Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-10-25
WHOLE NO. 1874.


individuals to become stock holders, and
to furnish the capital; and since she ex-
tent Of these immunilcs and privileges
is matter Of discretion, and matter ofopin-
ion, Congress only can decide il, be-
! cause Congress alone can fame, or
! grant the charter. A charter, thus gran
l ted To Individuals, becomes a contract
with them, upon their compliance with lis
i terms. The bank becomes an agent,
bound to perform certain duties, and en-
titled 10 certain stipulated rights and priv
ilceeS, in compensation for the proper
discharge Of these duties, and all their
stipulalions, so long as they are appro-
pirate to the object rrolessed, and not
reruenant to any olher constitutional in
Junction, ale entirely within the compe-
tency Of Congress. And yet, sir, tho
message Of the President tolls thrOueh b
all the common place topics Of monopo-
ly, the right OF taxation, the suffering Of
the poor, and The arrogance Of the rich,
with as much painful effort, as If one, or
another, or all Of them, had something to
do with the constitutional que stion.
What is called the monopoly" is made
the sub jcct ofrepeaied rehearsal, in terms
Of special complaint. BY this "monopo-
ly" suppose is understood the restriction
contained in Tie charter that Congress
shall not during the twenty years create
another bank. Now, sir, let me ask, who
would think Of creating n bank inviting
stockholders into il with large invest
monts, imposing upon it heavy duties, az
connected with the government, receW-
ing some millions Of dollars, as u bonus or
premium, and yet retaining the power of
granting the next day, another charter
which would destroy The whole value Of
the first9 Ifthis be an unconstitutional
restraint on Congress, the constitution
must be strangely at variance with the
dictates beth of good sense and sound
morals. Did not the first bank Of the
United States contain n similar restric-
tion? And have not the States granted
bank charters with a condition that, ifthe
charter should be accepted they would
not grant others: States have certainly
done so; and in some instances, where
no bonus or premium was paid at all, but
rom the mere desire TO give effect to the
'harter, by inducing individuals to ac-
,ept it, aud organize the institution
The President declares that this rcstric-
ion is not necessary to the efficiency Of
he bank; but that is the very thing
which Congress and his predecessors in
fiice were called on to decide land which
hey did decide when the one passed and
he other approved the act. And he has
low no more authority TO pronounce his
Judgment on that act than any other in
ividual in society. Ii is not his prov
nee to decide on the cOnstitutionality Of
tatutes which Congress has passed and
is predecessors approved
There is another sentiment in this part
f the message, which we should hardly
ave expected to find in a paper which
supposed, whoever NAV have drawn it
p, to have passed under the review Of
characters. The message
eclares that this limitation to create no
her bank is unconstitutional, because,
Though Congress may use the discre-
on vested in them, "that they may not
NIT the discretion Of their SUCCESSORS"
his reason is almost too superficial to
,quire an answer. Every one at all ac-
nstomed to the consideration Of such
,bjects knows that every Congress can
nd its successors to the same extent
at it can BIND itself: the power Of Con-
'ess is always the same, the authority
law always the same. 1t is true, wo
eak of the twentieth Congress and Of
e twenty first Congress, but this is on
to denote the period of time, or to
.rk the successive periodical election
its members. As petite body, as
. legislative power of the government,
,ngrcss is always continuous, always
,niical. A particular Congress, as
; speak of it., for instance, the present
,ngress can no farther restrain itself
IN doing what it may chance to do at
e next session, than il can restrain any
cceeding Congress from doing what it
~ choose.
Any Congress may repeal the net or
" of its predecessor, il IN its nature il
rcpealable, just as it may repeal ito
N nct and if u law, or al act, be ir-
,eaable in its nature, it can no moro
repealed by subsequent Congress-,
~ by that which passed il. All this is
,iliar to every body. And Congress,
; every other Legislature, often pas
acts, which, being in the nature Of
pts, or contracts, arc irrepcaiable ov-
The message, in a strain
'rgumcnt which il is difficult to treat
b ordinary respect, declares that this
friction on the power OF Congress, as
he establishment Of other banks, is
pable attempt TO amend the Constitu.
b. an act Of legislation. Tho rea-
l.. Il Al L. xnlir -