The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-07-24
vol. 'as.

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the hands ofa sclf. elected Directory whose
interests are identified with those of,he for.
eIgn sieckholder, wilItherc not be cause 10
tIembie fur the purity Of our elections in
peace, and for the Independence ofour coun.
Try in warp Theit power would be gree.
whenever they might choose to exert Il but
u this monopoly were regularly renewed cv-
cry hfteen or twenty years cii eFms propos I.
ed by themselves, they might serdom put
forth their strength 10 iniuenca elections
or control the affairs Of the nation. But, il
any private ciNzens, or public functionary
should interpose 10 curtail its powers of pre-.
vent privileges;it cannot be doubted that
he would be It's influence.
Should the stock.ofthe Bank prime ipolIy
pass into the hands ofthe subjects OF. for.
eignrouutry, and we should unfortunately
become involved in wdr with that Country
whit would be our conditionp nOr The course
which would be pursued Wy a Bank, almost
wholly owned BY the subjects of q. foreign
power and managed by those whose inter
ests, ifnor affections, would fdn in The same
direction, there can be- nodoubt. its ope
rations'wiihin, would Be in aid Of The hostile
fleets and armies without: conitollng our
currency ;receiving our public moneys, and
holding thousands Of our. citizens iu1epcn,
dance, it'would be more formidable and dan.
gcrous than The naval and military power Of
1--we must have . Bank with private stock.
holders, every consideration of sound policy,
aud cvcry impulse OF American feeling. ad.
monlsnes that It should be purely .4nelcaa
Its stockholdcrs should be .composcd eyclu.
sively Of our own cltizens, who, st,lcas,.
ought to bo fliendlyt TO our government and
willing to support il in times or ordfjcni.v and
danger. So abundant is domestic capital.
that competition, in subscribing torthe stock
OF local banks, has recently led almost l..
riots. TO Bank, exclusively ofAmeTican
stockholders, possessing the powers and
privileges granted by this act, subscriptions
for two hundred millions Of dollars, could be
readily obtained. Instead Of sending abroad
the stock Of the Bank, in which the govern
mcnt must deposit iis funds, and oh which il
must rely to sustain its credit IN times of
emergency, it would rather seem 10 be ex-
pedlent 10 prohibit its sale to aliens under
penalty of absolute forfeiture. 80 t.,
1t is maihtnined BY Tue. ADVOCATES .oe tho
Bank ths.i,s constitusionS!!ty in 9ll,i!s feat.
proms Court To this, conc lusiop,o l.c,nnot
ieQoerE MeFe pfscedant ois.a dSpgcsous
ass5sa d 5ssl8|Bk q4< Y |DBI n lJ|
al power. except where The psqspssence of
the people and the Stpios can be considered
MS well settled. So far from this bsippthe
case on this subject, an argumentssg ainst',hc
Bank might be based on precedent Ono
Congress in 1871 decided in, favor aCthe
Bank smother in 1871 decided against it.
Ono Congress in 1915, decided agsinst a
Bank, another in 1876 decided jim its favor
Prior 10 the present Congress, therefore, the
precedents draw from the source were equal
If we resort TO the States, the exwessions of
Legislative, Judicial and Executive opinions
against the Bank, have been probably. 10
those il its favor, us four to one. There 10
nothing in precedent, therefore, which. ils
authority were admitted, ought o,woighsin
favor OF tho act before me. +, f3vs
Ifthe opinion Of the Supreme Court COW
cred tho whole ground Of this act, -itought
not to control the coordinate nuthoritiesof
this Government. The Congress, the Exec.
utive and the Court, must each for ilselE be
guided by its own opinion ofthe Consultation.
Each public. officer who takes ap oath to sup
port the Constitution, swoars that hernvll
support il ns he understands H., and not asit
Is understood by others. It's as much the
duty-o the House OF Representatives., ofthc
Senate, and Of tho President to decide upon
the constitutionalty of any bill or resolution
which may be presented 10 them for passage
or approval, as It is Of tho supreme judges
when il may be brought before them for Jn-
has no more authority over Congress than
the opinion Of Congress has over the Judges,
and on that point the President lis indepeu-
dent fbotb. The authority fthc Supreme
Court must not, therefore, be permittedto
control the Congress or the Executive, when
acting in the;y Legislative capacities, but TO
have only such influence as the force ofther
reasoning may deserve. F~
But in the case cd.upou. the Supreme
Court have not decided that nllthe features
Of this corporation are compatible with the
Constitution. tits truo that the court have
said that the law incorporating the Bank ~
constitutional exercise of power by Con.
gress. But, taking into view the whole opins
ion Of the court and the reasoning by which
they have come TO ,ha, conclusion, Tunder-
stand them TO have decided that, inasmuch as
a Bank is an appropriate means for carrying,
into effect the enumerated powers of the
general government, therefore, the law. in,
Cooperating il is in accordancc with that pros
vision OF the Constitution which declares
that Congress shall have power TO nske al
laws which shall be necessary and proper for
carrying those powers into execution" hav-
ing satisfied themselves. that the word "neres-
sorv" in the Constitution, mcnns "needfi,"
"ryg,isife,v "essentiai," "eonducirc TO-" and
thai "a Bank"is convenient, . useful and
essential instrumensin tho prosecution OF tno
Government "6scal operations" they eou->
clude, that 10 "use ono must bo within the
discretion OF ConRrcss,v end that "sne Get g
incorporate the Bank Of the United 6s<es %
"a law made inpursusnce otthe Cones'sulle"<
I.bu,." say they ''srherv TIE Jusb % nolPyoAi6sr
| .J and - really calculated To- e6fes any " (1e
ob;ects entrusted 10 fh< GooerRssene, % uNs|ef-
- -. A.. <..u.s:se :ralo "A - - n1ee &E IA oax