Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-30
HOUSE OF REPRESENTATIVES.
BANK OF THE UNITED STATES.

referred SO much of the Message of the President
relates to the Bank of the United States beg leave
TO report:
That they have bestowed upon the subject all the
attention demanded by its intrinsic Importance, and
how respectfully submit the result of their deiiberu
,ions to the consideration of the House. There
few subjects, having reference to the policy OF
tublished government, vitaly connected with the
health of the body polite, or in which The pecunary
interests Of society extensively and deeply III
vovcd No of the attributes of sovereignty car
res with 1t more solemn responsibility. calls in
rcQus;ion higher degree Of Wisdom, tuun the pow
er ofregulatiug the common currency aud thus fix
ing the geaera standard of value for u great com
'ncrcial community, composed of contederaied States.
Such being, in the opinion of the committee, the
high and delicate trust exclusively commit ed to Con-
gross by the Federal Constitution, they have proccc-
ded to discharge the duty assigned to them with a
cisrrspond;ng sense OF ITS magnitude and difficulty.
The most SIMPLE and obvious analysis OF the cub
ic as II IS presented by the message of the Prcsl
vent exhibits the following questions FOR the decision
Q; the National Legislature
- l. Has Congress the constitutional power TO in
corporate bank, such that of the Untcd States,
Is 1t expsdcnt to establish and lnani AIN suci, an
ins.i, uton, -
isit expedisnt to establish ga National Bank, foun
ded upa the credit OF the Government and its rev
eIucs:"
l. 1.-THE concurrence of all the departments of the
Government, at different periods of our history nm
der eve administration, and during the ascendency
OF both the great political parties into which the
country was divided after the adoption of the
present Constitution, shall be regarded as hayino
the authority ascribed such sanctions by the com
mon consent OF all well regulated comnuDities the
constitutional power Of Congress to incorporate
ban!, nay be assumed p0stulate no LONGER omen
TO cont roycrsy. In little more han two wears after
the Government went into operation and at period
when most OF the distinguished members of the Fed.
ccal Convention were either in the Executive or
Legislative councils the acl ncorDoratiny tho fire.
bank of the United States, passed both branches oe
Congress ny large maj"r:.es and received the d7lib
inn IF d.. L..
Gfale sanction OF president Washington, who had
then recently presided over the deliberations of the
Convention. The constitutional power of CONGRESS-
10 pass the act of Incorporation was thorouohlv in
yestigaied, both IN the Executive Cabinet and in
congress- under circumstances, in ali respects nro
piions to dispassiona,e decision. There was. At
that time, no organization of political parties and
the question was, therefore, decided by those ,vbn
from their knowledge and experience, were pecu.
tlreiy free from the influence of that nortv eyc,o
eht and prejudice, which would Justly inuair in The
estimation OF posterty tho authority of lepisatye
in'erPresaton of the constitutional charter. No per.
sons can be more competent to give Just construc
ton to the Constitution, than those who had nr;nc;no,
agency IN framing 1t; and administration can claim
more perfect exemption from all those infuences
,s someone's peIvert the judgments even of
the most wise and PATRIOTIC than that of the Father
OF his Country, during the first term of his service
Such were the circumstances, under which all the
branches of the National Legislature soiennv dete
ahmed that the pswer of Creating National RI,
was vested in Congress by the Constitution. T,ha
bank thus Created, continued its operations for
ty years-he period for whcn It's charter vas Grant
ea-during %illch time, public and private crcdi,
wee raised, from prostrate to very elevated CON
dition. and the 6nances OF the nation were placed
upon the most solid foundation
W hen the Charter expired, In 1911 Coppress re-
idsea TO renew ~ Principally owing, the comuit-
tee believe to the then existing state of political
ties Soon after the bank was chartered the Two
g,eat parties that have since divided the country
began TO assume an organized existence. Mr. Jeffer.
Snpn md Nr IaHc Tho
Cabinet and the latter in Congress had been onro-
sed to the establishment of the bank ON constitution
al grounds, ana being placed at the head of the
most untavorable TO the extension of the powers OF
the Government by implication, the bank question
came TO be regarded as IN some degree the test Of
political principle.
When Mr. Jefferson came into power, uoon tho
strong tide OF great politicat revolution the odum
OF the alien ana sedltion laws was n part comrnnn
Gated to the Bank of the United States: md al
though he gave his ocia sanction to an act creotr
new branch of that institution at New Orleans
ana TO another 10 punish the counterfeting of its
bills, yet, when The question Of renewing the charter
chine before Congress, 1t was discussed as marty
question; and though some of the most distinon;sb
cd republicans, including Mr.. Gallatin then Secrea.
~ Of the Treasury, and MIR. Crawford then -,
OF the Senate, were decidedly in favor of ,be renew
al sustaining the measure by able arrnments Tho
votes IN both branches OF Congress were dist;nc,
marked as party votes. At no time since the com.
meDcement of the Government has fIcre er;s,ad
more violent party excitement than that Which nnrk
CD the peElod under review. 1t was the period NJ
the embargo, non-intercourse and other comncrcioi
rcstrlctions-when the undiscrminatno opnos;, ion
of the leaders of the federal party to the measnres
adopted by the administration, to vndicase mr. rybts
against British aggression, had caused the treat ma
Jorlty OF the American people to view these loador
as the apoiogists OF nation, already regarded in tho
light OF public enemy. When to these circu,n.
stances we add That the stock Of the bank was pri
ciPauy held by British SUBJECTS and Americans ~ ,b,
unpopular party, the House will readily perceive how
great We're the national and party prejldces, which
must nave been arrayed against the proposi.ion -
renew It's charter. 1t was stated bv Mr.. CIav in
speech delivered in the Senate, that sevenctbs Of
the stock belonged to British subjects and that Ger
tam Engish noblemcn, and late Lord ChanceIlor
were among the very largest of the stockholdoys
WITH all these difficulties to encounter, the propos
ION Tor renewing the charter was lost onIy by the
casting vote OF the President of the Senate and bv
majority Oh single vote in the House of Repre-
In less man nree years after the expiration Of The
tic war with Great Britain having taken rlare - III @
tHe-ihe circulating medium became so disordersd ,
ueTdngeu, The