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Br Myron Bartlett,
Telegraph is published every Wed-
B'lrolng.
' ti .j Office on Mulberry Street, r.vt side.
‘',^'fiiKKK Dollars a year, if paid in ad
,r rook dollars, if not paid before the
I nfthe « •,
hpifsil in 1,11 ™* eg <» P=>V I" advance,
hfParents and Guardians.
tfllE Subscriber incites the attention of Fa-
i -on and Guardians to his Seminary which
r resent conducted in n very large and com-
KL room in Mr. Cutter’s building, and will
Irentiiiucd there until an academy shall be built
[ESeen several years successfully ebghgetl
hnsiness of Education, and Intending to
eihc most untiring effortstd advance his ptt-
L their studies, ho will unquestionably re
Subscribers living at a distance
['Board of Visitation and Examination- has
E. km dished, composed of the following per-
-Pavid Flanders, G. B. Warding Luke
Eso., II- C. Cutter, A. R. Free
E'lhcr, W. J- Gibson.
’ e Board will visit the School cither ini
Illy or in a body whenever they may think it
Kt,tc will attend the Examinations mid re-
Vrcspectitig the proficiency, &c. of the stu-
] may not he entirely inappropriate to insert
[following testimonials, which, with numerous
hare boon given by individuals where the
-criber has heretofore resided:
ft. Caleb It- Elliott, the hearer hereof, is an
Lgred graduate of this College.' He took his
■degree at our late Commencement in August,
[possesses good talents—ranked high in his
|j-nnd has always 1 believe sustained an ir-
icbahlo moral character. He will offer him-
j an Instructor of youth; nnd ns ho has had
I little experience and has succeeded well
Kofore, I doubt not that he will.give aatisfac-
Iwherever he may be employed.
I H. HUMPHREY, President.
Islerst College, Oet. 1, 1826.
Hiaton, July 15,1829:—'This. Will certify that
|CiM II- Elliott has been employed for a long
las a Teacher in the Clinton Academy, and
[during the timo faithfully done his duty to the
Vc satisfaction of the undersigned Tustecs of
[institution, and has been of good moral
racier during his residence in this place, and
s the Institution with our best wishes for his
ire.
James Smith, Esq.
Gen. Wm. Flkwellan.
Dr. W. B. Stephens. \Truslecs.
Dr. Horatio Bowen.
James Gray, Esq.
C. B. ELLIOTT, A. B.
kmm, Ml 5,1832. 28 - 3w
|0 COMBINATION—FREE TRADE.
icnwarc, Glass. China and
LOOKING GLASSES.
JIIOMAS J. BARROW & Co.; Importers
l and Wholesale Dealers, JNo'. 88, Water
Jot, New York, offer for sale a very large mid
|nl assortment of Earthemcare, (Hass, Chi-
ml Looking Glasses, selected with the gretit-
rarc and comprising every variety of pink,
|h brown, black, bine edged and C. C.
[t: also, every style of plain and gilt Looking
Chinn and Glass Ware, which will bo
I .if as usual at free aud unshackled prices,
•'ash or city acceptances. The attention
Icrchants generally is invited to our Estait-
pnt and plan of business, as calculated to
lit tlie interest of all dealing in the iine.—r
attention teitl he paid to nil orders by
jr/roai our Southern friends, pledgiug our-
7*0 pay more than usual attention to their
Jnauieations by.giving them the hesvest style
Ms, and putting them down to the wry low*
pk price. T< J, BARROW & Co.,
! 88 /Filter Street, New York.
££ l ort, July 4. 1832.
r’Tlio Georgia Journal and Federal Union
(on Telegraph, Columbus Enquirer, Wash-
kuXews aud Southern Banner, will publish
|l»vc once n weok to th'e amount of $3J, and
lard their accouuts to this office for payment.
yrgio Courier. 28 1
CQAVIl mBING.
VlF. Subscribers still continue tho lmsIncSv
*' 'ho old stand, corner of Walnut nud
® Streets, where work will bo done accOrd-
> order. Having a largo assortment of arti-
lurdcred from tho Nortn which will nrrivo in
T'Wse of the summer, consisting of Gigs, Bu-
inarouches and Carriages, thoy feci cou-
f °* pleasing customers both in articles and
t® have now on hand an assortment which
lyosold low for cash,- such ns Sulkoys, Gigs,
[uarouches; besides sovcrnl splendid sets of
i .with Laces,' Carpeting,' Morocco,
gs of different kinds, Joints, Baud:, Loops
nows of nil sites. Orders for Carriages
■'tally attended tot and warranted to plense
,«*ale. BENTON & BACON.
