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second MPeciarat ion of independence ? ‘msqsA&'jz Of the President of the United Statesretzmiat tlio 11a aL. Bill. >'• flic & infe: The IT; "to modify an 1 cenueue'* the act nlitled An act to incorporate tiie subscri "hers to Bank of the United States,” was /repented t > mo on the J*.!i July instant. — I laving cor si (it and it with that solemn regard to the principles of tho constitution which •he day wa3 calculated to inspire, and come to the conclusion that it ought not to become i hvr, I herewith return it to the Senate, i:j which it originated, with my objections. A Bank of the United States is, in many respects, convenient for the Government, and useful to the people. Entertaining this opin ion, and deeply impressed with the belief that some cf the powers and privileges pas .-cssed by the existing bank are unauthorised by the constitution, subversive of the rights of the State., and dangerous to the liberties of the people, 1 felt it my duty, at an early period of my administration, to call the at-! *®ution of Congress to the practicability of organizing an institution combining all its 1 advantaaes, and obviating these objections.— ' 1 sincciely regret, that, in the act before me, j i can pbrecive none of those modifications of] tho bank charter which arc necessary, i;i my j opinion, to make it compatible with justice, i with sound policy, or with the constitution of our country. | Tiie present corporate body, denominated ; the President, Directors, and Company of the "Bank of the United States, will have existed, I at tim time this act is intended to take effect, l twenty years. It enjoys an exclusive privt-i !cge of banking, under the authority of the ! Genera! Government, a monopoly of its fa*! vor and support, and, as a necessary comic-' Xtucncc, tmu" a nionrpoly of the foreign and dome' tic exchange. The powers, nrivi- 1 ' ’'MlgUI ill'. UUtH. lO) ll i * 1* ’ages, and favors bestowed norm it in the original charter, by incr nsing the value of j the stock far above its par value, operated a ■ j a gratuity of many millions tr, t|:c stock-1 holders. An epolsgy may be found for the failure ] to guard against this result, in theconsidera thin (Lat tho olieet o; the original ect of in- ‘ corporation could not be certainly foreseen | at the time of its passage. The net before sue proposes another gratuity to the holders "1 tile same stock, and, in many cases, to the same men, of at least seven millions more.— This donation finds no cpologv in any uncer tainty an to the effect of tlio act. On all bands it is conceded that its passage will in ■roasc, at lev. ' 1 twenty or thirty per cent, more, tiie market price of the stock, subject •o the payment of the annuity of $200,000 per year, secured by (he act; thus adding, tii a moment, one-fourth to it3 value. If is "not our own citizens only who are to receive t tic Ixmnty of our Government. More than eight millions of the stock of this bark are held by foreigners. By this act, tlio Amen can Republic proposes virtually to make farm a present of some millions of dollars.— Tor these gratuities to foreigners, and to •o;ne ci our own opulent citizens, (be act secures tio equivalent whatever. Theyaro the • •rrlain gains cf the present stockholders tin <'■ r the operation of this act, after making full al'.'nrar.cte for the payment of the bonus. v . very monopoly, and all exclusive privi-j Xcges, arc granted at the expen ;o of tho pub- j •’i which ought t j ref eive a fair equivalent- ! f!;e many millions which this act proposes to j bestow o.i tho; stockholders of the existing! hank, rust come directly or indirectly out ( of the American people. It is due to them,; jhcrcfore, if tlicir Government sell inonopo-1 tics ryul exclusive privileges,that thoy should' t!; u.t exact for them as much as they are* worth iii open market. The value of the! monopoly in this case may bo fcorrectly ascer- j unicd. The millions of stock! would probably beat a;i advanco of flfty per] cut. and command in market at least forty-] two millions of dollars, subject to the pay-< '! I'.t of tile { rc .v ntba;uii=. Tfe pr: cut valil i <X too monopoly, therefore, is seventeen! millions of dollar.