Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-13

y VI our eccuohs IN peace, and for the independence
our country ia war: Their power would be great when
they might choose TO exert rs but If this monopoy
were regularly renewed every fifteen or twenty years on
terms proposed by themselves they seldom in
put forth their strength influence or control the
affairs oil the nation But il any private citizen or public
'u.uonay should nterpose 10 curta its powers, pre-
vent renewal OF its privileges, be doubted that
he would be made 10 feel its influence.
Should the stock OF the bank principally pass into the
hands oil the subjects of foreign country, we should
unfortunately become involved in with that country
VIVA, would be our condition. OF the course which would
DC pursued by bank almost wholly owned by the sub
ecs OF foreign power, and managed by those whose
interests, II not ale ctions would run in the same di
ccon, there can be doubt. All its operations with
IN would be in aid of the hostile fleets armies without:
conuonng our currency, receiving public none VS.
ana holding thousands OF citizens in dependence il
would be more formidable and dangerous than the naval
anu nisitary power OF the enemy
III we must have bank with private eve
ry consideration oi sound policy aud every impulse of
Anercah ieelng, admonShes that should be purely
.i"eicu" It's stockholders should be composed exclu-
sNey oi our own citizens, who ought to be friend
10 our government and willing support times of
dlincuy and danger. SO abundant is domestic canol
that competition in subscribing for the stock of local bnnk
has recently led almost to riots To bank exclusively
oil American stockholders, possessing the powers priy
reyes 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 gov
eminent must dcpose its funds, ard which il must re-
y 70 sustain ITS credit in times of emergency, it would
ra'er seem TO be eNpedient prohibit its TO Aliens
under penalty of absolute forfeiture.
Iii maintained by the advocates of the bank that ;s
conuuiionaity in all It's features ought TO be considered
a settled by precedent and by the of the
Court. To this conclusion cannot assent Mere precc-
ueht Is dangerous source OF authority should not he
regarded as deciding questions Unconstitutional power ex
cep where the acquiescence of people and the States
can be considered well settled So far from this being
me case on his SUBJECT an argument against the bank
might be based precedent. One Congress i'm 1871 de-
cdeI IN avor OF bank another in 1871 decided against
H. ohe congress, in 1915, decided against banks ano
ther in lSl6, decided in its favor Prior 10 the present
Congress- therefore, the precedents drawn from that source
were equal. Ii resort to the States the exprcssions
tI,o
bank have been, probably, those its favor as four to
one mere Is nothing in precedent therefore, which, if
It's authority were admitted, ought weigh favor OF the
act before me.
If the opinion Of the Supreme Court covered the whole
ground OF this act ought control the coordinate
authorities OF this government The Congress- the Exc
cuve and the Court, each for itself be guided bv
It's own opinion OF the Constitution Each public officer
VINO taxes an oath TO support the Constitution swears that
he VIII support as he understands it, and not as il is u-
dersood by OILERS Ii is much the duty of the House
OF Representatives of the Senate and of the prosiJont
TO decide upon the constitutonay OF any bill or resolu
ton which may be presented to them for passage or an
prevail as IT is OF the Supreme Judges when il may be
brought before them for judicial decision. The opinion of
The Judges has authority over Congress than the
opinion OF Congress has the Judges and on that point
The President is independent of both The authority of
'ne supreme Court must not therefore, be permitted
control the Congress the Executive when acting in
their legislative capacities but TO have only such inu-
ence as The force OF their reasoning may deserve.
But in the case relied upon the Supreme Court have
not decided that all the features of this corporation are
patble with the constitution 1t is true that the court
have said, that the law Incorporating the bank is con-
siuona exercise OF power by Congress But taking in
to view the whole opinion OF the court and the reasoning
ny which they have come 10 that conclusion understand
mem 10 nave decided that inasmuch bank is appro
pirate means for carrying into effect the enumerated pow
erS oi the General Governments therefore, the law incor
PorathS IS IN accordance with that provision of the con-
sutuon which declares that Congress shall have power
to make all laws which shall be necessary and proper for
carrying those pow into execution Having satisfied
themselves, that the word necessary, in the consu-
ton means needfd" requiSite' esseataI" CON
auGoe TO-, ana That bank" is convenient, useful
and essential instrument in the of the Govern
mehts hsca operations" they conclude that,
one must be within the discretion of Congress and that
the act to incorporate the Bank of the United States
law made in pursuance of the constitutions" " But" saw
they toere The iatc is not prohibited ana is realIv
calculated to e6ect any Of The objects entrusted 10 the
GoUeTnDeRt to undertook here To inquire into fe de-
gree Of ats necessity ,oo,d be pass the line ,oaich CIR
cWpScIi0cs NE ltaieal department. and TO tread le-
siSidtire ground
IT'S necessity involving all the details of banking insti-
nIon Is question exclusively for legitimate considera-
ION bank is constitutional; but the province of the
legislature to determine whether this that particular
power privilege exemption, Unnecessary and proper
TO enable the bank TO discharge its duties the Govern
meh' ana from their decision there is appeal TO the
courts OF justice Under the decision of the Supreme
Court therefore, ii is the exclusive province of Congress
and the President decide whether the particular fea
enable the bank TO perform, conveniently and efficiently
me pubic duties assigned 10 tia fiscal agent aud there
therefore, unconstitutional.
with commenting the general principle affirmed by
e supreme court, let us examine the details of this
IN accordance with the rule of legislative action which
they have laid down 1t will be found that many of the
powers and privileges conferred it, be supposed
necessary Tor the purpose for which it is proposed 10 be
created aud are not, therefore, necessary attain
the end IN view, and consequently, justified by the
constitution.
The original act of Incorporation section 81 cnacts
that no other bank shall be established by any future law
OF the United States during the continuance of the corpo
ration hereby created, for which the faith of the United
States is hereby pledged PrOUided Congress may renew
existing charters for banks within the District of Column
ba not increasing the capital thereof may, also esab
sh any other bank banks in said District with capitals
not exceeding in the whole, six millions of dollars, they
shall deem expedien" This provision is continued in
force by the act before me- fifteen years from the Sd of
March, 1886.
If Congress possesses the power TO establish one bank
they had power TO establish than one if in their
opinion, two banks had been Unnecessary TO fac-
atc the execution OF the powers decga TO them i'm the
Constitution If they possessed the power establish
TO be exercised from lime TO time, and any time hen
the interests OF the country the emergencies of the Co
Vernment might make it eXpedent 1t possessed by
one Congress well another, aud by all Congresses
alike, and alike every session. But the Congress of
1916 have taken away from successors for twenty
years and the Congress Of 1892 proposes to abolish ii for
fifteen years II be '',ecessary OR 'pro.
per- for Congress to barter away, dives themselves
any oil the powers vested in them by the Constitutions
be exercised for the public good 1t "HeceSSdry TO
the efficiency OF the bank, nor it pToPer" in relation TO
themselves and their They may proDerIy use
discretion 81 their This restriction them
selves, and grant OF monopoly the bank, is therefore
unconstitutional
In another point Of view, this provision is papable at
tempt 10 amend the Constitution by OF legislation
The Constitution declares that he Congress shall have