I wanted as aa Apprentices
I, at>n "t fourteen or fifteen years-of age; of
f/moral habits. - .U.&IL
|Mj 138
Proa’s Pulmonic Expectorant
i COUGH SYRUl’,
I i| 1 ““Hh’r Asthmas, Consumptions, and
I \r/!??P m 8 Cough. A supply of this walu.-
I- vuicine received nnd for sale by
L ^ ELLIS, SHOTWELL &■ CO.
ip, xaimiy jfiour
I e superior quality, for mile by
E-jW lg 142 C.A. HIGGINS.
hl,P .pSWRAPffCE.-
I coward Insurance Company of Nets
J ork c °utinucs to insure COTTON, when
i Hr K u° 0d P oat * or Boxes, against the
C. 01 'J 1 * River. Rates of Preinium aro
!30 to .0. DAY, Agent.
The Alhambra,
F5\.„.L *ASffilN0T0.’VijmVINO.
[ a- . °f Bitches* D’Abrautes.
trcaiixc on Manufacture of Porcelain
a "d Glnss.
5nu ™u*]e* Just received nud for salo by
lilt .ELLIS, SHOTWELL, to CO. . '
2S |,„ J
Mn-inoc*
rriv S H ^EAUE Stmwi.8 just re-
la'' 0 ' 1 by WM. II. UUUDSALL.
MACON, GEORGIA, WEDNESDAY, ^ULY 23, 1832*
message,
F TJlu P n'*\ d »W Vnitei States, return-
tions,‘ e P<ln ' t0 ^ ena,t lc ‘ </l his objec-
’Pothe Senate!
bil1 “W modify and continue" the net, eh-
Jo incorporate the subscribers to ?hc
States,” was presented tome
«“.t d , U ^’ 'Ue'eot. Having cqnstdered it
Cn« *L a 'solemn rc K nr<I to tho principles of the
s re n ,'. 0 "’ wl “ cl ‘ “!? d,i y 't as uaMated to in-
spire, nnd come to the conclusion that it ought
not to become a law, I herewith return it to the
tions tC ’ m " l C I ,t or 6 , uated, with iny objec-
•^A Bank of the Uuitcd Slates is, in many re
acts, convenient for tho Government, and use
ful to the people. Entertaining tiiis opinion, and
deeply impressed with the belief that some of the
powers^ud privileges possessed by the existing
bank^nre unauthorised by tho Constitution, sut.:
versrvfi of the rights of the States, and dangerous
to tlielihcrties of the people, I folt it my duty,
at an early period of my administration, to call
the attention of Congress to the practicability of
organizing an institution combining all its advan-
tages, nnd obviatiug these objcctiuns. Lsinccrc-
ly^egret that, in the act before me. Tcaripdr-
ceive none of those modifications of the bank
charter which are necessary, in my opinion, to
make it compatible with justice, with sound pol
icy, or with the constitution of our country*
The present corporate body, denominated the
I resident,.Directors, and Company of the Bank
of the Uuitcd. States, will have existed, at the
time this act is intended to take effect, twenty
years. It enjoys an exclusive privilege of bank
ing under the authority of the General Govern
ment, n monopoly of its favor and support, and,
as a necessary consequence, almost a monopoly
of the foreign aud domestic exchange. The pow
ers, privileges and favors bestowed upon it in the
original charter,, by increasing the value of the
stock far above its par value, operated as a gra
tuity of many millions to the stockholders.