-:, and this the net proposes 1 to sell for three millions, payable in fifteen J uununi instalments of 821)0,690 each. It is not conceivable how tho present stock -Jioldcr ; can have any claim to the special fa vor of the Government, The present corpo- ration has enjoyed its rnoiinpoly during the period rtipn,’ ited in (ho original coat:act. Ji wo must have sue!) a corporation, why should not the Government sell out the whole stock, ..mi thus secure to the people the full market vduoofthc privileges granted '! \\ hy slicuul tan Gongress create and sell twenty-eight inilhoiisot slock, incorporating the purchasers with all the powers and privileges secured in sis act, aud putting the premium upon the sales into the’j’rt?asury ? Jlutthis act docs not )yrmit. competition in, •;ie purchase of tins monopoly. It seems to] •:>e predicated on the erroneous idea, that the) present stockholders have a prescriptive right] • ot only to the favor, but to the bounty of Government. It appears that more than a j fourth park ot the stock is held L. foreigners, a.'d the residue is held by a few hundred ol i ■ tr own citizens, chiefly of the richest class. i or their benefit does this act exclude the, whole American people from competition in l L iu purchase of this monopoly, aud dispose -fit for many millions less than it is worth.— j its soems tnc less excusable, because sonic •*' our citizen?, net now stockliolders, peti ■ .oited that the door of competition might be uciir.f, and offered to take a charter on terms -’'•veil more favorable to the Government and ‘ountry. i'ur ibis proposition, although made by ic ,i whoso aggregate wealth is believed to . equal to all the pria .itc stock in the c.x i;ug bank, has been .si t aside, and the f otnily of our Government is promised to he '* '..in bestowed on the few who have been l otunato enough to secure the stock, and a t,us moment wield the power of the exist* *>g institution. I cannot perceive the justice nr-poiicv of this course. li'*our Government .mist seh monopolies, it Would seem to he inf .'r ; to-:Ao - ..tiling Jess than tlntir full iafo ! ; and if gratuities must be made once in fifteen jor twenty years, let them not be bestowed on ’ tiie subjects cf a foreign government, nor up* •on ;t designated and favored class of men in ! our country. It m but justice and good poli as far as the u iture of tiie ease will admit, i to confine cur fivers to our own feliow-citi* • ns, an.! let crml; in his turn enjoy an op-, ! portunity to profit by cer bounty. In the bear- S itigs of the act before rue, upon these points, i I find ample reasons why it should not become | a Jaw. i If has born urged as an argument in favor lof rechnrtering the present bank, that the calling in its loans will produce great cm ! harrassment and distress. The time allowed , to close the concerns is ample ; and if it has been well managed, its pressure will be light, and heavy only incase its management has j been bad. If, therefore, it shall produce j distress, the fault will ho its own; and it j would furnish a reason against renewing a ! power which has been so obviously ahus'. ; But will there ever boa :une when this reu //on will be less powerful ? To acknowledge! its force, is to admit that the bank ought to be perpetual; and, as a consequence, the 1 present stockholders, and those inheriting j their rights as successors, be established a privileged order, clothed both with great] political power, and enjoying immense pc- ( cuniary advantages, from tiie if connection I with the Government. The modifications of tlio existing charter,; proposed by tliis act, are not such, in mv ] view, as make it consistent with the rights of States or tlfc liberties of the people. The qualification of the right of the bank to bojd real estate, the limitation of its power to es tablish branchqg, and tiie power reserved to Congress to forbid the circulation of small notes, are restrictions comparatively oflittie vaiuc or importance. All the objection able principles of the exising corporation and most of its odious features, are retained, without alteration. The fourth section provides :t that the notes or bills ot the said corporation, although the same bo on tlio faces thereof,'respectively,, made payable at one place only, shall, never theless, bn received by the said corporation at the bank, or at any of the offices of discount and deposite thereof, if tendered in liquidation or payment of any balance or balances due to said corporation, or to such office cf dis count and deposite, from any other incorpo rated bank.” This provision secures to the 'State banks a legal privilege in the Bank of the United States, which is withheld from all | private citizens. If a Slate bank in Phila [ delphia owe the Bank of the United States, ; and have notes issued by the St. Louis i branch, it can pay the debt with those notes ; but if a merchant, mechanic, or other private citizen 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 be cashed. This boort conceded to the State banks, though not unjust in it i self, is most odious; because it docs not ‘ measure out equal justice to the high and j the low, the rich and tlio poor. To the ex tent cf this practical