Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-01-05
No. 73.--VOLUME NXXVII.

paying the deposits where required. Power was re.
fused when asked in direct ters and !et rs apply the
celebrated rule to ask the la~g'ver WA. lie meant,
and il clear that he did :;;cai that 10 be implied
which lie had expressly refused But independent Of
this refusal, the terms # the Constitution canaat be
construed to imply such power Il has been inferred
from the power o lay and collect taxes for The gene
raj welfare. 10 incorporate Bank, lays no lax for any
purpose Alex. Hamilton, the great originator of such
Bank told The honest truii 10 wht 1t was intend
ed TO be: sit is to he considered that snch Bank IS
not matter Of private property, but poli;ica!
machine, Of the greatest imp rance 10 the State -
Congress has power 10 raise money 10 invest III
Bank, any than in Whaling voyage, or any o;he.
money making business. The term General welfare,
id used 10 designate the object cf raising taxes II
every thing that wil bring money into the public purse,
Is authorised under the power TO raise taxes, then
charters 10 fishing companies, far companies, and COM
pGnes for all purposes Of ttade and manufacture by
requiring bonus, wonid bring money into tho pubic
purse Yet no such charters were ever applied for
10 exact Il bonus for charter is hot tax but the
price 81 government grant ne a monopoly, and no.
n,poy so much taken from the OF tie people
t. be conferred on privileged Class The right does
not rcsGlt from the power "to borrow nicne:. 4
Bank charter horrows no money It's fearful stretch
of construction to imply IT is necessary and proper
way TO borrow money, to call INTO existence corpora
ton 10 LEM lt-nol TO lend its money, bu, iis pro-
nssory note The power Is - borrow money.
Now, hy the Constitution, Congress may "eein mo-
ncy, and regulate tie value thereof, and of foreign
coin. 40 oller money was llen Known. Paper
bills OF credit, wele never known money, but
substitute for it. Who ever heard oe engray;Ee
money: Neither is il Unnecessary and proper, e.
thcr 10 create corporation, aid in laying and coll
Letting taxes, or TO create lender that Congress may
borrow 1t would apply as well TO Trust Companies
Loan Offices, and Whaling Companies. These might
be taxed, they might lend their notes, their
money, but they both necessary and proper -
The people may he taxed, and money may he borrowed
OF individuals. The States have the RICH, prohibit
hut
ver and yet if Congress have Ire power 10 incorporate
Bank, they must protect lis ISSUES, punis! the forge
Of !em and thus usprp clear State Right b. I'M
p!icatioa. Every implication Of grant IS confined 10
such direct and both necessary and proper IN the
suG aeG natural ,cceptatioa o! the terms, else leads
10 unlimited power Every means becomes in liz turn
an end and TINS justihes the OF means sti
remote until absolute poweris e'taned and this pure
Federal doctrine. Thus the nted States may borrow
money. To borrow money, ii ID necessary and proper
that there should be accumulation Of capital To
accumulate capital re must have bank, with the
power 10 cngravc Ban! mites. here can be no Bank
81. limited responsibility without charter, and prudent
mon will not unite IN general responsibility; and
therefore Congress having the power TO borrow money,
has, By necessary implication, the power 10 incorporate
stockholders with limited responsibility. Thus the
charter is the Of creating tho Bank. The Bsnk
j. the means o. collecting the capital, and multiplying
il thence 10 teno'd, and this IS the means Of enabling
the bank TO lend and the United States TO "borrow
ney. There 10 power which the most urprincipIed
ambition might covei, which could not he attained by
the course Of reasoning. apply It to the power
10 lay taxes corporation may De taxed, but To tax NC
create it, therefore, under the power to lay taxes,
Congress may create a manufacturing company, ard
impose tax or bonus lmpTcssnent into the NRrv,
and CONSUMPTION for the Army. are legszed IN tho
same way. This is Federalism, now in the ascendant.
Strict construction is the polar star oi Democracy, Ges
tined again 10 emerge from It's eclp,e.
