The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-01-01
SsyOUSE OF REPRESENTATIVES,
OF THE
UNITED STATES.
WEDNESDAY, Feb. 2, 1871.
Tx T. q II " Il Bill l.
UNDER CONSIDERATIONS.

ntsl, the aids they afford to merchants who
can thereby push their mercantile operati-
on, farther with the same capital. Cd. The
aids to merchants in paying punctually the
customs. 81 AIDS to the government in
complying punctually with its engagements,
when deficiencies or delays happen in the
revenue. 4th In diminishing usury. 5th.
In saving the wear OF the gold and silver
kept in the vaults and represented by notes
go. In facilitating occasional remittances
from different places where notes happen 60
ciicuiate. TIL, effvc of the proposed bank,
IN raising the value of stock, he thought,
had been greatly overraed 1t would no
doubt raise mat of the stock subscribed in
10 the bank ; but could have little effect on
stock IN general, as the interest on it would
remain the same, aud the quantity taken
on of the market would ne replaced by bank
stock.
The principal disadvantages consisted in,
Isl banishinS the precious metals, by sub
Ell u,iny another medium to perform their
ofiire. This effect was inevitable 1t was
( admitted by the most enlightened patrons of
banks. particularly by Smith on the
Wealth of Nations. The common answer
to he objection was, that the money Danish
ed was only an exchange for something c.
quaily valuable that would be imported in
return. He admitted the weight of this OBJ
servation in general, but doubted whether,
IN the present habits of this country, the
return would not be in articles of no perma
neni use TO it. Cd. Exposing the public 6
individuals to ali the evils of a run on the
bank, which would be particularly calami-
tcus in so great country as this, & might
happen from various causes, as false ru
mnrs, bad management of the institution, an
untavorable balance of trade from short
crops, &c.
1t was proper to be considered also that
the most important of the advantages would
be better obtained by several banks proper
}y distributed than by single one The
aids to commerce could o>ly be afforded at or
very near the seat OF the bank. The same
was true of aids TO merchants in the pay
ment OF customs. Anticipations of the go
vernment would also be most convenien at;
the different places where the interest of
the debt was u be paid. The case in A
me!ica was different from that in T. glad
the interest there was all due at one place
and he genius OF the monarchy favored the
conc ntration OF wealth and influence at the
metropolis.
He tn ught the plan liable to other obiec-
items: l ",d not make SO good bargain for
the public vas dHe 10 lis interests. The
CHATTER to the bank of E.rgland had been
grated tor ii years only. C was paid for by
= loan To ;hc government Oh terms better
than could be elsewhere got. Every reHew-
al Of the charter had in like manner been
purchased; IN some instances at a very
hlgh price The same had been done by
the banks vi Genoa, Naples and other like
banks of circulation. The plan was une
quail to the public creditors-it gave an
unoue preference to the holders of parti.
cuiar denomination of the public debt; and
20 Inose at and within reach of the seat of
government. IL the subscriptions should be
rapid, the distant holders of paper would be
excluded altogether.
In making these remarks on the meriTs of
the bill, he had reserved to himself, he said,
the right to deny the authority of congress
to pass it. He had entertained this opinion
from the date or the constitution. His i'm
precision might perhaps be the stronger,
because he well recollected, that a power
to grant charters of Incorporation had been
proposed in the general convention and re
jected.
Is the power of establishing an incorho
rated bank among the powers vested by the
cors,.u,ion in the Legislature of the u. 5 ?
This is the question To be examined.
After some general remarks on the iimi
tations of ~! political power, he took notice
OF the peculiar manner in which the tede-
ral government is imi ed. Ii is not a gen.
eral grant, out OF which particular powers
are excepted. 1t is a gran, OF particular
p, weIs only, leaving the general mass in o.
the hands SO It had been unders God by
its friends and its foes, and so 1t was to be
int. pr ed.
AS y eiIuDares to a right Interpretation,
he laid down The following rules:
Az expectation that destroys the very
Characteristic OF the government cannot be
jus.
Where meaning is clear. the conseq zen
ces. whatever they may be, are To be add
IN ted-whe doubtful, 1t is fairly triable
BY IS const que"ces.
] cunroyer,ed cases, the meaning of the
pait,ts 10 the instrument. If TO be collected
b, reasonable evidence, is a proper guide.
o,e uporary and Concurrent expositIons
are reasonable evidence Of the meaning of
the parties.
~ admitting or rejecting constructive
au hority, not only the degree of IFS incl
dentality to all express authority, is to be
regarded, but the degree of its importance
also; since on this will depend the proba~
b1ity or improbability of its being left to
Co struCtion.
Reviewing the constitution with an eye to
thee positions, il was not possible to disco
yer in it the power TO incorporate bank.
The Only clauses under which such pow
er could be pretended, are either
/. The power to lay and collect taxes, to
pay the debts, and provide for the common
defence and general welfare Or,
Q The power toborrow money on the Gre
dit IT the u. > Or,
s. The power TO pass all laws necessary
and proper to carry into execution those