The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-08-19

accrue to the commercial community from its
incorporation, believing that such an immense
moneyed power concentrated in the hands of
single directory acting through every part
of the nation; would exercise an undue con-
troll over every interest in the community, and
be dangerous TO the virtue, the prosperity and
liberties Of the people would not vote for it,
unless instructed so to do by my constituents.
have grown up under the influence of these
opinions; and | have seen nothing in the
operation Of national banks to change them
They have been the opinions Of the most dis
tinguished statesmen Of Virginia, and hope
under the influence Of temporary revulson
which would have existed from the preva-
lence Of the same causes, even under the pa
fernal sway Of national bank, they will not
yield ,hem-virtue, self-denial and patience
are the shield, the spear and the armor Of
republicans; and have no fear that the re-
publicans of Virginia will abandon the strong,
the safe, and truly democratic ground which
they have heretofore occupied, a firm, de-
cided and infexible hostility to the incorpora-
ton of such dangerous institution. Let the
exoitements which were produced and the
dangers which have been escaped from the
efforts of two of these institutions TO per-
petuate their existence warn the country of
the increased danger which they will have to
encounter, if under existing circumstances a
third should be chartered-it will, cmbolden-
ed by the belief that the people regard such
an institution as indispensable, seek and ac-
complish perpetuty of existence. In my
letter to you, | expressed my concurrence
with the views of Jefferson and Madison, of
the dangerous tendency Of such an institution.
The Vnginian seems to think that what
ever may have been Mr.. Madison's original
views upon this subject, that he changed
them before the close of his administration.
II is true that Mr.. Madison as President of
the United States signed the charter of the
late Bank; and it is also true that he believed
the measure under the existing circumstances
Of the country, not only expedient, but almost
necessary, yet according to his own test
mony in letter to Mr.. G. J. lngcrsoll as late
as the 25th of June, 1881, he had undergone
no change Of opinion as to the question of
constitutional power, but in signing that bill,
acted upon the Judicial principle of yielding
to precedent, regarding it not as Uered but
settled question; his individual opinion was
never changed, and if my information be cor
rect, his views of the dangers of such an in
stilltion revived in full force before his death.
always did, and now believe, if in express
ing it do not commit an objectionable sin,
that MIR Madison, as President of the United
States, sworn TO support the constitution, erred
in sllrrendering to the force of precedent his
own decided opinion of constitutional power,
and so far as relates to the expediency and
necessity of the measure that he erred in not
relying upon the energy and industry of the
country to relieve itself from the existing diff
fculties and embarrassments instead of the
accommodations Of Banking institution
which could only give temporary, not perma-
nent relief. But suppose Mr. Madison did
change his views, Of the tendency of such
institutions, | am still correct in the express
sion which used. accord with Mr.. Madi-
son in the views which he expressed in his
able and mastery speech against the incorpo-
ration of the first national Bank in 1871. as
to the dangerous tendency of such an insttu-
ton, and although he may have changed am
not bound to follow him in that change con-
trary to the convictions of my own judgment.
AS to Mr. Jefferson,-I have only to say that
/ do not believe that ever Mr.. jefferson init
mated to Mr.. Madison desire that he should
sign the late bank charter, on the contrary
feel perfectly satisfied from Mr.. Jefferson's
whole course, and his expressed opinions up
on this subject that he never advised, but on
the contrary condemned this act of Mr.. Madi-
son, and that he died as he had lived, hostile
to such institutions, and with unchanged
opinions as to their fatal tendency. | chal-
lenge the production of a single expression
OF Mr.. Jefferson, advising or approving that
act. And again repeat that accord with
our Madison and our Jefferson in their views
of the fatal tendency of such institutions.
The Vrginian" also refers to Judge Bar
bour. The opinions of Judge Barbour have
great weight with me. | regard him as a
sound and able constitutional lawyer, and
withal a truly patriotic man. The Vir-
gilman" refers to Judge BIS. declining to vote
against the bill to incorporate the late Bank
OF the U. S. although he believed it unconsti-
tutional as evidence that he regarded it highly
.expedient and necessary. This is true, and
have only to say Of the Judge as say of
Mr.. Madison that in this act | believe he
erred, and shall not adopt it as a precedent,
but as the Virginian claims the advantage of
Mr.. Madison's supposed change of opinion,
claim the same advantage as to Judge
Barbour's, and refer the "Virginian" to Judge
Barbour's Speech delivered at Amherst Court
House, in 1892, published in its own columns,
which should be gratifed to see re-puhlish-
ed, in which the Judge ably defended the veto
message of Gen. Jackson, refusing to sign
the bill rc-charterng the Bank of the IT, s.,
and if mistake not, for write from recolcc-
tion boldly denounced that institution as cor
rupting and dangerous in its tendencies
3. As TO State Baaks.-In myletter to YOU,
in speaking of State banks, intended to
speak of them comparatively, not as an origi-
nal question. | intended to speak of them
as existing institutions, and as they existed,
and not as whether they should exist" in
tended to say, that under existing circumstan-