Western Sun & General Advertiser, Volume 23, Number 25, Vincennes, Knox County, 28 July 1832 — Page 1

llStMtl

BY ELI?:.U STOUT J VESTCaISS, SilTURDixY, JULY 23, 1832. VOL. XXIII. ISO. 25

1 V

Ze.otcvu Sun

IS r.Wi: 01 :.l 7,2 50 rents, for 52 numbers; which mav be discharged bv the payment . 12 a: the time of subscribing. Payment in lvancc , hcir.p; the mutual ir.tcrc.t ot bom patlic3, that models solicited. A failure to notify a wish to discontinue at t expiration of the time subscribe i !.u , will be considered a new enrt?'.'vi .i pi ; V no sr.bsciibcr at liberty to discontinue, until all arrearages arc paid. S -...-rrsbers must pay the postage on theli puets when srr.t by mail. Letters W mail to the Kdiicr on business mi: ' paid,orliiey will not be attended in to. 7 c.') v:i:l be received at the CasA A' .r.rcf - :cr, for subscriptions, if deliv er cd within the vcar. Anv ei'.tisi'MKnts not exceeding thirteen i'.'C', w ill be inserted three times for one dollar, and t i-jnt y-nve cents for each af'cr " -,. h-ner ones in the sam." .'a. gTTl'crsons sending Ad"ei-tisciitntH, must 9pecify the number of times they wish them inset ted, or they will be continued until ordered out, and must be paid for accordingly. FKOM TIIK VWV. IDRNT OF THE UNI ! T:i ST A TF.S, Returning the Bill, irith his oljtcThe bill to modify and continue" the :rt entitled "An act to incorporate the subscribers to the Hank of the United States," as presented to me on the -I'll July instant. II ivir-K considered it wish that solemn regard to the principles of the constitution whv h the d iy was ealru'.ated to inspire, and eiiu- to tiie ( oni hisinn that it ought not to tveome a law, I herewith, icturn it to the Senate, in which it eliminated, with my objectio;i . A IVmk rf the United States is, in many resteers, convenient tor the Government, r."d uefe.l ti- the people. F.ntertaining this cpinVn, and deeply intp.rcssed with tin belief that some of the p-.wers and privileges possessed by the exis" ing bank are unautliolird !iv the constitution, subversive of the T;-ghts f ti e States, and dangerous to the r.Vrtt s of the people, I felt it my duty, at an earlv period of my administration, to call lhe attention of Congress to the practica-1 Im.tv ot organizing an institution combining nil its advantages, and obviating these ob-jk-rtions. I s'mreiely regret, that, in the act before me. I can perceive none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the censtit iti :n of our country. The present corporate bodv denominated the President, Di-Vitors, and Company of the IUnk of th- United States, will have .-xited, at the time this act is intended to take effect, twenty years. It enjoys an ex elusive privilege- of banking, under the au thority of the General Government, a monopoly of its favour and support, and, as a necessary consequence, almost a monopoly of the foreign and domestic exchange. The powers, privileges, and favours bestowed neon it in the oi igiual charter, by increasing the value of the stock far above its par value, operated as a gratuity of many millions to the stockholders. An apohvy may be found for the failure to gnird against this result, in the consideration that the effect of the original act of incorporation could nt be certainly foreseen at tie time of its passage. The act before me proposes anothe r gratuity to the holders of the same stock, and, in many cast s, to the same men, of at least seen iniUi -ns more. This donation buds no apology in anv uncertainty as to the effect of the act. On a'l hands it is conceded that its passage will increase, at least twenty or thirty per cent more, the market price of the stock, su''j.vt to the pa ment of the annuity cf CO.'X'O per year, secured bv the act; t.uis iu.u.iig. 11 a moment, one fourth to :ts par value. It :s not our own citizens r ...l J "lMe the bounty ot our vitni-i ument. .viore imm enrht mil n.ns ot thc stork of this bank are held by foreign.1 - - ers isv this act, the American KenuMir pit pocs irtudly to ru -ke them a present rat-.-", ot tin- act, alt- r making full allow. a;.c" ti l the p -.vn cut i t" t'ne liouv.s. 1" verv vm .ncpo. a:i. exclusive pr;vie,g-. are gr.inti.-d V. expense ct the III 1. 1 1 u l ' : I t . 1 1 0ug.1t I receive a lair equ-.va-Jei.t. The prop-es t the exist!:1 mauy m:;.; n s which this act C!'V.y o 1 );.. stot'kll k!l is of ban o.t r --rue ihrectly or in t . t i of t'ne A meri directlv c ut ol caii p-:! It 1. . 1 t.ieir 1 1. vern iit ni clash v ;tm ie' 1.. V.: s O r; exact fi r the :u in op n in irke ' poly !) thi e.t:- m.ie - ecirrcctiy asceriauie'l. l he tv er.'v-eigiit UH'.bo-as ot 'uiu r; --i;.t. i a;- at a t aavance c nttv 1 per r dt. and e.nmaud in market -.t leav. 4 . . r . t . i- I i i , . . . v iia...,..!N vi o,)u,!s, mi, ueci to the t i i i i a t ' , . ....... i ii. . , ' "1V i'' """' preA u "- 11 n,o;.( ;v h , theictiue, i ni,:;,"nV-f ,,,1Ils :uul lhiS M !i;i!; .'V t.?."1.1! ,,,r.l,,4n'1- '''dns, pava - ....iiKjvi .Mv.yjv eat It is iy : conceivable b,rv the preset S:,M, LV 'V'V1 h1U' t iai,h l ,,iC tl.il t iVoil (1 t.:e (,,.( i r.niL i.t. Thc ptc--sen'. c ro'..rati..u ha-, , its ri,otioin.l r.niii.i' f ho r t ....... ... i i. .i . l kl ' o i in uit ( i ic,iu.il , , . V, ' ai'.MU h a c,,n"--

