0 .
iJSij
J.'
i'. !- c -yk , in t x&i .m.
.ii i i i - i . . ". . v., " ' - J)r, t'hanninr.
. - a .
SAlJSnUBV. HOWAN. COUNTS N. C.:..MbM)AY JCLV n
VOl,. AM
, 77 O O V"
i X
tv n'rv'Tjirrirrormi.v i'
,UitlirJ ntrt a trrrk nl Two ) Hurt ir
L'mJlxtiil "-i'hi ihrrr mrmlk j r 1V0
"T""""' " ' j w - rr?
A Uihin 1 lf3 Ifif 1. It' f of tt
t .. Z .' .: , ... . i .
f ii trim
ijif.i.W; iin, vnf m-tk 8iVwc tin' CJ71.
ntijtuf year, till Ac cunutU.nl u u
Ail P-r n t-rzeur'n nl? ttlret v'u.
'jrtrri U tht CurjUitUn, rull iiicf tj
AH Vttirt ti!l-iirl In t'f r.ljnr
Hig If post . cr tin 'J will ! 'f it-
t,ihl fu.
tT TU Irrmi v. .11 bn stj idly tvl-
I'NITnD STATF.S' HANK
fit-itf T; l'llCSIDLXT V. S.
fintyifi rrtc baik im. 10 tuc 8X-
' ATf WITH Mi OBJ IX Till .VS.
v Jt' $1 nnle ;
'IT.e Ull 1 1 nvntilV aii'l conlint!?"' ft-
let, (iiliil- J "un mrto iiMorfwrat. (Iip
iiiWiiuJ lu tlia U.iali uf ti.c I'uiU.l
live." pf1 'iiIl-'Mo iiiu 011 llic iili
J?y, ie-.l:it. IJ4V111.' cotHifJi'n'd it With
Un' iiin:i n'jarif tn thn pruif iIci i-r (In
C' iitiMlion, w'iirli flic (luv. wni culi'UI.lfCcI
In ''dirn, uli'l I'tiiiio lt roni'liiniin
111. t it '.iijli! mt t Iffotnr a lav
hfre. 1
lil'i ' lurii it K the ioniilc, in Lickit
'.I. I! .
jfii t"ii wii'i iny tioji cii'Hin.
A UJukot iii 1 uii' -Ui.iiiM is, in iiianv
1 ii-i-dil to the pcopir. IiUerliir.ir.
tliii :iuini'n, aii'l ili-oiilv uiiiirc-wfil mill
Ii- !c!ii t' t'mt hhu'i (" 1 lie power mid
hv tho existing lank,
ire u i.tiiPi'in''.! uv 1 tie v. miviuuiion, hud-
t it. . f v .-. ..- 1
Tenive -f the riltt- of tho Ftate, nnH
4iiiirriui l the hliertic? uf Too iicuplc, I
.Imi'i'.itmti'm, to eiill tli rs!t"iition ot
Cmcr-'H to tii prnt'tiriiliilitv of ornniz-
jtijan Rutituinn rrfmhining fill 1n advan-
Uf iuJ obi 1111115 thee objection. 1
iVpfly regret tlwt, in jlvjact toforo me,
cjb u -rceive n'nwol thoM imiliticatioiu
of I'm; lunk charier v hieh are lui-rnirx',
in Diy opinion, to make if couipatihln with
j:HKvr with sound policy, or uith the
(nstitutiiin of our country.
Tlio present corporate UxJv.dcnominar-
Nlw I'lesid: nt, Directors, mid Gminiiy
of the Clilkof U10 lutted Mates, will have
itvj, tit time this acl ii mteniknl ti
Itike cfleel, tweuty vcars. U enrayg ail
antkaritv of- the (Jem-ral (JavernmcuL' r
... . , ,i ..j
fi nrwMtirv I'liiioeTire. At:nti.s( a mono
- r ii'
" - . . " . r " v-..
TLx iw-m. nr;vilen( . .nJ iar Lcst,7w. i
Bi.lu i.r I lir luri inn noil i!iiim'-.tie. rvi'hllli'lc. 1
e.l tm,m 0 it.ft'orliTlanl- rT.aiier hut
. .1.- ...1 c.i,.i-i. c..!..,iiiiifeUiift-biUilc t.Lo-4ernelsni1.-mtJi
iuciuuiui" U". iiiuu ut iuiMnin nimnr-
.nt mi .uwl.-kl lrt J... Lin. . en.
7 I ....... , I
h (ftmnntmu.!-. tlm result in ttm coiwul-
. . . . . . 1
.oi,.., n.-.i ilm ,ai::,-i .if il.n Ai-ifrlual ..ri
of inc. iriwratioii could nut ba certainly i
Xire.!!i tttlheti.no of M. Tim
act before me propose another gratuity to
tne holders at the same i-tctli, and in many
rasea to tlw aamo men, of ot leant seven
milli. imre u.lhw rlmmtion fitids no
liioloy in nrrv unccrtaintv ns to tlwj effw l
of I'll- act. On nil hamJj it is cenec3t:d
that its passage will iucrca-e, at leant twen.
ty ur thirtv per cent, more, tho .market
lice uf the stock, subject to the payment
of the annuity ofSJUU.OyO per ycarvaccii.j
red by the act ; thus adding, in a moment
one fourth to its par value. ' It is not our
own citizens only who are to receive the
kountv ef our povcrnment. More than
tiht bullions of tho stock of (his bonk
present
dullars. For these gratuities to foreign
ers, and to sotno of our own opulent citi
tens, Cm act secures uo equivaleut what-
ver, 1 hcv tiro the certain g:uns oflh8
tiM stockliul juryjuulcr tha,operal ion
et'tliU aol, .alter 'nmkinj full alloiv.uico
rihe paytpent iif tU-i tonus.'" .. . .. ?
