Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1831-07-21
THE VIKGINEAS.
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LYSCuBU9G. JULY 81, 1881.
BANK OF THE U. STATES.

uttuCt VI itNuHf'si'hb 'b's S~''
OF hi, Annual Messages IN Congress-we say
unnecessarily, because the existing charter VIII
no, expire until sumo time after the close OF
his off cial life, unless tho people shall, as We
believe they will not re-iavcst INN tn the
robes of Office but more especially eeause the
subject could by no possibility have been made
a legitimate theme Of discussion IN The body
10 which those Messages were addressed.
Nevertheless, il has given an impulse TO the ball
Of discussion and writers, pro aud con, have
taken the field, with a zeal commensurate rath-
er with the Importance OF the subject, Than
with the danger OF the crisis to ihs exist
ence OF ibe insliulion.-Bel ieying that this
discussion was rather premature, we have here
tofore taken no notice OF it and we are now
ance in the public prints of lette, on the sub
iect, from Mr.. Madison to Mr.. lDgersoll OF
Philadelphia. which we transfer 10 our CO.
lumns this morning. and to which we solicit
the attention OF the reader.
l, is known tina, although in 1891, Mr.. Mad
ison, who was then a member Of Congress,
spoke md voted against the bill char,ering
National Bank. yet ,wenty-siI years afterwards
he approved. as President, a bill chartering a
similar institution. In his letter to Mr.. IngeT-
soil he de tends himself against the charge Of
inconsistency which has been sometimes pre-
ferred against him in consequence Of ihese APP
a he
that repeated legislative decisions had, pre-
yiously TO 1917 settled the constitutional
question and that although those decisions
we're in conflict wit his own opinions, he, as
and did acquiesce IN them, as he would have
done in principle sdjudicatsd by the Judicial
branch Of the government.-We are aware that
il is aow-a-days the fashion, With an arrogant
set OF politicians, who have presump'uously
app op rated TO themselves the title Of THE
Republican party" par excellence, to decry
MIR. Madison rs a federalisi, and TO charge
him with apostacy from the constitutional
doctrines Of which IN 1898, he was the foremost
and tina ablest champion Add this cry will
now be repeated With sddii ionHl energy, since,
if our recollection does not mi.lead Us, u
similar ayowal of respect for frequent lesisla-
tive decisions of constitutional polUts, ty
John Quincy Adams, in his ceiet rated . lrs,
Message" was made the plea Of invoking
upon his head the heaviest denunciaions OF
the Richmond JuniO, aud those who were at
MI nj, nE hat IL
tang IDLE but potent knot OF politicians. These
selCst, led Republicans, however had best
pause before ihry commit themselves too far.
II the principle brohched and defended in Mr..
Madison's letter TO Mr.. iogeTsoil he beretical
and if It smell OF the rank faint of federalism
now, why were they silent ip 1917, when he
defended his appro'alof ths Bank LAW, by
then rtsting that act on precisely the same
principle Have they forgotten his Mes
sage TO Congress on that occssionf Have
they forgotten that in that Message, he j" weiv-
ed tue question oi the constitutional authority
OF the Legislature to establish an incorpora ate
repeated recog oiiions, under various circum.
stances, of the validity OF sueh an institution,
in acts of the legislative, judicial aud executive
bI an hes oil ihe government, accompanied by
sence of the general will of the na,ion"! Or
has the genius Of Jacksonism ,hrOsn new
ligh, upon the subject, and are we to have tue
age OF theory revived, and again to laugh 10
the lnasD Of in nit al
imag mary precision in defining what AIe the
landmarks of the Constltotion--tbe boundar,
line which il is uaurpasion TO cross LII re-
peated Legislative enactments, approved BY
different Presidents, sanctioned by the Judic 10
~, aud acqu'esced in by the People, be moi
! enough 10 settle doubtful constitutional poiLt
then are We destined 10 in,erminable wrangl ling
even 20 the d" crack of doom" Fo,, the 10.
senuity OF sophIsts and the bitter zeal Of fac.
tous spirits will always find assailable points in
every great measure Of policy which the mo 81
| ssgac,ous Statesman may suggest, aud which
| the profoundest wisdom may msture-But We
| ceier The reader to MIR. Madison's conclu.i,,
| rer >oaing on this point.
Il then, as Mr.. Madison asserts, the constr
,n,i,naI question has been settled, the only
points 10 be considered ale. LIST. Has the Bank
under its pressh, organization, been produo.
tive Of goods 2dly, Has il been the parent Of
| the evils and mischiets sscribed TO i'll And
3dl,. II We abolish II, has the wisdom OF its en-
emles suggested any substitute, which promise,
better results than we have already experienced
from its establishment. or an avoidance Of the
corrupting influences sscribed to il?
To the tra query, no man who has III,
slightest knowledge Of the viistfd state of III.
currency prior to 1917, aud of its restorstio,
TO sound and healthy condition by the opera
tons OF the Bank, can hesitate to give bi.