Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-04-30

tons when the Understanding oppos,ion Of the lead
ers OF the edcrI party to the measures adopted by The
administration, to vndcae rights against British az
grcssion had caused the great majority of the Ameri
can people TO view these leaders the apoogsts of
nation, already regarded in the light of public enemy
When 10 these circumstances add that the stock o
the bank was principally held by British subjects ant
Americans of the unpopular party the House will
perceive how great were the national AMI party pre-
Juces which must have been arraycd against the pro-
position 10 renew its charter. Ii was stated by MIR
Clay, in speech delivered in the Senate, that seven
tenths OF the stock belonged TO British subjects and tina
certain English nobcmen, and lac Lord Chancellor
were among the very largest of the stockh Jldcrs With
all those difficulties TO encounter, the proposition for
newing the charter lost only by the casting
the President OF the Senate and by ma jory OF sin
gle vote in the House of Representatives.
In less than three years after the expiration Of the
chartcrthc war with Great Britain having taken place
in the mean tmc--the circulating medium became 50
dsordcrcd, the public finances deranged, and the
public credit impaired, that the enlightened patriot
Mr. Dallas, who then presided over the Treasury De-
partment, with the sanction of Mr. Madison and as
believed, every member OF the cabinet, recommen ended
to Congress the establishment of National Bank as
the only measure by which the public credit could be
revived and the fiscal resources OF the Government
deemed from a ruinOus and otherwise incurabe embar-
rassnent and, such had been the impressive lesson
taught by very brief but fatal experience that the
ry institution which had been recently denounced,
and rejected by the republican party, being
mended by republican administration, carried
through both branches of Congress republican
sure, by overwhelming majority of the republican
party 1t is true that Mr. Madison did approve and
sign the bill which passed the two Houses because IL
was not such bill as had been recommended by the Sc
crcary of the Treasury and because the bank proposed
10 create, not calculated in the opinion OF the Prcs
dent, to relieve the necessities of the country Bnt he
promised his objections 10 the by ''waivng the
question oil the constitutional authority OF the Legislature
TO establish incorporated bank, as being precluled
in his opinion, by repeated rocognons, under varied
circumstances of the validity of such an institution in
acts of the Legislative Executive and Judicial branches
oil the Government, accompanied by Indications i'm diff
ercnt modes, OF concurrence OF the general will of
the nation" Another bill was Immediately introduced
and would in all probability, have become law, had
not the OF peace by doing away the pressure of
emergency, induced Congress TO suspend further pro.
ccedings the subject, until the ensuing session At
the commencement of that session. Mr.. Madison invited
the attention OF Congress TO the subject, and Mr. Dallas
again urged the necessity Of establishing Bank TO re-
store the currency and facilitate the collection dis
bursement Of the public revenue; and so deep and So
funconar es, that such institution the only prac-
ucable means of restoring the circulating medium to
state of soundncss, that Notwithstanding the decided
opposition of all the State banks and their debtors and
indeed, the whole debtor class of the community the
act, incorporating the present Bank of the u States
was passed by considerable maories i'm both branches
of Congress, and approved by Mr.. Madison
This brief history of the former and present bank
iorciby suggests few practical reflections 1t is he
remarked, in the first place that, since the adoption of
the Constitution bank has existed under the authority
of the Federal Government, for thirty out of for
ty years; during which mc public and private credit
have been maintained elevation fully equal to
what has existed in any nation in the world: whereas
In the two short intervals during which no national
bank existed public and private credit greatly inn
paired, and in the latter instance, the fiscal operations
OF the Government almost entirely arrested In
the second place, il is worthy of special notice. that
in both the instances in which Congress has created
bank, has been done under circumsa calculated
TO give the highest authority 10 the decision The first
instance, as has hcen already remarked was in the pri
mitive days of the republic, when the patriots of the
Revolution, and the sages OF the Federal Convention,
were the leading members, both of the Executive and
Legislative councils; and when General Washington
Who at the head of her armies had conducted his coun
try TO Independence and, as the head of the Conven-
on had presided those deliberations which result
ed in the establishment OF the present Constitutions was
the acknowledged President of people, undisractcd
bv party divisions. The second instance was uodcr
circumstances OF very different but equally decisive
character. We find the very party which had so re-
Gently defeated the proposition TO the charter of
the old bank, severely schooed both by adversely and
experience, magnanimously sacrificing the pride of con-
sstency, and the preudices of party, the shrine of
patriotism 1t may be said without disparagement that
an assembly of higher talent and purer patriotism has
never existed since the days of the Revolution thar
the Congress by which the present bank was ncorpo-
rated. If ever political party existed, of which il
might be truly said that call the ends they aimed at
their cOuntrys, it the republican party of
that day They had just conducted the country hro'
the pers of war, waged in defence of her rights and
honor, and, eevang their views far above the narrow
and miserable ends of party strife, sought ONLY to cd
the permanent happiness of the people. 1t was
this great end that they established the present bank
In ibis review, il will be no less instructive than
o.
pnions of prominent men, yielding TO the authority OF
experience. Mr.. Madison who was the leading on.
ponent OF the bank created in 1891 recommended and
sanctioned the bank created i'm 1916; and Mr. Claw
who strenuousiy opposed The renewal of the charter in
ISL, as strenuousy supported the proposition TO grant
the charter in 1916.
That may he said Of the bank charter which can be
said Of few contested questions Of constitutional power
Both the great political parties lhat have so long dvi-
ded the country, have soomny pronounced IL 10 he
constitutional and there are bn very few Of the prom
inent of either party, who do not stand committed
in its favor When, to this impojrg array Of authori-
ties, the committee add the soemn and unanimous Il
c.on Of the Supreme Court, in case which fully and
distinctly submitted the constitutional question 10 boir
eognZdnce, may they not ask in he larguag. of Mr.
rallas, scan il he deemed violation of The rig hi of
private opinion 10 consider the consitutonai'y of ma
tionai hank question forever settled and AZ resti
And here The committee bog 10 be distinctly under.
stood, utterly discaimng the idea Of ascribng TO
the decision OF any OF all the departments of the
Government, upon great constitutional qmeston the
binding authority which belongs to judicial precedenfs
in cases OF mere private right depending upon the
construction olie ordinary acts Of the Lagi.aure No
length Of prescription, concurrence of aui horv can
cOnsecTae the usurpation Of powers subversive of pu
lie liberty, and destructive Of public happiness But
where the exercised il clearly conducive TO the
public welfare, and its cOnstituonality is oub
fuI, il would seem 10 he Of the most Obvious die
tales Of practical wisdom, 10 regard the decision OF
these who had the best means OF ascertaning The in
enlion OF The Constitution, and ho actuaed by
The most undouhed purity and disintor sstednsss Of mo.
tive, OF sufficient authority at least 10 override the
ofelcal objections and silence Individual scruples.