An apology may be found for the failure to
operate against this result, in the consideration
that the effect of the original act of incorporation
could not be certainly foreseen nt the time of its
passage. The act before me proposes another
gratuity to the holders of the same stock, and in
many cases to tho same men, of at least seven
millions more. This donation finds no npology
in any uncertainty as to the effect of the net. On
all hands it is couccded that its passage will in
crease, at least twenty or thirty per cent more,
the market price of the stock, subject to the pay
ment of the annuity of 8200,000 per year, secu
red by the net; thus adding, in n moment, one-
fourth to its par value. It is not our own citizens
only who are to receive tho bounty of onr Gov
ernment. More thau eight millions of the stock
of this bank arc held by foreigners. By this net
tho American republic proposes virtually to mako
them a present of some millions of dollars. For
these gratuities to foreigners, nnd to some of our
own opulent citizens, the act secures no equiva
lent whatever. They are the certain gains of the
present stockholders, under tho operation of this
act, after making full allowance for the payment
of the bonus.
Every monopoly, and nil exclusive privileges,
are granted at tno expense of the public, which
ought to receive a fair equivalent. The many
millions which this ngt proposes to bestow on the
stockholders of tho existing bank, must come di-
reetly or indirectly out of the earnings of the A-
merient) people. It is due to them, therefore, if
their Government soil monopolies nnd exclusive
privileges, that they should atloastexact for them
as much as they aro worth in open market. Tlie
value of the monopoly, in this case, may be cor
rectly ascertained. The tweuty-cight millions of
stock would probably be at an advance of fifty
percent, and command, in market, atleastforty-
two millions of dollars, subject to the payment of
the present loans. The present vriltfe of the mo
nopoly, therefore, is seventeen millions of dollars,
and this tho act proposes to soli for three millions,
maynble in fifteen annual instalments of $200,000
cnch.
It is not conceivable how tha present stockhol
der* can have any claim on tlie special favor of
tho Government. The present corporation lias
enjoyed its monopoly during the period stipulat
ed iu the original contract. If we must have such
a corporation. #vhy should not the Government
sell out tho whole stock, mid thus secure to the
people tho full market Value of the privileges
granted? Why should not Congress crcato nnd
sell the twenty-eight millions of stock, incorporat
ing the purchasers with nil the powers and privi
leges secured in this act, and putting tho premi
um upon the sales into the treasury.
But this act doos not permit competition in the
purchase of tins monopoly.. It seems to bo pre
dicated on the orroncous idea, that tho present
stockholders have n prescriptive? right, not only to
tho favor, but to tho bounty of the Government.
If appears that moro than a fourth part of the stock
is held by foreigners, nnd the residue is held by
n few hundred of our citizens, chiefly *f the rich
est class. For their benefit docs this net exclude-
tho wftoto American people from competition ip
the purchase of this monopoly, nnd dispose of it
for many millions less than it" js worth. This
sooms tho loss excusable, because soino of our cit
izens, not now stockholders, petitioned that the
door -of competition might bo opened, nud offered
to take n charter on terms much moro favorable
to the Government ami country. -
But this proposition, although mado by mon
whoso aggregate wealth is believed to ho equal to
nil the private Stock in tho existing bank, has been
sot aside, nud tho bounty of Government i*
ed., a privileged order, clothed both with great po
litical power, nnd enjoying immense pecuniary
advantages, from their connection with the Gov
ernment. '
The modifications of the existing charter, pro
posed, by this act, are not such, iu my eyes, as
make ttconsisteut with tlie rights of the States, or
or the liberties of the people. Tho qualification
of the right of the bank to hold real cstateJ the
limitation of its power to establish branches, noil
the power resorved to Congress to forbid the <S.
culation of small notes, are.restrictions coiripaflF
lively ofhttle value or. importance. All the ob
jectionable principles'of the existing corporatmpV
out afieviarion , .'" l *' OU3 *' ea,u ^*’ nrere,# ' uc d w9h- conceive tha, great evil, ,b our'com.fry a»J it,
— ... _ institutions niigln lb-w from such a concentration
tne notes-oTI{,of pdwer in the hands of a few men irresponsible
* danger to our liberty nnd- inilcpen-
denceWff-bank that, lujts'nature, has *b little to
bind it fo-tJBr country ?.<»a president of the bank
.as told us, that most oT tlie »tate banks exist by
„ forebengancc.. Should its influence become
concentrated? ns it mayjinder the operation of
Irchai i HD lllllt Hlll/ISlxl 4 “ 4 , .
amide; and’if it has been well managed it* pres
sure will be light, bnd.heavy only mease its man
agement has been bad. If, therefore, itshall pro-
iluco distress, 'tpc .fnult^wiH' t>eJ.cyS)iYi>>- ! 8 ul . “.j
Vol. YI—-No. 30.
