Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-10-11

therefore necessary and proper TOT exec tng
the commercial power Of Congress.
But IL is urged that the power NAV be executed
without Bank. II NAV be 60. though experience
is against the admission. Yet Is IL believed that
Congress use means under the Consiiiuten
unless they are in3ispeasibly necessary That Is
not the language Of the Constitution. Whenever
the means became indspeRsibiy necessary. neither
Congress nor the people will Look any other au.
ihorny than the known rule applicable to all comb
tons OF society THE safety al the people Is tue
supreme law."-Cougress has 10 lonk TO the snha-
bieuess anu propriey Of The means, aud these aa-
nit mus, he obvious, bpt 1t is moi required '" es-
haust the whole range of experiments before 1t de-
cides the question OF Necessity or pfopreS. AGAIN
Congress alone is authorized 10 create and regulate
currency which shall be Of equal value credit and
use wherever IL may circulate Ihs IS Tue language
Of all tie Fathers of the Republic. The position
has never been questioned, except believe by the
sage Of kindehook, and 1t IS inquest ionable. be
cause If Congress has mol the power We must admit
the abs urdny that it Is annihilaed for the naiion.-
No state can exercise such power. and II Congress
possesses IT not IT must have ceased esist alto
cerler How has this rowc, been hitherto exercs-
edl Though the agency of an |. States Bank a.
lone. Aud mrsi adm,rahi, has II Unanswered that pur-
pose at least ol lis creation. No nation ever pos.
sesscd currency Win, was 50 nearly 81 equal va
g, cfefln and Use " hcrerefh circulated lbrongh=
oui HIS va.f Cham oi Rel uhlIcs. from the ST. Law
iruce TO lie Gull oil Mexico. from the Atlantic In
the Pacific. note OF the l. :. Bank WAS ever,
where worth "liat promised ou lis face so great
the universal confidence IN this equality oi va
luc tllathe wbnie power oil the laic and present Ad
miuisiraiions las not been able in,l'sIr H. lilo"
is that currency 10 be restored! By substitution
of the precious metals That hnnhur has ceased
10 delud- any. 1t Is inpraetcabe. There Is scarce
enough ef the precious metals circulating III thtis=
tendon 10 meet the growing wants al our people;
and ii IT weic practicable II not desirable. france
has gwen q far rial To metallic cuiteuey, and -
sensible Of te esirut 10 which her prosperity las
s ben checked by the system. She Is now abandon
ins1t--Noc that. ~ period ii profound fepose
long denied 10 her. she Is seeking 10 consolidate
her Institutions la the sburt space OF iouf icats,
she has multiplied he, mixing Companies from hlg
fire To itro hundfcd and Mifiu cch. aud her Banh-
ing capital from f0ttn mp" ards oi J6l millions oi
franc, and hct Munster oi Finance IN recent CIR
eulat authorizes the Inspectors 40 reckon nv spe=
eie, Bank Noes propr,l, authenticated VIII
YOU try the tNiee damned system oi Pet Banks a.
gain, 10 give you such currency ] tfnst not
Docs The scheme oi SPECIAL Dero.ncs promise >nn
such Il cprrrncy' Ceuainl, not VIII, i,irn' tel
low eiiizensl Same new experiment Aie YOU
pren,te,l Tor annthc, hope not We have had
,o,ral alche!n. enough. and vet our wise pen have
nor uepn able 10 discover the UNIVERSAL solvent A
Bank uflhr United States aloue has hitherto answer.
ed this slral 'nfposc and unless you den, 10 Con
crcss the tight Ia regulate The currency yon cannot
Withhold Gom IT The power al creating the only instl.
that promises eiiee, Ihai important ,egua-
II the QUESTION OF creating United States Bank
were an origra4l question, presented Tor the
first tinr 10 onr consideration. might distfust the
force Of tins reasoning. and receive with great caution
The many "rhrr arguments 10y which the right of
Congress over the subject IS established; but look
ing To the HISTORY Of tins whole subj ct, from 1871
when the first National Bank chartered. to The
present day. see much 10 co0drn my judgment.
both the cnnstuutioualy and the cxprdienry ui
The measure. When the incorporation oi n Nation
al Bank FIRST proposed, the country had but lte
experience IN the operation OF Banking Institutions.
There were two OF lhfce small Banks oul, IN cxls.
i"nee, the great depreciation Of the continental mo
icy gave the people a natural disirusi Of paper is
sues of every Kind Yet they rlt most soiely the M
convenience Arising from deficient, currency. The
Iittle specie that circulated made to accomplish
more Than lis lcen'male Purp SEES. The dollar was
hahuually cut up INTO five parts each OF which
passed Tor quarter, taxes were collected IN couver.
ibhs,' * large disucis Of country complained thai
they wanted almost wholly medium for the com
mon Transactions OF life. The States in their several
Conventions had manifested no llulr Jealous, of the
power conferred upon Congress aud the first eArr-
else OF power that admitted a rational doubt was
net, as was To have been expected with all the zra
aud talent thai the State Rights parry, already organ
ized, could e. llst IN opposition. From the opera
ton ~ iiitse several causes The cunstItutionauy
the first National Bank warmly contested aud II.
eswdlcncy was stil' more generally questioned
Yeiwha The result After the most patient
presided over the Convention that turned the Con.
s'iihiion and MAJORITY OF boIh houses OF Congress
including man, distinguished mcubors OF tia, sam,
Convention, DECIDED IN favor OF tic constitutional
Iv Of tie measure Ii became the law Of the land
.nd 50 general 4" as the aCquIeseeucc IN that dcci
on, that President Washington, ~ his ntAi anrua
Speech 10 10th Houses Of Congress uses the FOL
wing ipsutse ~ relation to II: Tie rapid sub
scrirtipn 10 lie Banh OF The Un.ted States wheel
+. Completed Tie sum allowed 10 be subscribed IN :
t'uSle day, Is among the striking AID pleasing eyi
''' tes "hch present themselves, i,ut uuly nl conf
dcpee "a the Government. but ui resources in lin
cOHlnntitN" In ISL, on the expiration OF tn
charter Of the old Bank. Mr. Madison, waving III
constitutional question, which lac regarded as the
settled, conceived the project OF trying the Stat
Bank system and with that avowed purpose vctoe
The new Bank charter. For five years the whnl
influence OF the Government exeited IN favor q
the experiment, and YET III his annual message u
1918, Mr.. Madison himself cauddly admits its fail
ure and actually invites Congress TO organize n Ma
tional Bank. This was accordingly effected IN Ia {
Looking TO those who then supported the Ban
Charter see many names dear 10 Virginia. | Sc
IN the front rank oiits supporters William IL. Craw
ford. whom she has since endeavorcd TO elevate l.
the Presidency ! seq one Of her most redoubte
champions, where The Constitution is invaded.
Stale Rights man latter the stranest sect" dudgin
the question: and permitting the charter TO pass int
law see repeated aihrmaons Of this right in Con
gress by large majorities Of both Houses. | Sc
multiplied decisions IN favor of the right. BY tn
highest judicial authorities known TO the Constitu
tion and see general acouiescence of a large ma
Jor,ly oiihe people III these decisions for upward
al forty years. These facts certainly give nucl
force 10 The reasoning which has led me 10 REGARD
National BANK as fully within the constitutional n ~