effect, it is a bond of union among the banking establishments of the nation, erecting them into an interest separate from that of tho people: and its j necessary tendency is to unite the Bank off the United States and the State banks in any j measure which may be thought conducive to! their common interest. Tiie ninth section of tlio act recognizes principles ot worse tendency than any provis ion of the present charter. it enacts that “ tho cashier of the bank shall annually report to the Secretary of the! Treasury tho names of all stockholders who' are not resident citizens of the United States; 1 anti, on tlio application ot the Treasurer of any State, shall make out and transmit to! such Treasurer a list of stockholders residing ; in. or citizens of such State, with tho amount; ot stock owned by each.” Although 'this provision, taken in connection with a decis ion ot the Supreme Court, surrenders, by its silence, the rights of the States to tax the banking institutions created by tliis corpora tion, under tlio name ot branches, throughout the Union, it is evidently intended to be onstrued as a concession of their right to tax that portion of tiie stock which may be held by their own citizens and residents. In this liglit, if the act becomes a law, it will be understood by the States, who will probably proceed to levy a tax equal to that paid upon ;!m stock ot banks incorporated by them -olvcs. In some States that tax is now one per cent, either on the capital or on the shines., "fid that may by assumed as the amount which all citu.cn or resident stock holders would bo taxed under the operation ot Hi is act. As it is only the stock field in the St tes, arid not that employed within tlnum which would l.c subject to taxation, and as the names of foreign stockholders are cot to be reported to the Treasurers of the States, it is obvious that the stock held by tiicm will be exempt from this burden.— Their annujil profits will, therefore, be one per cent, more than the citizen stockholders; and, as tire annual dividends of tho bank may >e safely estimated at seven per cent., the sloe.; v.ill he worth ten or filtceu per cent, more to foreigners than to citizens of the United States. To appreciate tho effects wuicii tins stuff? ot tilings will produce, we hue a brief review of the operations and present condition of the Bank of tho United States. the present session, it appears that, on Ist of .. muarv, lc.hi, ol tho twenty-oiglit millions ot private stock in the corporation, $3,403,- .•'->0 were held by foreigners, mostly of Great j Jr.tain. Iho umount of stock hci.i in the i^Mnon,f e n m i and ,. sou , thwcstcrn Sta te3, is •„>1 li ,-ih), and in tho lour southern States, is &5, tig,S, 100, and in the middle and eastern •'tales is about 81:1533,000. The profits] ol the bun.'; in 1 1, as shown in a statement to Congress, were about 83,455,598: of this] there accrued, in the nine western States, about 81,G-10,()ia; j n t| ic f otlr southern I States, about 8352,607; and in the middle and eastern States, about 81,403,041. A.sj little stork is held in the lvcs. it is obvious' that the debt of the people, in that lection, j to the bank, is principally a debt to thqcastenW and foreign stockholders; that the/interest they pay upon it, is carried into the eastern States, and into Europe; and that it Is a bur den upon their industry, and a drnia of their; , currency, which no country can baaijwithout j i inconvenience and occasional distrfss. To, j meet tliis burden, and equalize the exchange; | operations of the bank, the amount |>f specie j ; drawn from those States, through its hrancli ! os, within the last two years, as shown by! ! its official reports, was about $b,000,000. — ’ i More than half a million of tliis amount docs , not stop in iho eastern States, bijt passes on | j to Europe to pay the dividends of the foreign i j stockholders. In the principle of taxation re-: ! cognized by this act, the western States find l no adequate compensation for tlss perpetual j burden on their industry, and drain of their I ; currency. The branch bank at Mobile made j last year CA,140 dollars ; yet, under the pro- j visions of this act, tiie State of Alabama can ) raise no revenue from these profitable opera-! tions, because not a share of the stock is held j by any of her citizens. Mississippi and! Missouri are in the same condition in relalion j to the branches at Natchez and St. Louis; j and such, in a greater or less degree, is the! condition of every western State. The ten- j dcncy of the plan of taxation whic)t this act j proposes, will lie to place the whole United 1 States in the same relation tc foreign countries ! which the western States now heir to the