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

The Resolutions from the House of Delegates up
on the subject of the removal of the Deposiles
tby the President of the u. 81 from tho Bank of
the United States, being under consideration
On motion 10 strike out the following resolution:
RESOLVED, That the General Assembly cannot re-
cognize as CONSTITUTIONAL the power which has been
Claimed by Congress to establish United States
Bank, because, in the opinion of the General As
sembly, as they have heretofore soemnly declared,
that power is not given to Congressby tile Constu-
ton of the u. States
MIR. SMITH spoke as follows:
MIR. Charman--If had consulted nv own feel
Ings and the state of my heaIl Ishould not trouble
the committee with any remarks on this motion
But representing, as l do, people who are vitality
interested III the U. d Bank, and firmly believing in
ITS constutonalty, either settled by the actios of
government upon the question, or as originally ex
listing under powers fairly deduced from the Consti-
tuition, they would esteem faithless TO the
trust which they had committed to MY hands, should
1 permit the subject TO pass without the expression
OF their sentiments i'm respectful, yet decisive terms
1t may be, that this part of the Commonwealth,
so happily favored by the bounty of Heaven with
all the facilities of intercourse with other CONNER
cia parts OF this continent; far advanced in wealth
as to possess all necessary capital for the R,rposes
OF commerce. have not been able 10 appreciate the
measurable value OF this institution. But your
western brethren, bold, thrifty and en,erprisiny
people, have experienced benefits from tn, Bank
which they cannot forget, long as they recoffect
that their commerce was paralyze by miserable
currency which this bank has entirely supDlnnted
Ihey can well recolect, when the fraudulent bank
ing institutions spoken of by the gentleman from
Williamsburg, furnished the medium by which the
business OF the country was conducted-when mer-
chants inu-keepers and other Individuals some of
whom We're even nsolvent, issued their private notes
as a substitute for money. And thew cannon I'm,
recolecf, that the Bank ofthe United STATES d6i,seJ
through the country salutary currency, which ex-
PEELED this worthless trash, and gave an impulse TO
the industry and enterprise of the west under which
they have advanced in wealth, and the comforts of
civilized life with rapdty unequailed by anv o,her
people. Having received such signal advantages
from an institution which they believe to have been
derived from1he granted powers of the Constitution,
they would be lost their own interests if they ner
med TO be crushed without effort to sustain IT,
10 the extent of the abilities of their representa-
tatlye their wishes and interest shall be defended.
Mr. Chairman, the resolution before us avows the
unconstitutionaty of the Bank Of the United
states. Ii is my purpose to show that the resou-
uon is untrue in fact aud ought therefore 10 he
stricken out In the discussion of this question. I
shall endeavor to show
lst That the constitutionality of the bank is no
longer an open question, having been settled in the
affirmative by all the departments of the federal CO.
Yernment. o.
2d. That the Legislature of Virginia is precy,,,ed
by her own acts and, principles from denying its
constitutionality.
g. That the bank is constitutional by fair inter
probation of the Constitution ITSELF independent of
legislative, executive or judicial discussions.
10 sustain The first propositioni will be necessa-
. q
the United States which have been established I'm
dong so, shall notice the bank establishment I'M
der the old confederation because it is in some de-
gree connected with the subject, and may to some
extern, serve 10 illustrate various questions which
may arise i'm the course of the discussion
In iIcl, the Congress of the United States under
the Old confederation, chartered the Bank of North
America, with capital of 100000. In the Arti-
c,es oil the confederation, no express power to in
corporate bank is found. The power was claim
ed and exercised under implied grants-yet mon
the passage OF the BILL it was carried by vote of 90
TO 4-one only of the four being from Virginia.
ms bank, as may he seen by the history of that
early period of the government had mn extroordi |
nary effect in restoring public and private credit.
ana was OF great value in the financial operations of
the country. Before the year 179I this bank had
accepted and acted under, new charter granted by
the State of Pennsylvania, upon terms which rem
uered IL an unit basis for national bank When
therefore, measures were take by Congress i'm 179l
TO have bank connected with the government The
claims OF this bank were suspended.
AT the first session of the Congress of the limited
States, the subject of Bank of The limited States
engaged the attention of that body. In 1871 the |
second session, the Senate of the Uaited States pass
ed bill incorporating Bank of the United States
for the period of 20 years, and upon a motion 70
limit the time OF the charter to the term of ten years
the vote was, ayes g. noes is. The same bill pass
ed the House of Representatives after a very able
by vote of 80 to 20.
General washington having first obtained the
written opinion of his cabinet in regard TO the CON
stltutlonal question which it involved and retaining
the act of incorporation under considerations the
period OF ten days, gave it his approval.
In the year 1913, Congress passed an act TO num-
lsh frauds committed the Bank of the limited
states, by which the forging or uttering of coun
teriet bills, notes, checks, by or upon the bank
subjected the offender TO Imprisonment at hard labor
for period not less than three nor more than ten
years.
The next action of Congress on the subject. where
IN the constitutOnality of the bank was involved
happened in the year 1904, during the administration
OF MIR. Jefferson. During that year an act passed
supplemental TO the act incorporating the bank atI-
torzing the President and Directors of the Bank of
the United States to establish Offices of Discount and
Deposlte III any part of tie territories or dependen
cieS OIL the United States in the manner and on the
terms prescribed by the act to which this act WINS
suPplenent, This act was approved by Mr.. Jofler-
son on the 23d of March, 1904
In the year 1907, an additional mr., ., ,,,,,;ut,
frauds committed on the bank was pnssed and 81
hciaIy sanctioned by Mr.. Jefferson No inportont
legislative movement concerning the bonl occurred
until the winter of IDOL when an annIico,;on Con-,
made for a renewal Of the charter Az that ncr;od
the country unbappily divided into two noI,,;'
cal parties, which entertained towards each Other
hostility OF an uncommon asperity. The parry in
the ascendant, opposed the charter and defeated the
application, as will be hereafter shewn, Oh party
grounds The bill was indefinitely POSTPONED in the
House Of Representatives by vote oC * r. M onJ
IN the Senate n like bill was indefinitely nos,noncJ
during the same session, by the casting vote of the
vice President, who was distinguished ,nenler oc
the ruling party. "
On the 18th of October, 1914 the Uouso oc D.,
personalities adopted resolution thnt II ,vos go
dent to establish United States }ank, by vote ~
20 70 o. In pursuance Of this resolution bill was