thitd of the stock in foreign hands, and not re
presented in elections. It is constantly passing'
out of the country, and this net will accelerate its
departure. The entire control of the institution
svou.d necessarily fall into the bands'of n few ci
tizen stockholders, nnd tho ease with which the
object would be accomplished, would ho a temp
tation to desigiiitfg men to secure that control m
their own hands by monopolising,lio remaining
stock. There is danger that a president and dir
rectors would then beetle to-elect themselves
from year to yilar, nnd without responsibility or
The fourth section provide
bills of the said corporatidrfxrf<R&ugli the same[Ko ti
be ontlm^icostliercof rcspe'ctfuliyjmado payable
at ono place only, shall nevertheless bo recei-ea
by thwsaiil corporation at thebauk, or at an
the office’ of discount and depositejijereof, if
dcred in liquidation nr payment : <ji uuy balm
'i'lffifarpnrationVor ,o such
t a riff ritposite from
.nk.” M
. Jinn secures™ thea*l&-
gal privilege in the bank of the United States,
which 19 withheld from all private citizens. If a
State bank in Philadelphia ow/j the hank of tho
United States, and have notes issued by the St.
Louis branch, it can pair the debt with those notes:
but :f a. merchat, mechanic or other private citi
zen bo in like circumstances, lie cannot, by law,
pay his debt with those notes, but must sell them
at a discount, or send them to St. Louis to lie cash
ed. This boon, conceded to the State banks,
though not unjust in itself, is most odious; because
it does not measure out equal justice to the high
nnd the low, the rich nnd the poor. To the ex
tent of its practical effect it is a baud of iiuiou a-
mong tho banking establishments of the nation,
erecting them into an interest separate from that'
of tlie people: and its.necessary tendency is to u-
uite the bank of the United States, ami the State
hanks, in any measure which may be thought
conducive to their common interest.
Tito ninth section of tho act recognizes princi
ples of worse tendency than any provision of tho
present charter.
It enacts that “the cashier of the bank shall
annually report to tho Secretary of the Treasu
ry the names of all stockholder? who arc not resi
dent citizens of tho United States; and, on the
application of the Treasurer of any State, shall
make out, and transmit to such Treasurer, n list
of stockholders residing in, or citizen of, such
State, with the amount owned by each.” -
.Although this provision, taken in connexion
with a decision of the Supreme Court, surren
ders, by its silence, tho right of tho States to tax
the banking institutions created by this corpora
tion, under the name of branches, throughout the
Union, it i3 evidently intended to lie construed as
a concession of their right to tax that portion of
the stock which may bo held by their own citi
zens nnd residents. In this light, if tho net be
comes n law, it will be understood by the Stntes,
.who will prolmblv proceed to levy a tax equal to
that paid upon tno stock of banks incorporated
by themselves. In some States ilmt tax'is now
ono per cent., either on the capita! or oil tho
shares; nnd that may hr assumed ns the jimount
which all citizens or resident stockholders would
lie taxed under tho operntion of this act. As it
is only the stock held in the-States, and not that
employed within them, which would be subject to
taxation, nnd a3 tho names of foreign stockhold
ers nre not to be reported to the Treasurers of tho
States, it is obvious that the stoek held hy them
will lie exempt from this burden. Their'nnnunl
profits will, therefore, be increased one.per cent,
more than tlio citizen stockholders, nnd ns the an
nual dividends of tbo bank may be safely esti
mated nt seven per cent., the stock will bo worth
ton or fifteen per cent more to foreigners thnn to
citizens of the United States. To appreciate the
effect which this stato of things will produce, we
must tnke n brief review of tho operations, and
present condition of tho Bank of thoU. States.