" hvcTy iwaiopoly, and all escluvrprivi
ile,, ire granted at Jbo expense of the
pntltc,which osrjhl to receive a fair eqniva
tour. Tho many millions which this act
proposes to bestow, U the 8loekhohksra of
itihrec'Jt uiiLjiX.tltiieaiftUuaw-lUAiMHM
H-ani people. It is due i'ieja Ihcreiorfi,
lheir' UoveTtnu(juiSfiU,,iMO
?Xcluidrewivikm4Uut 4 Jiov--ahuult
ten exactforTfve;
rth iu one d market. The value of the
Wir!U!Kdy,i this case, may be correc!
certa,iiel. Tlie tweiity. eight millions
of tock would probably be at an advance
of fifty per .ceiit, an4 . cpxamamli, iB .markel
M least forty lw;miilisI'rftMiWV'-w'
f ,0 lhe.pny men of the .present bonus., ;
Tbe present rhm ohWrnnriorKilVf there
n seventeen millions - of dollars, and
Ja i the act proboacs to sell for Ihrac pil
"'" piyahle in- fJU'ei intjiiial iastilmertts
AnH''neaii rupuWie popoaca virtually to K'spccUvely mailii payubxut ono !aca
tlifike tbem a present of so-no millions of tmilv,' ahall nevertheless ho received by
MorklnM.r can hn :w cluiin In I'm)
rvrn rurjwrntiKn Im nj'ivd iln moiKip
4y iliirin l!iu fxiril tiMil,i!cil ti ilm oh
HHUti.cmltuxl. )( , imi4 kW
iiii'iif : out ifj . .m!p pUh-.U, iuiJ liU4
y-itw tdlltf- fK?o;,lo U10 fn!l murkii VuU
- rr - t - VH,; .; ,.n . ... .
I.oliTri'x riuli and a.ll tLn iiu..,i .....i..
.
miiiiimioi nock, liicurjurutifi thi ur.
cl:er wif'i all the powers 1111 r.il-
iwr-trrd m lit! net, Oiwl Hjl(,n lli.
v. ... . ...1 ... ..' ..
pinn.'iin ii;kih itii mlri mt itho trr miry
Cut tl;i m t ilo'; n ,i permit t-onwlili.m
lu tin. im-cIuuo- i4'. i!h. t4vmJy,- II
llii to Ii:! pr(4iriit(iil on t!i itmhoiiik
U'ca, lli il (lio prriif nf.iiTifiiIiirri 1 hVv
prowripi;..' rijihl ri'it only illicfiv.r,lxit 0
thft !,imty i.f t! (l.ivuniuirnt. It upborn
li.ot moro lliu'i afmrili part cf I Ii i stcck
i lii l'I hy rorvii;iRn, dnJ the trMm i
ii'M liy ;i fi'w liniulri'il iifiiiir own riiiz
rliii -fiy of tho lirlnMt ell. I'or llifir
lilirfit d.ini tin nrt rxcluile fho'hiili
America 1 pi (il from rompHiii mi in tin-
Hin lu.'lC Ol llilS IHOII'ip 'V, Mil l lftt of
it Cir many tniUionn I-n it is wurtir.
Thin ccri the Icm e xcu ihl , b..can
uiitft f our rintii, fHif ttw 1ockfini1.
t-i, (icti!iiiiH'd Ih it thii iliwr of conifvti-
I lion iiii'.it 'l ojx-ii' (I, 1111J oi!;liMl lo'l..!; 1
' n ch.irf'T on lc mi i:nu ti Itin5 liiViiablc
to the Govtirntrwnt nui! c uintrv.
Hut tlii proposition, iilthoiih tmh ly
men wh(o OBHrvjnte wiiilth llicvcl
to he equal toiillllie priutjjt.nA;ii (ij ti;
exi?i,i biink, has Ih-oii iu-i aiiJoliiiii tin:
t..iti,.i' ..r j.hw ( ...... ....(. i 1 , .
... . .. . .1 ' ', ,
1 iiu ii.iiri iwHowi-o on i;ip icw wi)( nnvc
fcn fortunate cnoiiti to MTurA'tliettock',
fluJ at thin ni uiK iit wifl'l the power ol
jOImi uMuhi iHMihrtimi l-rnrrrmt TwTffewrtr-'rrrtre- trfniT'tTic Stl'.ire'ifl'Tr.-cVTr ir
enve the- jU'Aico" nr policy or tlu cofime.
It our fiovernmeiit nui.t wll r.ionojtoliex,
it w ould wem to 1 e its duty 1 1 tike notli
in lesi thnn their full v.iluc : a:iil if nto
ttie muiit ho made unci in fifteen or twen
ty year, let (hen, n ! Ic hcstoivcj on the
subject of u fi.rnij'u (i-ivomtnnf, nor up
on a dosinatedor l!iviredi1njMjiuJ jtje.nju
'6ririiwTi counlr'. " It 'J- Uit justie and
rooJ policy, ft far ni tho nature of the
CJ5C Mill adiiiil. ,,Uvulun.tur. LmH
our own f How citizens, and let each in
his turn enjoy no i'nuiu!itK to prurii liy
wr bmmtv. - In the bmrin;" of tho act
ln-forc me ujcri these poiata, 1 find ample
rcav.ns why it GtiltilJ uot ticeuiiio it law.