01 s' n,t miun nsoi eloiurs. 1 or these gra-! out equal justice to the high and thc low, tumt to t rti-!ers ami to some oi our oun 1 the rich and the poor. 'iVthe extent cf its

opui. i.u.ua-iin tn- act sccun s r.o t-jmva- practical 1 -fleet, it is a hood of union arr.onr lent wha'.-xei. 1 hey ate the certain gains the banking establishments of the nation" of the present ste ckr.o'.Jcrs under the ope- erecting them into an interest separate from

1 T .1 1 "i t . . . I. . 1 1

rut the whnlc stock, and thus secure tothecn the capital or on the shares and that ; operation of such an act as this, in tbejmrratcd powers of the General Governpeople the full market alue of the privile-1 may be assumed as the amount which all: hands of a self-elected directory, will; rrent, therefore the law incorporating i' ges panted? Why should net Congress ! citizen or resident stockholders would be! theie r.ot be cause to tremble for the! is in accordance with that provision cf create and sell twenty-eight millions cf, taxed under the operat.cn of this act. As! - of elections ; c and for ; lhe ecnitllution which declares that ConMock, incorporating the purchasers wit 1 it is only the strck hrlU in the Mates, and : . . 7, , , V , ,i

all the powers and privileges secured in this ; act, and putting the into the Treasurv? act, and putting the premium upon the sales Put this act does not permit competition the purchase of this monopoly. It scenes J to be predicated on the erroneous idea, that the present stockholders have a prescriptive right nctonlv to the favour, but to the 1 .. r r ' t bounty cf Government. It appears that "1 r 1 r . 11 ... i pnears that more than a fourth part of the stock is held bv foreigners, and th residue is held bv a tew hundred of our own citizens, chieflv cf the richest class. For their benefit deethis act exclude the whole American people from competition in the puichae of this monopoly, and elKpose of it tor many millions less than its worth. This seem the less excusable, because some of our citizens, not now stockholders, petitioned that the door of competition might be eipened, and ofiercel to take a charter on terms much more favourable to the Government and country. But this proposition, nltlwugh mane by men wh se aggregate wealth is bclievtd to be equal to all the private stock in the ex-! isting bank, has been set aside, and the ; seem to be its duty to take nothing less than their full value: and if gratuities must be made nnce in fifteen or twenty years, let them !Kt be bestowed on the subjects ot a Uueign government

inmitv ot our rovcrnment is lirnno'.n tnhe Wino I K..ni 0 1 tm dnt, 1.