By documents submitted to Congress, at the
present session, it appear* that on the 1st of Jan
uary, 1832, of tho twenty-eight miilinn* of pri
vate stock in tho corporation, $8,405,500 were
held hy foreigners, mostly of Great Britain. Tho
amount of stoek held in the nine western stntes
is 8140.200, and in the four southern slates is
$5,023,100, and in the eastern nnd hniddle states
about $13,622,000. Tho. profits of tho bank in
1831, ns shown in a slntemcnt to Co'tfgrcss, were
about $3,455,598; of this there accrued in the
nine western states about $1,640,042, in tho four
southern states about $352,507/arid in' tbo middle
aud eastern states, about $1,463,041. As little
stock is held in the west, it is obvious that ihc-
debt of the pcoplo in that section to tbo bank is
E rincipally a debt to the eastern nud foreign stock-
olders; that tho interest they pay upon it, is car-
ried into the eastern states nud into Europe; and
that it is a burden upon their industry,and admin
of their currency, which no country can. hoar
without inconvenience, and occasional distress.
To meet this burden, nnd equalize the exchange
operations of tho hank, tho amount of specie
drawn from those stntes, through its branches,
within the last two years, ns shown by its official
reports, wns about $6,000,000. More tiian half
a million of tins amount docs uot stop in the east
ern states, but passes ori to Europe, to pny the
dividends to tho foreign stockholders.. In the
principle of taxation recognized by this act, the
western slates find no ndequato compensation for
this perpotual hurdenou their industry, and drain
upon tlicir currency. The branch bank at 51o-
bilo made, last year, $95,140; yet, under tlie pro
control, manage the whole Concerns of the bank 'ho bank to perform, conveniently aud elficicntlv.
during the existence of. itsxhartor. It is easy to the public duties, assigned to it as a fiscal a cent,
conceive tlifit grcut «vifi /•»*•***mi»i»*««r «*«.i :# u «»***i timHimn ■ .i ® .
a bpnkitig institution, is a question exclusively for
legislative coiisidcrrtion., A bank is conxtiiii-
tionaI; l)ut it is the province of the legislature td
determine whether this or that particular power,
privilege, or exemption, is ‘‘necessary and pro
per" to enable the hank to discharge its duties to
th'e Government, and from their decision there is
no appeal to the courts of justice. Under tho de
cision of the Supreme Court, therefore, it is tho
exclusive province of Congress aud tho President
to decide, whether tllo particular fcnturcs of this
act are ‘‘necessary and proper,” hi order to enable
no revenue from these profitable operations; bc'-
causo not a share of tlie stock is held, by any of
her citizens. .Mississippi nnd Missouri are in the
same condition in relation to tho breaches at Nat
chez nnd St. Louis; nud such, in a greater or
loss degree, is tho condition of evory western
state. The tendency of tho plan of taxation
which this net proposes, will bb to place tlio whole
United States in the same relation to foreign
countries which the western states bear to the
nronosed to be again bestowed on the few who visions of this act, the state of Alabama can raise
Tv P e Iwon fortnnrte “no C ugh to secure tho stock, — »’«" bc '
nnd nt this moment wield tho power of the exist
ing institution. • I cannot perceive tlio justic.o or
policy of this course. If our Government must
sell monopolies, it would scorn to he its ditty to
tako nothing less than their full value; nnd if gra
tuities must ho rntitjo ouco in fifteen or twenty
years, let them not he bestowed on tho subjects
of a foreign aovernment.yior upon a designated
or fnvored class of men in our own country. It
is but justice nnd good policy, as far as the nature
of tlie caso will admit, to confine bur favors to our
own fellow citizens, and let cnch in Ins turn en
joy all opportunity to profit by our bounty.. Iu
tho hearings of thoacthcfcromcupon these points,
I find ample reasons why it should notbccomon
* It has been urged ns nn nrgumontm favor of
rcchartering the present hank, that calling in its
In mis would produce groat embarassmeut and dis
tress. Tho time allowed to' close its concerns is
cLas this in tjflbands of n self-elecicd
directory,-Whose intuudKn- identified With tlitiie
of the foreign stocldiom^WWlf tliero not he cause
to' tremble for tho purity of our elections in pence,
nnd for tho independence of our country in war?
Their power would be great whenever they
might choose to oxert it; hut if this monopoly
were regularly renewed every fifteen or twenty
years, on terms proposed by themselves, they
might seldom iu peace put forth their strength
to influence elections or control tho affairs of the
nation. But if any private citizen or public func
tionary should interpose to curtail its power or
prevent a renewal of its privileges, it cannot be
doubted that he would be made to feel it* influ
ence.
