corporation, i eign eountrv, atid we a\wuU\ \in reuUy vaJcvtutcd to effect any of the oh- points, I find ample reasons why it should bcjj i,v fvirciiitier.'s, mostly of 1 bec.onio involved in a war wxxU \\\,xX emu- 'jrcta tntmsted to the (worcmmmt, to inuhr- nol Income a law. ! (.real Htilaiu. 'J lie am>iuil of htock held ! try, wliiit would be, our condition ! Of the , take here to cnqvirv into the degree oj Ux It bus been urged as an argument in fa-j jt, the nine Western and Southweslerii i coui.-« which would Ix; piithued by a IJank j wow/rf be to/nss the line vhick vor of re-chartenng the present Bank, that States, is •‘>)4(),iytt; and in the four South- ialniost w lioliy ow ned by tiic subjects of a cireiimKcrihes the Judicial DeiHtrtmeni and of our elections in peace, and for tin? inde- | dares that Congress shall have power “ to pendeoce of our country in war? 'i’heir 1 make all laws wliich bhall Ikj necessary and power would be great whenever tiiey might ^ proper for carrying those (xiwers into exe- chooso to exert it; but if this monopoly | ciition.” Havmg satisfied themselves, that were regularly renewed every fifteen \ears, | the word “ ncrennory'’' in the (.’«)nstilulion, on teriiii jjroposed by IhemseUes, they | means “ wo J/V/,” “ ■seldom in peace, put foilh their strength to , “ conf/t/firft/o,”andthat “a Bank" is a con- influenco eleciioi.s or control the atiairs of | venient, a useful and e.>».s*'ntial instrument in the nation. But, if any private citizen, or j the prosecution of the (iovernment’s “fiscal public functionarv shouhl interpose to cur- j c|)eration3,’' they conclude, that to “ use one I counti y. it is but justice and gjod policy,: review of the operatioiis anil present coiidi- j tail its powers or [irovent a leiiewal of its 1 must be within the discretion of Congress, I as far a.s tho nature of the ca.se will admit, I tion of the P.ank of the I nit. d Slates. | privileges, it cannot Ix; doubted thal he , and that “ the act to incorporate the Bank ificatinis of the Bank charter w hich arc no- ceS'iarv, in my opinion, to make it compat ible with justice, with .‘iouiid |>olicy, or with the Constitution of our country. 'I'he present corporate body.detiominatcd the President, Directors and Company of the Bank I. States, will have existed, at the time this act is intended to take effect, 20 years. IS act JS mifnort. 10 u.Ke enec, _co years. 1 .vr. ; and in i!ie Mid- ' foreign power, and managed by those | lo tread ov Legislatice gromd." It enpys an exclusive^privilege ^f^ baiuing 1 distress. 'I'he time al- j],. a„d I',a>tern States about ' whose interests, if not alfections, would run | 'I'he principle here allinned is that “ tho ■ degree of its nece.ssity,” involving all tho lanking institution, is a (pies- legislative consideration, constitutional; butlt is the jirov- islalure to determine wheth- larticular power, privilef;e or exemptijn, is “ necessiiry and proper” to en able the Bank to di.scharge its duties to the Government, und from their decision there is no appeal U) Ihe courts of justice. I'ndcr the decision of the Supreme Court, there- lUi fore, it is the exclusive province of Congress pure- i *he President lo decide, whether the • ■ , , ,. I I u>* 11, ium II nuuio luiiii-u .1 .lauu ;jy, • mm |;| 1,1,. iTiiMoic uiio i.iisitjIII ' publ 1C moneys, and holding inro..sing t 10 va lie o a, s oc • p„„cr which has I>ein .so oLvi- States, about 81,Kio,!)!!. As little i'.ock ‘ our citiz(!ns in dependence, it would 1m? Im.vc Its piir\alue, o|)era ei as a gra ai ) | abused. But, will tlicrc ever be a in>;d m the We.st il i^, obvious that I more formid.ible and dangerous than the ofrnany tni ^| time when tiiis re.ison will he Ic.ss powerful! (1,^. of the people, 111 thal section, j naval and military power of the enemy. An apology may lie found for le |-j-(, acknowledge its force, is to ailmit that to ibe Bank, is nrincinallv a debt lo the i If we mu.st have a Bank with pri\ale to guard against Ibis result, 111 the eration thiit the, eflect ot the ori of incor|M)ration could nol l>e foreseen at the time of its pa«sagv art iK-fore me proposes onother the holders of the same stock, a « .... I 1*11; Mil rases the same men, of at least se>en mil- ^ conncetion wili. the govcr.mient lions more. This donation hitds no apolc- . . pv in any uncertainty as to the tlie act. (hi all hands it is conce its passage will increii.se at least twenty or Ihirtv the nuity ad to Its |Mir value. It is not our own cili/.ens only who are to receive the bounty of our (Jovornment. More than eight millions of the 't(x-l of this Bank are held by foreigners. By this act, tlu’ American Republic pro- jvi.