-ft ha lieen orgM ns an argument in la
tr ofrechartcriiijj the preienl bank, that
calling in it Inana trill produce prent em-barra-siiicnt
and (ii stress, Tho time allow,
ed ta clow it. concerns is amjde ; and if it
has been well managed its pressure, will be
liIit arvl heavy only in its ni'imim-
Oiput has been bad- -iftlfor,it shali
,ho n,n!l W
u wotilj funusu a .je,
newiii'r a iiourr whieli luw u ?cn 80 olivi-
abused. Hill will there rvr he n
"""J
tirmj when Uii reason will t! Jess power-
1 1 1
rul f To adtrmwlerfjn! it torc, M l) ad
... '. ... , I
-iviaauu vuuau iiuuii iu.12 n.i ir ri-oi 11.1
1 ...,'--.. I. m!fN A- ll.:. ?i .' J. .
in 1 . 1 1 linrl holli tt'illt iiminl tuilili.ial i-ukur.
ui:' ",w,"7 "V", r""v" r'"
er, ana ei.joyinr imiueiise 1 rcuniary u
vutrfues, iroin liietr tonuecUou mm tlio
Uovornmcnt.
1 lie nioamcauona 01 uie existing char
ter, proposed by thin nc(f, ihm n4 ue.h, in
my view, asma!;o' it consistent will the
rijlits ofth ctftti nrTurj-fibWiDitf tW
peejde. The qualilieation of the rijht a
the bank to hold rrnl estate, iTift limitation
i.f iU power to c.ilahli!i branches, and the
novnor reserved to Lonrcs to toium tiie
circulation of small notes, are restriction
compartivelv, of Jittlo V3luoiriinport.uice.
AIT thevihjectioteablo principles of the ex
isting corporation, -a ad most of its odious
features, aro retaiayd witiiout alleviation-
The IohtiIv section provides ' that the
notes er wl f two aaiil CftrpornUoi.1..Bj.
c;3rv"i-".' air''. -.u.'l": a"-r'-Jii,',,r"". 1. ."'"It: " i '
the said corporation at thebmki or at any
of the offices of di-iunt-oruT Uuponite
thereol, if tenncrod in; liquidation or pay
ment 4 any balance or tmlauces duo to
said eotwralieiTfTOf to "Sirch offtcs '-oraiih'
count- had depo.-litgjm fan) 'vgtheT juc'or
poratcn uaou. . :; y. . :
This proyiaiori' secures .to the State
banks a Icijal privilege iu the Canlt of the
United Stntcs,.v.hich is withheld from all
private titizen If a State bank i a '..Phil,
n li.ti.iit rwi tiro bank ijT tho Cnitcd
St&teSft ariil have notes iie4, by. jtiia.Stt;iEjii4-
MiTBrallClirlt ' f tta pay tlw debt with
thosio notes : but if a ruerchahtmiamc,
or other niivuto citizon ba 111 liJ .sircuirt-
discount, orend them to St Louis to be
esl.ed,;Tli,,.b
State banks, though not - unj'ji.t ia itso.f,U
most odious ; because it dies not measure
out equal jum.co to ttio mii ana tne low,
llilR'l-;i('T thyiwrtfisW
is , practkal effect, it is a bond of uuioa
among the oankinsf establishmonts of the
nation, erecting hem into aa interest Wp
ardtn front that pfihe copWTW.t rt twr-
cessurv tendency is !o,Hiute-.the Bunk ofl
any ma-ur 'which may lhjii;ht ton.
ducivo l llniir common intcret.
' Tha iiMitlj i of tim act rerg(i'
re priiieiph a J f worm tutwliocy Han nv
prov;.Moii 14 tin-jroerrl Ciiarter.
... il
iriiil art
n arinUuiiy repoil l tho Si tn tarv ! I
Ml . ., ' 1 1
tWi'f Morv the unniea if all nhcklii l'liT
whi are iv4 rvi lent cita"o i.ftlm t'liil-,
,cd.li'JajU,ljUc pj'irirjfi ..uf-.tb
'IYe-.tri-r !' Vtr fttste ah-ill mik'J nt,
Ir mnint In mcli Treasurer, u lint cl
stm khsld'-r ri idni in, or ca'wnt, of,
-urli iuif, with tho jiinoui.t of tock
owned b) eitrh."
' Altfii)tih L'lia provinion, taken in ron i x-i-n
wilh a (h-ctfiuo of t!m Siijiremo Court.
'lalc to lax the bu'ikin iintitutini en at-
' by tin ceiporaiion, under the name of
Uhin i s, ihrouhiMit the t;,ion, it is evi
denty inteiidril to bo coustnjej aa a eon.
ceaiiou of tlmirTiht.totax t'mt porfion of
lh at(wk which Miay tc hcjd by their own
citiz" r.s and rcuijuiu. . lu t!u lijjUi, if
thii act Incomes a law, it will be under.
hIoimI by I lie Statu.", who Mil) probacy
proceml to l-vy a lux cpnl t that paid up,
"l the atiM:k f Imnk iuenrpoialeil bv
tlemuelvea. I;i anme iftaten that lix U
now 011c per ?r.t;, eltlicr mi H'm- c;iUil or
oil tho hare.- ; mi J that nwy be assume
as thu aiiHMiui whmh all citizen or re . in
lent MtiH'MiulJcri would bfl taxed Umlef
tin: oi"r.iti'in of thi art. Aa it is wily
thu Mock luhl in tha States, !! not th ,
rmp'.oytj within thein, which would l.:
uhj tI to taxation, und ns tho uamei o!
