The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-11-28

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tuition was necessary, in order to enable Congress
TO regulate the commerce of the country, and,
| tot That reason that it would be constitutional as
being proper means for lawful end.
When the bill had passed the two Houses, the
President, as we all know, asked the opinion of
his cabinet upon its constitutionaIity. The Sec
rotary of State and the Attorney General were
against it; and among the grounds on which he
placed the right of Congress to pass the law was
It's adaptation TO the exercise Of the commercial
power, conferred by the constitution on Congress.
Ills language is-"Thc institution of Bank has
also, natural relation to the regulation Of trade
between the States, i'll so far rs it is conducive TO
the crcatlontof convenient medium OF exchange
between them, and to the keeping up II full cir
cu'aion, by preventing the frequent displacement
of the metals in reciprocal remltances. Money
is the very hinge on which commerce turns
And this does not mean merely gold and silver {;
many other things have served the purpose, with
different degrees of utility. Paper has been ex-
tcnsively employed 1t cannot therefore, be adj
mitted, with the Attorney General that the reg
ulaion o trade between the States, as it concerns
the medium Of circulation and exchange, ought
to be considered us confined to coin" "And it
is" he adds 81 in reference TO these general rea
tons of commerce, that an establishment which
furnishes facilities 10 circulation, and Il copven-
lent medium of exchange and alienation, is to
be regarded as Il regulation of trade"
Nothing can be palmer, sir, than this language;
and therefore nothing is more certain than that
those who recommended and supported the first
bank regarded it as II fit and necessary measure,
in order to enable Congress to exercise its i'm
ponant duty Of regulating commerce. and to full
fill, especially that provision Of proper and
suitable currency for circulation and exchange.
But it is not necessary to rely on these opinions
OF individual friends Of the measure. Let the
act speak for itself What are the grounds and
objects of the law, set forth III the law itself
The preamble tells us ii declares
th, linn of hn
conducive to the successful conducting of the
national finances and will tend to give facility
to the obtaining of loans for the use Of Governs
ment in sudden emergencies; amt WW be pro-
ducttre Of considerable Gdr0ntage to trd0e ant an.
d1St'y IN general"
Trade and industry in general, therefore, con
stiiurcd one distinct and definite object of the in
Corporaton if the law truly cXpounds its own
purposes. 1t was not revenue alone it was not
the facility Of making loans merely; it was not
mere utility to Government; bur, in addition to
these, it was trade and business in general, which
among other considerations, foImCd an important
part of the objects Of the incorporation. And
indeed sir, events proved that II was vastly tho
most important part of all. What else did the
first bank do, for the Government OF the country,
ut all 10 he compared, in the amount Of benefit, 10
its influence on the currency aud the exchanges:
1t is us clear demonstration, therefore, that
the Government in Genera! Washing H2s~tftTtet
did feel itself authorised by the constitution, and
bound in duty, 70 provide safe currency, or
general credit for circulation and for exchange.
1t did provide such n currency. 1t is remark0-
bic enough, so comparatively small was the mere
object OF keeping the public money, that no pro.
vision for that purpose was inserted in The char
ter; nor was there amy law on the subject, so far
ms remember, till the year $500.
The bank went into operation, and lis success
was great and instantaneous; and during the
whole period Of its existence, there was no com
plant Of the state of the currency or the eXchun-
ges.
And now, sir, let me ask, what was it that
gave this success to the new institution: lis
capital was small, and Government had no par
ticipalion in its dircctiun it was committed en-
tirely to individual management and control.
Its notes, it is true, were made receivable in
payments to government: that was one advun-
tage. Ii had solid capital, and its paper was at
all times convertible into gold and silver at the
will and pleasure of the holder that was another
and most important ground Of its prosperity.
Bur, sir, there was something more than all thls
There was something which touched mems seulI-
mcnts, as well as their understandings. There
was Il cause which carried the credit Of the new
born bank, as on the wings of the wind, to every
quarter and every extremity of the county,
There charm, which created trust, and
faith, and reliance not only in the great marts of
commerce, but i'll every corner into which mo-
ney, in any form, could penetrate. That cause
was its nationality of character 1t had the broad
stltulion of 'the nation, established by that new
Government, which the People already loved;
and it was known to be designed to revive and
foster that commerce which lad SO long been
PROSTATE and liieless
Mr. President, let it be borne in mind that am
not now urging the constitutonality or present
ola Bank of the United States. My
already well known on that sub
ect, and it is not now before us.
But have advered to the history of the first
bank, and examined the grounds on which, and i
he purposes for which, it was established, in
order to show the fac, that the Government from
he first, has acknowledged the important duty !
and obligation of providing for currency and eX-
change, las part of the necessary regulation OF {
| do not -mean, at present, TO say
hat bank is the only, or the Indispensable,
means by which this duty can and must be per-
formed; although certainly think it is the best
Yet will not set limits to the wisdom and sagu Il
.itY of pentln men. in The invention and nnantn- &