Indiana Palladium, Volume 8, Number 27, Lawrenceburg, Dearborn County, 21 July 1832 — Page 2
t j t i vV .-t,H CptjV.vpteni States, is'scribin" fr the sleek of local bank, !i:sch-r'-;r- fcr Bnkj witU:. tho District of Cofortunate enough to secure the stoc, aii? ., fj Soutivnm Stes, recently led ,10 to riots. To a B.nk, lumbh, Iift. h.ereasmg i! , capital thereof; U this moment wield the power ot up t'.v- .V i.u, ..i.n - , ' !rxr;lsiv,iv Gf Am-ricai: Stockholders, res-1 md mav also cshlsh any other Pink cr
raw?"1 T?,rrT. PnzjioF.NT op t;h: u. states. : tales is about sKJ,,;i,'. lhe:scssmg r.. n,,. ,, . ...... , .
the rights of the States, and chlorous to
th3 liberies of tho people, I felt it my duty, at an cirly period of my administration, to call tin attention of Congress to tho practicability of organizing an institution combining all its advantages and obviating these objections. I sincerely regret that, in the act before me, I cin perceive none of those modifications of the Bank charter which are necessary in my opinion, to make it com patible with justice, with sound policy, or with the Constitution oi our country. i. ill IMF. i i ; ui eration that the effect of the original act of i incorporation could not be certainly foreseen at the time of its passive. The act before me proposes another gratuity to th Iiol the stock of this Bank are held bv foreign ers. By this act, the American Republic proposes virtually to make them a present of some millions of dollars. For these gratuities to foreigners, and to some of cur own opulent citizens, the act secures no equiva lent whatever. They are the certain gains of the present stockholders under the operation of this act, after making full ;al!owar.ee for the payment of the bonus. Every monopoly, and all exclusive privileges, are granted at the expense of the nublic which ourjht to receive a fiir equivaknt. Tho many millions which this act j proposes to bestow on t!ie stockholders ci the existing Bank, must ccme directly or indirectly, out of the earnings rof the American people. It is due to them, therefore, if their Government sell monopolies and exclusive privileges, that they should at least exact for them as much as they are worth in open market. The value of the monopoly in this ease may be correctly ascertained. The twenty-eight millions of stock would probably be at an advance of fifty per cent, and command in market at least fortytwo millions of dollars, subject to the payment of the present bonus. The present value of the monopoly, therefore, is seventeen millions of dollars, and this the act proposes to sell for three millions, payable in fifieeii annual instalments, of .$-00,000 each. I V. J t'"l ' V - - - - " - sell twenty-sight millions of stock, incorpo rating tne purchasers with all the powers end privileges secured in this act, and putting the premium upon the sales into the Treasury? But this act does not permit competition in the purchase of this monopoly. It seems to be predicated on the erroneous idea, that i - ' m the present stockholders have a prescriptive ngnt, not only to tne tavor out tho bounty cf Government. It appen that more than a fourth part of the stGck held bv foreigners, and tho residue is he by a fey hundred of cur own citizen chic-fly cf the richest class; for their bencf 1 , , ocer 01 compeiiiion might do opened, and n ... .1 A 1. . - 1 . . 1 ' offered to take a charter on terms much mere favorable to the government and country. But tms preposition, although made by men wncse ascrcate wealth is believed to ro r . - . -be equal to ail the private stock in the existing Bank, has been set aside, and the bounty of our CovBrnrncnt is proposed to be egain bestowed on the few who have beer
does this act exclude the whole American y , " ;""" , ; oi mo nosmo noeis ana .uiinoun.,,,.,. - ...... .... ---- - it ,-;iu(.i
people from competition in the purchase of i - controlling our currency; rece.vmg om , uii:o.i i ivawu uuu. -
this monopoly, and dispose of it or many mil- y - - r- ' i puuic moneys, ana noium- uiuuxu...... . ...... i-..w - , lions less than it UvrUh TbT Pr a;p i stock wnl be worm ten or hfieen per cem.jour c;t;zcns dependence, it would beared on it, caimc-t be suppc-cd i
less excusable, because some of our citizens, ! inor2 feigners than tocitizens otthe tIlora formid:lllc and dangerous than the lor the pmposc lor whica it is proPo,ca 10 not row Stockholm. rU'rA iU.t ih .A Unitca States. 10 appreciate tno e.lt-c.s auv,i cnd mii;tarv newer of the enemy. i bo creak d, and are not, tncrcaoro, nms
l Witliontaueviaiion.
