Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-20

,enew its charter. A few years alter the
same men discovered that they could,
and did create bank OF the United
States, with powers more dangerous than
The first The bill bow under conside-
ration contains clause for the repeal OF
a state bank charter, which, It Is under
stood, the objections suffered to pass at
former time with distinguished testimo-
MES OF appreciation. Was not the con-
sttution the same then as now! Or Is
constitutional law like chemistry, always
in state of progressive improvement,
and still open for new discoveries Per
haps the great constitutional ta7oyers oi
the day can answer the question.
The Council triumphantly demand Of
us, what is a 6iR oFcredh2 They have
not ventured to tell us, nor TO give US the
distinction between bills of credit and
other bills. However we apprehend we
have satisfactorily answered the query
pu, by the Council. That bill Of credit
is W letter requesting some person to
trust the bearer on the credit Of the draw
er"--we have 10 besitancy in believing
tha, the notes proposed to be issued, have
none of these attributes. The authority
quoted in the objections will shew, thai
the article was penned in an abs dilute
sense, ard giving to the words used the
meaning most favorable to the opinion
of the council, it viii be found not to
support their construction. The writer
speaks of paper money used as legal
currency, designed to have all the quail
ties Of coin. We would ask the Council,
if the paper intended to be issued here
is proposed TO be substituted for the le-
gal currency oftho United States within
the meaning of the constitution And
whether the resources pledged for lis
ultimate redemption are insufficient p
From every light then which your COM
mittee can obtain on the subject, they
are clearly of opinion, that as there were
two descriptions Jfpapcr IN vogue at the
time, that is, what is called continental
money, thing entirely different from the
notes proposed to be ssued-and bills
of credit, or such written authority as
was given to their officers and servants
by the state and general government to
make purchases on their credit--the first
alluded to, in the words, /" shall not make
any thing but gold and silver tender in
payment of debts" the second is the
term " bills Of credit." In fact, if the
principles laid down by the Council be
correct, that clause in our constitution
which authorizes the establishment of a
State Bank Is directly opposed to the
provisions Of the federal constitution
for the admission of which, your com
mit,ee cannot find the slightest reason
Your committee apprehend too, that
the Council are also mistaken, when
they suppose that the state may not have
the right to bank, and yet may create
corporation with such powers. Although
the private right to bank may exist, it
does not follow that state who is for
hidden to bank herself can confer the COR
porate right to do so. 1t is fixed prin-
ciple "fhat a body polite ar corhorate
cannot do thing indirectly 7phich she
cannot directly do" 1t is clear then
that II the state in her political capacity
cannot bank, she cannot create political
body who can. She may take from her
private citizens the right 10 bank, as she
has done but cannot give it. 1t is little
strange that constitutional objection to
the exercise OF this power by the state
has '~vcf before been raised, or the au-
thorltg ofthe states to create banking in
stltutions questioned. The first judicial
decision remains to be recorded against
it. Then why this innovation upon
established principles, never before
doubted. The committee also think,
the Council! arc mistaken when they sup
pose, the maxim communis error Eacit
jua applies to the present question. We
do not conceive that the practice in ques-
ton las grown out of error; but if it
has, to state the argument strongest for
the Council, it has been douotfui con-
tor, and in that case, common error
makes ,igM 1t docs seem to us, that If
any snhstantia objection could be raised
aga,ns tho orincinle in question, it would
have been long since urged and decided.
1t cannot be supposed that the great
constitutional lawyers of the nation,
would suffer, for so long time, the sa-
cred bond Of the union to be tramp,ed
under foot, ard pass by unnoticed, so
glaring an infraction Of one OF its cardi
nal features-a bond which they arc
sworn to support, and have spent so
much public money in defending it,
We ask the Council, what is meant bv a
state bank J? Does it mean bank to be
created and owned by the state Does it
not contemplate the issue of bank notes,
which may or may not at the free cleo
ton of The nuhlic be tax en- or roca;,ad