>e.s virtinlly to make them a present of sotne millions of dollars. I'or these gratui ties to foreigners, aud to .sofile of our ow n rpuleiit cil'/.' iis, the act sceures no equiva lent w!iatc\er. They are certain gains ol the pre>-i tioii of (his act, at'fer making full allow ance fur the p;iymeiit of the boiiii.-’. I'.xcrv monopoly, aud all exclusive privi leges, are granted at the exi>cnse of the public, which »iiij;!il to receive a fair eipii- \a|eiit. Tiio maiiv millions which this act proposes to bestow oil the stockholders ot the e\i>lmii Bank, must come, directly or indi- rectlv. out of the. earnings of the American jM'opie. It is due to them, therefore, if their «;ovcnii:ieiil sell monopolies and exclusive priMh'ges, that they should at least exact for ti:cm MS nineh as they are worth in oikmi market. The \ ;iliie of the inoiioj)oly 111 this c.i^e may bo « orrcclly ascertained. 'I’he tweiiJN-oiglit millions of slock would proba bly 1“' al''au advance of fifty (ter cent, and ».'oniinand in iiiaiketyt l(‘ast forty-two mill ions ( fdollars, snbicct lo the pa\ ment of the pri-.,i'iit bonus. Tiicpre.sent value of the 1110- nop. .Iv, therefore, IS scvcntecii millions ol'dol- lais, iiiul this iIk- act picpe.-es to sell for tlire- millions, piijable in filtecn annual nistahneiit.s of' each. It is III t conceivable how the present stoi kliolders can have any claim to the specrjl liivor of the (iovernment. 'Ihe present eor[»oration has enjo\ed its mono poly (luring tho periiMl sti|)ulated 111 Ihe ori- ;;:iiiai contract. If we must have such a M«sag. II ! (,.s,i!iblished a privile ged oid^'r, i lothvd jj burden u(.uii their iiidu-'try atid a ' ly Amerit'un. Its Stockholders should be j particular features of this actare “necessa- ler gia ui V j||, jiivat |>olitical power and ei.joy- drain of iheir currency, wliich no country composed exclusively of our own citizens, I ry and proper,” in order to enable the Bank i„jr immense [jc’cuuiary .'ulvantages iVom \.y(, with..ul inconvenience and occa-1 who al least, ought to be friendly lo our to perform conveniently and efficiently tho 'III - nin.,r connection witii the government. jsionaldi.itie.ss. 'Po meet this burdt-n, and | government, and willing to support il in ; public duties assigned to il as a fiscal agent, '*f' I'he niiHiifications of theexi.stiiig charter,: tho exchange operations of' thejtime.^ of ditlicuUv and danger. So abun-; and therefore constitutional, or t/HnccmtJ/'y _*^I^^J^th,^l I proposed L) this act, are not such, in my iJank, the amount of siK-cie »lrawn from dant is domestic cnpiial, tbat competition, and (my>ny>tr, and thereiore unconstitulioii- " i'*i ' those States through its branches within in suhscribiug for the stock of local banks, | al bas recently led almost to riots. 'I'o a| \V ithout commenting on the general prin- Bank, exclusively of American Slockhol-; ciple aflirmed by the Supreme ('ourt, lei us ders, [K)ssessing the |w>wers and privileges ! examine the details of this net in accor- granted by this act, subscriptloiis for two j dance with the rule of legislative action ^ hundred millions of dollars, could be readi- w hich they have laid down. Il will bo tion of Hiiall notes, are lestiietiuiis compn-' stockholders.' In the principle of taxation i ly obtained. Instead of sending abroad the , found that many of the powers and privile- ratively of little vahie or imporlauce. .\ll recognized by thi.-. act, tho estern Slates | stock of the B;uik, in which the govern-1 ges conferred on it, cannot be supposed ne- Ihe objectionable principles of the e\i>ting find no adeipiate compenHation flir this per- | ment must dei osit its fund-, und on which , cessary for the purpose for which it is j>ro- corp'rnlion, and most of its odious I'eatures, p,-iual buideii ou Iheir iiuiiistrv, and drain i it must lely to sustain its credit in times ol posed to be cre.ited, and are not thcreforo are retained without alleviation. j of their currency. 'Ihe P.raiich Bank alcmcrgeiicy, il would rather seem to b; ex- , means necessary to attain the end in view, 'Phe fourih section provides “ that the ■ .Mobile made, last year, ; yet, un- I pedieiit to’ prohibit its sale to aliens uisder; mid consequently not justified by ilie con notes or bills of said corporation, although der the jirovisions of this act, the State of penally of absolute forfeiture. j stitulion. tho same be on the fa«-es thereof, respec- .Mabama can raise no revenue troin the.se 1 It is maintained by the adviK'ates of the j 'Pho original act of corporation, sec- .... re certain euns of tivelv made payable at one place only, shall, [irolitable opcratlon.«, because not a share ' Bank that its constitutionality in all its tea-; tion 21, enacl.s “ that no other Biink shall ' t ^'» I I 'i hrs ler the oi>era- i I'everlhelcs.