The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-08-04
From The Columbia Telescope.


an opponent of the old Bank Of the United
Ststes, and have been Of the present Bank,
because deemed i UNCONSTITUTIONAL in
Congress 10 erect such an institution, know.
ing that the proposal was rejected in the
Convention ofl757, directly and indirectly.
In the year 1914, had conversations
with the late Mr.. Dallas on the subject, TO
whom ! submitted the preceding argument,
and Mr.. Madison's doubts and difficulties.
Mr.. Dallas replied, the institution of ma.
tional bank has been sanctioned in full view
Of all these difficulties, by the actual inslitu.
ton OF the former bank, by repeated legis-
lative, executive, and popular recosniiious
Of its cons,iiutionality, and il is DOW univer.
sally acknowledged to be necessary as an
acJunct and instrument Of the fiscal power
OF the general government. Such ques.
ton as this, must be considered at rest at
some time or other. Interest reipublicG ut
deaique sat fms htilm. With such an i'm.
mense amount of property resting on the
permanent validity of so MANY acts of the
legislature, and so many decisions Of the
courts. and SO long continued popular &C.
quiescence, there will be no security for
property ofany kind, If those principles are
now to be shaken. Moreover, we CLAIM the
right, if not as substantive, as an implied
power. useful, necessary, proper, and a.
dopted to the fiscal wants Of the govern.
ment.
To this | answsred-the former bsnk
was obtained through the influence Of The
federal party and the paper money specu.
lal1rs, over General Washington and the
site OF the federal city was in some way
connected with it. Blu, LAYING aside all
objections Of influence, Contend that as
power, i, is question of jurisdiction, which
may be urged at any time. A power origi.
nally incompetent, cannot acquire legiti-
mate authority by usurpaiion. If Congress
have not the power, time cannot give it a.
gainst the people; the people alone must
center IL. ] claim the benefi, Of the law
relating 10 questions Of jurisdiction, never
CIT of time.
As your claim in favor Of national
bank as an implied power, you are bound
by the Constitution to shew, that il is not
merely convenient, useful, proper. or sd.
apted-you must shew that il is necessary |;
that YOU canno, do withou, it; that ysu
have tried all other feasible plans, and are
driven TO this remedy. You have not tried
a ns,icnal treasury, and the credit you may
attach to it--you have not tried a system
Of state banks, dispersed over the country,
for the convenience If regulating domestic
exchanges. You have not tried Treasu.
~ Board Of Commissioners, or other plans
which | have no. knowledge enough TO sug.
gest or devise. Prove to me the necessity
of your measure, and yield. IF claim
The right of gong through your meadow to
ge. at my land, 1t IS not enough that show
{, to be convenient, USEFUL, or expedien. for
me TO take that road | must show ,ha.
have no other that il is Necessary to 70 that
way, if 60 to my own land.
Mr.. Dallas replied-we feel such an in.
stlluion at this moment absolutely necsssa.
~, 10 counleract the refusal of specie paw.
rnenls BY the state banks. The power of
government is paraIyzsd by their extensive
Influence, and tbs management, of the revs.
nus is 10, in the hands Of the government,
while thoss institutions possess their presen,
controlling power. The aid Of a national
bank supported by, and supporting the
wholesome influence Of governmel in col.
lecting It's taxes in valuable Instead Of worth.
less paper, has become want of indspen.
sable necessity, and constitutional or not,
your federal government, cannot ge, on with.
on, II.
To this | had nothing to say, necessity
acknowledges no law, and acquiesced.--
| was confuted undoubtedly, but not con.
vinced. Ny prsjudlces in favor of,hs Con.
sti,ution continued till the plan of nation.
al bank at New York, attributed to Mr..
Van Buren,, came in full force agains. me.
II we are TO have national bank, if the go.
verDmeBt and the people are resolved on IT,
why are We to PROSTATE an undoubtedly
useful institution now in existence, in favor
Of any uniried party measure | support.
ed therefore, before the public, the claims
Of Mr.. BiddIe's present bank, as ose Of tried
and approved merit, skill, and honesty. II
was in reality what it ought to be, an indie.
pendent bank conducted merely and fairly
on genuine banking principles.
That bank has been Frustrated and with
il the commercial credit Of the country, not.
w,thstandlng tho state and local banks have
increased 10 number frsn 800 to 1913. The
substitutes suggested as useful and proper,
have been tried, and tried in vain. Weighed
in the balance thsy are found wanting.-