Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-03-18

some of its provisions as is manifested by his rea-
sons on returning the bill to Congress.
Ailer shelving the great privileges which were
conferred exclusively the Bank, he adds: sit is
as reasonable as is requisite, that the government in
return for their extraordinary concessions TO the
bank, should have greater security for attaining
the public objects Of the institution, than present.
ed IN the bill, aud particularly for every practicable
accommodation, both in the temporary advances
necessary to anticipate the taxes, and in those du-
rablc loans which are equally necessary to diminish
the resort To taxes" Mr.. Madison did not ut that
time, contest the consitutionaty of the bank; but
on the contrary, acknowledged that the question was
settled in such rs TO preclude its consdera
ton. He this language: "Waiving the ques-
ton ofthe constitutional authority of the legislature
to establish an Incorporated bank, being precu-
dcd IN my judgment, by repeated recogniions uu-
der varied circumstances, OF the validity of such an
institution in acts of the Legislative, executive and
judicial branches of the government, accompanied
by indications in different modes of a concurrence
oil the general will Of the nation the proposed
bank does not appear to be calculated to answer the
purposes of revving tive public credits of providing
national medium Of circulation and of aiding the
treasury by facilitating tho indispensable anticipa-
tons OF the revenue, and by afiordng to the public
more durable loans.'
That constitutional scruples did not operate on
the mind of MIR. Madison, is further manifested i'm
his annual message for the year 1915; wherein he
recommends to Congress to take under their consi-
Iteration, the propriety of establishing n national
Bank MS the means of creating uniform currency
-Congress, IN conformity TO the recommendation
took the subject under consideration which resulted
in the passnge of a bill incorporating national
Bank. This bill, with some unmportant amend
ments, passed the Senate on the 3i of Anril 1916
ayes y, noes IL, both the Senators from Virriu;r
Armislead Mason and James Barbour, voting in The
aihrmative. On the 9Th of April, the bill with The
amendments, passed the House of Reprcsen,ai;.oe,
and on motion for indefinite posfponement, was
lost by vote OF o. to 81. On the 10th of April
the bill was approved by james Madison, and be-
came the law of the land.
La 1919, an act supplemental to the act incorpo
rating the present Bank of the United States. was
passed. whereby, among other things the penalty of
1ne and Imprisonment is made to incur for offences
againstth the Just management Of the bank by its Off
GERS s'ocKnoiuers, or the agents of any either of
thetn. Ihis act was approved by Mr. Monroe
During the administration Of the second Adams
no Legislative action was had, i'm which an official
sanction of the bank called for, but i'm another
capacity equally solemn, it had his most unqualified
appreciation.
Continuing the legislative and executive history
OF national bank, we next brought TO the re-
cent effort to renew the charter ofthe existing bunk
: nat II received the sanction of majority of each
mousse Is oil TOO late date, and too fresh i'm our re-
collection TO require even declaration of The fnct
But as the executive veto that BILL so far rs the
consttu'ionality OF the bank is concerned seems TO
nave been misconceived by many, it NAV not he
ass TO call attention to it. 1t is true that President
Jackson did officially reject the BILL but NOT because
in the language of the resolution before nc no h
lIoved bank to be unconstitutional but becouse
the bill contained provisions which he could NOT
sanction. In his veto message he announced his
10 furnish the project of bank-The |
following is extracted from that veto:
=" That bank of the United States. competent IN |
all the duties w1ich may be required by the govern
ment, might be so organized as not TO infringe nm |
our delegated powers, or the reserved rights of the
states, do not entertain doubt. Had the execu
i've been called upon to furnish the proect of sucb
IN institution, the duty would have been cheerfulIy
performed"
1t may not be uninsructive, Mr. Chairman. TO toke
review oil the foregoing executive and legislative
history OF our national banks, for the purpose of NOT
ng some OF the details which NAV illustrate the nro
position before us.-lt is not unmportant circum-
stance, that the act of incorporation in 1880 was
passed ny ihe first Congress which convened under
me federal Constitution, and that the President
who signed the charter, was the President of tho
which framed the Constitution: nor is II |
circumstance of little value in forming n iust e. |
innate oil the soundness of that Legislative, opinion
hat many OF tile framers of the Constitution were
members OF that Congress: that many were patrio,s
't the Revolution, acting with eye single TO the |
glory and prosperity of the country; and that all |
were deliberang under an entire freedom from the
'hackles OF party. Yes, sir the men who won for |
rs our independence, who brought the very Consti |
uion ifselfinto existence, gave 10 the country M
Iona bank and not with irreverent haste but after
auch discussion and grave deliberations IL is true
nat some lew years after this act of incorporation
he federaists and democrats But some Of those
who labored most earnestly for the establishment of
the Bank, were highly distinguished members the
party. 1t may be truly said that this |
vas fair and untrammeled expression of The Jegis
ative opinion. Again-this measure received The
anction OF General Washington after he had taken
he opinion of his cabinet, and given TO the oues
ION u most deliberate examination
1t would be an act of supereropation m sneak ~
of the patriotism, the honesty. or s,,.
'erior judgment of Gen. Washington-the entire
civilized world attests that he possessed those viz
ues III more eminent degree than has ever fnlleu
to the lot of any individual 1t is bur proper and
fair tosay that Mr.. Jefferson and Mr.. Rando Job con
cured with the minority of Congress ON bnt occo
ion, and that MIR. Hamilton, who answered tbe;r
objections, thought the bank both wise and constitu-
iona. trust it may not be considered as n disno-
agement of the abilities of those truly great men
Jefferson and Randolph, to say that the opinion of
Mr. Hamilton furnishes most irresistible refutation
9t the arguments given to the President by those
gentlemen. am well aware, Mr.. Chairman, that |
am IN climate where ideas which spring from the |
head of MIR. Hamilton, wither and lose their force
of iusire by the chilling breath Of popular prejudice:
yet, although, 1t may recO upon myself / will moi
hesitate TO express my regard for many of the poIi
ical opinions arowsd by him, my entire confidence
n his patriotism, my admiration of his pre-er eminent
Intellectual endowmenie, and my belief i'm the wis
ION OF many, and the purity of purpose i'm ALL of
The public measures which he orjoinated md mo
tured earnestly invite the attention of those ,ybo
resist the bank as unconstitutional to the opinion Of
VIZ HaiDIIfOn IN lI9l i'm answer to the nppl;c,,;on
'i the PRESIDENT care not how much preiudce
nay have blenshcd their intellectual oroaus of vi |
non, they would rise from the task with less of |
prejudice, and more expanded views of national |
policy.
Lei us, Mr. Chairman, take view Of the admins
rnl fN NJ. LII.