ag.in bestowed on the few who have been fils ot lhe bank io ,831 sh0wn L a' ,tS Peralit,ns vv't!',ri wcu!ti bs al- f 3,1 detahs of a banKing institution, fortunate enomrh tn secure the stock, and at i f, ' 1 u o ! the hostile fleets and armies without. is a cjiicstion exclusirely for legislative , . : . . . r At . . statement to Loncrrcss, wore about 83, - S .- i. , - . i this moment wield the power of the exist- 0 f ij ' th , . . ! Controlling our cm encv. receiving cur consideration. A bank is conititutiona'; ing institution. I cannot perceive the jus- 55,5.h: ot tms there ar.crucc, in the hjic ni(H,cvs ant holding thousands but it is the province of lhe Jei!!u:e tice or policy of this course. If our Go- PJ" Ywrn -tcs, aDout fc, 1,61k,048; cxz n dependance, it would to determine whether this or that pjni-

vernmene rnusi sen monopolies, it woui.i - .tjuhv.iu vjuiu, ugui ; i r , .i .u..

t, nor upen a designated : , , . . . ! I ! h the ban, is principally a debt to the. if men in our own coun- ; , r r . r ' , , , , (;r, .rr,r i nr,;P,. oc!eastcrn and foreign stoc:cholders: that ' t.cc anu goou pone , as , t . . ' . .

and 1'ivored class of trv. It is but ius far as the nature cf the case will admit, to 1 confine our favours to our own feifow citicens, and let each in his turn enjoy an opportunity to prcl't by our bounty. In the bearings of the act before me, upon these pointr, I find ample reasons why it should not become a law. of rc-chartcring the present bank, that the I calling in its loans will Drodvce cre?t em- 1 caunit, in us iwa .s wm wiuu ce, yi..i tm , barra?smer.t and oistrcss. 1 he time allowed to close its concerns is ample: and if it has brni weh managed, its pressure will ; ing a power wincn nas Deen so onviouslv ! abused. But will there ever be a time when ! . . . i , v v. iv 4 i this reason wjjl be less powerful? To ac knowledge its force, is to admit that the frank ought to be perpetual; and, as a consequence, the present stockholders, and those inheriting their rights as successors, be established a privileged order, clothed both with great political power, and enjoying immense pecuniary advantages, from their connection wita the Government. The modifications of the existing charter, proposed by this act, are net such, in my view, as make it consistent with the rights of the States, or the liberties ot the people. The qualification of the right of the bank to hold real estate, the limitation of its power to establish branches, anel the power reserved to Congress to forbid the circulation of small notes, are restrictions comparatively of little value cr importance. All the objectionable principles of the existing corporation, anel most of its odious features, are retaineel without alleviation. The fourth section provides "that the notes or bills of the said corporation, altho' the same bo on the faces thereof, respectively, made payable at one place only, shall. liV t l nil IV.-, 1 t llvlivl.ll L IUI. S.IIU V .'! 1Ur,C .17 ... K- .,. I .. .t.l ' v ration at the bank, or at any of uii; niurcs Lr' of discount and deposite thereof, if tendered in liquidation or payment cf any balance or balances elue to said corporation, or to such o'Tice of discount anel deposite, from any other incorporated bank." This provi sion secures to the State banks a legal privilege in the Rank of th,e United States, lege in the Rink of thje United States. which is withheld from all private citi .ens. If a State bank in Philaelelphia wr the Bank of the United States, and have notes issued by the St. Louis branch, it can pav tut- ceoe u euose notes: nut it a mev.1.. i. .1. . . 1 ; chant, mechanic, or other private 1 itizen be j in I ke cir cumstance s, he cannot, by law. , p.ty his ciot with those notes, but must sell i tiu-m -.t . . .r ,1. , . .wivi.i ui v.i.vv. nv, -i .iui iiiiui hi .3L. Louis to be cached. This boon conceded to U mrvt ,,dio.iv. b.-r.,, t . ' .... .... , . v .i. vv III.'. l.iUUl V. that of the people; and its necessary ten dency is to unite the Hank of the L'nid 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 ot wmse tendency than any provision of the present charter. 1 . 1. ...1. . 1 r .1 . , . ic inaii. mak lot: eas ner ol tup oinic ,, transmit tn such I reaMirer a list cf stock - holders residing in, or citizens of such State. with the anvunt f Mock owned by each." Alt'" -ugh this provision, taken in connection . . ' ' with a decision of the Supreme Court. sM i . . .. ' renders, by its siki.ee, the riht of th , States to tax the bant in hv this corporation, nnd, r the name of 1 hranches. throughout the Ibiiori. it is evi - institutions crea - uur.i uiuiutu uiLR-i nn'truedas a ccuression of their right to t:.x that portion of the . Mllt k v hich nVav be tield hv their own citi- ! 'VMdellts. In tiiis'h -ht, ,f tli-, act i l.e-rouits a law, it br mim-i.tn, d hv t'.e ': Static uhn ui'l m-.J. .t.i ...i . . i . . i i . . 1 vv vviii , , tax equ t tri.it p ii i tipi-ii the st ? 1. ( . .u.cap.a-itrd ! U.ems-hes. In sonic mv-1 r pt-:

