A Compilation of the Messages and Papers of the Presidents. Volume 4, part 2: John Tyler
History
A Compilation of the Messages and Papers of the Presidents. Volume 4, part 2: John Tyler
Presidents -- United States; Tyler, John, 1790-1862; United States -- History -- Sources; United States -- Politics and government
The directors of the said corporation shall establish one competent
office of discount and deposit in any State in which two thousand shares
shall have been subscribed or may be held, whenever, upon application of
the legislature of such State, Congress may by law require the same. And
the said directors may also establish one or more competent offices of
discount and deposit in any Territory or District of the United States,
and in any State with the assent of such State, and when established the
said office or offices shall be only withdrawn or removed by the said
directors prior to the expiration of this charter with the previous
assent of Congress: _Provided_, In respect to any State which shall not,
at the first session of the legislature thereof held after the passage
of this act, by resolution or other usual legislative proceeding,
unconditionally assent or dissent to the establishment of such office
or offices within it, such assent of the said State shall be thereafter
presumed: _And provided, nevertheless_, That whenever it shall become
necessary and proper for carrying into execution any of the powers
granted by the Constitution to establish an office or offices in any of
the States whatever, and the establishment thereof shall be directed by
law, it shall be the duty of the said directors to establish such office
or offices accordingly.
It will be seen that by this clause the directors are invested with the
fullest power to establish a branch in any State which has yielded its
assent; and having once established such branch, it shall not afterwards
be withdrawn except by order of Congress. Such assent is to be _implied_
and to have the force and sanction of an actually expressed assent,
"provided, in respect to any State which shall not, at _the first
session_ of the legislature thereof held after the passage of this act,
by _resolution_ or _other usual legislative proceeding, unconditionally_
assent or dissent to the establishment of such office or offices within
it, such assent of said State shall be thereafter presumed." The assent
or dissent is to be expressed _unconditionally at the first session of
the legislature, by some formal legislative act;_ and if not so
expressed its assent is to be _implied_, and the directors are thereupon
invested with power, at such time thereafter as they may please, to
establish branches, which can not afterwards be withdrawn except by
resolve of Congress. No matter what may be the cause which may operate
with the legislature, which either prevents it from speaking or
addresses itself to its wisdom, to induce delay, its assent is to be
implied. This iron rule is to give way to no circumstances; it is
unbending and inflexible. It is the language of the master to the
vassal; an unconditional answer is claimed forthwith, and delay,
postponement, or incapacity to answer produces an implied assent which
is ever after irrevocable.
Public-domain text, read in full here on John Shaqi.
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