eastern. When, by a tax on residait stock holders, the stock of this bank is mldo worth 1 ten cr fifteen per cent, more to fireigners I than to residents, most of it will Mevitably j 'leave the country. Thus will tliis provision, in its practical effect, deprive the eastern as wcl as the j southern and western States of tlio beans of raising a revenue from the extension of j business and great profits of this institution, j It will make the American people debtors to j aliens, in nearly the whole amount due to this) bank, and send across the Atlantic fjotn two to five millions of specie every year to pay; the bank dividends. In another of its bearings this provision is! fraught with danger. Of the twenty-live! directors of this bank, five are chosen by the! Government, and twenty by the. citizen) stockholders. From ail voice iu these, elec tions, the foreign stockholders are excluded by the charter. In proportion, therefore,; as the stock is transferred to foreign holders, I the extent of suffrage in the choice of dircc- 1 tors is curtailed. Already is almDst a third! of the stock in foreign hands, and not repre-l sented in elections. It is constantly passing out of the country ;and this act will accelerate its departure. The entire control of the in stitution would necessarily fall into tMi hands of a few citizen stockholders; and ho ease with which the object would be accomplish ed, would be a temptation todesigiing men to secure that control in their own lands, by monopolizing the remaining stock. There is danger that a president and directors would then be able to elect themselves from year to year, and, without responsibility o- control,] manage the whole concerns of the iank du ring the existence of its charter. It is easy to conceive that great evils to our country and its institutions might How frofi such a' concentration of power in the handsiof a few j men, irresponsible to the people. ks there no danger to our liberty and in- 1 dependence in a bank, that, in itsmlure, has so little to bind it to our countn 1 The; President of the bank has told us tiat ir.ost i of the State banks exist by its forbcxiance.— i Should it3 influence become concenfrated, as I : it may under the operation of simh an act as this, in the hands of a self-elected <frectory, j whose interests are identified with those off the foreign stockholder, will there not jo j ! cause to tremble for the purity of our che-j | tions in peace, and for tlio independence of J 1 our country in war? Their power would be! great whenever they might choose to exertit; j but if this monopoly were regularly reneved j every fifteen or twenty years, on terms jro-1 posed by themselves, they might seldom in j peace put forth their strength to influence I ! elections, or control tiie affairs of the'nation, j ! But if any private citizen or publib/anctiorla- I ry should interpose to curtail its ftoveas, or l prevent a renewal of its privilege/, it cannot be doubted that be would bo mail to foci its i influence. Should the stock of t'no hank principally ! pass into the hands of the subjecn of a foreign country,and we should unfortuniely become involved is a war With that cjuntry, what would be our condition 1 (J the course which would be pursued by a vatii; almost wholly Owned by tho subject: of a foreign power, and managed by whose interests, if not affections, would run in the sane direc tion, there can be no doubt. Ail tsoperations within, would be in aid of the (loitilc fleets and armies without. Conlrolli ig our cur rency, receiving our public ;oncys, and holding thousands of our ciiizcU independ ence, it would be more formidable and dan gerous than tho naval and militrry power of the enemy. If wc must hare a bank with private stock holders, every consideration ofsound policy, j every impulse of Americar feeling, ad : monishes that it should be purhj American. j Its stockholders should lie composed ejclu i sivcly ofour own citizens, who, it least, ought j to he friendly to our Governnunt, and wil ; ling to support it in times of tilliculty and ! danger. So abundant is domestic capital, i that competition in subscribing far the stock of local banks lias recently lid almost to] riots. To a bank cxclusivuly if American stockholders, possessing the povvarsand privi- i leges granted by this act, subscriptions for ] two hundred millions of dollars could be ! readily obtained. Instead of serding abroad 1 the stock of the bank in which the Govern ment must deposite its funds, and on which it must rely to sustain its credit in times of! emergency, it would rather seem o be ex-! pedient to prohibit its sale to aliens under ' penalty of absolute forfeiture. It is maintained by the advocates of the bank