If there be a balance of commerce in
favor of that State, against the one in which the government resides,
the surplus of taxes will be remitted by the bills of exchange drawn for
that commercial balance. And so it must be if there were a bank. But if
there be no balance of commerce, either direct or circuitous, all the
banks in the world could not bring us the surplus of taxes but in the
form of money. Treasury orders, then, and bills of exchange, may prevent
the displacement of the main mass of the money collected, without the
aid of any bank: and where these fail, it cannot be prevented even with
that aid.
Perhaps, indeed, bank bills may be a more convenient vehicle than
treasury orders. But a little difference in the degree of convenience,
cannot constitute the necessity which the constitution makes the ground
for assuming any non-enumerated power.
Besides; the existing banks will, without doubt, enter into arrangements
for lending their agency, and the more favorable, as there will be a
competition among them for it. Whereas, this bill delivers us up bound
to the national bank, who are free to refuse all arrangements but on
their own terms, and the public not free, on such refusal to employ any
other bank. That of Philadelphia, I believe, now does this business by
their post notes, which, by an arrangement with the treasury, are paid
by any State collector to whom they are presented.
Pages:
860
861
862
863
864
865
866
867
868
869
870
871
872
873
874
875
876
877
878
879
880
881
882
883
884