Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-04-22
Twenty-third Congress.--Ist sess.
SPEECH OF MR.. WHITE OF TENN,

On the motion of Nh. Webster for leave to bring in
United States; deiiuered in the Senate of he Uned
States, March, 1884.
Mr.. President: When subject of so much import
ance is under consideration; when topics discussed
"hch produce diversity oil opinion, not only the
powers conferred upon the Federal but Also
as to the in which the powers certainly conferred
distributed among the several and when
our decision may vay affect, well the fiscal concerns
oil the Government the pecunary interests of all class
esoi the community. am unwilling to record my votes
untl snail have given some oil the reasons, least
which lead to them.
am pleased that the honorable Senator from Massa.
chuses has asked leave introduce this b because
approve OF il, but because il offers thing pracc
which we can discuss, consider, and decide
Ii the bill proposed contained any principle, which, un
der any modification, believed had power to enact
into law, would most willingly extend the usual
esy oil granting leave to introduce it, although might
d'sapprove all It's details; but in my Judgment its object
TO do that which, by the Constitution, no pow
CIR TO do.
The sole object is TO extend the charter of the
Bank OF the United States under certain notifications
for the term OF six years after the third Of March, 1886
when the existing charter will expire.
Ii said the country is distressed in consequence of the
arrangement oil our currency, and the object of this
10 relieve that distress, by extending the charter eave
granted introduce the BILL the hope will be inIulg
aue season the tau be passed into law, and the
ie desired be thus afforded We ought not in my opinion
even by sence encourage expectations or hone
which we do not intend TO make good.
Entertaining the opinions which do, in relation to this
Bank, cannot silently acquesce the elton of ,
BILL without creating expectations which, lar my
power, should certainly disaPpoin therefore, hope
when deny the leave asked my conduct may not be at
bu,ed Willingness otherwise than courfeousIv
toward the honorable Senator who has submitted the mo
ton.
hold that, by the Constitution of the United States
Congress has po,cer create Bank and having no
power to create it, have 10 continue il be yond
the period limited for its termination
wish the Senate not TO be alarmed from a belief that
am about 10 weary their patience, exhaust own
strength, by an elaborate argument prove the truth Of
this position.
well that th. question has been repeatedly
and ably discussed Congress- and before highest ju-
dcal tribunals aud that OF the enlightened and
pure men have ever had in public employ have af
hrned the existence OF this powers yet consider The
question unsettled The power has always been question
ed and disputed: it never has been yielded The deci.
sons are not binding authorities when Congress is call
ed upon to exercise the power Ii are certain we do
not possess II, or it is doubtful whether do ought not
10 be exercised
Those who affirm the existence OF this power do not
pretend that in the Constitution il is expressly granted
but rely upon that clause of the Sh ion lst article
which provides that "Congress shall have power TO
all laws necessary and proper carry into effect pow.
expressly granted" They lie xt saw that by the 5h
paragraph OF the section Congress has an expres,
grant oil power 'o coin money, and fix the value there
OF, and the value OF foreign coin. and regulate the
standard OF weights and measures" Hence they argue
That it was the intention in Congress the whole
power the monetary system OF The United States
and that this cannot be done without giving power to
incorporate BANK admit 1t was Intended TO vest the
whole power ia Congress, money, currencu
deny that there Is any necessity for Bank give
feet TO this power.
By the 10Th section 1st article, it is said, No State
shall coin money emit bills OF credit make any thine blu,
gold and silver tender in payment OF debts; pass any
bill OF attainder, post fdctO law mpajrine the
obligation of contracts" Before the formation Of this
Constitution, much injury supposed to have resulted
from the power which the individual States possesse ami
exercised OF emitting bills OF credit; therefore, this pow
er is taken from the States by express words The Fe-
dera Government has no power but that which is &c.
PTesSy giveD as said in the tenth amendment TO the
Constitution There Is no power given in any part of hat
instrument, TO emit bills OF credit Since the adoption of
this Constitutions the emit bills OF is er.
ftnct in the United States The State Governments
not exercise it, because it is expressly taken away; the
Federal Government cannot exercise il, because is mol
guen III ihereloreiore this evil of papcr curreneu
eflecusy CURED. Before the adoption of this CousI,,,
ton The States had TO make articles produce o,
merchandise fender in payment of debts This power
in some oil the States, had been exercised Ii is also
hnguished under The present Constitution.
Formerly there was want OF uniformity in The value
oil the same piece OF money, in the different States in
some dollar four shilDss and eight pence another
SIX hlDgs; in Others and six pence; in some
ohers, eight shiIIngs. This evil cured by this
Constitution Congress has the power power TO 'coin
money and r ats uolue, and the Udue Of foreign coin
and the power 10 coin money, future denied 10 the
State. Thus uniformity in value produced: dollar in
one Slate, Is dollar, and more, in every other
weights and measures and might be varied in dill
ierent States The power TO regulate the standard O
weights and measures is given Congress: when eser.
ced uniformity, i'll each State, is produced busbeI of
wheat must be OF the same quantity and AN hundred
pounds OF hemp or tobacco must be OF the weight,
in each State.
By these different provisions the whole People of the
United States were intended TO be secured, in uniform
currency uniform STANDARD OF weights and assures and
the same provisions contain prohibition against making
any thing but gold aud silver tender in payment of
and denial oil any power 10 pass law impair the OBJ
| legation of contracts.
hat species OF currency then, ask was intended p
Metallic and nothing else. Money coined and the rdue
Jtred under the authority OF Congress- foreign cOin the
value CT which s fixed by the power Will any gem
ueman state, that in his opinion either Congress, or a
State Legislature, has power, under Constitution,
make individual receive from another any thing but
metallic currency, in discharge of debt due
The opinion that Congress has power TO create q
Bank, is, as think, very much streng when we
reflect where the Convention sat-when il sdt-and v a
was going on in relation to Banks.
The Bank OF North America commenced business In
January, 1852, in Philadelphia. Ii had double autIo
y, supposed for dong-from Congress- and from
the Legislature OF Pennsylvania. In 1855 had become
80 odous, that several counties pettioned the Legislature
TO repeal the charter. There petitions were referred tC
committee, who made report, upon which an act die
pass, repeating the charter, without giving the copo
rdtors any iorm OF trial whatever This gave rise TO
most violent controversy, in the OF which, Their,
were many publications The Bank still continued il
business, under the power had derived from Congress
10 l7S6, an attempt made in the Legislature repea
the repeating act, but this attempt successfully re-
sisted by the democrats Of that day, headed by Finley ant
Smile, and the confusion continued I'LL the year
when limited charter for fourteen years was granted
Thus find at the very time the Convention sat- aud
the very place sat- the practical operations Of the Banl
Of that day, were considered decidedly hostile the ber
y and independence OF the country. Is ii then probable
That It was intended 10 vest power in Congress create
| any institution capable OF much mischief?
have looked INTO tie petitions presented TO the legs
aiure, aud the report OF tie committee to ascertain In,
objections upon which the repeating act founded an,
have been lorobly struck with the similarity OF tht
then urged, with those since teied unon