Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-05-16
POLITICAL.
nANK or 40 nANK )

We now lay before the c.leLa,ed soo,h r. AZ, a.
'' on inc h Bank OF the u States has il been obsery
cd that It would require the talents Of Mt M
any other man. tooaswer tilt very truc that a, No.
i'od this distinguished sign the present nank Ri
MS constitutional objections upon ground ,hn ali The
Departments Of the Government had recognized S
oi Bank, ana that 1t necessary to sette Tim
The Constitution But well hes il been answ,,ed ,t
s doe'rne all that necessary justify usu,paon was 10
" eeo'a'ns TO certain forms; and that, upon the snme
Pincpe Tue sediton Law itself might
~ "a'uch as all the Departments Government had NJ o
'mo sanctioned that Congress had passed it, y sion
Gu ~ ana Tho Judiciary had carried it into execution
But this Speech of Mr.. Madison cannot be shaken no
1t Is one OF tho cost in its style, ye, the mos,
comprehensive IN its views Tint omanated fo the mind or
only TACT which oms in on the cir,
eumstanee, that proposition made in tho Fedo,ol f
10 give the power 20 grant charters IncoIooa,on md
fused '"' '"' " was TO
House Of Representatives. Of The United States. 1t.,.
nesddy. February 2, 1901.
THE BANK BILL UNDER CONSIDERATION
Mr.. Madison began with general review of the AL
vaDtages and disadvantages Of banks The former Ia
stated TO consist in FIRST the aids 'ey afford
who thereby push their mercantile operations ft
with the same capital. 81. The aids TO mercb4n,;, nav
ing punctuaiiy the customs 81 Aids TO the eenr1,
in complying punctuaIy with its engagements when do
hceneies or delays happen in the revenue. All In di
mnishiDg usury. 9Th In saving the wear Of The roa
and silver kept in the vaults aud represented by nees
ON In laclaing occasional remittanres ON d nerent
places where uoies haPren circulate The elect of tb
proposed bank in raising the value OF stock lie fouoLt
had been greatly overgaed IL would no pubf r,is ~ =,
OF the stock subscribed into the banks but could have h,
lie effect on stock in general the on il would
remain NE same, and The quantity taken Of The mar.
ket would be replaced by bank stock.
The principal Disadvantages consisted in lat Banib
ing the precious metals, by substituting another medium
10 perform their Office: This effect was inevitable, I,
was admitted by the most enlightened patrons of Banks:
particularly by Smith, the Wealth of Nations ill.,
common answer TO the objection was thar The money
banshed was only an exchange for something eouaI,
valuable that would be imported in return II aaI,i2
ted the weight OF this observation in general bur Io,
whether, in the preseni habits of this c1rotry tbs ,,'
% m
Exposing the public and individuals to all .e evils oI
run on the Bdnk which would be particularly c.a,ui
tous in so great country this and ght d sr pen lron
various causes false runors bad nanogreee nj th
institution, aud unavoidable balance Of uSde from .bor
crops, &c.
# was proper to be considered also tst e ,,os, i
poriani OF the advantages would lie better OBJ ained la
several Banks properly distributed, than by sgle Que
The aids TO could only be afforded ot g. CO.,,
near the scat OF the Bank. The same was itr a III
to merchants IN 's payment Of Aniicpaions
OF the Government would also be ,,os, ~ -. ~
different places where the interest OF the del was 10 m
paid. Tie case IN America was different from tb, ~
England: the interest there all NJ one place and
the genius OF The monarchy favored the M
wealth end Influence at the metropolis
lie thought the plan liable Oiher oliecoo. II did
nov make 20 good bargain Tor he public due to It's
interests. ne chatcr to The Bahk OF England had been
granted Tor III years only and paid for by ton 10
The government on terms better han could be elsewhere
got Every renewal Of the charter had in hke nr,er
been purchases; ~ instances at vstv hill ,,i
The same had been done Toy the banks Of Gene, ,ls
and Other IKE banks Of circulation. The plan was une
.H "
10 TIE hoideis Of particular Determination If lilo Ll
debt AMI 10 hose at and within reach Of The seat - M
vernnIent " the subscriptions ould lie r,oid liz T.
tagt holders OF paper wouiI be excluded al,ogsuer
In making these Remarks the merits OF the Luf L
had reserved TO himself lee ss, the gh 10 deny Dc s
ioity q Congress 10 pass It, lie had enterttned a.
opinion fon the date Of he Constitution His inpre ssior
might perhaps be the siro ger because he well fecollec
ed, id power 10 grant charters Of incofporaon had
been proposed IN the general Convention AMI Rejected
Is tho power OF establishing fncOrpOyGfed baok
among the Po~efs vested ny nle Consdfn on in tLe T.
ge'ure OF the u Stscs This is the question % be ex
afniued ~ " W "a
Aer some genera remarks on the limitations Of all DO
hca power he took notice Of the peculiar tuanoc ia
when the Federal Government is limited N 4, $40,
general grant, out OF which particular rowefs are a.
copied IL y grant Of particular powers oniv Iesyin
The general mass IN oher hands. 50 il had been ,,dsr
stood by lis friends ADD its foes and 90 it was 70 he i
precd u.s. " Oo 'n'eT-
- As greninaries to right Interpretation, he s, down
The following rules ~ ''' "o"p
AZ interpretation that destroys the very cbsrace,.o,
OF ne government cannot be just
Nhere meaning Is clear, the conse0uences sb ,,oy.
mey may be, are 10 be admitted-where donb,f,i ~ ~
fairly lfiabIe by its consequences "O''
~ eOS"0Vssd cases. the meaning Of the parties to tho