Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-07-17


early. The election of Chief Magistrate was
about 10 take place: 4 doubt had existed as to
what was the opinion OF the present Chlei Mag
istrate upon this subject; was 1t not ht proper,
and eXpedient, that, that doubt should be resolv-
ed! In this view, the message, he SAID, SO far
from proving the application OF the Bank at this
session to have been premature, carried on its face
the proof of its being Indispensable. The very
fact of the cons ttutiOnal objections OF the Presi-
dent to the Bank, and that, under his auspices,
no such Bank could ever be rcchortered or Great
ed, demonstrated the necessity OF action upon ii
at the present session. lie touched, also, upon
another suggestion of the message in relation 10
the prematurity of the application; which was
that it would be the fault of the Bank if its affairs
were not wound up within the period Of its char
ter. This, he said, would be impossible, I'M
less the Bank were governed by angels instead
/ of men. If the interest paid by the peo-
pie of the Western States was heavy u
drain upon them represented by the mes
sage, how much heavier drain, he argued,
would that be- which, within four years, would
draw from them, not only this interest, but the
principal upon which the interest was paid?-
i He enlarged upon the circumstances of the Wes-
1 tern country, which made money more valuable
there than in the Atlantic States, and on the
distress which would be produced by withdraw
ing from them seven and half millions of dol
lers year, for which they were now paying but
six per cent. interest to the bank of the United
they would have to pay much higher rate of
interest, &c.
MIR. w. then proceeded to review the objec-
tons of constitutional nature contained i'm the
message; the different parts of which, he intima-
ted, We're evidently from different hands. He
entered into an argument on the several points
MADE In the message, to show that they were
either untounded, unsound, or untenable. In
thls constitutional disquisition, some things were
respectable, and some were new. Those which
were respectable, he said, were not new; and
those that were ncw he left it to be inferred tina;
he considered not very respectable. He exam
Lheu ana reluted the argument drawn from pre-
cedent, which he maintained was decidedly OH
the side OF the Bank, instead of being against it,
lie protested against the doctrines of the mes
sage on the subject of the independence claimed
Tor different branches of the Government, pro-
noupcIng, without reservation, that, if YOU take
| away the power of the Supreme Court to decide
whether law OF Congress, brought before them,
Is according to the constitution or not you SUBJ
vert the government; you take away the last
guard-the last rampant of defence of your po-
llucal and civil rights: the legislative discretion
stands unrestraIned and unrestricted. You are
brought within the predicament which Mr. JEFF
1erson so much deprecated; you have got rid of
unrestrained Legislation abroad, to have it fas-
tened upon you at home, &c. In regard to the
Bank question, the whole action of the Govern
ment, OF the Executive under every Congress.
consututionality of the charter of this, as well
as OF the Bank, &c.
Nir. w. then dWelt, at some length on other
| positions OF the message, which he considered
untenable; such, for instance, as that one Con-
gress cannot bind its successors, and that every
thing contained in any bill passed by Congress,
mat was not absolutely necessary as some fea-
lures OF the bank charter We're said not to be- was
unconstitutional. The absurdity of this last no.
ton he illustrated by reference to the code of cri
minal law established by Congress under the gen
eral power to establish post offices and post roads
under which, capital punishments We're authoriz-
cd, which might have been dispensed with, by
substituting other punishments for Them and
winch, therefore, not being necessary, would be
under the doctrines of the messages, unconstitu-
! uonal. There was no power, indeed in the Bank
charter, he argued, which might not be substitu-
! ted by some other of equivalent effect and which
was not, therefore, according to the sense of the
message, unconstitutional.
Mr. w. next examined the objections, so often
repeated to the present bank on the ground of
Its beng monopoly, and showed that it could
not, in any sense of the term be properly so call
e ea. lie then went into an argument to show
the talacy OF the other objection which had been
made, to foreigners being stockholders in the
bank; which, he said, instead of putting us in
Their power, SONAR as 1t goes, puts them in ours
The ten millions which they hold in the stock
! OF the bank, so far as it had any effect, (small
|
favorable to our peace and prosperity He then
very seriously deprecated the effect of this de-
lnunclatlon, from such high authority of tho
holding by foreigners of stock in American funds
tie advertcd to the canal stocks of several of the
States-ot Ohio of Pennsylvania, ofNew York
lhe prices OF which were every day quoted on
the London Exchange, and which might be seri-
ouSly affected, to the injury Of the interests Of
these States, 10y this sweeping denuuciatiou, if
not connteracfed. He rdcuied the idea of such
Investments OF their funds in our stocks by fo-
re'sners, being dangerous to liberty" which
me regarded as nero defamation, &c.
hHer adverting To some other pats of the
message, he dwelt. with great force aud some
severity, upon that part of the message which
STATES as an objection to tie bnuk on tho Tart
OF the Executive, that neither upon the prouri |
ety oi present action, or upon the provisions of
"i's aci' vas the executive consulted. IrCou-
sress had not consulted them: for the P.ssi-
ne"t hah called their attention, three years ~
co. lh the most emphatic terms TO The suI,;ec,
OF the renewal of the charter of lilo h.nL ooI
afterwards recommended to them to es,abI;oh
a oank, oil which The prominent features were
that 1t was TO have neither property, aebtJouns
or credit! ''""''
Ater touching on some other points Mr.. w.
III The time had come, when we tread ON the
WY eoge Oh d Precipice OF disaster, general /
hIstFust want ut sound and safe rurreurv
when the day was advancing which he liant
nah once put an cDdt TO, aud which he bad I,o. |
red never to see again. IL was time ii,at Tho
People should awake to their danger 10 a sense
which nc thought this last warning would not
laii To arouse them.
MR. WHITE followed Mr. Webster. lie recrot
TED that, at this late period of the session sonso
OF duty would compel him to reply to the arm.
mcnts adduccd by the honorable member from Ms
In tho outset, he denied that any ~
Jury could result from the present message or con.
duct of the President i'm afi king his vol 70 H.