Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1830-04-30
0OM@8M98IQWAI.

APRIL IL, Is.

APRIL IL, 1890
Mr.. McDUFFIE, from the Committee of WAYS and
Means, to which the subject had been referred, made
the following
The Committee Of TPdys and Means, to uchom ,cns
referred so much of The Message of the President
as relates to The Bank Of the IT, State. beg icare to
report:
That they have bestowed upon the subject all the at
tontlon demanded by its intrinsic Importance and now
respectfully submit the result of their deliberations to
the consideration OF the House. There are few sub
jccts, having reference to the policy Of an established
government, so vitality connected with the health OF the
body polite, in which the pecuniary interests of So
ciey are extensively and deeply involved No one
of the attributes of sovereignty carries with it a
more solemn responsibility, or calls in requision high
degree OF wisdom, than the power of regulating the
common currency and thus fixing the general standard
OF value Tor great commercial community, composed
OF cOnederatcd States.
Such being, in the opinion of the committee the hio
and delicate trust exclusively committed Congress by
the Federal Constitution, they have proceeded to dis
charge the duty assigned to them with correspond
ing sense OF its magnitude and difficulty
The most simple and obvious analysis of the subject
as is presented by the message of the President ex-
hbits the following questions for the decision of the Ma
tional Legislature:
1. Has Congress the constitutional power to inc orpo
rate bank, such as that of the U. States?
Is 1t expedient TO establish and maintain such an
institution?
g. Is it expedent to establish ga National Bank Coun-
ded upon the credit of the Government and its reve-
nuesi"
Government, at different periods of history under
evey administration, and during the ascendency of both
the great political parties, into which the country was
divided after the adoption of the present Constit-
ton, shall he regarded having the authority ascrbed
10 such sanctions by the consent of all welre-
guated communities, the Constitutional power of Con-
gress to incorporate bank, may be as a postu-
late no longer open to controversy. In little than
two years after the Government went into operation
and at period when most OF the distinguished mem
bers of the Federal Convention were either i'm the Ex-
Legislative aiin,y
the first bank OF the United States, passed both branch
OF Congress by large malores, and received the do
liberate sancomo President Washington who had the
recently presided the deliberations Of the Conven-
ten The constitutional power of Congress TO pass the
act OF incorporation, was thoroughly investigated both
in the Executive Cabinet and in Congress- under cir.
cumsances. in all respects propitious dspassionate
decision There was, at that time, organization oil
political parties, and the question was therefore dccd
ed by those, who from their knowledge and experience
peculiarly qualified to decide correctly; and who
entirely free from the influence Of that party e.
element and prejudice, which would Justly impair in
the estimation OF posierity, the authority of "A egsIa.
tive Interpretation of the constitutional charter. Nc
persons be more competent TO give just consruc.
ton TO the Constitutions than those who had PRINCIPAL
agency in framing it; and administration can claim
more perfect exemption from all those influences which
sometimes, pervert the judgments, even Of the mos
wise and patriotic than that Of the Father Of his Ceun
try during the first term of his service
Such were the circumstances, under which all the
branches OF the National Legislature solemnly deter
mined that the power of creating National Bank was
vested in Congress by the Constitution The bank thus
created continued its operations for twenty years-the
period for which its charter grancd-durng which
time, public and private credit raised from pros
trate, 10 very elevated condition. and the finances Of
the nation we're placed upon the most solid foundation
When the charter expired in 1911, Congress refused
TO renew it, principally owing, as the committee believe
10 the then existing state of political parties Soon az
ter the bank chartered the two great parties tina
have since divided the country bsgan an or
ganized existence. Mr.. Jefferson and Mr.. Madi
son, the former in the Executive Cabinet and the latte
in Congress- had been opposed TO the establishment
the bank, constitutional grounds and being placed a
the head of the party most unfavorabe to the extension
Of the powers Of the Government by implication IN
bank question to be regarded as, in some degree
the test Of political principle
When Mr.. Jefferson came into power, upon The stron
tide Of great political revolution, the odiun Of the
lien and Scdition laws was in part communicated
the Bank OF the United States; and although he gave hi
official sanction 10 act, creating branch of th
institution, at New Orleans, and to aRoher TO punis
the counterfcitng of is bills, yet when the question
renewing the charter came before Congress II was di
cussed party question. And, though some Of III
most distinguished republicans including Mr. Gaiad
then Secretary of The Treasury and MIR Crawford the
member Of the Senate, decidedly IN favor
he renewal sustaining the measure by able argument
the votes IN boh branches Of Congress we're distinct
marked as para votes. AZ time, since the con
mencement o,@he Government, has there existed
rore violent party excitement dian tlat which make