l'in;igii ia.!vio1ifuri urcuot ti le repTirt'ir
to.t.i.) 'I reagiirera of liie States, it is .,l,n
ous that the NliK k bel'l hy thein . will l?
e-vejupi froin 1 1 1 i -t burden. "Their unu
ual profits will, therefore, bo one Lr
- i
or, nndastli3aimudlt!ivld'iidiol thelau!.
miiy ! anfi'lv estiuiiite I nt seven percent
uiu siocu w in no wortQ ten cir nueea jk
enl. more ti f.reigrM-rs than to citi' n f
ho Tnilcd Stale. To npiiriviate tV i f-
tin
lecta wlik'.li thu (Mate of thinjrs will pnKlnee. I
wf rmtntake a trilif review of the uni'i-u. 1
tiuus, and. pjcut cwUiUou uf tlte l4Xuik Tffrr,'tr"wf
the I oiled SlHtca.
ry il.ifuni. iils aubinitle-I to fonTe?s nt .
' ' I "' ill II Mil 1 li''
1st ol Jan., Ib.i ot the tenty-eiht mil
li'ins c' privute atock i?i the cornorntion, !
?9,.lt3.o00
were held bv foreigners. motlv
of Lit. Ili'ittain. Thj amount oft.wk tif-1-1
in the nine weslero & s'Hith western Stat
i i 10,200, fc in the. four southern States
is 1.023,1 00, and in'the erk-m rmJ mid
dlo States about 51 3w?2,0iitl. The profit
n( the bank in I SCI, os aiioivn in a atnte.
ment t.i.Coiiresa, wore about ?3,l.j3y539;
of litis Jhcri neeniad ia tho ".nitre wecm
JBtates .alrmt -$J HOiS, ia the f-mr teuth.
or Nftk-a ttbiut S3o'2,50T, nn'l in'the tiiil.'
I." nrol ea iteni ?t.ntes, n!., out SUlG0,0;i.
sjittw yt-w-k is held in W-wi.4Hii-oV
eus that the debt of the people ia thut sec
tion to tlio lunik is p' ineip iity a rWittO the
eastern and foreign stockiiolders ; l!ial ; the
bitTt):! ti-7 pay upoil It, ix curried into
ilia Jc&sXa n-AmiMiHul irrriy rwp "351
.1 J . t . -i .
TUttn II rirnln ill I Ii.ii i- i-iirrnn.-v u-Ki.U
. -...w...
and otcawoiml -'Ustl.re.ni, To meet - this
h Jidt'ii, und eipinhze the exchange opera-
ii'iusoi ui'j name, I no amount 14 hiiocic
hawn rromtlmsc uUilcs tl rough its branch
es within the last two years. as shown by it.s
oilieiiil rejKirts, was about 0,000,000.
siore than' a rrnlf mioion of thu amoint
douamit-stop iaXUe ewte-r.i SMe, lntn
ses on to huroiif, to nav diviJcnru of the
loreigi'fit.KWjiilders. In the 'pntVeiple'-rf
taxation recognized by tuts act, toy wes.
tern States fi.id jio a lequate coinpensation
lor this perpetuiii burdou on their industry,
aud drain of their currency. The
branch bank ot Mobile made, last year,
$93,110 ; yet, under tho provisions oi' this
act , the State of Alabama can raioe no ro
vomio from tho profitahlo operations be
cause not a slmro of tho stock ia Itold bv
linVfirTijjf' eltiZvUr''Sii:sai isijTjt"
14-
SourinfeinlT.0
to tba l-ranchys at JS'atches and St. Louis;
and such, in n greater or less degree, is the
condition of every western Slate. The
tetidcnry of the pbw of ta-xation which this
ad pnip weswill ia- to place thrf whole
lJtitvHl taicjirf the snmeielaireOoIlori
irrncu me wesierii .JTaics
noTnf tolhji 6asternr
resident errAbldewrWt
1. I- . , 1 ... . L. a T .
bank is made worth tenor ' fifteen por ceiiiHr laUyc, judiciHl.flid exocutivo
more to foreigners than to renikailvntW
of it will inevitably leave the coumry. .
i Thus will thi prevision, in its pradlicauis iicihing in prcoedcuLibortfon. v hidi.
tout hero and western State, of the means
i f raising a reveuuo from the extension of
MIMtKi'4aa-
tutiuu Jt .will nuxU the Amoriean peopfc
tlebtors lo-aljartninsienriy A hw Ws4emomt
due to litis bank, and sond across the Atlun
tic froin lo.to.x.jiijttins of specie; e vcrv
year.o i pay the Junk dividend,
In anotherof its, bearings this provision
is fraught iwilh danger. Of the twenty,
five- directors of thin bank, five are chosen
ly the Government, and twenty by the
citizen stockholders From ' all , roictLjn
these elections the foreign stockholders are
excf uileil -tie-i6lia.I(j pi oportiou,
tlnerefore, as the stock is trarwferod to'fur
eijoTKoldcri',- the.extfpt $.mtvj lilbj,!
choice of dirt'cton ia ru nailed. .Already
iaUinoat third if Iho atia k"4n ..Mii
'"!, tlilj tint repSeiid Ml fe!eei.1lSr
t Manitaiitiy piri-i i;; out r.ailry,
and llea tu.1 will acii-lornH IU d.'iwrluro.
iM'ceinlv fi!
