The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-06-25

i y
Their paper will not answer the same pur
pose. l recolleCt to have been travellin,
| where had in my pocket book FIVE hun
aredf dollars in good bank notes: and We
was compelled To trespass ON anothergen
| ueman IN company with nc to bear nv ex
pences. If the notes had with me hac
been notes of bank of the the u. States, the,
would have Circulated freely, because the
merchants gladly receive them from the
planters. for the purpose of remittance, &c
but 1t always will be otherwise with state
oanks. From their nature, they cannot
give that general circulation which is de.
rived from general bank.
The honorable gentleman from Kentucky
(Mr. Ciay) with his usual ingenuity, spoke
OF the enormous evil and the danger to our
liberties, that is to be anticipated from Civ
ing the power to erect corporations, which
he says, is an original power, and has civ.
EN- being to institutions which have sweIled
to an enormous magnitude. The example
OF the East-lndia Company, and the South
Sea Company, were spoken of in an alarm
ing, impressive andingenious manner. But
ask, sir, ifthe state governments do not
possess this gigantic poweri see ncthing
to restrain them morethan the general go
vernmeHt. see, that the ony Supervisors
as to the state governments, are the PEG
pie themselves. who are also the supervisors
OF Congress. who have also the invidious
Jealous eyes OF the state governments con-
stantfy upon them, as is illustrated in the
Conduct OF some of the states on this very
question, and who combined, would guard
this power from abuse by the general go.
vernment muck more than the people alone
WIN guard against abuses by the states
Its a visionary mode Of reasoning, to argue
against the possession of power from the "a
n
tell US, that we may raise armies to so mon
strous an extent, as to crush our liberties:
and therefore, we ought not on any emer-
gency, to raise an army. He may as we'll
say. the creation of military school, which
Us as much and no more resulting power,
than the one in question, is giving to Con-
sress great substantive independent pow
er to create vast engine, under the name
OF military school, which may swell to
such immense importance as to make it
an instrument to swallow all the liberties of
enc Country. SO as respects scites for forts
and armories. and ore banks, powers ex
ercIsed by implication, the gentleman, from
the unlimited indulgence he gives 10 gloo.
my and foreboding imagination, NAV say YOU
may purchase the territorial rights of the
states, until you destroy their sovereignty.
mere is no end to the extent Of such rea
sonInB We must rely in some degree on
ourselves, on the vigilance of the state 20
Vernments. and on the discretion of the
people. When the whole body polite is
SO Corrupt. that there are no eyes on our
rulers 20 see when they transcend the pow
ers OF the constitution, all is lost. and no
paper reservations can save US
From this reasoning, sir, again reiterate,
mat conclude that when the constitution
was formed and promulgated, it was the in
tention ofthe trainers of the constitution
and those who adopted it, in the powers they
gave to the Congress of the u. States, to in
Guide that power, and establish bank, If
snch an institution was considered conye-
nient, necessary and proper to carry into
execution any one of the enumerated DOW.
efs conceded to the general government;
and, 1t it was constitutional then. it was F.
qually so now.
In the course of the very elaborate and
able speech delivered by my colleague a
few days past on this subject, he stated
these two. positions: That's right to gran,
charters OF incorporation is not Of descrip-
ton of character similar to, and has no ana
logy with, any of the enumerated powers of
Congress. $.
Cd. That the right to grant charters of
incorporation was a distinct and sovereign
power, equal in itself to any of the enume-
rated powers granted to Congress.
As to the first position, that the right bf
creating corporations or banks has no ana
logy to the enumerated powers of Q ngress,
permit me 70 observe, this is begging the
question, or rather entirely evading it,
Hit is admitted by every one, (and shis
has been ADMITTEDLY that banks afford the
greatest facility Of collecting your revenue
and you have right to avail yourself of the
best means to carry into execution your en-
powers, the rigbtto create bank
mas an immediate connection with and
grows out of the power to levy and collect
taxes, which brings this merely to a cues
ton of eSpediency.
HIS second position was that the right to
create corporations or banks was distinct
sovereign power, equal in itself to any o
Their OF the enumerated powers OF Congress !;
that II wants that connection. affiliiation
and subserviency to some enumerated DOW :
err. which is necessary to give a power by
implication. know not that law grant
ing charter of incorporation, is more an
act of sovereignty than law passed on
any other subject Tha it is B power orr
ginal, independent and of itself equal to anv
one of the enumerated powers, cannot be
admitted, because II has not been contend
ed BY aHy, that Congress possess the pow
er OF creating corporations at all times,
and in all instances. II is only contended
to be proper and constitutional when il is
used in subservieBcy TO the enumerated
powers OF Congress, as to the means best
calculated to carry any enumerated power
into execution. The right of creating in