Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-10-20

sed at once and decidedly to carry the Jack.
son doctrine into its affairs, OF rewardinc the
friends and Furnishing the opponents OF the
administration. II refused TO remove the
President OF the branch at Portsmouth. who
was not Jackson man, and put in one who
would be devoted TO the party and use the in.
iiuence OF the branch in New Hampshire in
its aid. In this thing, we concede to the
Jackson cabinet that they were bopest--we
mean as TO their belief that the bank had
power, and they manifested the sincerity Of
Their belief by attempting 10 employ il for
their purposes But we do not believe a
property regulated national bank would be
dangerous, nor have we ever seen the shad.
ow Of an argument 10 prove il; all is mere
assertion and theory opposed to forty gears
experience.
AS 10 the constituiionalty OF such a bank,
we conceive Washington and Madison 10 be
good authority, and 40 years practice TO be
sufficient sanction. On this subject we give
an extract from the Boston Courier OF Nav.
1884
We take It 10 have been question in
the Congress Of 1891, in Washinglon's time
whether he implied powers given to Con.
gress, authorised the incorporation of bank
That this subject was then thoroughly dis.
cussed in both branches OF Congress in
which there were several men sufficiently
eminent TO have been members of the con-
vention which framed the constitution. We
take It to be true also, that when the bill in
cooperating bank had passed both branch
es. and was submitted to Washington, that
he took the advice Of his Cabinet, and pom
dered upon this subject with that scrupulous
regard TO the Constitution which marked the
character of the man; and that he found the
measure to be constitutional, and signed the
bill. Thus we have Washington's approba-
ton OF National Bank.
A Bank was thus established, and the
charter run for twenty years. In 1911 the
charter expired. Mr. Madison was then
President. The charter was not renewed
and the Bank wound up its affairs There
was no National Bank from that time until
the year 1916. Meanwhile the country de-
pended on State Banks Every one who
was then in business. knows that was glo.
rious time for brokers; very clever Set of
men, and very useful in any community, nj
all times, when the course Of public policy
makes the remittance of money from one
place to another, science. In this interval
from 1911 TO 1916 the war happened All
banks. but those Of New England. gave up
specie payments New England Bank
notes were at premium far South, and, it is
believed, all over the United States; while
the bills Of all other banks were at discount
The embarrassments Of the war were album
dant. as many can remember They were
increased by the difficulty OF
money exchanges. as we'll among private
persons. as by the government Mr. Madi-
son well knew these embnrrassmen,s. He
was said 10 be opposed to the bank Of 1891,
[ he then being member of Congress.) on
the ground OF its nconsliu,ionality. and en-
pediency. When the question again came
up in 1916. he being then President. cOnsid-
cred the question settled, He was, probably,
by the experience Of the war. and
the institution OF bank as indis.
pensable; and he gave the late bank Of the
United States his sanction, and signed the
bill Thus we have the sanction Of Wash
ington, (who was one sort Of politician.) and
that OF MIR Madison (who was in some re-
specis an adversary politician) of a bank
Both these eminent citizens were Virginians.
Mr. Madison has said that he considered the
constitutional question. and the question Of
rs sealed in other words. a Ma
tional Bank was necessary and constitutional,
in his opinion.