. .
U', iiitu tlia hinds of a 'vw nt
Un tckliol .-rs, mi. Cm e4ia.f wild
Which Iiiu iliji;ct , weilf 1 In oee.oiniibsb"d.
wauM l e u I, to rJi I iiM.indvea
fro;ii ur to eur, nid without repofHi
Li'ilv : .iMr l. in 111.. tin; u lii. In coil-
Cirfs'i iui I'm! J i.'io'f ilio' i-it"'iice of
l-iiia,4-- i ts
:;ieai 1 uL, tu i.ur
ti"i, -r ' f i ,' Ii
III' '1 I I I ' I ' : I
V tTTCoi',!'!'; yr" t1jCf
iilf elid lt Ttill-
i ii (1 ivin i'ilr.1.n
'I a 1' ird :i 11 r.
pon-i:i; ! i 1 j
I ; f 'I'-
HO ! . '.' '"of hbertv un! .'i
1 in a iit.K t'l it. in ii-, iii!ii:e
hi
t'v 1 1
'IV -iiitf
: '
Ix aintH e
Coiii'flil
hi u !!.
id- i-
s -,.,! !
I
. I ! It . t!
'.S i
t' ,
in ii- j;.
i '' U e
t tin1 over
I .
MmI
tiori nfii ...
w4 tja ui.uMiidufia wi a
wlf.-K-t
' " i' -l' ii I'JMM!. ;ir..-
i ,.i i X-jt in am.
'.t r..'i i-i f.
rr i-i'-nrof- w iT.ner;
i i; i : ...r l UM-n i.i
i.ou:.i oo (jinn w iiei.
iikll'lfiej i.
tMiMfrwiTI
ff Ih IsiCit (
and fir the (. ..
w if j Tboir.to.v.
ev r thev liii .iit i
.- t
! il .
.i'.'U"
I. ii i;
this iiiouoilv
i;ry lilleen or 1
II V".
irt:d !iy tn!n..I-.'.i:i i,.;.;!,i .:...n i.i ?
puarjs put $Hi ,w ,.rh n r;tfu
lei.tuiujiur c
r-'l ii"' " - --I'liie i:ii;i., . j i
i:.,w..,ji- iIkh.-!-' .
a
ii'.iin jiUUUl.tui.-.
irs, or previ.v.t n ii
it cannot lx' !.. o,:r
to fuel iu, i:ifi ii; i-,
SliouM i!i'. ' "'.
pi.ss into I .'i
1. . I I !
. i 'I its il""
,1 i,.' H -ni-.! 1-e i;ui
1'
I'.'l
i.i.m'eeun
Iwswm. itlVn'vi'
e- n i-'iir v i :i t;
t - f )C
rourse
-i i
a'mest w 1 ! . . t
! .1
foreign ' pj...''-. 1 1
whoe lit'.r-:'. l 1. r,
in !e m':i'.' thn -"i
d ui'. ii- ' 1
in rill nfih'' In. .;,'!' i.
ooti fV'tiir.'lling 'Hir c
t.i-T.r ,
t''ri
i h'i 1- no
no I
'.u. ; ukuILi
. .li 'iii'1- i' ii
r; Ti'-y, tcc;:mii'
our iibiic jnoiiLVi,
.'lii.! If,
1 n.; lhoie-''ii'ii
ot -.r cif.r-Jiis vi d-.
.it-iii
:ioe, it wul-i '.r
m iv i.-i iii'i'i'.b!.; and
l.ii:
i t:5.ti 'ho !
oava! a;.d l.i.iI.uv' jiowci jfiho fociay.
lyuMMuitMmun mmn HiiriewriitaTrTwrirrBtrltiT rTMrf -n tl W('MmT'ins Ir t apTUI'fcrTtirir Unlimiwa - " :1
-cm that cmil,-J in their ovw han'Ia by pn!y aiMili iuiluenet aa the fcn' of llwif prnul ne.MitrolUbl by vtf other p 4
million 4l ' l.t tt- r.'lti-ii li I" mt l'L. 'I'iiiirrt I r-f 'i..-.iii.. au .1..- I .1 . . k . 1 T I . L. l.a -
' ,v 1 .- - iinipr uiKiioui iom mat wnirir jtti uinwrnj. w
w i!-i,irr.tfi: if h r.re.id.i,t mid oir-Mtora! Hut in Ihoca rflio.1 mon.thf5uiirrmn i:.in.itiitin. Yal ibia art dt-cLirea. tliat
li ' i:.i.-t h vi a ban w.nt ''i.MitruthT-TTirf"BTIirtsrW nnif'pr
atocitii.'iiiiiJ, tiLty C',in.,i;.r',:;.oit.u.-m.Tfv ia wJcr leuWe the- bank to pe't
tii4snti4-rritwWMis!- public
VI' iiT!ie".i-.'irts tteil It H!;.:iil.l I ;';. j dulii's h-tsim-j Irtjt jtliji aCtU 8((MUlf aml
America -Hef-H-r- '-r.rft . nre-rfir,' coViVrHolioiml. or unhr.-rvmru 1,
SomV isud. i.'.1!.
:; -,
Who at lea-l . Uf ! -i ! Ineoittv f . enr
government, .n:d rini; t .vyvoii it i
limes o d iiiu illl V- iift.i ual.
'" -
ll.lllt IS llolUOt:
InTTicnCur:
HiWTeglirf
f:rWmlJ ',--: -:'-f;riKlrr5nr!trt:Jaf myrftbe uowera.uid
link 1 1 1 fc-r-!
grni'-(i oy tiii.-i n
l.:i:i'!.e, million.
