Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-08-02
NATIONAL BANk-IKEASURY NOTES.

NV lay, who does not know that the power of IN
corporation asked lnr III the Federal Convention,
aud va, psitivcly refused J" This query is pro-
Pouudt d ts the Richmond Enquirer in abored
attempt 10 demonstrate tie uucousI,tulionaliiy OF a
National Bank. Admit It's conousueness and
what, then, becomes uf The power to issue Treasury
Notes, the oltrcpeaed experiment Of the last Ad-
mln'st1auon 10 supply, by deceptive operation, tho
deficiency III The Ityenue asIuucd BY It's cnor-
nous expenditures? Ii is al historical laci, which
will not be dened by tie Enquirer, that no same
+ defa Convention which refused 10 confer On Con.
gress .the power of intor otalion," also refused
beslow ON that body The power to issue Treasury
Notes aid yet the Van Bnfcn administration did
l., sltae, Il, after ilne IL authorize the issue
OF his go,erno cnt aper; and Mr.. Calhoun has on
several occasors a,owed tie opnion thai ii ought
to constitute part Of permanent national poll
cy. Tie I, qunc,s argumcu, against National
Bank, based N this laet, heleloru natifed by
tie acls II the last Administration, Of which II
the ndisclinuaie defender, aud by tie opinions OF
leading men q its pally u whom It Is the marn,st
eulogs'.
But in iru H. the inference against the zig htto is
Treasury Notes is 1t fley stronger than that a.
gaihst the r4ghl to charter Bank. The power OF
incorporation" which we lold vas asked for"
had specific or necessary reference 10 Bank,
bat general IN us Character, and # grantsdwould
have enabled the General Government 10 single
over the States with incorporated panes Of all
dcscIprors and 10 lnfetl.le materially with the
domestic uoicy aud iusltGlions OF The members Of
the conlederacy against which it was one Of tho
prncip al designs oflhc constitution etecually 10
guard: Blu, the power TO issue Treasury Notes
was specifically and in SO many words, Withheld.
And yet men, who are daily advocating the issue OF
Treasury Noes, or sustaining those who ISSUE
them, in the teeth Of tins specific and emphatic in
hibon, are in II t constant habit OF deducng the
uuconsiituiionalily OF IA Bank from the facl,-nGs
that The power eharte' a Bank was asked Tor ~
refused that the power 10 bcstow chartersJor
all purposes was Gen'ed!
Now II ma, be very Iegma'ely assumed that tho
trainers Of the Federal Convention, although reius-
ing assent to tins general power did not tend 10
| embrace Bank 10 the lnterdiLtion inferred from
that refusal. II may be assumed from the fact,
| cued by Mr.. Simmons oi Rhode Island. IN his late
speech the u. S. Senate, from Mr. VI adlsOns
history OF the debates III the Convention which
framed the Couslitution-thai among the arguments
urged IN favor OF he call OF that Convention, the
importance Of establishing National Ban. was one
of the most prominent, aud from the sl more stri-
Il mg fact that the first National Bank was chartered
by the ftst Congress which sal unde, The Federal
Constitution, any of lis members having taken an
active aud Efficient pant in TIE formation OF that in
srnmenl, aud who may Therefore be supposed TO
have had some c hnowled-e ofihe intention Of
lis trainers and oi The just Interpretation OF It's lan-
GU &C. Many Of the same men who created tho
4 IA, 4