Alexandria daily gazette, commercial & political. [volume] (Alexandria [Va.]) 1808-1812, 1811-05-03
CONGRESS-
Ey!TED sTaTES B.iFK.
N SENATE.

none o. the l0ecf-OE "a Ss.-o.iN.
there is little or 40 revenue coieetcd.
the whole benz, is to De ensrcssea .! three
or four OF the great Atlantic states, SO the
whole OF ti,r power which the eisS''a ON u
this bank viii take fron the national govern
men. will he exclusively nicnopo.iSed by the
s,n,e s,,,es. Is i. desirable TO increase the
influence esthese great states, winch Is aire'-
Nv too -rea,. at the expcnce otthe I. States :
6oes no, ,b. history Of these great states ar
rron;.h Ms in the most impressive terms to
beware OF placing this government in me state
os de,enderce upon them? Sir, tie time has
been. ana il will certainly arrive again, when
soma one Or more Of thsse srrds states Will pc
found IN State OF hostility to the national CO.
ver:,rpen.. and with this knowledge YOU are
abou, 70 piace the management OF your pubic
money ii. the hands Of the state banks VINO are
dependent for their leg-.l existence upon the
state governments BC;, sir, permit me 70
examine this exclusive right Of the stlte go
yermneats to create, banks. In the 10Th Sec
Of the ist article of the constitution OF the
United Sites, i IS declared among otlicr
things that 10 state shall coin monies emit
bills of credit; make any tang cut sold %
silver tender III tue p viiteHt OF de2t;. " nj,
sir, is bill of credit y III 1t De contcnded
that bank BIZ, is no;.a b.il CT credit: ItIcy
arc enphaticaily bills OF credit. brt It may
be sid, that the states dc MOI. by tie CREATION
of banks with authority to emit these niiis OF
credit, infringe upon the cons:ltutioa, 5cc-ii.4
they Go not emit the bills themselves. II
tilev have not the power to emit bills OF Gre
dit 6 fortiori they Cannot delegate to- osGe.S
right which they themselves Cannot eXer-
ci.e But. go, according 80 The u,axln1s q
i.,w md sound Feasci,, what they 40 BY another
thew 90 taelns ives. Il then Tue s,isc govern
men.s are restrained Eo.n exercising tais right
to Incorporate d bunk, it would appear &c mr.
cess;,Gte rel th.t this right Is vested n the 60
reri.mes.t OF the Erite<! States. The entlrc
sovereignty Of this nation IS vested IL :ac state
governments and il the federal govern
mert, eXcep. That part OF IT which IS retain
ed by the people. which Is soieiy the right
of eiecting their public Iuncuonaries,----
The right TO create d corporation IS Right
Inherent in every sovereignty; the peopie OF
the United States Cannot exercise this right.
Ii then the tttcs are RESTRAINED from creating
bank with authority to emit bills OF creo;r,
it appears 70 be established tn; the fedora.
government does possess this rsnf. 1t, how
ever, it is still believed, that the law BY which
THIS bank has been created was the result ot d
forced construction of the constitution, YETI
must contend that that construction is entitled
to some weight in the decision Of this, cues
ton. The time and state of the public mind,
when this construction was given. gives It 4
strong claim 70 consideration upon this occa-
sion. This construction was given shortly at.
ter the government was organized, when hrs.
impressions had not been etfAccd by lapse OF
time, or distorted by party feelings, or indi-
vilual aniposity. This law did not pass in
tie hard unconstitutional times which produc-
ed tn .edition law. Nc, SIR, this law passed
in the best days of this republic. Atthat time
the idea Of party, as now understood; was
wholly unknown. The parties which then
existed, were literally federal and anti-fede-
raj. Those friendly 10 the constitution, and
those inilnical to it, formed the only party
then known in this nation. What, sir. Is the
situation in which we are now placed W2l-
are the circumstances under which we are
called upon to reject this bill The great i'll
fucntsI states, induced by motives of avaTiee
and ambition, intsrpose the weight of their
authority attempt to put veto upon your
right to pass such laws as aye necessary and
proper for the general welfare, through the
ins,rumentaiity of Instructions, BY depriving
not only their senator's and representatives OF
the exercise OF sound and honest discretion,
but also BY intiinidating OF ers by the weight.
of their Influence and authority. The demo-
cratic presses i'll these great states have for
more than twelve months past teemcd with
the most scurriIous abuse against every men,
Der of Congress who has dared 10 utter 3 syl-
liable in favor Of the renewal of the bank Char
ter. The member who dares TO give his O.
pinion in favor of the renewal of the charter,
is instantly charged with being bribed by the
agents of the bank, with being corrupt. with
having trampled upon the rights and liberties
of the people, with having sold the sovereign
ty of the I'm ted States to foreign capitalists,
with being guilty of periury,b, having riolat-
ed the constitution. Yes, Sir, these are the
circumstances under which we are called up
on to reject the bill. When We compare the
circumstances under which we are now acting,
with sSose which existed at the time. whsn the
law was passed to incorporate the bank, we
may we'll distrust our own judgments. Sir,