1 1- oliiaiiM'.I. in'
t
iii-1 ;
liar
v I .r
,.f I-
:' -
iea.l
ImiiK .
nvv
im-!i
fiiui!
t!ic slock of t 1 1
ciiit;ii.iit must
I!l
jio-au
, mal Ml
which it lUil-ii:U.i-.i.,m i's-eriv'if iu
timei ii cmer n. ' it h'icI rutin r um
uiider penalty i4'.a.biilti!e.iviJl;(e...J..-. -If
is liiaiatoin. il l y th-.1 'advis-at.-s of lh"
bank, that its tonsiitutroHality, in alliis
filatures; ought to bo considi ) ';d on .tiied
by pioredeiii, and by Ilio duciijion of the
Supremo Couit. Tot'iiscouelusioulcun:
not assent. Mere prcccdiait is a danger
ous sourcn of natliority, and fchauW not bo
regarded ns deciding questions ofconstitu
tiotial powcr, except whore the acquics
ceatiaot44o joI i4 tlio-ls i-an be
cojjsidy
this benig the eBo on tin rihject, an ar
gument agaiutt the bunk lu-ght ho' baced
on precedent. One Cong rosi, 1701, de
cider! in favor of a bunk; another, ia 1311,
decided -agninst U.040 Congrc-s, in
I8t5- liCCuloJ. against-ii -iarik j-aiwrJier
-' n 1 l j r ' ' .XV . :
iii loio, iieci'ica m iiai.tvnr.i 1 nor to rue
prcaeuCCuugro
. . .1 1
7 ... '
rirni 'C'XiMrt.''tTtn T''n'J??r' It.1 uti.i-.iu'.!, ,1 .
ions against the bank have been, (.rubaUy,
to those in its favor, as f-jiir t J one- -Thoro
weigh in tivor of the acLbcfui a mc.
rlif Iha opimn-of-4! -jweme1 .-Cenit
')"" 1
oiigtiTW tc aa
. .
flfiiritioattf.
rrewt, the Executive, and the Court, must
cacii tor itxclf be puded by its own pn5.
ion of the Const ittifiot). - Encji public cfijf-
ccr who lRe an eatii to aupport the Conrt
stitution, swears that he will support it as
covered the Ivltolertid'liif ''S aeit iliCiingress
Iitf-awiitewta'-tti.tl'.-f fit sy-k -ia tiiiarit. rolatkin-lsi'theltiielyet -nd-, ttiirr sue
stood bv others. It ii fts much the duty
of the House of Represcntatiwof the
lnnte. arf td docjtfe up.
on the constitutionality o( iiny bill or re
solution which mav iii rseJTo Iheiii
tor Jwssag 4r Annrotraj, Bf Hfapftiut Sii-
prma Judgea, when it may b brought
iH'foro tliiou f.r julu i d ilcciaioo. TIk
epuiinit f tin j ldge hoa no li-rf inthorj.
ty oier l,oni(r;ja limn Hie opium
Xn limn llieoiruiionof Loa.
'rtf baa over the.iud e. t mud Oil that
rwirtbtj IWiiVon jnjitiri(k.it U Vifli;TMvMilaiiiQ''' iii H tm kltaWter, "
Tim iuihoiuy i.f th Soi.roiiw CsmjH must , eer thu Diatrkt of Colnrab. Iw eW,;- -
not(!iererori', lc jsro.itted tocofitml Ue '
t U-L4iiuiH-r wnew-tctiniri
Court hava nl dtnM- that all the foa. !
M." " 1 lu" "'T"1'""" coiiipatiiiiec.xwtiiigUinlia.rM)f criW0lnr Ptnua wib
wjih i the canntiiutiou, ...Il i Uuc, that lh- cajilala-erdinj in the wholo lit mtt
cm.it huve i I, !mt the law incorjioratinj liona( Uolliirs,. Comtitutioo.. iltfi
the binkvtri'TbriilurhHiHT exi-rci. . t Iarea, ilut CrtoirrpM tkall hava power O
p oiv..r byi'oiiteftw. !uf tukiii? iuto view
i.iu wlh.le lyiyw of the c,.,tirr, awl the
r',..s ,iii by n liich thi-y hire'coinfl to that
'i.i iv.i.m, I mi lenrtiiiid them to have de
.'i"! limt, tuiixnui'li a La'.k ii an a p.
.': in .1 nienn forenrrvintr iiJoi lTI rt iln-
"'i;'.'' i i. l J powers tithe Ai-nrr.. Gov.
t j fume. !, t hen-lore, lh law UKUifporatinf !
i' 1 1 lecirdanci with that provijiHi of ;
' ' -t.Min.ii wiiicfi ti leiarea thai t on-
Z' -li!l i'iv owor "to make all lawa I
inc. aitail bo mTf nmh proper- for
1 ri iii;i ! i,r powc.-a into execution.
iJ-.w- wii.(hmI thsrmwltc. 4hat IU won!
" 't -.v., .., m ;; coiistitututinn, moma
"rfr;- t-rpiiMtfntfiSflut -'eoi'MTlei
; to, ivl ih-a a bank' in a convenient, a
itt - w - fi! nn.l rtaenri.il intlnnneut in the nro-
, . i -- -ii hi- O verniiii!ut a liscal opera.
Iii .''-, hh-v cum lu le tbot, t "iiHe one
..... . - .
