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.