al, 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.

In conclusion I take leave most respectfully to say that I have felt the
most anxious solicitude to meet the wishes of Congress in the adoption
of a fiscal agent which, avoiding all constitutional objections, should
harmonize conflicting opinion