he hgnt.anrt heavy oniy in case us manage- million cf this amount does not stop in ment has been Lad. If, thereiore, . ,t shall ,he Cft5tern States, but passes on lo Kuproduce distress, the fault will be its own; . ,, - . , ... , Lrl it wv.M fm?sh n n,n ,r9!ntt rJ. r0Pe l V l,'e dlVH.CUris Of the foreign

, . , u .. - 1 -1"-'1 1 "') signing men to secure that con'

t ie-, s' t -,'-i v p. .N. i J., i r ., T- , own hands, by monopoly

c!i .i. thoy are worth Mates: and. on rl.c : imnMinn nf tho r,. .. ; remaining stock 1 here i dang

alue c f the mono. I surer f any State shall m- ko ivit 1 a president and directors would

not that evxU,cd within the in, which would

be subject to taxation, and as the tames of - Itortign stockliolUers are not to be reported ; to the Treasurers rf the Slaters it is cbious that the stock held by the in will be empt from this burden. I heir annual pro j fits will, therefoie. be one p,-r cent. ni.M e ; than the citizen stockhol'Yis; and. a the! , ,. , . . . , ' . . . annual dividends (! the bank nviv be ate!v . j . . ' annual mvuienas -i me oank nviv !;e ateiv estimated at seven ner cent, the stock will ' 'be worth ten or fifteen per cent n.ote to fn-: reigners thnn to citizens ot tl.t Uu"t di States. To appreciate tin fillets aI. ich thi , state of things will produce, we nuit take ' a brief review of the operate.. and pre-; sent condition of the bank ot the U.uud; By the document submitted to Con-j gress at the present session, it appears! j that, on thft 1st of January, 1832, of the! . western and south-western States, is; 1 40,200, and in the four southern!

twenty eight nnlli.us of pnv ale stock m , . . , ,.f . ,. , ,,l ' . ry. 0 n . torditioni Uf tne course wtuc'i would , Vht e of xtx vrci$ttv, rvcnud be to fiats the corporation, &8,405.50O were held . ,. . , , . . ,, , l f .1 J , . , : , r . be pui Awed bv a bank a!mot wholly own- thr tine ti'.'ucft ciTcurncn!te the judicial by foreigners, mostly ef fireat Britain. , ; , . c r v . . j . t 1 1 vi... ,r , i . 1 , , ed bv the subjects of a foreign power, department, and to treud cn legisUitoe 1 he amount ot stock held in the tmc , , K , . ' . j.t

507; and in the middle and eastern ! T n!U,v """'V:."" u"' States, about 81,463,041. As little stcckllhe nava! and milllar' PWCr f lke

is held in the west, it is obvious that the debt cf the people, in that section, to the interest they pay upon it, is carried into the eastern States, and into Euronc; and that it is a burden upon their industry, and a drain of their currency, which r.o country can bear without inconveni ence and occasional distress. To meet th'm bnrdrn nnd enualiyp th pyrhan-rr1 operations o! the ban, the amount orir

specie drawu Irom those States, through . . . . . . . u i - , led almost to riots. AO a D3nk c its branches, within the last two years, . . . A . . .. as shown bv its official reports, WaslslfC!y ot, Amencan s "kholders,

