First.  It may justify substantially a system of discounts of the most objectionable character.  It is to deal in bills of exchange drawn in one State and payable in another without any restraint.  The bill of exchange may have an unlimited time to run, and its renewability is nowhere guarded against.  It may, in fact, assume the most objectionable form of accommodation paper.  It is not required to rest on any actual, real, or substantial exchange basis.  A drawer in one place becomes the accepter in another, and so in turn the accepter may become the drawer upon a mutual understanding.  It may at the same time indulge in mere local discounts under the name of bills of exchange.  A bill drawn at Philadelphia on Camden, N.J., at New York on a border town in New Jersey, at Cincinnati on Newport, in Kentucky, not to multiply other examples, might, for anything in this bill to restrain it, become a mere matter of local accommodation.  Cities thus relatively situated would possess advantages over cities otherwise situated of so decided a character as most justly to excite dissatisfaction.

Second.  There is no limit prescribed to the premium in the purchase of bills of exchange, thereby correcting none of the evils under which the community now labors, and operating most injuriously upon the agricultural States, in which the irregularities in the rates of exchange are most severely felt.  Nor are these the only consequences.  A resumption of specie payments by the banks of those States would be liable to indefinite postponement; for as the operation of the agencies of the interior would chiefly consist in selling bills of exchange, and the purchases could only be made in specie or the notes of banks paying specie, the State banks would either have to continue with their doors closed or exist at the mercy of this national monopoly of brokerage.  Nor can it be passed over without remark that whilst the District of Columbia is made the seat of the principal bank, its citizens are excluded from all participation in any benefit it might afford by a positive prohibition on the bank from all discounting within the District.

These are some of the objections which prominently exist against the details of the bill.  Others might be urged of much force, but it would be unprofitable to dwell upon them.  Suffice it to add that this charter is designed to continue for twenty years without a competitor; that the defects to which I have alluded, being founded on the fundamental law of the corporation, are irrevocable, and that if the objections be well founded it would be overhazardous to pass the bill into a law.