that its constitutionality in all its fea-' hires ought to bo considered as settled by precedent, and by the decision of the £u-‘ promo f\>urt. To this conclusion I cannot ' assent. Mere precedent is a dangerous .source of authority, and should not be regarded as deciding questions of constituional power, except where the acquiescence of the people and the States cari be considered as well set tled. So far from this being the case on this subject, an argument against the bank might be based on precedent. One Congress, in 17!H, decided in favor of a bank; another, in ISI 1, decided against it. One Congress, in 1315, decided against a bank ; another, in 181(5, decided ia its favor. Prior to the pre sent Congress, therefore, the precedents drawn from that source were equal. If wo resort to the States, the expressions of legis lative, judicial, and executive opinions a gainst the bank, have been, probably, to those in its favor, as four to one. There is nothing in precedent, therefore, which, if its authority were admitted, ought to weigh in favor of the act before me. If the opinion of the Supreme Court cover ed the whole ground of this act, it ought not to control the co-ordinate authorities of this Government. The Congress, the Executive, and the Court, must each for itself be guided by its own opinion of tiro constitution. Each public officer, who takes an oath to support the-constitution, swears that ho will support it as ho understands it, and not as it is un derstood by others. It is as much the duty of the House of Representatives, of the Senate, and of the President, to decide upon the constitutionality of any bill or resolution which may bn presented to them for passage or approval, as it is of the Supreme Judges when it may be brought before them for ju dicial decia; •• . Tho opinion of the judges has no more authority over Congress, than tiie opinion of Congress has over the judges ; and, on that point, the President is independ ent of both. The authority of the Supreme Court must not, therefore, bo permitted to control the Congress or the Executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve. But, in the case relied uoon, the Supreme Court have not decided that all the features of this corporation are compatible with the constitution. It is true that the court have sail* that the law incorporating the ban!; is a constitutional exercise of power by Congress, lint, taking into view the whole opinion of the court, and the reasoning by which they have come to that conclusion, 1 understand them to have decided that, inasmuch as a hank is an appropriate means for carrying in to effect the enumerated powers of the Gen eral Government, therefore the law incorpo | rating it is in accordance with that provision of the constitution which declares that Con gress shall have power “to make all laws which shall bg necessary and proper for car tying those powers into execution.'’ Hav | ing satisfied themselves that the word | “ necessary'' in the constitution, means “need | ful” “ requisite ,” “ essential ,” “ conducive to” and that “a Iwnk” is a convenient, a j useful, and essential instrument, in the pro ! secution of the Government’s “ fiscal opera- I tions,” they conclude, that to “use one must be within tho discretion of Congress,” and that “ the ccj to incorporate the Bank of the United States is a law made in pursuance of the constitution but” say i they, “ where the law is not prohibited, and ! is really calculated to effect any of the objects ■ entrusted to the Government , to undertake here to inquire into the degree of is necessity, j mould be to pass the line which circumscribes I the judicial department, and to trend on legis i iatice ground.” I * The principle here affirmed is, that, the j “ degree of its necessity,” involving all the j details of a banking institution, is a question | exclusively for legislative consideration. A i bank is constitutional; but it is the province | of the Legislature to determine whether this 'or that particular power, privilege, or ex j emption, is “necessary and proper” to enable j the bank to discharge its duties to the Gov jernment; and, from their decision, there is !no appeal to the courts of justice. Under the j decision of the Supreme Court, therefore, it j is the exclusive province of Congress and the ! President to decide whether the particular features of this act are necessary and proper in order to enable the bank to perforin con veniently and efficiently tho public duties assigned to it as a fiscal agent, and therefore J constitutional; or unnecessary and improper, I and therefore unconstitutional. Without | commenting on tho general principle affirmed ; by the Supreme Court, let us examine