Should the stock of tho hank principally pass
into the hands of tlio subjects of a foreign coun
try, and we should unfortunately become involv
ed in a war w'itli that country, what would he
our condition? Of tho course which-would be
pursued hy a bank almost wholly owned hy the
subjects -of a foreign power, nnd managed by
those whose interests, if not affections, would run
in tho same direction, there can he no doubt.—
All its operations within wonld bo in nid of the
hostile fleets and armies without: controlling onr
currency, receiving our public moneys, ami hold
ing thousands of our citizens in dependence, it
would tie more formidable rind dangerous than
tlie nnvnl and military power of the enemy. r •'
If wo.must have a hank with private stockhold
ers, every consideration of sound policy, nnd ev
ery impulse of Amcricau feeling, admonishes that
it should he purely American. Its stockholders
should be composed exclusively of our owtt citi
zens, who nt least ought to be friendly to our go
vernment, nnd willing to support it in times of dif
ficulty and danger. So abundant is domestic enp-
itnl, tint competition in subscribing for the stock
of local banks has recently led to serious riots.—
To n bank exclusively of American stockholders,
possessing the powers and privileges granted by
this net, subscriptions for two hundred millions of
dollars could lie readily obtained. Instead of
sending abroad the .stock of tho bank, in which,
the government mint deposits its funds, nftd on
which it must rely to sustain its.crcdit in .times
of emergency, it would rather seem to he expedi
ent to prohibit its sale to aliens, uuder penalty of
absolute forfeiture.
It is maintained hy tho advocates of the bank,
that its constitutionality, in all it* features, ought
to bo considered ns.settled bv precedent, nnd by
tho decision oflhe Supreme Court. To this con
clusion I cannot assent. More precedent is a
dangerous source of nnfhority, nnd shuuld not be
regarded ns deciding questions of constitutional
power, except where tho acquiescence of the peo
ple and the states can he considered as-well-set
tled. So far from this being the case on this sub
ject, an argument against tho bank might be bas
ed on precedent. Goo Congress, in 1791, de
cided in favor of a bank; another in 1811, decid
ed against it. One Congress, in 1615, decided
against u hank; another, in 1816, decided in its
favor. Prior to the present Congress, therefore,
tho precedents drawn'from that sourco wore e-
qiml. ' If we resort to the states, the expression
of legislative, judicial, nnd executive opinions it-
gainst the bank have been, probably, to those In
its favor, ns four to one. There is nothing in pre
cedent, therefore, which, if its .authority were a 1-
mittud, ought to weigh in favor of tho net before
If tlie opinion of the Suprcrire Court covered
the whole ground of this net, it ought uot to con
trol the co-ordiuntc authorities of this government.
Tho Congress, tho Executive, nnd the Court,
must each for itself be guided by its own opinion
of tlie -. Constitution. ' Each public officer wh'o
takes nn oath to support the Constitution, swears
that he will support it as ho understands it, aud
uot-as it is understood hy others. It is ns much
tlie duty of tlie House of Representatives, of the
Senate, mid of the President, to decide upon tho
constitutionality of any bill which mny be present
ed to thttn' fo* passage' or approval, as it is of. the
Supreme Judges, when it nrey be brought before
them for passage or approval, as ii k of the Su
preme Judges, when it mny bo brought before
them for judicial decision.- Tho opinion of tho
Judges ha* uo more authority over Congress than
the opinion oft'.-n^i-i-- l'i- over »hc Judges; and
on that point, the President is independent of both.
Tlie-authority of I in- Supreme l.'ourt must not,
therefore, he permitted to control the Congress
or tlio Executive, when acting in their legislative
capacities, buif to have only such influence as tbo
force of ihcir reasoning tnny deservo.
But in tho caso relied upon, tho Supreme Court
have not decided that nil tho features of this cor
poration are compatible with the constitution. It
is true, that tlio court liavo said, that the law in
corporating the hank, is a constitutional cxerciso
of power by Congress., But taking interview the
whole opinion of the court, nod :lu- rcnvuiing hy
wluch they havo come to that conclusion, I un
derstand them to liavo decided that, inasmuch ns
n bank is an appropriate means for carrying into
effect the enumerated power*of tlio Geucral Gov-
I crnmciit, therefore, tho law incorporating it is iu
eastern. When, by a tax ott resident stockhold-1 accordance with that provision of tho cntistitu-
era. the stock of this bank is made worth ten or tion which declares that Congress shall havo pow
ers, the stock of this
fifteen per cent moro to foreigner* than to resi
dents, most of it will inevitably ieavo tho country.