I . il l.-.t
' (. milii'i the discretion of Con-
r-5 tin-', that, the actio Mlcor'orerl
l!.i i 7T V.fo Uu11h StntVa lit a "law
i idu in puKaanco wf the ftitatititttn.
X-C-jm y iiwy," .lirf Ui bew "fa -nft
..-.u!..LuJ, uiid in really caculatcd lu eftVct
' "I t! biei tsentrUHtod to the (Jovero.
to tindertkc ber! lu iwitiirn into the I
. . . f iu . ..
" I ni ofitu necensity, would be to pusa the
:i ! hu h ciicuuiierilH's (he judical depart
' or nt, and to tread on luialutue greund."
I i,i' nr i iw 1 1 ! ln.rft mlii-iiuis! ili..
j ' 'I"- v muiiiii.ur ftftftft
t ui crce of its
iii trcfi nt its iipce.vuti.
iny vlvui-1
i i ie i:..iai;s oi a uanMii HHtilullon, is a
.e -iion ex'-lusivi Iv foT legislative c .rwid-
i"r 1 1
ri. A bank .is e msijtuliooa!;'bul it ia.
- ! f 'Miice i t tin !i'"i-.:aturf to 1 i-teroiion
Mn.nlier llii-ior t!iat particular po.wer, priv.
ttrge. er cxemntion. ia ' ucui.irv am i.ro.
LymC tutwite the banlt trr-44s-tliir'j tFs
Hmi'.il ) the (J.ivcrilliienl. HlM from llieir
ilc. 1 inn there is no appeal to th Courts
4 "c-tire. Indertho deeuin of the Su.
I r. i ie Court, thercforo.it is the exclusive
r iviiice efthe Corljross and the Presi-
iileut to decide, whether the particular fen.'
irw and pro-
jii''Miand ihcrtrfore.'-uriconstitiitloual.
ut corauieiitiuif on the reneral
-.hi; -ipV-j nfiirnM-i-Ly tlm Supreiuft Cmirty
Mi - Mr rxnii,j:-.rt tiie details ot this act. 111
rf.jn.sf-.: iv nl'iiied, and an notiJ
Jih. - r.re. 1.
Tie nrceary to attain tb
, .iiiu v o'im-iiuvuiiv. uoi . JUSll.
J by the Of.nv.ltuu.ni. '
The m initial. LitS iocorioration,
ti m Sirens t.s, t:...:4 other Irnuk shall
. Mild hUiies, .Cui in the continuance of
t'rf(r5iioriTbr:ic!.yerf'ned,C;r wliicli
t'-.e fiii'Ji of the C' lied Sliite ia jteyeby
p'edfyvrrlifiyTrContrresa oiay rennw
i V;s:iiiT" chsi: tor (i'.r banks -.wilkin the
lijstiM 1 Columbia, oit inei-ensin? the
Cipiia! thcio..!, and may, also, entablish
ain other l uot or baiikfitv said District,
wi-capit:ik not exceeding, iu tliS whole,
i.xamJifomrnfTbilhirs, if they shall dcein
it c.xp'idiiuzt." This proviiuojij.sroijjiiued
wHeB'lcCffine, fiilveu years
l.,1.K -.-.ftl. '..
If Congress possesses tlm power to cs-
i.ttbt. J ii 1 '
lithJish ono bank, they bad power to ei j
tai.iisii mom man One, ii, in their opinion,
tw o or more banks had been " necessary"
te facilitate the enecurjbn of thejowers
itslfignTotl'lotlipni laiilio Ctmetitution.'' If
t .... . ..-'- - ....
?i5iJTah67rrwa power j
t .
to T!me, and at anr time when the inter
esfs of ihe coufitry. Or (he emergoneies ef
the -Government might make it expedient.
U was posscKsed by one Congress as well es
..iUiexanJ'i by all.
aad 'yliho at every session.- Hut the Con
rcsscf 1316 have taken it away from
. . tuftl AllJfcOft..rft IT, lu-Airitr-t-tl-llj Kitit rtA
-yft.... '.JtVMIWVUllJl.Jl.Mll!-.
."for fiftoeyera moroif . It "t!irmTtlV
Mr - .-i - . . . .
to barter away, or divest themselves "of.
.any srf" ihevwert stpd Jit thftrby the
Constitution, to be exerciaetl forthe'nib.
mr goM. it is not l nccexmry " to the
efficiency of the bsik,iioiF is it proper"
eeasors... ITicy may preptrriy " use tho
discretion vested in them, but they may
not limit the discretion of Ihejr suipees
sors. j This restrict tea on thelristlvesiatKl
Krant of monopoly to the baok.is iJiwe
fore acojtittitlouaJ. x: - " : -'. k
utay ..lamwnwi n(e power to P?taCTIJi:'XllH'!.U
I .' - . . " t
' la tnotber point f view, ihii 'proyU i
aion la o!pttlli atlompt oan r-1 Hi'
' Conatiiutien Jiy aa act of :kc I'ti's.'-
Tb f ontitutto declarca lliat itnil.-
Ltfrcaa ahall bairA i6wr''to xaci4 iclu- - - - 1
atituiiooal pwer, tberrtl.ra, to futuhiiali ' j'
tmnki in tbn Dwtricf n CVdiiBbiativ. Irfi r
OaitfreM hall not mcreaaa tb apital f
exarcma excluive legifUiHio over thif
diatrkt "in oil ct$ rkuitfitter," ami
thi act declare titer ahall tvt. Which
is the wtpreme law of the land ! Thi pro
vision cannot b w acYlrl'J,' or prA
per" or. itoWiiiiiiWJV'i-iuileaa tl aU '-.
fturdity be admitil, Ihul nlenevtr it It '
ncceasary and. proper" in tli 0(aidoit tf m
Congress, ov have rijrht to barte
barter
away one portion uf the powera veateo; iu
thein by the CfM.atilutioo m a tueana of
tvrtfing iht mt. "
thi two nubjectf only doea tbe conMitti
lion teeojniso in C'oere tba power t$
grant extlusivo privilegea on rnonopidiea.
