Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1829-09-24

The following official opinion, by Mr.. JEFFERSON, on
the bill for establishing National Bank, concludes the
publication of his works which are now through the
presS The author and subject will ensure it an at
tentive peruSal from all descriptions of readers, and
will give it an interest with the public which any
marks of ours would in vain attempt to enhance
[Vrg aduoeae
The Till for establishing Na'iona Bank,
undertakes, among other things,
|. To form the SUBSCRIBERS into a corpora
ton.
2 To enable them, in their corporate capa-
cities, TO receive grants oil land; and so Tar, is
sgainst the laws Of Morfmain.s
3. To make alien subscribers capable Of hold
ing lands; and so Far, is against The laws OF
.Rlenage.
4. Il; transmit, these lands, on The death OF a
proprietor, to certain line If sue essors and
50 far, changes the course Of Descents.
S To put the lands out OF me reach OF for
fei,ure or escheat; and so far, is against The
laws Of Forfeiture and Escheat.
s. To transmit personal cha'tels TO success.
rrs in a csr,ain line; and so far, is aesns, tn
laws Of Distribution.
Z. To give them the sole and exclusive rig t
Of banking under The national authority; aud
80 far, is agains, the laws of Monopoly.
8. 10 communicate 20 them power to make
| avs paramount to the laws of the STATE; for
so hey nus, be construed, t. project the in.ti>
turion from the control Of the S ate legislatures
AID so, probably, they will be ons,rued.
consider he foundation of thc constitution
a, laid on this ground, hat call powers not
dclegaed 10 the United States by the cons i,u-
sion, nor prohibited oy il 10 the States, are re-
served to the S,a'es or TO The people," Twelfth
amendment) % take single step beyond The
boundaries thus specially drawn around the
powers Of Congress, as to sake possession Of a
bopnd,e,s fed Of power, 90 longer susce ptibl,
| of any defini ion.
The incorpors, ton Of bank, and the bowers
assumed by this bill, have not, in my opiuio'.
been delegated 10 the United States BY The
con sIituton.
!. They are not among the powers specially
enumerated Fo these are,
|. A power to lay fares for the purpose Of
paying the debts Of the United States. But no
debt is paid BY thi, bill, nor any AK laid Were
it bill 20 raise moneys, its originaion in the
Senate would condemn il by the constitution"
2 To MORROW money" But this bill nei-
Their borrows money, nor insuies the owing
it. The proprie Tors Of The bank will BE- Just as
free as any other money holders, to lend or not
10 lend their money TO The public. The ope-
ration proposed in the bill, first 10 lend thetn
two millions, and then borrow them back again,
Cannot change the nature Of the latter act,
which will sill be payment anG no, loan,
call ii bv what name you please.
5 "To regulate commerce with foreign ma
tons, and among the States, and with the In.
dian tribes" To erect bank, and to regulate
commerce, are very different acts. He who
erects bank, cres,es subject OF commerce
in its bills: so does he who makes bushel OF
wheat, or digs dollar out Of the mines. Yet
neither of these persons regulates commerce
thereby. To make thing which may be
bought and sold, is not to prescribe regula,
tons Tor buying and selling. Besides, if Ibis
were an exercise Of the power Of regulating
commerce, it would be void, as extending as
much TO the internal commerce Of every State,
as 10 It's external. For the power given to Con-
gress by the CONSTITUTION, does not extend to
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