Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-04


observes on this subject:
"We are now told that all the banks in the uniteo
States have suspended specie payments ana VIVA.
the suspension OF specie payments but set'hg ue
Of property at Defiance 1.-THE president and
OF bank have issued a million of bills, promising W
pay five dollars 10 the holder OF each ano every w. "
them, the suspension of specie payments 10 =; ~: bn
the breach OF one million Of PROMISES VIVA e.
fraud upon every holder Of the!I ols sncb
ence is there between the president aud directors suc
bank and the sklul artist who engraves o1A r''
fac simic of the bill signed BY The president a'iu 80 49,;
tors and saves them the trouble oil signing " uo's
il for them? The only difference can see ~ Tue wv
operations u.s. that the artist gives evidence OF
skiIl and superior modesty II requires more taeht
sign another mans name than one sown; ana Tue cou
,eIei,er at least does his work IN The da'k WINE ol.
suspenders of specie payment brazen II ID ule 'ao' w
day, and laugh at the VICTIMS anu o"Pes WIZ "N' r.
faith in their promises.
Now Sir is it no, among the most strange and extra
ordinary things connected with this letter thal IL snuu
be deliberately addressed to person "h" mas u ;
roelv expressed these sentiments and one who IL Is u'
dersood has seldom, if ever, retraced one wo'u .n' W
has uttered in his whole life changed an oP'h'o"
liberaeiy expressed! , DAN,
will proceed to the discussion OF me p'oPos",'"S
involved in the bill before the Senate. Inc rs' 'S uo'
Congress possess the constitutional power W H"' uPo"
This subject in the manner proP"scG ~,
This bill contains two provisions ! lie h'ot P'N'i'o's
the reissue of the notes O! expired corporation ere
aIed bv Congress- and inflcts Il punishment upon al
those entrusted with the settlement OF Inc ana''S VI
such corporation, for a violation OF ms provision
II should here be remarked, that the penaiucs '"'I
no.ed apply only to persons having possession OF
notes Of an expired corporation for the purpose OF set
Element, and whose Cuy II is to destroy OF ca"ce'
them and not 10 persons who receive ana pass te IN
the ordinary course Of business. Further, ths r'"''
sion is al,opether prospective whatever propeuesof
WRONGS NAV have been committed or passedby unnoc'
ed because Congress has power to notice mem Inc
second provision is that when the charter OF any cor
poraton created by Congress shall have EXPIRED ana
the United States may have been s'ochho'ueI, unu
The no,es of such corporation shall be III the posses
sion of any corporation or persons entrusted WIN we
settlement OF the affairs Of such corporatoh tue CIRCUIT
courts of the United States shall have power, oy IN
junction, prevent the reissue OF such noles ana oy
decree NAV caus. them be cancelled This Is all that
is proposed It am asked Il have been able 10 ma any
precedent for such legislation answer frankly, Know
of none and for the obvious reason ha no suc
tons as those which call for this legislation have ever
before occurred Never before, so far as can learn mas
corporation attempted to perPetuate ailer inc e"Pa
ton of its charter Never has this, or any osher cooh
try, witnessed the reissue OF The paper Oh oa'h e
has ceased to exist Therefore it is not matter oil
wonder that no such legislation is to be found inasnuch
as no case calling for il has taken place Inc course
taken by bank has been OF SO extraordinary and
unprecedenled character that no human foresight
could provide against We have all read OF an ancient
sect of philosophers who believed, that aer dealh the
souls of men passed into other bodies, and continued on
earth But that creature chout SOUL ailer the Ter
OF It's existence snouiu sta'e
of being and remain upon EARTH Is what no philosopher
or statesman ever imagined The Congress OF lclGsup
posed that when they declared that the charter should
continue for twenty years and no longer, and that two
wears after that time should be allowed for winding mp
It's affairs there would be end 10 the corporation they
had created, and every thing connected with 1t. They
therefore made provision for that state OF things
which exists 1t is upon principle aud analogy
alone that this bill can be sustained.
The first section makes the issuing of the old notes
,ho Ipsrr and
mentioned criminal offence, and prcscri6es the pun
ishment The Constitution article s. section z, declares
"at the judicial pO,1cr shall extend to all cases IN law
and in equity arising under this Constitution or the laws
of the u s." Cases in law are either civil or criminal
according their and the provisions of law ap'
pcable TO them. Article section 5, gives Congress
power TO pass all laws which shall he necessary and
proper for carrying into effect the enumerated powers,
and all other powers vested IN The Government OF the
U. s. or in any department thereof Consequently,
whene yer case arises under law of the u States, 10
which il s necessary proper IN the opinion vi Con-
gress that the judicial power should De applied 'hey can
pass the laws requisite To give the courts jurisdiction,
and enable them TO proceed cvII!y or cTninay, ac'
cording to the nature Of the Thus Congress has
passed laws punish larceny Of letters from the post
Offices robbery Of the mall and other offences against the
Post Office Department. against larceny ana eioezze'
mcnt of public property, against bribery OF pnbc DIN.
GERS false swearing pension and other cases. counter
feng no.es OF the Bank Of The u 81 and nlher ohen'
ces enumerated in the bank charter In all these cases
Congress proceeded without any SPECIAL grant power
to pass these laws The Spccnt grant OF power TO pas
criminal la WIS in the Constitution being only to coun-
terienr the securities and current coin OF the U 3,
piracies and elonies The high seas, and offences
against tine law Of nations Therefore, IN passing
all the other criminal laws 10 be found in the statute
books, Congress have aclsd upon The general power
above stated.
Now let US apply the principles have above stated TO
the first section OF The bl! before the Senate ne notes
described in the first section OF the bill have been cIea
H., SIa,a-. hat
act of 1916 creating the Bank OF the Unlied Slaes-
The issuing Of them either before or alter the expiration
of the charter is therefore, arising under fap OF
the United States The payment oil these notes oy sun
AGAINST the bank before the expiration Of the charter or
AGAINST it's trustee in equity after the expiration OF The
chatter could he enforced in the courts OF the United
States WHY: Because they causes arising wndcr
a,p of the United States, and, therefore, under the ju.
dical powers Of the United States. For the same rea-
son. the countsrcitng OF the notes may be made punish
able in the United States courts, although concurrent
jurisdiction exists in the State courts Had no provision
been contained in the charter against CONTRIBUTING
these notes and although Congress had passed no law
upon the subject until The expiration of the charter, still
Congress might pass law to punish The counter.
feng of the notes. because they arose under law OF
the United States That the first section OF this bill
might have been incorporated in, and made part Of
The act OF 1876 will, presume, be denied by one
If it could have been done them Congress can do now
for time does affect the principle as will presently
show Congress did, in fact, after the bank in ops
ration, pass several acts upon Inc shfect ohe on Tie
Sd March 1919 (vol g. page 409) TO prevent bribery
OF the presiden,or directors and new provisions aganst
crimes in the acts of 1875, (vo T. pages 97 aud 39N
DC The act Of the session to prevent the abate
ment of suits in which the bank is party, passed after
the xDiraon Of the charter This proves that although
the corporation is extinct yet Congress possesses the
power to act upon any matter or thing which arose
had its origin under the charter or law Of the United
States Had Congress toeseen what has occurred, they
would doubtless have inserted provision in the char
Iba mod N no frs ctInOI
this bill Now that this evil, which unforeseen, has
occurred it is less their province to suppress IT,
There is another ground upon which the power 10
pass the fist section of this hill be maintained By
the Constitution article first, section eighth, Congress
is authorized 10 con money, and TO regulate the value
thereof and of foreign coin. The last clause of the