Constitutional Whig

In the House of Representatives, the Speaker presented the Memorial of the President and Directors of the Bank of Pennsylvania, praying a re-charter of the Bank of the United States. On motion of Mr. Wickliffe, it was referred to the Committee of Ways and Means, with the following instructions to said Committee:

"To enquire into the expediency of reporting a bill to incorporate a new Banking Company, to take effect and go into operation after the expiration of the charter of the Bank of the U. States, reserving one third of the Capital in said Bank for the United States, together with a sufficient bonus on the charter; one third to be subscribed for by such of the stockholders in the present Bank, as may be citizens of the United States, the other third to be taken by such citizens of the U. States, as may desire so to invest their surplus capital:

"That they also enquire into the expediency of prohibiting the Bank from dealing in or holding real estate, except for the mere purposes of Banking Houses necessary for the transaction of the business of the Company:

"Of prohibiting the location of any Branch in any State without the consent of the Legislature of such State:

"And also, of so forming the charter, that the Legislatures of the several States shall and may exercise the power when they deem it expedient to do so, of imposing a fair and reasonable tax upon the capital employed, in any Bank or Branch of said Bank, within the jurisdiction of such State:

and also to subject the said corporation to be sued in the District or Circuit Court in any State, where they may have a Branch located, and the cause of action accrued."

Perhaps this proposition of Mr. Wickliffe, is the middle ground which the President is anxious to occupy, as a city of refuge against the consequences of unqualified opposition to rechartering the Bank, or unqualified approval of a new charter similar to the old. Perhaps he thinks that these modifications, particularly that which excludes foreigners from holding stock, and that which gives to the States the power of taxation, would be a sop to Cerberus—would disarm and reconcile, the hostility of Virginia? But will they render the charter less unconstitutional? Do they get over the Constitutional difficulties? Will it the less violate the doctrines of limited construction, as contended for by Virginia? No: and therefore, Virginia will not be coaxed by them, to excuse Jackson if he sign such a charter. If he sign it, he does it we assure him, at the hazard of giving Virginia immortal offence. We know how dearly he prizes the support of Virginia; we know that her support flattered his vanity more than the occupation of the Palace itself; than the support of all the Union besides. Let him sign Wickliffe's bill for extending the charter—or any other Bill, however cunningly and dexterously modified to entrap Virginia, and he will find that Ritchie cannot save him.