about S000,000. More than half a it - i r crnr : nn nnrc ir r nr nrinci mo r t t r a a. . i" h'' t5on recognized by this act, the western States find no adequate compensation for this perpetual buidcn on their industry, and drain of their currency. The branch bank at Mobile made last year 95,140 dollars; yet, under the provisions of this act, the State of Alabama can raise no revenue from these profitable operations, because not a share of the stock is held! i v a rvv o I hpf r 1 1 1 f f r. Al icciccmitm onil ivussouri are in me same condition in relation to the branches at Natchez and St. Louis; and such, in a greater or less degree, is the condition of every western State. The tendency of the plan of taxation which this act proposes, will be to place the whole United States in the same relation to foreign countries which the western States now bear to the east. e:n. When, by a tax on resident stock-1 holders, the stock ot this bank is mane .i . rr. . r wort i ten nr lilteen ner rent mnre in fn. reigners than to residents, most of will inevitably leave the country. . . . . . a . I hut will tine nrnmainn. in ilc ti-,i. : - j . .-.v.. ... .w win - i , rr. :. .u . . . i tai iiicti, ucuuvc viic csiciu us wciinsi flif tnnf lirrn nnrt npetprn t'-tioa r-S tlc r ru i . r extension of business and crcat nroHts of this institution. I will make the! Atneriean people debtors to aliens, in ' nearIy thc uho!c am,,r,t jue ( thisj j bank, and send across thc Atlantic Irom 1 i two to five millions of specie evciy vcar ; I to pay the bank dividends. l f . . . .

in anotner 01 us neanng3 tins prof 1-: ought not to control the ci-ordmatc au-! another, and by all Congress alike, crd sion is fraught with danger. Of the : thonties of thi government. The Con-; alike at every scstin. But the Ccntwenlv.fivn directors nf thi bnnk. fi

; are chosen by the Government, and 1 : . , . , . ifwrnTV rit? tn rinpn c-rL-nniirc From all voice in these elections, the . J " ! foreign stockholders are excluoed by the I I - - . cuarier. in proportion, inereiore, as the stock is transferred to foretfrn holdj ers, the extent of suffrage in the choice 01 uireciors is curiaiieu Aireacy is ai - most a third of the stock in foreign hands, and not represented in elections, It is constantly passing out of the country, and this act will accelerate its departure. The entire coniroJ of the institu -

tion would necessarily law into the hands j o a few citizen stoCKholdejs; and the' lease with which the object would be ac- ... . ... . . "j vu.i:.iijh.U "wuiuuy. a n.liii.miuil ,u rnmniiaii n,,nOi k t rr,rQf lfiti ,-. h. rol m ing the er that then be! 1 ao,c t elect themselves Irom rear to I year, and, without responsibility or con- ; 1 trol, manage the whole concerns of the' bank during the existence of its charter. It is easy to conceive that great ev,h to( , Olir Cr)Httrv nnr! IneflfOtloOS niliTP.r flow i r . . . ,romLs,ich a concentration of power in 1 thc ha,,(!s of l men, irresponsible; to the people. Ta I I a . . .1 . w. l!K..ln . fi' nitre no mange, iu i'ui utnt imirpcnuence in a DanK. tna:, in us rjtore, ban so littlr to bird it 'o our ccuo u. i ne rri'MdJtitol tneumK. ha toiu us thst nu.,t f me banks e'it b '.' turhe.u .ii.ee. Should its inihifncc erconn; conctnticeh a v. m ay KT the

