Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-30


y become law had the news oil peace by doing
prnd proceedings subject until the ensuing
s!ou At The commencement Of that session, A Madison in
again urged the necessity o establishing brn the
currency, aud frtae the collection of the
public revrue and so deep and solemn tue conviction M
on tue minds OF the public iuneIonares that such i
ton was the only Practicable ofetons the circulating
decided opposition o al hanks and their debtors,
aud indeed the whole debtor class the community the
Incorporating the hank OF the United States passed
approved by Mr. Madison
suggests few practical ref e'ions n he remarked, IL,
the first place that since the adoption Of the constitution.
bank has existed under the authority OF the Federal Govern
nen for thirty three Of forty during which time
public and private credit have bcen maintained elevation
fy equal tn what has existed in nation in the world:
whereas, IN the short Intervals, dng which national
md in - latter instance, the fiscal operations Of the govern
meni ~ almost entirely arrested In the second place. it
worthy of special notice that i'm boil, the instances in which
Congrsss bank, been done ccun
s,ances caculadto give the hhes, authority the decision
primitive days republic, when the patriots of
ton andihe Of the Federal Convention. the leading
members both of the Executive and Legislative councils and
when General Washington, who the head of her armies,
had conducted his country independence and the head
Cocv cation had presided over those deliberations which
in the establishment of the present constitution was
The acAno" lodged Pc.en' Of people undsraced by party
very different br equally decisive character We find the
party which had reccnv defeated the proposition 10
the charter Of the old bank severely chooed both by
advsy aud experience masanuously sacrificing prids
Inconsistency and the preudce OF party the shrue
atsn. II may said without dispsra cement that an as
emby ofhser talent and urer patriotism existed
since Tie days OF the Revolution than the Congress by which
the present bank was Incorporated II political party
existed, OF which might be July said a ends they
aimed at their counys" it the republican party at
hai day lucy hadjust conducted the country through
perks OF wased in defence OF her rights and honor and
eeva;ins their views far above the and miserable ends
oparty STRIFE sought only to advance the permanent happ
c,Lt,c present bank.
In this review will be no less instructive than curious 10
notice sone OF the changes made IN the opinions of prominent
nen yierS 10 the authority of experience MIR Madison who
was Tie leading oPfonen' of the bank created 1891
mendcd and sanctioned the bank created 1916; MIR
CLAY who strenuousy opposed a.: renewal OF the
1911, strenuousy supported the proposition grant
Tia, may said of tie bank charter which can he said of
few contested questions of constitutional power Both great
political parties that have long divided the country have
solennly pronounced 10 be constitutional there are bu,
very Jew Oh he prominent men OF either party, who do not
stand Committed in its favor When, imposing arrav of
authorities the committee add the solemn raninou, de
cisioa OF the Supreme Court which fully and dis
tncy submitted the constitutional question cosnzance
they not ASA in the language of Mr. Dallas can ii he
deemed violation OF the right OF private opm consider
The constiutonaiy o! nationai bank question forever
And here the committee beg to Re distinctly understood
utterly dscamng the idea of ascrbn, decision If any
or all OF the departments OF the government upon great
sutonal question, the binding authority which belor-s 10
Judicial precedenis in OF private rish da,e
upon the construction OF the ordinary the legislature
NO cnSh OF prescription or concurrence of authority can
consecTa'e the usurauon ofpowers subvevc of pub ,
aud destructive OF public happiness But where the power
exercised Is clearly conducive the public welfare anJ IT,
cons'iuiIonay is merely doubtful would seem 10 he on. of
ue most OBVIOUS dcta' 9f practical wisdom reCa the
dec'on OF nose who bad tie best means o! ascerainnc the
intuition Of the constitution aud who acuaed by the most
undouLied purity and dsnteestcnes. OF motive as of sut
Gent authority At least TO lie theoretical o6jccians ard
silence Individual scJuiics
The committee will now subu,;, few remarks. with III.
design OF showing. that viewing the consituonaHy or the
bank original question: the arguments It's favor arc al
Least 6 as s sTSnS as tn, those ;s aSs,ns H.
constuoualy oil national hank, was, that .ess had
distinct and substantive power 10 create coTnoraIc
reference 10 the Objects entrusted jurisdiction is prono
sio which never has been mainained within the knoede
Of tho committees but, that any one of the powers expressly
conferred upon Congress is subject to the Imitation that
shall he carried into effect by the agency corporation
proposition which cannot be maintained in the opinion Of
the Committee.
II Congress- under the authority to pass al ls necessa,
and proper o' carrying into effect the in all Or
any the departments nj the government may ghrfIv mass
lOyit, it dicult cnceve why may not pass law
under the same authority, for the humble purpose of
Of the Lowest attributes properly speaking in
cenls, Of sovereign power The cartering Of bank for e
which d.vhuals composing might do without he
charter II the right OF every ,nIvduG of the Union To
he get IL 1t is not the policy of any commercial country
restrict the free circulation fcred, whether in the form Of
charter the hank of the u States therefore merely enables
the corporation do anIcia capaoty and with more
Tator to do without Incorporation Mr. Grard established
bank Philadelphia without charter which was in very hh
doubted that he might have formed banking copartncrp
with the principal capitalists in the other commercial cities Of
every part of te country particularly fe Federal Govern
had provided that thee bills should be received in d,
charge Of its dues The only material particular in which the
charter Of the bank OF the u States coners privilege upon the
copoaiion apparently inconsistent with the laws is the
exemption of the dyIdua property the corporafon from
responsibility nr the debts The cOpna,on Bot ,be co u.
mIi deal q the bank knowing athe capital subscribed
Is Lone tls fT its debts complain either OF i'm.
p-ioh injury and, in point Of fact ever has com.
plIsd that will The complaint agarn
The bank net that has not sufficient for its cedn
uJat 's credit IS too extensive The objection Les icra.
iDre, against the artificial character communicated 10 the
stockholders by the charter but against the pecuna
Of the bank itself Now these operations consist IN the use Of
its capital faculty not surely derived from the govern
men but IN the exercise Of which the government imposes
many useful restrictions for the benefit NJ itself and of the
community.
The committee have en'ed this brief ANALYSIS nf The hank
corporation with the Of showing there il nohipg IN
Of the thing, which renders unfit to be an nsi
the hands Of government, ADMITTED 10 b. SOVEREIGN in
its appropriate sphere, r carrying into effect powcr expressly
Geeg1ted
Inow remains fr committee to show that the Bank NJ
the United States necessary aud proper" o in other
words natural aud appropriate Of executing the
vested the Federal Government IN the DISCUSSION nj
1891 and also in that befe the Supreme Court the
ccttoc md