Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1811-06-27

notes and yet was compelled to TeSpasS
ON another gentleman in company with me
to bear my expences. 1.-THE notes had with
me had been notes OF the bank CT the Uni
ted States, they would have circulated freely,
because the merchants gladly receive them
from the planters for the purpose of remit
lance, &c. but it always will be otherwise
with state banks. From their nature they
cannot give that general circulation which is
derived from general bank
Tho honorable gentleman from Kentnc-
Ky (Mr. Clay) with his usual ingenuity, spoke
OF the enormous evil and the danger to our
liberties that is TO be anticipated from giving
the power to erect corporations, which he
says is an original power, and has given be-
ing constitutions which has swciled to nm e.
normous magnitude. The example Of the
East india Company and the South Sea Conn
pany were spoken of IN an alarming, :rnres-
slve and ingenious manner. But, ask, s;r.
If the state governments do not possess this
gigantic powers / see nothing to restrain
them more than the general government.
l see that the only supervisors as to the state
governments arc the people themselves, who
are also the supervisors of Congress, who
have also the inyidious jealous eyes Of the state
governments constantly upon them, as is IL
nstrated In the conduct OF some of the states
on tins very question, and who combined
would guard this power from abuse by the
general government muchmore than the peo-
pie alone will guard against abuses by the
states. 1t is visionary mode OF reasoning TO
argue against the possession of power from
the abuse of it. The gentleman may as well
telfus that we may raise armies to so mon
strous an extent as to crush our liberties and
Meryfore, we ought not ON any emergency to
raise an army. He may as well say the cree
ation OF a military school, which is as much
and no more resulting power than the one
IN question, Is giving to Congress great SUBJ
stantive independent power to create a vast
engine, under the name of a military school,
which may swell to such immense Importance
as to make it an instrument to swallow all the
liberties OF the country. so as respects Seites
for forts and armies, and ore banks, powers
exercised by implication, the gentleman,
from the Unlimited indulgence he gives to a
gloomy and toreboding imagination, may say
you may purchase the territorial rights of
the states until you destroy their sovereignty.
There is ne end to the extent of such reascn-
ing. We must rely in some degree On our
selves, on the vigilance of the state govern
ments, and OH the discretion of the people.
When the whole body polite is so corrupt
that there are no eyes on our rulers to see
when they transcend the powers of the con-
stitGticn, all is lost and no paper reservations
can save us.
From this reasoning, sir, I again reiterate
that conclude that when the constitution
was formed and promulgated, it was the in
tention OF the trainers OF the constitution and
of those who adopted it. in the powers they
gave to the Congress of the United States, to
include that power, and establish bank if
such an Institution was considered Convenient
necessary and proper to carry into execution
any one OF the enumerated powers conceded
to the general government; and, if it was con-
stitutional then, it was equally so now.
In the course Of The very elaborate and a.
bic speech delivered by my colleague few
days past on this subject, he stated these two
positions that right to grant charters of In
corporation Is not Of description of charac-'
ter similar to, and has no analogy with, any
of the enumerated powers Of Congress.
Cd. That the right to grant charters of in
corporation was distinct and sovereign pow
CT equal in itself to any of the enumerated
powers granted to Congress,
AS to the first position, that the right Of cree
ating corporations on banks has no analogy to
the enumerated powers of Congress, permit
me to observe this is begging the question, or
rather entirely evading 1t. If it is admitted
by every one (and thishas been ADMITTEDLY that
banks afford the greatest facility of collecting
your revenue, and you have a right to avail
Yourself of the best means 70 carry into exc
cutiCn your enumerated powers, the right to
create banks has an immediate connection
with and grows out Of the power to levy and
collect taxes, which brings this merely to a
question Of expedency
His second position was, that the right TO
create corporations or banks was a distinct
and sovereign power, equal in itself to any o.
Their Of the enumerated powers of Congress;
that it wants that connection, afiliaticn and
sujservency 70 some enumerated power,
which is necessary to give power by impli-
cation. j know not that law granting a
charter Of incorporation is more an act Of
sovereignty than a law passed on any o.
Their subject Thatit is power, original, in
dependent, and OF itself equal to any one Of
the enumerated powers, cannot be admitted,
because it has not been contended by any that
Congress possess the power Of creating cor
porations at all times and in all instances. IL
is only eontcnded to be proper and constitu-
tional when it is used in subseryiency to the
enumerated powers of Congress as the means
best calculated 20 carry any enumerated pow
er into execution. The right Of creating in
corporations for this purpose only and under
this limitation can never make IL a power e
quail in character and magnitude 60 any one
Of our enumerated powers, because Hitis us
cd as a mere subservcnt irtrument to them