the j details of this act in accordance with the rule lof legislative action which they have laid down. It will lie found that many of the pow j era and privileges conferred on it cannot be ; supposed for the purpose for which it is pro posed to be created, and arc not, therefore, means necessary to attain the end in view, jand consequently not justified by the consti i tution. The original act of incorporation, section 21, enacts “ that no other bank shall be established, by any future law of tho United States, during the continuance of the corpo ration hereby created, for which the faith of the United States is hereby pledged: Pro rided, Congress may renew existing charters for banks within the District of Columbia, not increasing the capital thereof; and may also cstabii. li any other bank or banks ill said district, with capitals not exceeding in tho whole Fix millions of dollars, if they shall deem it expedient.” This provision is con tinued in force, by the act before tnc, fifteen years from the 3d of March, 1830. , If Congress posscescd the power to estab lish more than one, it, in their opinion, two lor more banks had been “necessary” to fa cilitate the execution of the powers delegated to them in the constitution If they posses sed tfie power to establish a second bank, it was a power derived from the constitution, to be exercised from time to time, and at any time when tlie interests of the country or the emergencies of the Government might make it expedient, it was possessed by one Con gress as well as another, and by all Congres ses alike, and alike at every session. But the Congress of 1816 have taken it away from their successors for twenty years, and the Congress of 1332 proposes to abolish it for fifteen years mors. It cannot bg necessary or preper” {or Congress to baler away, or divest themselves, of any of tne powers vest ed in them by the constitution to be exercis ed for the public gcod. It is not “necessary” (o the efficiency of the bank, nor is it “prop er” in relation to themselves and their suc cessors. They may properly use the discre tion vested in them ; but they may not limit the discretion of their successors. This re striction on themselves, and grant of a mono | poly to the bank, is, therefore, unconstitu tional. In another point of view, this provision is a palpable attempt to amend the constitution by an act of legislation. The constitution declares that “the Congress shall have power toexereiso exclusive legislation, in all cases whatsoever,” over the District of Colombia. Its constitutional power, therefore, to estab lish banks in the District of Colombia, and increase their capital at will, is unlimited and uncontrolable by any other power than that which gave authority to the constitution. Yet this act declares that Congress shall not increase the capital of existing banks, nor create other banks with cap'tals exceeding, in the whole, six millions of dollars. The constitution declares that. Congress shall have power to exercise exclusive legislation over this District “in all cases whatsoever,” and this act declares they shall not. Which is the supreme law of the land? This provision cannot l>a “ necessary,” or “proper,” or constitutional, unless the absurdity be ad mitted, that, whenever it be “necessary and proper,” in the opinion of Congress, they have a right to barter away one portion of the powers vested in them by the constitution, as a means of executing the rest. On two subjects only does the constitution j recognize in Congress the power to grant ex-j elusive privileges or monopolies. It declares I that “ Congress shall have power to promote the progress of science and useful arts by se curing, for limited times, to authors and in ventors, tho exclusive right to their respec tive writings and discoveries.” Out of this express delegation of power, bavo grown our laws of patents and copy-rights. As the con stitution expressly delegates to Congress the power to grant exclusive privileges, in these cases, as the means of executing the substan tive power “to promote the progress of science and useful arts,” it is consistent with the fair rules of construction, to conclude that such a power was not intended to be granted as a means of accomplishing any other end. On every other subject which comes within the scope of Congressional povver, there is an ever living discretion in I the use of proper means, which cannot be I restricted or abolished without an amendment iof the constitution. Every act of Congress, therefore, which attempts, by grants of j monopolies, or sale of exclusive privileges for a limited time, or a time without limit, j to restrict or extinguish its own discretion in 1 the choice of means to