A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 625 pages of information about A Compilation of the Messages and Papers of the Presidents.

A Compilation of the Messages and Papers of the Presidents eBook

This eBook from the Gutenberg Project consists of approximately 625 pages of information about A Compilation of the Messages and Papers of the Presidents.
United States.”  In style, then, it is plainly national in its character.  Its powers, functions, and duties are those which pertain to the collecting, keeping, and disbursing the public revenue.  The means by which these are to be exerted is a corporation to be styled the Fiscal Corporation of the United States.  It is a corporation created by the Congress of the United States, in its character of a national legislature for the whole Union, to perform the fiscal purposes, meet the fiscal wants and exigencies, supply the fiscal uses, and exert the fiscal agencies of the Treasury of the United States.  Such is its own description of itself.  Do its provisions contradict its title?  They do not.  It is true that by its first section it provides that it shall be established in the District of Columbia; but the amount of its capital, the manner in which its stock is to be subscribed for and held, the persons and bodies, corporate and politic, by whom its stock may be held, the appointment of its directors and their powers and duties, its fundamental articles, especially that to establish agencies in any part of the Union, the corporate powers and business of such agencies, the prohibition of Congress to establish any other corporation with similar powers for twenty years, with express reservation in the same clause to modify or create any bank for the District of Columbia, so that the aggregate capital shall not exceed five millions, without enumerating other features which are equally distinctive and characteristic, clearly show that it can not be regarded as other than a bank of the United States, with powers seemingly more limited than have heretofore been granted to such an institution.  It operates per se over the Union by virtue of the unaided and, in my view, assumed authority of Congress as a national legislature, as distinguishable from a bank created by Congress for the District of Columbia as the local legislature of the District.  Every United States bank heretofore created has had power to deal in bills of exchange as well as local discounts.  Both were trading privileges conferred, and both were exercised by virtue of the aforesaid power of Congress over the whole Union.  The question of power remains unchanged without reference to the extent of privilege granted.  If this proposed corporation is to be regarded as a local bank of the District of Columbia, invested by Congress with general powers to operate over the Union, it is obnoxious to still stronger objections.  It assumes that Congress may invest a local institution with general or national powers.  With the same propriety that it may do this in regard to a bank of the District of Columbia it may as to a State bank.  Yet who can indulge the idea that this Government can rightfully, by making a State bank its fiscal agent, invest it with the absolute and unqualified powers conferred by this bill?  When I come to look at the details of the bill, they do not recommend it strongly to my adoption.  A brief notice of some of its provisions will suffice.

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A Compilation of the Messages and Papers of the Presidents from Project Gutenberg. Public domain.