The enquirer. [volume] (Richmond, Va.) 1804-1815, 1814-10-08


receive the al those which cash their
notes bat have forced their holders to sell them 1T ten
percent discount the brokers shops. Indepcnicnt
ct this fact, II held by all gentlemen of all parties
that IL is necessary to the convenience ot fiscal
operations that there should be National Bank. The
only difficulty opposed the adoption 81 the popcsiti-
now under consideration, would be on the part oil
trse WHO believed thatthe power, proposed to be
ted, already resided in Congress, and who might
tend the passage ofsuch motion this would by i'm
Ilcatop deny the present existence OF the power
Mr. j. said that he did not himself believe that any
gentleman would be compromises IN tiis way by
tine for this propositions that it Was best in all gases
the least doubtful Unconstitutional construction make
assurance donbly sure Many III the legislatures
had declared their opinion that law establishing MAJ
tonal Bank would he unauthorized act. 1t would
te better, avoid all difficulties consult their op
OBS, or you please their prt dccs, and receive
their hand by liberal gaut,a powers. essential to the
wei beins orthecountry
, m .JPGee of Kentucky sid as he could not vote
for the proposition, it perhaps due To himself
well as the muittcc, state his Tor voting
against it. and why he thong ought be adopt
el lift to be adopted and sent out To the states
to- concurrence, W.. not the question OF constitIti
oaality, he asked, he completely Yielded the part
q. those who voted for it Whether, s,cb a vote
ould be tliscainng of the power b, Congress- rea
and prosl bility did not altogether forbid the ex
pecttion thatthe states wuld rluons' this power to
the general government A large majority of the
states already had deep interest in the banking
bl;shments within their respective juris'ctiors; and
40 far the paper and business OF National Bank
tended, it far dcteorc the state bank stocks
and ctiiTail the revenues therersn which
fe states entirely rely tor the support Of their govern
BESIDES this the interest of the local banks
extended through all the rSinhc,tinns of society. Al
me; every individual in every Legislature in some
degree interested in the and prosperity o;the
State Banks and would be Interested refuse 10 grant
Ale power il it once yielded by TIE House. The
question presented iii this form appears propose
relntIustment of power, and viii afford opportuni-
W he vii ycpiyp m bitpld
from Congress the right ot exercising this power lie
dhl not believe that the question o renewal OF the char,
her OF the old L. s. Bank at all dccdedt tho Question OF
the constitutional power OF Congress The history ofila
Bank, found Oh the Journals ofCongsyss was this
that CongTessin 792 Jya very large lnajob of both
branches passed law esabishing bank, which was
sanctioned by President Washington, and into o.
peraiion That II afterwards received the sanction of
Congress urter the administration of Mr. jefferson by
the passage OF laws establishing branches Of IT, an for
the punishment Of those who cenntcrfetcd its paper
1t wasa fact, that every member would concGrwih
him declaring, that who voted a.aiIst r-car-
tcring the Bank, did 80 not because they , not believe
that Congress possessed the power Int because they
believed the measure iueXpedent. He hazaiyled no.
thing in saying that more than the nmber OF the ma
Jority that question entertained constitutional
scruples ON the subject In the Senate the question
decided against renewing the eliaIterby the casting
vote oil the President Of that body in which there were
many who did not vote against il from constitutional
considerations. So tar decision &c press had
authority, their decisions -lOvel that Congress had the
power This subject had been repeatedly discussed
that he supposed would ne useless to refer TO the con-
stitutOn in relation to it. The question had become
point ot political faith, and acquired the stabit, of
come theological opinions, which argument and
re thrownaw away. He did not aspire to the
ability 10 shake opinions long standing As lie knew
were entertained by some members oftlle horse But
even the argument OF the gu tleman from Virginia this
morning woud prove The constitutional mower Of, Con-
gress estsLlisha National Bank. The gentleman had
informed the house that such bank necessary and
indispensable for the convenient faithful and econom-
cal administration OF tlic finances Awaiting himself of
this admission aud aHpling it To the general clause in
Che Constitution vestiug powers in Congress he con-
rs'i no do''bt could l!,r1ap Of t'e power being in
Congress by the constitutional pllraze &c necessary
and Proper Absolutely irdls1srs,sfs
necessity, bat any agency ftcd suitcd, applicable to
and connected with the faithful administration of the &
nances. Every man not pref diced must by exDa,i-
cnce and the geneman's admission be convinced that
Congress already have the power no proposed to be
given TO them Ne then teak retrospective view of The
operation ofthe refusal to re-cate the old bank ~.
establish new one, and proved concusiycly that the
government had been very greatly al0seI perlats TO
Tire anount OtiouF five millions by that oinisslon
besides the reduced interests ~ which the facilities
afforded would have enabled the government to Obtain
tlc loans they have since had occasion for IL WAS de-
monsI.ed that hank of this description furnished IA
oities which existing institution did and it y,s,
therefore proved tlat its establishment was necessary
end proper to the fiscal opetstions of the government
4 OF course within the scope ol,her consti:utionapo5
sr.
Mr.. jackson said It must have been Observed ibo
he hadon all occasions pupOsely avoided expressing hrs
opinion ON thc cODsttutionalityO any establish
National Bank lie dbl not consider the votes hove
YER during the time he had held seat in the house az
Recognizing the power orin.t,nee, he did not ina
CINE that any person cuudb cousalee, as sanrtonjcP
the construction referred 10 b, voting 10 punish the
CUumtefieitng the notes ofhe Bsuk. Policy & every
consideration .Ctasd that an offence of this kind sIoud
be punished, and the law it that purpose was propCsed
without advcrting at all TO the constitutional question
In regard TO tive question Establishing new branches
10 the Ba k, II Of more difficulty The cOistu-
lcna' question, however, not ON that occasion STIR
rcd before Congress, AID he believed lie Yeas and
Maya nGi called on it. The charter tie Bank
OF the L. States limited in its duration and whilst
II in existence, it the duty, 70 say the least of
it. Of the constituted autborG,s to give to- It efficacy N
punh of, ndrrs against It. The charter of that Bal
like the contracts which the government has made
with Tic national crcdltOrs-of which, lie toped none
III this EOus, nation, whatever he had heard 10 the
contrary, would go 50 iaras say the natio al faith was
not liedgt u redeem the last shilling So i'm r.o,rd
to che clan ter Oftlc Bank Of TIC Untcd States Tho.
who o., passed offered obstacle 10 fulfilling il after
II granted. The gentleman had said the state e.
Pismures and individuals composing them would OBJ
pose the grant % any such power this 20 the national
Cove naent Once establish the almost INDISPENSABLE,
Sulit; and importance OF National Bank and there
wo dbe such direct appeal TO the honor and rafro
tn the s;ate legislatures as to forbid for riooe,
the idea that they wonId sanction It's creation
1hcrprvatc interests would vanish before the national
gocd. but even II this bsse aud royciine passion had
hbuente, wOrdnot prevent them irLm granting fine
pow or bc prop, to asG from them. Mr. j. made |
some observations gDins TO stew tbs: The ADVANTAGE N
I,cihd7PUd from tic establishments of Lsrks
tthiu their rnits would oper &c couuterpo;se 10