The fotirtn ret.on proviuos -ut hie , notes or bills of the said corporation thoush the same be on the laces tnereot, rcIJiivJ li.J aii.k li ivo notes issued bv the St. Louis Branch, it can nav the debt with thus 3 notes; but. if a j a js3y Uio deal v:,ia laos, notes; but u u , .ccinnf, ,nccto.r, or oihorpnvato ct.zcn ; e m li.ve cncumatanci-a, ..o c,Ux1K)l l i m b peep! it npr.PMarv tendency is to unite the hunk of the United States and the State Banks in any measure which may be thought conducive to their common interest. The ninth section of the act recognizes principles of worse tendency than any provision of tho present charter. It enacts that "the Cashier of tho Bank shall actually report to tho Secretary of th S.MU UV-lUHIM iv -. Treasury tho names of all stockholders who are not resident citizens of the United States, and on the application of the Trees - urer of any State, shall make out and transmit to such Aicasurer a list ot stockiiol- ! tr?sr.h ih-- st.atft nt ibai.ff3 wdl oveur.ce. we " . . i must to co ? bnot review 01 tho operations ;iuvj. 4 and present condition ol the iiank ei tne en d Sta By documents submitted to Corcjees at
paybisd.bt witnmoseno.es, ui.uin; , CCU:1;1V, and this act ! opinion of the court, and the reasoning by there ana inventors, the cxclus.ve ripit to TI,Cm? ?Stj Th"tonCconed ! ,i Siara ItslrturJ: The emiro! which they have come to that conclusion, their respective writings and discoveries." htCtl iTJ; Wi i control of the institution would necessarily I understand them to have decided that, Out of tin, express legation of power,
. . , . . ... .i . . l... . , 1 lie, V.TllT'TiTr.i !!1 (:b!( . U,i.-i. li 13 tao..;i.i- -,!? . rr7 ' .
10 iia; ..w-, - o npt!f,H i,-to th-h-nds of the lew citiz-en stock-; inasmuch as a 1 Jank is an appropriate means j fi:lVo jrown cur laws ot patents and copitscll, is most odious, because it om-s no,. - ; - . so , , , ; . the oljjcc i for carrying into eftbet the enumerated pou- rigli'sJ As the constitution expressly delemeasure out equal jusnce to tne mgh and a;;l u it.M -I ; GcncYA Government, therefore, to Congress tho power to grant exeluthe low, the neb and the pooi. drrphj;r tp;n lQ gccurc t'ut con- i tlie law, incorporating it, is in accordance j ,ve privih ges, in tluse cases, as the means To the extent of its practical effect, it is ; bv monopolizing the I with' that provision of tiu Constitution, j of (--.ruling the substantive power fcito proa bond of union among tho bankingestablish-1 ' t 'i.i. ' ''p!,s-.rX danger tint a ' which d :cl ires that Congress shall liavt-! mo:o the progn-ss of science and useful
iTi.-rt5"nftbn nation, erecting tncm into enm-' ; . , ? . ... . ... ..i j ... i... .,- ! all laws wnich sljr.ll bo ne- i nrtv' h. is rj-.nslisjf nt wiih tb.e lair rules ci
' 7 A, A . , i rri.'SKient ana Jjircciors woum uioii - - - - tcrest, separate from Uat ct the pcopiC, ..nd . r.v. u, v.r. and cessarv and nroner lor carrying tnose pow- constriKdion, to conclude that such a power
' 11 r-i 1. 1 t 1 1 ' r v.? ;i k 1 i. i jI 1 -mi t a 1 M. . w-v iii'i't r ff i' : ! t 111 i, .-'1.11. ij
tho present session, it appears that on the posed exclusively of our own citizens, who 1st of January, ISoQ, cf the 28 milhons of at least, ought to be friendly to our governprivate stock in the corporation $,-SCr?,500 ment, and willing to support it in times cf