It ileclarca lhal " " Congr""' hll
power to promote the progits of ar.i' nca
and useful arts, by securing, or hu itrsj
times, to authors and invetilort, the exclu
sive right to their reseetiva writings anij
iliseoveriea." Out of lb ejpre dclega
tIatj pfpnwtr, ha grown our jawi Lo(pa;
teiita ami copy" righla. As the conatint
lion expressly delegate to Congress tlK
Pwtt -to grarrt rTcbrire -tiTtnleges hjT '
the to caaea, as tbo imnuis of executing lb
BubHtantive power " to promote Ilia pro
crew of ac.ienre-and naeful arta, it U eon-
i . . ...i .1 r l e . .
iwriii wiiu llio lair nuea ui ceoairuneoi
to coni'liule, limt aueh a power wa not
intciHkd to be ranted aa a nieana of a.
ciinpluUui j auy utbur oud. - Ou very
r auliecl wliiel conHwiihin h
scope oVtongrcsaionar power, tlierts is an
over living diacrvtiiui iii tho asaj of prpef
means, which. . latum .. Imj. -rtutrktcd . or
abolished without an aiimiidiiicnt of lli
constitution. EciL wLj'f Pi
thorcf.iro, whieh ltenita, by-jranla of
rrMioojKilies, or rale f exhlusiv'e privilegao'
lor a jimiioa time, or a time wit man uinif,
to restrie.t 01 extinguish its own discretion
in the' choice of menus to axecuto itn tleU
gatod pciwera, is equivalent to a legialatiy
amendmrnt ta the constitution, ai:4 plpi
bly imcuuatitutiortnl, rf ' .
" Tnia act authorixes "and encouragtti-tranf-fcrs
of jt.,itPcJt :tQu ,loreincr and ,
grants them au exelnptrnrrlrorn atrlstata
and wai iotwl ?witrtfrr. lSo jar t'roin being'
" ttfrrfmirf ami yroprr'1 thai ilia hk -sltould
posters this power",; to nmke it.B,.
.Iii anil efficient ngoot of the tlovernmsut
in its iiacai oporaimtK, n is cuicuiuted la
c'ouvert tt) Itauk-rif the .UniteiSUitea-iiilft - ;
a oreignrfouk.. 'if. impoy itajur, mooii)-";;.'
W i tiujo of pna ;saxii--
rttheiitethTaUgU'eiery-HWtioii" of" tho! r-
'v in. irvvi . ----
The several Ftates reserved the jower
at the formation of the cohbtitution, tyi
giilate and control titles kiid transfers' f v,
real property, and most, if not all o'Fthnm. -
.have la w draqwlifi jug aJieng from ae. X . ;
quiring or holding lands within their liirt, '
Use . Bui Ibis act b dwegsrd of 'flie,xin- "
doubted righRif- the States in prescribe. .
sucli" dimjiwlifications, grvea to ' aliens, .'
stockholders in thin bank, an inJcrfXt and
title, as members of tho corporation, to aJJ
the real projierty it niny acqtiira withm
any of the Stales of Ihis tnion. r Tbie
privilege granted to aliens is not ".lieceiyiS'
ra" to enable the bank to porfonn its ipub.
lie duties, nor in any senw "p-o;r, be'
catise it is vitally subversive ol the r ighfi
of the States. - . ' , ' t .
t The Government oftlie United Stat4
iroviriio eonsiiimrouut 410 wcr to purchase -lands
within the States excent "for the"
erection of fiifts, magazines, arsenals,-
i0OCK yn. nn otner neeujul liuijdings,".
! wt Ten for these "tbjtcti ohly " by t&fr
!con!nl of the legislature of (1.8 Statrf Iri Z
which the safne shall be." By makintr
Til ' : 1 li aj ' - "
granting to the corporation the owr lto
.. . . .
sume power not granted in tho corerfittf.
tiod, and grajiif to others what they rlo not"
themselves possese. It is ool nerr.sor 9 .
the receiving, tjkeepiris:, orfrannnin I, "
the 5bank should poatiess' (his power, and it ' '
is not proper that Congress should thi '
eniargyije ptff Merited la- tbein- vi ZZ-?4
U1U EUU3UIUUOII.
' Tho "old Bank of tne United States 5m,
dollars, which was fouml fully sufficient to
enable it; 4th desiputcK and ,ifctv. to nor.
form all the .unctions required of it by, th"' ,
Government. The capital of the pruuer ,
bnnk is thirty -five millions of dollars, et . '
least twenty-lour tnfire tliaw e.e.riep.; . '.
has proved to be ncctfMrv to enable , ' , f , '
licit. Mi.in.ft.:i....vi:. i- .f.l n - 1
' P'iiuiiui,-iiuouc miiciioja.vt -iiw - .
IfWw- dob whiiitixjKted dtujojlh u.
rioil of the old bank end on the astal.lrt.i-
ment of tjie newliBa; feet-n tieaily paij 4Tt '
nf'l
I-
i2
"itiSK-'