execute its delegated I powers, is equivalent to a legislative amend ment of the constitution, and palpably uncon stitutional. This act authorizes and encourages trans fers of its stock to foreigners, and grants them an exemption from all State and national taxation. So far from being “ necessary and jwoper” that the bank should possess this power, to make it a safe and efficient agent of the Government in its fiscal operations, it iscalcuiafed to convert the Bank of the Uni ted States into a foreign bank, to impoverish our people in time of peace, to disseminate a foreign influence through every section of the Republic, and, in war, to endanger our independence. The several States reserved tho power, at the formation of the constitution, to regulate 1 and control titles and transfers of real proper ty; and most, if not all of them, have laws disqualifying aliens from acquiring or holding lands within their limits. But this act, in j disregard of the undoubted right of the States j to prescribe such disqualification, gives to; aliens, stockholders in this bank, an interest j and titles, as members of the corporation, to all the real property it may acquire within any of the States of this Union. This privi lege granted to aliens is not “ necessary ” to enable the bank to perform it? public duties, nor in any sense “ propter,” because it is vitally subversive of the rights of tho States. The Government of the United S ates have no constitutional power to purchase lands within the States, except “ for the erection of forts, magazines, arsenals, dock yards, and other needful buildings;” and eVen for these objects only “ by the consent of the Legisla ture of the State in which the same shall he.” By making themselves stockholders in the Bank, and granting to tho corporation the power to purchase lands for other purposes, they assume a power not granted in the con stitution, and grant to others what they do not themselves possess. It is not necessary to the receiving, safe keeping, or transmission of the funds of the government, that the hank should possess this power; and it is not pro per that Congress should thus enlarge the powers delegated to them in the constitution. The old Bank of the United States possess ed a cap 1 m >f only eleven millions of dollars, which was found fully sufficient to enable it, with despatch and safety, to perform all the functions required of it by the government. The capital of the present bank is thirty-five millions of dollars, at least twenty four more than experience has proved to be necessary to enable a bank to perform its public func tions. The public debt which existed during the period of the old bank, and on tho estab lishment of the new, has been nearly paid off', and our revenue will soon he reduced. This increase of capital is therefore not for public, but for private purposes. The Government is the only “ proper ” judge where its agents should reside and keep their offices, because it best knows where their presence will be “ necessary.'’' It cannot, therefore, he necessary” or “ pro per” authorise the bank to locate branches where it pleases to perform tho public ser vice, without consulting the Government, and contrary to its will. The principle laid down by the Supreme Court concedes that Congress cannot establish n bank for purpo ses of private speculation and gain, hut only as a means of executing tho delegated powers of the General Government. B the principle, a branch bank cannot coi ally be established for other than ptTbli poses. The power which this act ' establish two branches in any State with ' the injunction or request of the Govern* - and lor other than public purpose-, “necessary'' to the due execution of tin/ r j° l ers delegated to Congress. The bonus which is exacted from the!... is a confession, upon the face of the ret tne (lowers granted bv it are greater ?hV “necessary” to its character of a fiscal J* i be Government does not tax its ota C er°- ' agents for the privilege of serving it. bonus of a million and a half required'h v , original charter, and that of three , ni j.