Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-27

with continental paper, not worth much as the
rags oil which 1t was made. Altho' that paper had
been useful, yet the country had suffered deeply
from its depreciation the trainers of the Cons,i,u-
tuition had seen the evil Of such currency; and the
States Submitted to the prohibitions aud asserted that
gold and silver should be tho only legal tender
But have the States adhered to this agreement? 1t
is true, that they do not declare any thing else
egai tender; but have they not produced That eff
tect by indirect means? In Kentucky, for in
stance, although it was not declared that paper
money was legal tender-every description of
stay law was passed, Withholding payment, UNI
less creditors would consent takc something
pcsdcs gold and silver, and which the State
sad was equivalent to those nlctals--the paper of
tue State, and not of the United States. Such
aouses would exist among the State Banks which
are constantly springDg up, when not checked by
Bank of the u States. They did not literally yio-
late the CONSTITUTIONS because they do not issue bills
OF credit; hut they ito it virtually, by authorsing an
issue OF paper from Banks not under the control of
Congress, but of the States. Then if il is found
necessary to create Bank i'm order TO eaualze the
salue oil the currency-if its paper is found to be
oe''er than gold and silver ought not Congress 10
possess the power to Incorporate it, If that power
oe oehieu, Is 1t not to deprive Congress of one of
s powers and to transfer right the States which
Is ny the Constitution placed in the hands of Con-
SresS? Mr. w. thought if there had been violation
OF rights on either side, il had been on the part of
the states. 1t seemed to him that the Suites had
trenched on the rights of Congress- and the value of
me currency been rendered uncertan-aud thus tho
Constitution violated. The Bank of the w. S. has
ocen sustained by Mr. Madison, and many other Vir-
g'h'ahS' VINO have received the support and conf
dehce OF the people, through evil report and good re-
port. But 1t is said that we not dcpendon a,-
.hofities, in considering a constitutional ques-
tion. Mr. w. agreed, that he would not be made
10 consider that constitutional which he believed
was not, by the force of authority But when
authorities were sustained by the concurrent de-
os'ohs oil tho various departments of the govern
",e"', 'ney ought to have some weight. But
nc would ask, if public opinion had not acGui-
esced IN The exercise by Congress of the power to
charter Bank /? He had endeavoured to shew ON
yesterday, that the Old Dominion had ac1uiesced.
ana he thought he had succeeded. Mr.. Jefferson
ne knew was always against the power for he was
always hostile to all corporations. He was opposed
10 MIR. ilamlton's funding system, and to the crea-
uon oil n Bank. But have all our great statesmen
entertained the same views? Mr.. Madison, we have
e, yie'uea his objections, and signed the charter
IN 1915 lie declared that he did it in part for the
reasohs have Just stated. And if Virginia did not
acqu'esce in the act why did she sustain i'm the me-
morable Presidential contest of 1924 a candidate
VINO was warm and thorough advocate for the
Bank He alluded to William III. Crawford. who
was almost unanimously supported by Virginia in
tiiat contest, aud who it well known advocated
the charter of n Bank in 1911, and did all in his
power TO nd Its passage This fact ought TO be ia
Ken as evidence, that then there was n septi
ment among the people in favor of the Bank Mr.
w. cared little what party had supported the char
ter at that period. He did not intend to enter into
.at question. But, If called on to say by what party
the Bank was sustained he could not but answer hn,
1t was the orthodox Republican party win Mr. Cal
noun Tor one offs leaders. He presumed. tbat cen
uemen who deny the constutionality of the Rank
would not deny that Mr.. Calhoun was Republic
can-and Mr.. Winston, i'm defending the mower IN
create Bank, stood i'm the same position with Mr.
Cuhoun and his friends at that day.-It was useless
10 'aik OF parties on this question: when in 1915 il
would be found that the republican party with
Mr. rieasants and Mr.. Giles, voted for the charter
nnInc - - ytvt
ana Mr. Governeur, among the rest. The republican
purity then sustained the constilutionaty of the
i'ank: The institution has come down to the pre-
sent day. bill for its re-charter was passed two
years ago, aud vetoed by the President But did he
rest ms veto on the unconsuonality of the Bank?
OiearIy not. The very veto itself shews that the
power exercised by Congress is constitutional one
Inc president refused to sign the charter for rea-
sons winch, IN the opinion of Mr.. W., had great
lorce-because il granted an exclusive MONOPOLY
Tor Id years longer, after the termination of the
charter OF the present Bank in ISI6-aDd because
IL PTohiDitea the establishment of any other Banks
III the District of Columbia for that term of wears
The President thought Congress had no riubt IN tie
up tie hands OF Its successors for fifteen years-he
thought it unconstitutional to do So And for these
ana other similar reasons, he refused to sign the
' iput he said expressly in that message, that if
he had been consulted, Bank would have been
devised, which he would have approved Is this
declaration that the Bank is unconstitutional
Clearly not 1t seems clearly necessary TO aid
."o SoIcIH!1eHt III IT'S fiscal concerns, and carry
INTO iui effect the powers granted i'm the Constitu-
uon; virginia having acquiesced in the exercise
OF the power ought not now to say that il does not
exist Mr.. Jefferson himself has given countenance
TO the Bank, by the establishment during his admin
isiration, of a Branch at New Orleans That great
man, of whose high character and brilliant services
mr.. w. had always been warm admirer did bv
MS own act acquiesce i'm the course pursued by
Congress He had failed i'm another expedient prc
Vlous 10 That period. 1t the gentleman from Wythe
would refer TO MIR. Us Correspondence, he would
find that in a letter to Mr.. Eppes he argues that
the government might resort to other means for the
facilities required for managing the fiscal affairs of
the nation besides National Bank The plan
which he advises is, the issue of Treasury notes
These notes were issued, and the Government ss-
'aiheh heaVy losses. This fact Mr.. w. mentioned
10 show the difficulty of supplying the place Of
National Bank.
MIR. W. would offer but one further idea in con-
ciusion. lie said yesterday, that Bank was not
only constitutional, but highly expedent. If the
present corporation was put down, another one
would take its place. lie did not inquire whether
the Bank had been managed improperly or not 1t
was not his business TO act upon that question But
SO sure as 1t was destroyed, the brokers and money
Jobbers would reap rich harvest, by supplving
those exchanges and transfers of funds which the
Bank OF the U. S. supply with so much facility.
This Bank has effected an EQUALIZATION of the chr.
rency, and by of its branches transmits funds
to every part oflhe Union for trng per cent II WINS
evdent that FAR different state of things woud fol-
low the prosraton of the Bank. This description of
business would then he done by purchasing drafts
rom money Mt high per centage graduated
ny inc cosclences of the Dealers and the necessity of
tne times' such was formerly the case, and such