Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-08
NO. il.
LETTER FROM THOMAS COOPER.
OF SOUTH CAROLINA.

-, vas iy' many years, an opponent 0ffhe
Oid Bank OF the United States. and have
peen OF the present Bank. because deemed
u unconstitutional in Congress. TO erect such
an institution, knowing tina, the proposal
was rejected IN the Convention Of i787, d.
rectly and indirectly
In The year 1914, | had conversations
with the late Mr. Dallas on the subject. 10
whom objectedihe preceding argument.
and Mr. Madisons doubts and difiicnlties.
Mr. Dallas replied the institution of Ma
l'onal Bank has been sanctioned in full
view of all these difficulties br fha <-.--i
IInsttutfon OF The former Bank. by repeated
legislative, executive. and popular recooni-
lions Of us consiitulonaliiy, and it IS now
universally acknowledged to DO necessary
as an adjunct and instrument Of the fiscal
power of the general government. Such a
question as this must BE- considered at rest
some time or other. Interest reipp5liee NJ
denique SIT .fnis Hiium. With such an i'm
mense amount OF properly resting on the
permanent validity of so many acts Of the
Legislature, and so many decisions of the
Courts, and SO long continued popular ac.
quiesence. there will be no security for pro-
perty of any kind, if these principles are to
be shaken. Moreover, we claim the right.
If not as substantive, as ar implied power.
useful. necessary, proper, and adapted to the
fiscal wants Of the government.
To this answered-The former Bank
was obtained through the influence of the
federal party and the paper money specula-
tors over General Washington; and the site
OF the federal city was in some way connect
ed with it. But laying aside all objections
OF influence, contend that, as a subs,an-
tive power, il is question Of jurisdiction
which may be urged at any time A pow
er originally incompetent, cannot acquire
Legitimate authority by usurpaiion. II Con.
gress have net power time cannot give il
against the people the people alone must
confer il. claim the benefit Of the law re-
oting to questions Of jurisdiction. never out
OF time.
As TO your claim in favor Of national
bank as an implied power. you ore bound
by the Constitution TO show, that il is not
merely convenient useful, proper, or adapt
ed-you must show that il is necessary -
that you cannot do without it-that YOU
have tried all other feasible plans and are
driven to this remedy. You have not tried
national treasury. and the credit you may
attach to it--you have not tried system Of
state banks, dispersed over the country, for
the convenience. Of regulating domestic ex-
changes. You have not tried Treasury
Board of Commissioners. or other plans
which | have not knowledge enough TO
suggest OF devise. Prove 10 me The neces-
sity OF your measure and yield.
Mr. Dallas replied--We feel such an in
stitution at this moment absolutely necessa-
~ to counteract the refusal Of specie paw
ments by the state banks. The power Of
government is paralyzrd by their extensive
influence, and the management Of the rev.
enue is not in the hands of the government,
while these institutions possess their presen.
controlling power The aid Of national
bank supported by, and supporting the
wholesome Influence of government in col
Letting its taxes in valuable, instead of
worthless paper, has become want OF in
dispensable- necessity, aud constitutional OF
moi, your federal government cannot get OH
without il.
To this had nothing to say; necessity
acknowledges no law, and l acquisced
was confuied undoubtedly, but not convin-
ced My prejudices in favor OF the Consli-
tuition continued. till the plan of national
bank at New York, attributed 10 MIR Van
Buren,, came in full force against me. Ii
we are to have national bank. il the Gov
eminent and the people are both resolved
on NiI why are we TO PROSTATE an undoub,-
eddy useful institution now in existence, in
favor of an untred party measured sup
ported therefore, before the public. the claim
of Mr. Biddle's present Bank as one of tri-
ed and approved merit, skill. and honesty
II was in reality what it ought to be. an in
dependent bank. conduciedly merely aud
fairly on genuine banking principles,
That Bank has been Frustrated; the SUBJ
stitutes / proposed as useful and proper,
have all been tried. Weighed in the bal
ance, they are found wanting. MIR Dallas
Treasury notes were deprecated paper--a
total failure, The deposies having been
removed from the Treasury. the system Of
State Banks dispersed through the country.
has been tried, to the utter disgrace Of every
party concerned-fiom General Jackson to
each State Director and officer The Treas
ury-where is III The public funds
where are lhey2 The solyency Of govern
ment-a phantom, non-existing.
As an implied power. therefore. all my
objections having been acted on and found
worthless in practice, give up, Lam con-
futed by past and present facts My notions
have been tried doubtless. by very objection
able experiments, but | cannot honestly re-
sist the results. l agree. therefore. with the
late Mr. Dallas. that national bank is an
necessary to come in aid Of the
fiscal duties of our government. and there
FIRE ne mn imnlied mower constitutional