- 8 proposed by this act, are not exacted privilege of giving “ the necessary f aci ] , for transferring the public funds from i*,u to place, within the United States or the 'f ritorics thereof, anJ for distributing thW" in payment of the public creditors, wrk? charging commission or claiming allo Va nf oh account of the difference of exehanTi as required by the act of incorporation U tor .something more beneficial to the sti* holders. The original aet declares, that i (the bonus) is granted in consideration olti exclusive privileges end benefits confers by tins act upon the said bank,” and the™ before me declares it to be “in consideraiS of the exclusive benefits and privileges c tinned by this act to the said corporation rj fifteen years as aforesaid.” It is, tberef 1 for ‘exclusive privileges and benefits’ confol red for their own use and emolument aiJ not for the advantage ol theOovernmen* thal a bonus is exacted. These surplus poLl for which the bank is required to pay, canrj surely be “necessary ” to make it tim fjJJ agent of the Treasury. If they were, the ex J action of a bonus for them would nut hi “proper” “I It is maintained by some that the bank i a means of executing the constitution!!! poivi or “to coin money, and regulate the val* thereof.” Congress have established a Mini to coin money, and passed laws to remilam the value thereof. The money so coined] with its value so regulated, and such for e jJ coins as Congress may adopt, are the oulj currency known to the constitution. foj they have any other power to regulate im currency, it was conferred to he exercised J themselves, and not to transferred to a eo| poration. If the bank be established forthj purpose, with a charter unalterable witlJ its consent, Congress have parted with the! power .'or a term of years, during which J 'constitution is a dead letter. It isneithJ \ necessary nor proper to transfer its le<jisl| | tivc power to such a bank, and therefore uj | constitutional. I By its silence, considered in connexio j with the decision of the Supreme Court \ j the case of McCuilock airainst the State ] j Maryland, this act takes from the States:.] j power to tax a portion of the banking id ness carried on within their limits, insubd si on of one of the strongest barriers nld secured them against federal encroachm] Banking, like farming, manufacturing,ora j other occupation or j rofcsskm, is a the right to foi!o\v which is not origins derived from the laws. Every citizen, aj every company of citizens, in all ofonrSta] possessed the right, until the State LcgiJ . tores deemed it good policy to prohibit ■ I vate banking, by law. it' the prohibit! i State laws were now repealed, every cit! j would again possess the right. The ft! banks are a qualified restoration of then! which has been taken away by the laws | gainst banking, guarded by such provisiol ■ and limitations ns, in the opinion ot thcl'tJ j Legislatures, the public interest requires.! j These corporations, unless there be an J ! eruption in their charter, are, like prii! | hankers and banking companies, subject I j State taxation. Tim mariner in which till : taxes shall be laid, depends wholly on b! j intive discretion. It may be upon thobal upon the stock, upon the profits, or anyoil mode which the sovereign power shall wifl Upon the formation of the States guarded tlicir taxing power ■ peculiar jealousy. They surrenderee only as it regards imports and exports.* relation to every other object within 111 jurisdiction, whclh; r person?, property, hi ness, or professions, it wa3 secured’if) asl pica manner ;?s it was Before po-seescd.l persons, though United States’ officers artl able to a poll tax by the States within they reside. The lands of the United M are liable to the usual land tax, except icfl new States, from whom agreements that 111 will not tax unsold lands, are exacted ffl ' they arc admitted into the Union ; L'-* waggons, any beasts or vehicles, tosifß property, belonging to private citizens,tbß employed in the service of the United are subject to State taxation. Every pfjß business, whether carried by an officercifl General Government or not, whether it J mixed with public concerns or not, cvcs'H be carried on by the Government of the V ted States*itsclf, separately or in partners® falls within the scope of tho taxing r° ;rc ß llic Stale. Nothing comes more folly "B it than banks, and the business of by whomsoever instituted ar.d carried >''■ Over tliis whole subject r,.after, it is ji'*® absolute, unlimited, and the constitution lioci never been cause, in tnc formation of that instruct*® was reserved without qualification* .1 The principle is conceded that the ■ cannot rightfully tax the operations >'!V General Government. They cannot t*B 'fiouey of the Government deposited i s ® Slate banks, nor the agency of those remitting it ; but will any innn main” 111 ®’ their mere selection to perform this P|B service for tho General Government exempt the State banks, and their business, from State taxation ! I Lid l ' nited States, instead of establishing ß yß) at Philadelphia, employed a privatehaaß keepand transmit their funds, would 'tßi deprived Pennsylvania oft he right to |l ßt hank, and his usual banking a ill not be pretended. 1 tpon what |Hi.'*Bv tlien, arc the banking establishments ' •B-mfc of the Untied State®. I tv"’*