Thus, will this provision, in its practical effect,
deprive tho eastern at well as. the southern and
wettern states, of tbo means of raising a revenue
from tlio extension of business and the great pro
fits of this iitstifirtiofl. It will mako the Amen-
r;m p C .„p!c dcVw,- tn alien* In nearly, Ute wBole
amount duo to this bank, and send across tho At*
loiitic from two to five million* of specm every
year, to pay the hank dividends, ^
In another of it* bearings this proyfsMB h
fronpht with dancer.-. Of the tv enty-fiver dire'e-
poworful? To'nckriowledgi
that tbo bank ought to bo perpetual, and, ns a ] tion, therefore, ns me siock ij ir,nuniicu ,u >«-
con.emrence, the present stockholders nhtl those] hohlftrs, the extent:of suffrage '". lh< j
inheriting their rights as sutcessor* be establish-1 of airceiort is curtailed* Already is almoit.a
cr “to make all laws which shall be necessary
and proper for carrying those powers into execu
tion." Having satisfied themselves, that the word
“necessary,” in-thecotrstitution. moans “needful,”
“requisite,” “essential,” "conducive to," and that
“a hank" is a convenient, n useful, amt essential
instrument Iu the prosecution of tho Government’s
“fiscal operations,” they conclude that, to “uso
one mirst ho within tho discretion of Cdbgrcssj"
nnd, that. "11* act to irieorporato the Bank of
the United States, & a law mado in pursuance of
tire constitution.” . "But,” say they, ‘‘where-the
truti is not prohibited, and is really calculated to ef
fect arty (f the objects entrusted to the government,
to undertake here to inquire into the degree of its
necetlUu,- would he to pass the line which eirevm-
scrites thi judicial department, and to-tread on le
gislative ground.” . , ,
•The principle, hero afllrmctl* U, tn?it too “dc-
grec. of its necessity," involving'all'the details of
and, therefore,'constitutional, or unnecessary and
tmr,roper, and, therefore, unconstitutional. ' ‘
Without commenting on tho general principle
affirmed by the Supremo Court,' let its examine
tho dotmls of this act, iii accordance with the rulo
of legislative action, which thoy have laid down.'
It will he found, that many of the powers and pri
vileges conferred on it, enunot ho supposed ne
cessary for tho purpose for which it & proposed to
be created, and are uot, therefore, means neces-
sary to attain the end in view, aud, consequently;
mot justified bythe constitution.
The original .act of incorporation, leetfori 21;
enacts, "that no other hank shall ho established
by any future law of the United States, during thri
continuance of tho corporation, hereby created;
for which the faith of tho United Stntes is hereby
pledged: Provided, Congress mny renew existing
charters for banks within the District of Colum
bia, not increasing tlio capital thereof; and may,
also, establish any other hank or banks iu said
District, with capitals not exceeding, in tho.
whole, six millions of dollars, if they shall deem
it expedient.” This provision is continued itt
force by the net before me, fifteen years from tho ■
3d of March, 1836. . ■ .
If Congress possesses tho power to establish ono".
bank, thoy had powerto establish more than one,"
if. in their opinion, two or more banks had been
"necessary” to facilitate the powers delegated to'
them in tno Constitution. If they possessed tho
powerto establish n second bank, it wns a power
derived from the Constitution, to be exercised from
time to time, and at any timo when the interests
of tho country, or tho emergencies of tho Govern- 7
ment might mako it expcdiont. It was possess- •
ed hy one Congress as well as another, and by nil’.