were held by foreigners, mostly of Great
Bnto.. Tho SEScuxt of sicci; helJ in tiiclsicstic capital, thit ccmpc-unon, m su
' 1 7 '
'.' :'-? u-i t i:3 r.rnviJOlI. Hi iiS ;iaLiiuai i ca o.pmc t , ! uu a icxcnu. lie tae ex cn, iness. anu "rear preiiLS ui ui.s ""'"""" is fraimht with danger. Of the twenty live o e? v - :x i a j i . vi 1 1 - - - - - cs j thj extent of suffr..!re in the choice ; tiers. 'f - : , , , is , ., - - ; J,m al!l ..-.... i, ; ' whole concerns of tho Bank during the exis-j
... . ii-i .vr.,.,.-.lr ! rr I'.i.i pv; - r nt it in.'" liav;nLr S it islie d ! vsr. s i ' nt i v. t e o;l . d i n bo '-ranted as a means
tence of its charter. It is easy to conceive tiio onsinmion, meaiib uitoji tiouthat rczt evils to our country and its insti-1 site " "es.ntialS "comuave to, ana mat lotions mhmt now from such a concentration -a Bank" is a convenient, a es.iel and cs-
of newer in the hands of a few men irresponsihle to tho people. Is there no danger to our liberty and independence in a Buik, that in its nature (JCl)eil'JLllCO 111 il JJlIlj 111-11. , jn go p(Uje to j,;nj jt to 0 ,r country '? Tiie j prcs;tj,.nt of the Bank has told us, that 1 m&st 0r j50 gl:i(0 haaks exist by its fori ,n.,rnf0 Kl.nnbl its influence become concentrated, as il may, under too opera ry, and ive siiouio, unioiiuaa.ij, ... t . - involved in a war v.iin mai mm.1 11
,a.' 11.. . 4 .. .. I . ..i ) ...i .
l Zr .1 "?...'. r,vl.?ltn ! rliif.rc.;-.rr tr, m in f T'l ll ill CV
tockheddc-rs, every censideration of sound j consequently not justiiied by the cc;-..tu-)olicv, and every impulse of American i lien.
s poi feeling, admonishes that it should he purely m t.'n ll ,tevr;c;l Al tll tO. C"!.ldifficulty and danger. So abundant is dc-
kt,, nrP,m!(;(,n ,vhrU mav ho v.u sentcnnroval, as it is Supreme Jmlges, when it may be ,,t , tllf?m r ;U(;ci,l decision. I .-...0.on of n that cd the Congress or the Lxecutive, wnen acting in -7 - ' . , . . (Constitution S,M at tho Uv. incriiT.liMg tho B:u.k, U i: cons:i.!lti)nal korci.,0 of ,H.or by Cou.r-,. i?.,t i d. no- into view tue whole themselves, lli.it tho word -neeessxrj,- in , j sential instrument in tne piosecuticu Oi hie (jovernmcnl s kmseal operanons, mc conclude, that to "use one must bo wiihin tho discretion of Congress," and that '"the act to incorporate the Bnkoftho United States is a law made in puiser.iicv of tho Constitution:" "but," say ihcy, -svkerc the I an" is not p-o.iihiU J and is rcuuy cm cm a ted A ciTtri a:M of iuc vhlccU entrusted to f'.n flnrrrr.ncnt. to itriirrlzLc h()'C to en- - r,i,fV.. ;tJM th ihtrtr. ofitt j.riT.svii', icouh. - be tj pass the hue i:hieh circumscribes tue e Judicial Dcitarimcnt, and tj tread ci LiLndatlcc rrom:dP Tho princirio here affirmed is that "the :ide, Hi.lilv.1 11. w ' jU I 1. W C A-. . " '
ujiu ui uiv,.u- 'J'
i '-' "--'j r,,r," ,r,- .. , r ,.iu-,h;0 ! . i i. ! Tv ,,). in .Pt:,r, -fnvrniefd v nr:o I inn eta -.; to nrescr.he sucii o.seuald.'eations,
u. ."-v w p.w..u . es con iocessei , .llivThe nri- i.,;..! act of corporation, 3JC:c 21, onacts-drAt no ether Bank shall be ci-1-j.ehs: ,ed bv ar.v futur of d iO i- i, Slates diiriiv? the conlir.uarxo ot tlie co.poration hereby create. or v.j.c h t' ot tr.o tii. ted fciates is nc.av .l,.., Presided, Cocrcsd cay tcii.'-v ciiin ' . . .