4 corporation is i crcation-it is person not
before existing, and lis creation act cI sovereign
power delegated Had ii been either necessary or
proper, il would have been expressly granted Is II
vas positively refused n idea prevailed. that
the prohibition the States to emit bills OF credit by
implication conferred that power on Congress- and
il might create Bank TO emit paper money II s.,
al bills Of Stale Banks are unconstitutional But, in
the first place, chartered Bank IL not Congress,
and delegated power cannot be sut-delegated. But
the whole error is founded upon Misrepresentation
Of what bills of credit They promises ba-
sci on the credit OF State and not notes based
on Bank capital. THIS has been decided and adj
rnittcd. The argument chiefly relied upon, by
the advocates of National Bark, is that Of the late
Chief Justice Marshall, venerable for his wisdom and
experience; but that gift Of God which IL bestowed
upon mankind, in every age, the power o! reason IS
still more venerable. An individual may be Influenced
H. motives or deluded 6y the pressure 81 crrcumsnn-
COS; bnt ry; reason, hen unrlonded y prejudice.
more 10 he relied on than the authority 81 any human
being Great and good mcn have maintained some
mon.trous doctrines Judge Marshall argument : all
these EoiGS--"ll" gOttEHilfLt WHICH
has a right to do act, and hgs imposed on II
the duty Of performing tina; act. n,us according t. tn,
dictates nf reason, be allowed t. select rs nifans,
and any exception must be p.ovod Us G0cttinc
rds to the inevitable cODcGson mat Coh5ttss Is :l-
preme il Unjust raise army: conscripoa - I means
therefore Won must show that 1t prohibited. II
borrow money; therefore, 1t incorporate HPanrs,
and crnn, monopoles WITHIN the States 10 obto be-.
nus 1t at once breaks cown every barrier IT tie
Constitution and makes the Il. ;, consolidated
-pfc he Safps what the
IT, $ select os means Had such doctrine been Ut
tered BIZ the dying breath If Washington, 1t would be
duty TO challenge IT, as treason to Tie sovereignty
ofihe States.
Your Committee conclude, that the incorporating
hostility Of The Democratic Administration 10 Ma
tiona Bunk, deserves mos. cordial appreciation;
and that the adoption OF that measure NJ leading and
fundamental principle Of the new Administration,
atamps il ndebly, in It's very cs cnce, the icgtt-
male exponent Of Federalism, and cnlculuted 10
lict upon the country, las:ng misery and ruin.
Ycnr Committee consider the Independent Treasury
as strictly IN accordance with the Constitution, ana
we'll calculated TO place the commerce, manufactures,
and agriculture of the country upon permanent ana
prosperous basis. BY Withdrawing from all connection
with trade, it leaves the Banking interest 10 be regt-
lated by The STATES. BY collecting the Revenue in
the coin Of the country II neithe. opposes nor fosters
these institutions but leaves them 10 he tnaed by
those who deal with them. If their equal 10
specie those who possess them have difficulty IN
them int money when required for duties
Ifthcy arc convertible, then they are not equal
to money, and the United States ought not to receive
doubtful paper payment Of debts due 20 the public.
There would have been no oucry against the col
lection of the Revenue in money, but from the con-
seriousness that the bills of specie paging Banks are
not as good as specie. specie-payng Bank to-day,
may be q suspended Bank tomorrow Returns and
exhibits have proved no security. Bank which Is
guilty. Of fraudulent Of paper beyond its ability
redeem it, will hesitate little to cover that fraud BY
false statements When we SEQ the largest Bank IN
The Union. and once rraced with U. s. charter, cir
culatiRr the bills of ex,inc: institution based on no
capital what confidence be placed IN The mere m
pry of Banks the fidelity OF their statements: 1t
then results hat either the T. 5 must guarantee the
continuance of the solvency Of the Banks or The per
sons who pay the duties must ascertain il by the actual
xcanse of the bills for money; proceeding which
cause no difficulty, except where the Banks arc really
not deserving Of credit
The rirh, to lend money collected duties taxes
and thus convert It into notes under any guarantee,
IS in conflict with the letter and Split of the Crnsu
ton.
The next general feature of the Administration of
the present Chief Magistrate, deserving the cordial