! ...lw

, . 1 ,1,,l-5ce 01

1 ',tir rjve" would be great wherever j 1,1CJ n,,Hlil moose to exert it; out 1: ; this monopoly were regularly renewed ; ex-eveiy fiftepn or twenty years, on tern, s j proposed by them-tlvrs, they miv'ht sel,i(fn m t ,iUtfortu heir 9Xutnzih to ' n b.r . J ii.llueriCfc eiectuns, or control theailJirs . , . ' . " . . 01 the Ur.tloti. Init 11 r.v nni"ii mi. I ... , . ' . . . u,c ,K'UUM' 11111 11 ar'V pnvaie citi"n or p'diitc functionary should interpoe to cuitail its powers, or prevent a renew a! ol i's privileges, it cannot be j doubted that he would be made to feci its i,,fllKncc. j Shnu;d h fk of , b k . . , - . , , , ' ortunateiy become intoUcd in a war ; , sod managed by those whose interest'?, ; il ny afi'ections, wculd run in the same j direction, there can be no doubt. All : i. r : !. i i ' i enemy If we must have a bank with private stockholders, every consideration of , ,. ,J . , r sound policy, and every impulse ol ' . 1 f .. , 7- . 1 , . -. American feeling, aumonishes that it ling, should be purely American Its stock holders should be composed exclusively of our own citizens, who, at least, ought i to be friendly to our Government, and 1 willing to support it in times of difiriculauu,,u,im " umh.u , r, ,, , , ! ior tne stocK oi local oanKs nas recently posscssing the powers and privileges granted by thjact, snbscriptions for two hiindrcd millions of dollars could be readily obtamed. Instead of sending abroad the stock of the bank in which the Government must deposite its funds, and on which it must rely to sustain its credit in times of emergency, it would rather seem to be expedient to prohitut its sale to aliens under penalty of absolute forfeiture. It is maintained by tbe advocates o? the bank that its constitutionality in all its features ought to be considered as J r of the Supreme Court. To this conclu sion I cannot assent. Mere precedent is a dangerous source of authority, and should not be regarded as deciding ques tions of constitutional power, except where the acquiescence of the people and the States can be considered as well settled. So far froru this being the case on this subject, an argument against the bank might be based on precedent. One r1 - . . :,, irrni -1,,;,uj . r, r . h. - , , a lj a 1 1 i anuiuci, hi 101 i, nceioeu auamsr ' ' ' ' . it. C )nc r.oncress in 1 8 1 5. decidrd ar aios . - - - . j a baak; another, in 1816, decided in its ....Vlil. I .11.1 II. I ' . n I . . favor. Prior to the present Concrtss , , f mticiuic, mc intv.tuciii3 uiawu nom , , that source were equal. If we resort ! to the States, the expressions of lecrisla tife, ludicia , and executive opinions . J . '. . . ' against the bank, have been, probably, to those in its favor, as four to one. There I is nothing in precedent, therefore, which if jt3 authority t ." f r 'h , were admitted, ought to of thc act before me.

; 11 ,nf PW; 01 aupremc Lourynem rn.g,, me 11 txpecent ii m ! covered the whole ground ot this act, it j pojeed by cne Congress as wed in

11 .i . : i-.tr- ! must each for itself be enided hv its ,,wn . . - . r " V ' I 1 . vv . -MlWU .IU1I l.JV II ' I 1 . , . k A ........ i- i. .t'- ; officer, who takes an oath to suprort thf . constitution, swears that he will supnort : u as he understands it, and not as it is unt. . . derstood bvothers. It is as much the dntv j of the House of Representatives, of fSie Senate, and of the President, to decid. t upon the constitutionality of any bill 01 resolution which may be presented to them for passaee cr approval, as it is of the Supreme Judges when it may bej broueht before them for iudicial deci ; sion. The opinion cf the judges has r.o more authority over Congress, than the opinion of ConVress has over the iudpe: r o - j o ' , 1 .u. . 1. n . ; .,..). dUVI, tUI 1(141 IIUJUI, IUV I HCIVIll 13 I1IUC- ; pendent of both, 'lhe authority of the ; Supreme Court must not, therefore, be permitted to control the Congress or the Executive when acting in their lerish tive capacities, but to have only such influence as the force ot ihtir reasoning may deserve. Rllf rp r,. . ... Ctt premc Court have no deciJcd that aI, .l r .... . r ..- me features oi tins corporation are compatih,e wi,h lhe constitution. It is trt hal lhc court have ,a,d U;3t thr ,aw j irue in ! corporating the bank is a coiiiiitutior.al cwaur m power rjy t.';j)jfcS. IJUt,i Awi.s.nA. f 1 r . ,1 idsiio into view the v.,hcle opinion o ihr co'.trf, and re i -m' 'mr hv uhi-l n.(y hju- rorne rotat coo-lun;r., I uti der-jt ind them to hnvc decided that, in ' ssninrji as fjrik ii ai appropriate rrieauJ hv CJIl Vih hj ihlo itlct'. the Ctiu

