Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-30

peace,
AWAY of the induced Congress to
rsnd further proceedings the subject. until The ensuing
on AZ the commencement of that session, MIR Madison IN.
ved the attention of Congress the subject and Mr. Dallas
again urged the necessity Of establishing bank restore the
currency and facilitate the collection and disbursement of the
public revenue; so deep the conviction up
on the minds of the public rnctoaries that such
medium of sounsness shat, Notwithstanding the
decided opposition of all the banks their debtors
Incorporating the bank of States was passed
by considerable maores IN both branches Congress and
approved by Air. Madison.
THIS brief history Of the former and present bank ,cibly
suggests few practical reflections tits to be in
oank has existed under the authority of the Federal
ent for thirty three of forty years; during which time
public and private credit have been maintained elevation
iy equal to what has existed any nation il, the wod
whereas, IN the two short intervals during which national
oank existed public and private credit greatly impaired
and IN the latter instance the 6scal operations of the
ment were almost entirely the sccond place il,
worthy OF special notice that in both the instances in which
Congress has created bank, has been done under crcuu
stances calculated to give the highest authority
The frs, instance as has been already cuarked
primitive days of the republic when the patriots of the revo
on aud the sages Of the Federal Con. eno leading
members both OF the Executive aud Legislative councils aad
when General Washington who, the head OF her armies
had conducted his to independence and the head
resulted in the establishment Of the coislu,ion
tile acknowledged President of people
divisions The second Instance under
very different bu, equally decisive character We find the
party which had recently defeated the proposition
adversely aud experience magnanimously sacrificing the pride
OF and tue reuice OF at the shrine of
nlSIaraGemenf,
semy talent purer never existed
since the days OF the Revolution than the Congress by which
existed of which might be truly said that "a the ends they
aimed At were their counys" the republican party at
pers of wased defence of rights and honor and
eevans their views far above the ends
OF party Strife sought only advance permanent happ,
ed the present bank.
In this review, it will less instructive ,han eo,s -
notice some OF the changes made in the Opinions of prominent
mcn' yednS TO the authority "e experience Mr. Madison who
was ts leading opn"ant OF the bank in I79 recon
a' sanctioned the bank created 1916; and MIR
Vay who senuousy opposed the the charter in
as sIenuouy Supported the proposition grant the
Tha, may the bank charter which can be said If
political parties that have long divided The country have
soemny pronounced he and ,her are I'm,
rev OF ne prominent men OF either party, who do
authorities the committee add the solemn and do
cson o the Supreme Court, in which fully aud dis
'ncty submitted the constitutional question their
may they not ASK ia the language OF MIR Dallas "can he
ueenea violation oil the ts: OF private opinion consider
II: cons',utonaly Of national bank question foeyer
settled and res,?" $500
Aud here the beg to he distinctly understood nc
utterly dcianns the idea OF nscrbng decision of any
ar all of the departments of the on gyea con-
s'iiuo1a question: the binding authority which belongs to
judicial precedens IN of private right depein
upon the construction of the ordinary acts of the
consecrae the ussraton oiPowers subvee public crty
ana destructive OF public happiness But where the poer
exercised is clearly conducive the public welfare an, @
consiluonay merely doubtful it would seem 20 ano rs rs
the most obvious dictates OF practical wisdom to regard The
of
nnton OF the consttuon and who by the most
udoubted purity and of motive vs. of
Client authority al least 10 overrule theoretical oiec,,,
silence individual scruEaes. ~ s
The committee will submit few remarks Will, M,
hesn OF sewns that viewing the cons'u,ionany Of the
aA as an original question: the arguments favor al al
'es .s,, a. :. strong I,3 as those against IL
cnus,i,uo"aiy Of bank as that the
not the power TO Corporations That Consess has
reference the objects entrusted jurisdiction is n,r
sion which never has been u,antaned the
Of hut hafa ,i,a
conferred upon Congress, subject the limitation tha,
shall MOI ne carried INTO effect by Tie of corporation
is proposition which cannot be maintained the opinion al
the committee ~ VI
II Congress nade the authority pass ics necessary
and proper Tor carrying effect powers vested i'm ALI
Of the departments of the government may rigv
law iictn the punishment of DEATH ,oiout anu Other
fhotfy, II IS dicult to conceive why il no, mass Ia,
under the same authority for the humble purpose NJ
creating corporation The power of creating COOPERATION
cidens of sovereign power The charerng of bank for e
ample does not authorize The corporation 10 do any fns
which the individuals composing might no, do witlo ne,
charter IL is the right of every ndividua of the Uno, m
give credit TO whom he chooses, and credit where
he can gel IT, II is not the policy of any commercial
to restrict the free circulation of credit whether in the %
PrommsoIy notes, bills g. exchange, bank notes The
the corporation TO no. in artificial capacity and with
convenience, what would be lawful Individual
rators to do without incorporation Mr. Girad es,1bIshed
bank in Philadelphia without charter which, WIS very bis
credit within the sphere of its circulation and i, cannot he
doubted that he might have formed banking co
with the principal capitalists in the commercial cries
the Unon of which the bills would have had general cred
had provided that these bills should be received IN d
charge Of its dues The only in which h
charter Of the bank Of the States conrs privilege nnor h
corPoTntion apparently inconsistent with he state laws is the
exemption OIL he Individual properly of the corporation from
repGnsle .. tor The debt, ofthe corpaon But ifSs CON-
nun" Gea IN ine bank knowing that the capital subscribe
Is alone hsie fr Its debts complain ebey -;
s'ion or injury and, in pou, of fact no one ever h, III
p'ined on that will The real comnl mas COM
The bank IS net that has not sufficient basis for its ced
but that us credit is too extensive The objection lies ,
FORE not against the artificial character conmInca,sJ'
s'ockholdefs by the charter but against ecuDar
OF the bank itself Now, these operations consist IN IN.
its own capital faculty not surely from the
nent, but, IN the exercise of which the government
many useful restrictions for the benefit of itself and Of
community. ~ - "ie
The committee have presented this brief anaIys of rio hat
corporation, with the of showing that there is 10
the nature OF the thing which renders il unfit to he an
men' IN the hands Of government admitted 10 be soye,s9 -
de egated s PS expressly
l'now remains for the committee TO show tina, the p
the Cnited states IS necessary and popern or r OH,
words, natural aud appropriate of executing the Do
ers vested IN The Federal Government In the dsenss;a
1891 and also in that before the Supreme tourt hc w
OF raising, collecting and dsbursing the public IF
borrowing money the credit Of the Un,edS States anil
the public debt, those which were snunosed ii