^, be received bv the said cor-; of the slock is held by any of her cilizi^iis. j tures ought to be considered as settled by ; be established by any future law of the IJni- I ii s oc V 10 (t puration at the Bank, or at any of the ofli-1 .’Slississippi and .Mis.soiiri arc in the same j precetleiil, and by the decision of the Su-1 ted Slates during the conlinuauce ol tho ces of discount and deposit thereof', if ten- condition in relation to the branches at | preme ('ourt. 'Po ibis conclusion, I cun-j corporation hereby created, for which the dered ill liquidation or j)aMiieiit of any bal- .Natchez and St. Louis ; and such, in a | not assent. .Mere precedent is a dangerous , faith of the I ’nited States is hereby pledged, mice or balances due to said corjioration, or greater or less degiee, is the condition ot source of authority, and slioulil not tc-\ Provided, ('ongress may renew existing to siK'li ofliee of discount aud deposilo Iroiii every \\ e.stern State. gardcd as deciding questions of constitution-j charters for Banks within the District ot any other incorporated bank.” I tendency of the plan of taxation al power, except where the acquiesence j ('olutnbia, not tncreasiiig the cnpilal there of the I nited States and have notes is.-iued a tax on resident stockholders, the stock of j ilenl. One Congress in 11'Jl decided in , provision is continued in force, by the act by the St. Louis liraneh, it can pay the debt this Bank is made worth ten or fifteen jwr favor ol a Bank ; another in I'^l 1 dccided ' In^fore me, fifteen years from the 3d ot with iho"*) noti-s; but if a meiciuinl, me- cent, more lo foreigners than to residents, against it. (.)iie (,'ongress in 1' 15, ilecided | March, chanic, or other private citizen be in like most of u will inevitably leave the country. } against a Bank, another in 1>^1G decided m j If Congress possessed the power to esta- ■ ' ' ' - ’Phus will this provision, in its practical , its favor. Prior to the present (^.ogress,; i,iish one bank, they bad power lo esta- eircunislimccs, he caiiiiol b_\ law pay his debt with tho.se notes, but must sell them at etlect, deprive the I'astern, as well as the a discount, or send tlieiii to St. Louis to be Southern and Western States, of the means ea.shed. 'i’his Ihjoii, coneeded to the Stale of raising a revitiue trom the extension of lianks, though not unjust in itsi’lf, is most business, and gn^at pridits of this institulion. odious, because it (hx's not measure out equal It w ill make the .Vmeriean jieople debtors justice to the high aud the low, the rich and to aheii.^ in nearly lite w hole amount due to th(' poor. this Bank, and send ac.ross tho .\tlaiitie from 'Po Ihe extent of its practical eflect, it is l«o to live millioi.s of specie every >car to a IkiikI of union among the kinking esiab- pi*v lli«' Bank dividends. therefore, the precedents drawn trom thal blish more than one, if', in their opinion, .source were equal. If we re.sort to the 1 oi- more Rnnks, had been “ necessary” Stales, th^ expre.ssioiis ol Legislative, Judi- j to facilitate the execution of the (towers de- eial aud I'xecutive opinions against the legated to them in the con.slitiitiou. Ifthey Bank, have lieeii probably to those in its possessed the power to establish a second favor, as four to one. There is nothing in , Bank, it was a fn»wer derived from the coii- prccedeiit, theiclbre, v\hich, if its authority j Mtitution, to be cxercis^’d I'rom time to time, were admitted, ought to weigh iii favor of | a„d ut any time when the interests of the the act before me. 1 countrv or tho emergencies of the Covern- a iKiim 01 union aiiiong uie ikiiikiii; c-.-uio- — ~ ' * . > 1 ■, 1 , 1. h^liments of the nation, erecting Ihciu into In another of its U'arings this provision I If tho opmion ol the Supreme Court cov- nient might make it expedient. It wan nn mlerest,sepeiale from that of Ihe people, is iVaual.l with danger. Of the twenty-five , ered the whole ground of this act, it ought , posses.sed h> ouc( ongress as well as anotli- and Its necessary tendency is to unite the directors of this Baul:, live arc chosen by , not to control the co-ordiiiafc-authorities ol ,er, and by all (,oiiarLVses alike, ^"‘1 Bank of Ihe I nited States and the Stale ihe (;overiimnnt, and tweiily by the ci-i ibis (u.yernment. 'Phe ('ungress. the Ex-; at every session, init the( ongress ol 1. 10 Banks m nnv measure which mav be thought ti/en stockholders. Prom all voice in these , ecutive and the Court, must each for it.self, has taken it away from their successors tor / ^.l^.^tifus, the foreign stoi kliold'Ts are ex-. be guided by its own opiiiiou of the (.'••iiiti- twenty years, and the otigre. sf. conducivcto thcir common intciesl.
North Carolina Whig (Charlotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 31, 1832, edition 1
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