Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1839-10-26
JOHN G. OFT.
FOR the Madison UAis .7droeafe-
POLITICAL DiSquisitions.--No. o.

promised TO furnish IN lHtS HuiOef q CON-
Idsasagion of the arguments for and a
lgainst a United States Bank. As that
most accomplished of American jurists.
Joseph Story, has already performed this
task in his {. Commentaries on the ConstI-
tuition of the United States," | will use
1 his own words rather than my own
A fter stating that this ought to be deem
ed a settled question in favor of a bank.
he proceeds thus q If the constitution is
| to be only, what the administration of
the day may wish it TO be and IS to as
sumo any, and all shapes, which may
suit the opinions and theories of public
men, as they successfully direct the pub
lie councils, it will be difficult, indeed,
10 ascertain what its real value IS IL
cannot possess either certainty, or uni
formity or safety. 1t will be one thing
| to-day, and another thing tomorrow,
and again another thing on each sue
ceedng day. The past will furnish no
guide. and the future no security 1t
upon the country the curse of that mis-
cradle servitude, so much abhorred and
denounced, where all is vague and un-
certain in the fundamentals Of govern
ment.'
The reasoning, upon which the con-
stitufionaIity of National Bank is de-
MED, has been already in some degree
stated in the proceeding remarks. 1t
turns upon the strict Interpretation ofthe
clause, giving the auxiliary powers, ne
cessary and proper to execute the other
enumerated powers. 1t is to the follow
ing effect. The power to incorporate a
bank is not among those enumerated in
the constitution. In the next place, all
the enumerated powers can be carried
into execution without a bank. A bank,
therefore, is not necessary, aud conse-
auentIy not authorized by this clause of
the constitution. It is urged, that bank 1
will give great facility, or convenience /
to the collection of taxes. II this were
true, yet the constitution allows only
the means, which are necessary, and not
merely, which are Convenient for etfec :
ing enumerated powers. Therefore,
the constitution restraints congress to
those means, without which the power
would be nugatory-"
Nor can the convenience be satisfac-
torily established. Bank-bills may be
more convenient vehicle, than treasury
for the purposes of that depart
nent But a little difference in the de-
gree of convenience cannot constitute
the. necessity contemplated by the con-
Besides, the local state banks
now in existence are competent, and
would be willing to undertake all the
agency required for those very purpo-
ses by the government. And if they are
able and willing, this establishes clearly,
hat there can be no necessity for estab-
fishing a National Bank. If there shall $
ever be superior conyeniency in a ma
ional bank, it does not follow, that there {
Exists power to establish it, or that the
business of the country cannot 60 on l
,ery we'll without it. Can it be thought, T
hat the constitution intended, that for |
shade or two of convenience, more or T
ess, Congress should be authorised to e
Freak down the most ancient and funda- ?
mental laws Of the States, such as those
gainst mortmain, the laws of alienage,
he rules of descent, the acts of distribu-
ion, the laws of esohea' and forfeiture 3
md the laws of monopoly ? Nothing
,ut necessity, invincibe by any other "
means, can justify such prostration of a
avs, which constitute the pillars of our 0
whole system of Jurisprudence. IF con- 0
,ress have the power to create one cor
'oration, they may create all sorts !; a
or the power is no where limited and Y
hey may even establish manopolies. In e
eed this very charter is a monopoly Il
The reasoning, by which the con- II
of the National Bank has u
cen sustained, is contained in the fol- Il
owing summary. The powers confided 81
, the national government are unques- n
onably, SO far as they exist. sovereign u
nd supreme. 1t is not, and cannot be dis {
uted. that the power Of creating corpor- Il
ton is one belonging to sovereignty G
ut SO are all other legislative powers i n
y the original power of giving the law p
n any subject whatever is a sovereign p
over. i the national government can
OF create corporation, because il is an n
xercise of sovereign power, neither can ii
!, Tor the same reason. exercise any n
Their legislative power This consider D,
ton alone ought to put an end to the &
bstract inquiry, whether the national O
overn ment has power 70 erect a cor c