laws vr,icn snail be necesssiy and pro-

per iur can mg uiose powers into exc-

cution. Having atified themsclvc that the word u?uces9ary in the con-

stitution, m "osr fw.V . . . - nanh l. a C . . . vpntial lnstr l means I'vcedjul' requisite " "conducive fo" ad that "a orjvcnient, a usclul. ar d es- . . . . . . ' . semiai mm uuien., j. u.c pros ecuuon 01 the C;ovcrnment s "hscal operations. tliry concluoe, tliai to ue one must DC within the discretion of Congress, and that "the act to incorporate the Dank of tie United States is a bw made in purof h COll5tilution: .,but," 5,v i; - . ... ... . ,J r rhr o!jQtn cntt rated to the governr ient, ground.' The principle bete affirmed is, that the degree of its necessity," involving cular power, privilege, or exemption, is "necessary and proper" to enable the bank to discharge its duties to the Government and, Irom their decision, Ihere is no appeal to lire courts of justice TT , . - - f v Under the decision cf the Sunrc r. ... - ., i Court, therefore, it is the cxclusi e p unrctne pro vince of Congress and the President to decide whether the particular features et this act ate neeeseary and fircfier in order to enable the bank to perform conveniently and efficiently the public duties assigned to it as a fiscal agent, and therefoie constitutional; or unnccetkary and im fire fiert and therefore unconstitutional. Without commenting on the general principle affirmed by the Supreme Court, I let us examine the details of this act in accordance with the rule of legislative action which they have laid down. It will be found that many of the powers and privileges conferred om it cannot be supposed necestary for ti e purpose lor whic-t it is proposed to be created, and ate nat, therefore, means necessary to attain the end in visw, end consequently not justified by the constitution. The original act of incorporation, teclion 21, enacts "that no other bank ?hall he established, by any future law ot the United States, during the continuance of the corporation hereby created, for which the faith of the United States is hereby pledged: Praridcdy Congress may re new existieg charters for banks within the District of Columbia, not increasing the capital thereof; and may alse establish any other Lwmk or banks in said district, with capitals not exceeding ia the iiole six millions of dollars, if they shall deem it expedient." This provision is continued in force, by the act before me, fatten years from the 3d of March, 1836. If Congrens possessed the power to establish one bank, they had pr.wer to establish more than one, if, in their opinion, two or more banks had been "necessary' to facilitate the execution ol the powers delegated to them in the constitution I If they possessed the J power to establish a second bank, it was a power derived from the constitution, to be exercised from time to time, and j at any lime w hen the interests of tbo ; country cr emergencies of the Govern.1 . ... : i . .1: . t .. . 1 their successors for twer.tv rears, and . . , - - .... ... - ' y.1 ' f ' J V- - V V U 1 1 1 ii,n . r.i 1 o . i . it for fifteen years more. I: cannot Le i "r2rrsarv" or "hrcfiir" for Ccne:er. 'o uarter awayt or divest themselves, 01 I - any of te powers vested in them by the constitution to be exercised for trc public good. It is not "nece&nary" to :hs efficiency of the bank, nor is it "proper" in relation to themselves and their successors. They mav iirit.erlu use tho j His ! not 4 discretion vested in them: but the? may limit the discretion of their succes- . j ors. This restriction on themselves, j and p;rant of a monopoly to the bank, is, i therefore, unccnsiituiional. In another point of view, this prorisioo ia a palpable attempt to amend thc constitution by an act of legislation. The constitution declares that 'the ongitss shall have power to exercise exclusive legislation, in all cases whatsoever," over the District of Columbia Its constitutional pewer, therefore, to establish banks in the District of Co jumbia, and increase their capital at will, is unlimited and uncontrolable by any other power than that whicr- gae authority to ii.e con-tifntion t this act declares thai Cc::!cs sh3ll r.ot increase he capiiul of er:isiin;c banks, nor create other banks wi'u c?'i!ii!s excecdinr ill ' . i i. ' r i i. cons'irniion dtdsresthat CcDRiCfS shall mc powtr io exercise exclusive legislation over 'his District 4,n all cases - ' c. i cry" and this act declare they