The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-08-17

From the Rieamoad Whg.

* ~ tAo t<uNof VI me AfCNmOuu ENQUIRER
2 THs BASKRUPr SysrEM ovEa srArs BAxxs.-
The recommendation Of the President Of this system is
10 be found IN his message al the opening Of The ex-
traordEary session Of Congress- aud reads ihus The
Treasury department. several former occasions. has
suggested the propriely and importance OF a uniform
law concerning Bankruptcies Of corporations and other
bankers. Through the insirnmsntaliy OF such law,
salutay check may doubtless be imposed the issues
Of paper money, and effectua remedy TO the cti-
zens IN way at once equal in oil parts of the Union
and fully authorized by the Constitution" The power
10 incorporate banks was either delegated 10 tho Federal
Government or reseved TO the States. II the power
delegated. the States have IL If not delegated
the States have il in full sovereignty and perfection
That the States possess the power has been decided
aiter able and elaborate argument by the supreme Judi
ea tribunal Of The nation and by common scquescence
and need not be re-srgued Upon what authority then
the Federal Government undertake 10 regulate or
control banks created by the sovereign and plenary
power Of the State Governments None whatever
and the recommendation is an attempted violation Of
the Constitution and invasion Of the rights Of the States
But sir, will not impose upon you any reasoning Of
my own-that is not my object will, for your pro-
found medtston and instruction. quote short speech
delivered BY Mr. Van buren, ia 1927 while Senator Of
the United States upon this identical question: in which
he proved most conclusvey Senator, that the mea-
sure proposed by him President, is not warranted by
the Constitution, and direct invasion Of the rights Of
the States "Mr Van Buren, did no, think that any
great difficulty existed in this question To him the
matter was clear bu, his impressions had been OPP
posed by several Senator's and he would proiraci the
debate for moment, to give, very briefly his views Of
the mstler II certainly appeared to him. that one mo-
ment's reflection would decide gentlemen against tho
amendment proposed by his friend from South Carroll
Il had been said. formerly, and various occa-
sons, that the States had right grant Bank Char
tiers, and that the banking privilege belonged exclusives,
ly to the Federal Government No direct attempt.
however, had hitherto been made to deprive the States
al. L..
ed But now the attempt to be made. il not in
open and unequvoca manner, at least in indirect
way, to strip the States Of the power OF chartering
banks. Atany rate. arere confended that this pro-
r,sion did nor go ar, could NOT be denied thai IL
Hierfered IN the regulations trhch Sdte Governments
might hare adopted for the Government Of those insfitu
irons, rhteh odious exercise Of porer NOT grant
ed By the Constitution This amendment has this ex-
tent II directs the States as TO the manner in which
they shall exercise their sovereignty in this particular,
and points out what penalty shall be inflicted in case the
charters granted by the States violated In fact
points out what the privileges granted to the incorpo
ratons shall be- by debating the forfeiture and direct
ing what the companies may aud what they may not DO
All this has hitherto been done by the States They
have assumed the direction Of these matters right,
which they doubtless have. And nincluding this sub
ect Of corporations, The bill before the Senate
it will be taken entirely from the States. and subjected
to the power Of the bankrupt system. This
done. and attempted in any country the face
OF the globe In England such q provision was never
dreamed Of, did he believe that, when the Consl-
tuition was framed, such attribute was imagined by
those who authorized the establishment Of bankrupt
system He did not accede to the opinion that the
system had power all chartered institutions. BY
the very nature Of their association, they were
respects, exempted from its operation, aud no such
power ever contemplated, or was at this moment
under the extended construction, enjoyed by the
Federal Government. The duties Of banking instilu
tons must necessarily he discharged by agents Thr
essential responsibility is intangible by such law. If
the clause to DO inserted, and banks permitted to
be made hankrupts, upon whom, upon what human
beng would lbe penalty of the law be made to oPe-
ratc ="
This is a sufficient portion OF the speech to prove
what desired, that Mr. Van Buren, President, re-
commended measure which, Senator, he had
declared totally repugnant to the Constitution. The
whole speech may be in Gales IL Seston's Regis
ter Of Debales-page 2s6. II grew out Of PROPOSE
tion OF Mr. Branch Of North Caroua subject bank
ing corporations to the operation Of general bankrupt
system. 1t is true, Mr.. Van Buren, in his message,
does not define the system which he sought to have
adopted but in this speech he asserted and concusivey
proved that the Federal Government had jurisdiction
The subject whatever, and that any law upon the
subject would be papable violation Of the rights Of
the States, aud woe betide the States whenever they
shall permit the Federal Government 10 extend the
briarian arms Of its jurisdiction their banking or
other corporations Whenever they do, every vestge
Of their sovereignty and independence will have been
swept from under them.
You, sir, are opposed TO this scheme, unless gross
y misapprehended youso the object Of your bitter
hate and unrelenting persecution w G. Rives. What
has become of your jealous distrnst Of federal power
your guardian watchfnlness upon the watchtower OF
State Rights Why is the alarm gun Of the sieepless
and vigiant sentinel fired is il because there Is
no enemy approaching-no attack upon the walls Of
defence There is on enemy a, the gates and the walls
vigorously assaulted But. 10 and behold, It's
Martin Van Buren,, and the faithful sentinel grounds his
not only this, hut he opens the gales TO the enc
my and aids him in putting the heroic and devoted gar
rson, who were making most successful resistance to
the sword is this claim Of power, too. sir very little
affair, everyday concernl Is the bold assertion
Of an unconstitutional powers vigorous attempt to
from the States the exclusive jurisdiction OF their
own institutions, created by their constitutional
authority matter Of but little moments It may be
in these days Of degcneracy and subservency but
venture the assertion that il such recommendation
had been made in the days Of 9899, that the voice
Of indignant people would have rung in the Presi-
dents louder than the loudest peals Of thunder
which roll in the heavens, and warned him Of that re-
sponsiblty TO public opinion which he had incurred
Sir, if John Quincy Adams had made this recommends
ton, the columns Of the Enquirer would have been
filled with your hackncyed cry. 10 arms " TO arms
Republicans, 10 arms ! The Phiiistines are upon
us = But the recommendation comes from Mr. Van
Burenand you will not under PAIN of death, permita
whisper Of discomfort unless it be accompanied with
oath Of unqualified allegiance TO him. Sink swim,
is your watch-word
Now, sir, Mr.. Rvcs has been battling against this
scheme with all the power Of his n.ellectand all the
energy of his soul he has il every point, and
resisted its march with firm, manly, and an inde-
pendent spirit What fault have you to find with him
for thsl Is he not maintaining your principles
Certainly Blu. he has dared to hint that If Mr.. Van
Buren, perseveres in these measures, be may be held
responsible to the people, And thus, sir, for holding
MIR Van Burens head the Of that RESPONSE
bilty by which alone, the errors Of in power may
be checked and corrected, you prescribe and execute
him. This sir is the way in which you manifest that
disnterested and patriotic devotion TO principle, Of
which you so much boast.
The very idea ofhs power in the hands Of the fede-