Congresses alike, nndVilikc at every session. But
the Congress of 18I6"havo taken it away from
tbeir successors for twenty years, and tlio Con- ■
gress of 1832 proposes to abolish it for .fifteen
years more. It cannot be “necessary” or -“pro
per'' for Congress to barter away, or divest them
selves of, any of tlio powers rested in them by
the Constitution, to be exercised* for the public
good; It is uot “necessary" to tho efficiency of'
the bank, nor is it “proper" in relation to them
selves and their successors. This restriction on
themselves, nnd grant of n monopoly to tho bank,
is therefore unconstitutional. - " ' r V
lb* another point of view, this provision j*.n f
palpable attempt to amend the Constitution by
an act of legislation. Tho Constitution, declare* ,
that "tiie Congress shall have power” tqcxcrcbo
exclusive legislation in all cases whatsoever, over *'
tho District of Coluiphin. Its constitutional now-
er; therefore, to establish banks in the District of-
Columbiu, and increase their capital at will, is'
unlimited nnd uncoutrolabie by any other power
than that which gave authority to the Constitu
tion. Yet this net declares, ihnt Congress shall
not iucrcase tlio capital of existihg hanks, nor cre-
nto other hanks with capitals exceeding in the
whole six-millions of dollars.. The .Constitution I
declares, that Congress shall have power to exer- .
cise exclusive legislation over this district "in all
cases whatsoever," and this act declares they shfiti -
not. Which is tho supreme law of tlie land ?.
This provision cannot bo “necessary” or !‘pro;*r”J
or “conslitutionpl,” unless tho absurdity lie admit-'
ted, that whonever it lie “necessary and proper”
in tho opinion of Congress, they have n right to
barter away ono portion of tho powers vested in ■'
them hy.tho Constitution as amcans of executing^
the test. , • . . --'-r
On two subject* only ddes tlie fonstltution re
cognise in Congress the power to grant excltisiv e
privileges on monopolies. It declares that ‘‘Con
gress shall havo power to promoto the.progress
of science nnd the useful arts, by securing,' for li
mited timesi to authors mid inventors, the exclu
sive right to their respective writings nnd disco
veries." Out of this express delegation of power,
Itnvp grown onr laws of patents und copyrights.
As tho constitution expressly delegates to Con
gress the power to grant exclusivo privileges in
those cases, ns fhc means of executing the sub
stantive power "to promote the progress of sci-.
cnee arid useful arts,” it is consistent with the fair
rules .of construction to conclude, that such a pow
er was not intended to he granted as a means of
accomplishing any other end. On every other
subject which comes within thcscqpc of Congres
sional power, there is nn ever living discretion is?
the riso of proper means, Which cannot he restrict
ed or abolished without an amendment of tha'
constitution. Every act of Congress, therefore,-
which attempts. Ire grants of monopolies, or ?<a!c
of exclusive privileges for a limited time, to re
strictin' extinguish its own discretion in tho choice'
of mean* to execute llt.iMajpitd poteen, is <•-
quivnlcnt to h legislative amendment of tho con
stitution, and palpably unconstitutional.
This act authorises and cncoriragcs transfers of
its stock to foreigners, and grants them an ex
emption from all State nml national taxation.
So far from being "necessary and proper” that
tlio bank should possess this power to mako it a
safe and sufficient-agent of the Government in its
fiscal operations, it it calculated to convert the
Bnnk of the United States into n foreign bank, to
impoverish our people in time of pepce, to dis
seminate a foreign influence through every section 1
of the republic, and in war to endanger our inde
pendence. , L"
Tho .several States reserved the power at tho
formation of the eiin-litiitimi. to regulate and con
trol titles and transfer of real property, and most,
if not all of them', have laws disqualifying aliens
fropi acquiring or holding lands wirhirt their li
mits. But this act, in disregard of tlie undoubted
right of tho States to dcscriho snch disqualifica
tions, gives to aliens, stockholders in this bauk, an
interest arid title, ns members'of tho corporation,
to nil the real property it may acquire within any
of the States of trio Union. This privilego grant
ed to aliens is not “necessary'' to enable die bank
td' perforin its public duties, nor in any sense
“proper;”'because It.b ftfally subversive of the
rights of the States. B
• Tha government of the Uniteil.Stntes have no
constitutional powerto purchase lands within the
Stntes except "for tho erection of forts, maga
zines arsenals, dockyards, and other needful
buildings,” and even for these objects only "bv
the consent of the legislature of the state in whicW
the same shall be.” By making themselves stock
holders in the hank, arid granting to the corpora
tion the power to purchase lands for other pur
poses, they ilHsumc a power not granted in tha
constitution, and grant tc others what they do<
not thomd-Ives pa-jci-. It is not necessary tot
the receiving, safe keeping? or transmission of tho
funds of tlio government, that the bank skoalte