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

would have had general credit in every pa,t of tho
country, particularly II the Federal Government had
provided that these bills should be received in discharge
OF lis dues The only material particular in which the
charter OF the Bank Of the United States ccnf-rs
privilege upon the corporation, apparently in
with the state laws H. the exemption Of the individual
property sf The corpora,ors from respond hy for the
debts OF the corporation. But if the community dea
wi'h the bank, knowing that tie capi,ai sub crhed i
alone liable Tor its deh's no one complain eithe
oiimposton or injury; and, in point Of fac, no
er has complained tina, score, will The re
al complaint against lht bank, 10 that /, has not
suic-nt basis for lie credit hut that its credit. is
extensive. The objection lies, therefore. agains
the artificial character communicated 10 TIE socklold
ers hy the charter, hut against the pecuuiay operation
OF HE bank ITSELF Now, these operations consist il
the use oil its own cap,a-a faculty not surely derived
from the Government, but, in the exercise Of which
the Government, impo'e. many useful restrictions 70,
} the benefit of itself AMI of tbs community.
The committee have presented this brief ANALYSIS o.
bank corporation, with the view of showing IN al
there isnothing in the nature of the thing, which rem
ders 1t unfit TO be- an instrument in The hand. Of gov
eminent, admitted 10 be sovereign in is appropriate
sphere, Tor carrying into effect powers expressly dele
! g''ed.
| IL now remNins for the committee to show that tho
Bank of The United States il "necesarv and prom r.
o. in other words natural and appropriate msa"s Of
executing the powers vese in the Federal Govern.
ment In the discusion Of 1871, and also in that be-
fore the supreme Court, tn, powers Of raising collect
ing, and disbur:'ng the public revenue OF borrowing
money on the credit OF the United States AMI pa wing
the public debt, those which were sippo .el ,nos
10 carry win them tho dental night
corrorang bank, TO facilitate these operations
here can be no doubt that these fiscal operaons are
greatly facilitated by bank, and il il conf irnly he
nevn hEtno person has presided twelve months over
the Treasury, from its first organization 10 the
line without coming TO the ion, that such an
ins'itaton is exceedingly useful the public finances
n lime OF peace. but Indispensable in time of war
Dut as This view of The question has been fully I'M
folded in former discus.io,s, familiar 10 III H,u.c IN.
committee will proceed TO examine the relation which
me Bank OF the United States hears to another of IN.
nj fl,a al a..
ed 10 in former discussions Of The subject.
The power TO " coin and fix the value there
o. expressly and exclusively vested in Congress
This grant evidently intended to invest Congress
with the power of regulating the circulating medium
. Gem was regarded, at the period of framing the
constitution, as synonymous with currency" as IL
was then generally believed that bank notes could
only he maintained in circulation by hng the true rep
resena'ive OF the precious ral. The word coin "
therefore must be regarded IA particular term. stand
ing as the repre'entatlve of general idea No prin.
clp'e oil sound construction will Justify rigid adhe-
renee TO the letter, in opposition The plain int niion
OF ue clause IT, for example, the gold bars of Ricar-
10 should he substituted for present coins by the
general consent OF the commercial world, could il be
maintained that Congress would have the power to
maze such money and x its value because il is not
" consd:" This would DO sacrifcinc sense 10 sound
dnd substance % mere form. Thi. clause Of the Con.
stuon Is analogous 20 that which gives Congress the
power 10 establish post roads" Giving TO the word
establish is restricted Interpretation. being
equivalent 'o' hy, or &c prescribe" il be doubt.
ed that Congress has The pswsr 10 establish canal or
river as post route, aa well road? Roads we're
ule ordinary channels of Conveyance, and the term
was therefore, used az synonymous with routes !"
whatever might he he channel OF TRANSFORMATIONS and
IN like manner. coin" being the ordinary and most
Known form OF circulating medium, that term was
USED as Synonymous with currency.
An Argument in favor of the view jist taken NAV
be Nlrly deduced from the fact that the States are
pres''y prohibited from " coming money, cr emitting
h'' OF credit, and from "making any thing h.? god
and silver lawful tender in payment OF debit" THIS
sirong confirms the idea, that the subject OF regula
ing The circulating medium, neither consisting OF coin
OF paper, was, at the same time that il was taken from
the control of the S'ates vested in the only deposito
ry IN which it could be placed consistently with the
obvious design Of having common measure Of value
throughout the Unicn.
Bat even if i, should he conceded that the grant 81
power 10 coin money and tx me value thsreof" does
no IN s terms give Congress the power Of reeu tin
any other than the coirel" currency of the Union
may not the power of regulating any substituted cur
rency, and especially which is the professed re n.
r"seha've OF coin, be fairly claimed az an incidental
po"er-as an essential weans of carving into effect
the pin intention OF the Constitution in clothing Con
grets WIN The principal pawar? This rover grant
ed IN The same cau'e with that TO regulate weights and
measures, and for similar reasons The de-
signed TO ensure uniform measure of value, as the
other was designed 10 uniform measure Of
quantity. The former is decidedly the iinpor-
'an' ana belongs essentially TO the General Govern
men according TO Just conception OF our sys-
ten, currency OF uniform value is essential to what
every ono viii admit TO be Of cardinal importance the
equii ac'lon OF our revenue system, upon the differ
en parts OF The Union. The state of things which
existed when The Bank was incorporated furnished
most pregnant commentary this clause OF the Con-
sltu'ion The currency Of the country consisted Of
the paper Of local banks varousy depreciated At one
Of The principal seA-ports ths local currency was 20
pr cent below par. Now it in vain for Congress
TO regulate The value Of coin. when the actual curreD.
cy protesting to he its equivalent, bore fxed rela
lion to it, This great and essential power OF fixing the
Standard OF value in point of fact taken from Con-
gess aud exercised by hundreds Of irrespnnsi-
hle banking corporations, with the -t0nges human no.
lives TO abuse il, because their enormous prois re.
sul'ed from the abuse The power Of LAYING and col.
lcciing mposts and excuses. ia exprey subject 10 the
condition iha' they :" shall he uniform trr0u ghout the
United Sates;" and il s also provided, that n o pre.
terence shall be given, " any gulltOn OF commerce.
or rerenue to the ports Of Safe those of ano-
Their" Now, when il is known that the circulating
lue Of the circulating medium of Bottom, is il not an
parent thai an impos duty, though nomneJly uniform
would in effect make discrimination in favor of Bal
umore. proportoned TO The depreciation If tho local
cnrrency' Congress, therefore. not OILY had ,he pow
or, but IL seems 70 the committee were rnder the
most solemn constitutional Ollie ,iions N restore the
disordercd currency; and the Bank the Unied States
not o"Y appropriate mean, for the ACCOMPLISH
men Of thai end. bu in The opinion Of he committee
The only 4afe and ofIccnl means TIA cnrd have been
used. This view Of The subject i, in full accordance
with the opinion Of Mr. Madson expressed in hi.
message OF December. 1916. But, (ssys h. for the
interest Of the community at large we'll ne for the
purposes OF the Treasury IL il essential that tie nation
should posse's currency Of equal value, credit and
wherever IL may circulate The ConsIitmtion has
entrusted Congress, exclusively, with The power of
creating and regulating currency Of that descriptions
.,,lf io H.