lion of their successor?. This rcstric-
o.i themselves and grant of a monopo ly to the Bi::k, is, therefore, imconstUu- - . , s r? i net increase rxktiiir 'ban nor create other binks witii canitals exceed in- ilt tho whole six millions of dollar, TiiaW.titut-on declare, that Con-Trss shall have newer to exercise ex,i i- . ! whatwetvr:'' and this act declares 1 ilicy ,v,:.'.77 not. Which is the supremo law of
Loin, i tho tane ; j ins provision cannot uo-;-must i vv'ci.v1 or 'jj.-.arirr.' or cMi&tititfhnaL tin-
! less tlie nbsnrditv he? admitted, that when- ; ever it be -necessary and proper,- m me . . , ., . ,1 barter aw ,y one portion of the powers ves ted in them by t;ie constitution as a means of exLcmiurr the rest. 0i two subic-cis onlv dors the consult!tion rceo'mize in Con-ress tue power to grant cxclus.ve pnvdvcs cr moncpeltci ', i, iocUn-s ttr.t "Conss rfnll huvo power ,o pr.v,:,o .he p,gr of science and n r.r' bv s-ninnT. t-.r h m: ted times, to auof accomplishing any other cud. On every oth r subject which comes within the sccpo of Congressional power, there is an ever living discretion in tlie use of proper means, which cannot bo restricted or abolished without an amendment cf the constitution. Every act of Congress, therefore, which attempis, by grants of monopolies, or sale of exclusive privileges for a limited time, or a time without l'mit, to restrict cr extinguish its own discretion in the choice of means to execute hs delegated powers, is equivalent ; to a ierslative amendment of the constitu tion. and n Jnabiv unconstitutional. t 'PIim rr.i pctl.oriz-s and cncourajTCS transfers of its stock to foreigners, and grant ! Cv:m an exemption from all state and natitr. ticnei iax..t'on. So li.r from being "neccsmry and proper"' that tho bank should possess ana cmcieni !s fiscal opcravcrt the Baal: cf eirn bank, to of peace, to .it nee through nd, in war, The several stntes rrsr rved tho power, at the formation of the cn-titnt'on. to regnlato and eontrtl titles end translVrs of real pro-PL-rlv: and most, it not idiot them, have ! hws" oiseualifying aliens from acquiring cr ho airi" lanes wt:.:n tiie.r limits. iut this , - i . . ;v.i:..', 1 v.Vv-V-4v 1 . . ' ... - - - 1 title, as members oi the corpo the real property it may ccquire f th states ol tuis Union, i h:3 ranted to aliens is not necei-.I.-ie the b?nk to perform its pub- , iic-r m any sense "pro?:c: be cause it is vitally subveisive of the rights of - ! Tlie Government of tho United States ! have no constitutional rower to purcbdi;j lanes wit Inn the states except "lorinc eree. ticn offer. f, magazines, arsenals, dock yard.i, and other uetdful buildings;" and even far these ol.jects only 'ey the consent of ti c-. Legislature cf tne state in .hich the sarno shtdl be." By making themselves stockholders u the bard:, and granting to the enr- . . . poration t:Q power to jeaichasi lanes -r ..!.,;v tuey a pew Tamed in the constitux.e-n. : othcis what they do not ih. n-ar-iw pesaert.
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