Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-05-11

anime the subject carefully. should De glad To
hear the views OF many -four distinguished men against
National Bank al the periods when The question OF
National Bank was discussed in Congress. The sub
ect al interesting une at all times. and particularly
now when we shall probably have new Bank as
the next Congress meets and can find sine To
act on the bill Cnn you crafty my curiosity?
.Nason.-1he establishment Of the first Bank of the
u. S. was recommended by Alexander Hamilton,
then Secretary Of the Treasury His report
rrrad 10 4 committee, which in January 1901 brought
in q bill to incorporate bank. Mr. Madison partici-
pated in the debate and delivered mastery speech
against the establishment of the institution The first
objection which urged against the proposed bank was
that il would Danish 'the precious metals, by substi-
tuting another medium TO perform their Office" In
the course of his speech he SAID:
ain making these remarks on the merits of the bill,
he had reserved 10 HIMSELF he said the right to deny
the authority Of Congress 10 pass It, lie had enter
tanned this opinion from the date Of the Constitution
His impression might perhaps be the stronger because
he rc rccOreted that po'ccr to grant enrtrrs ot m
corporation had been proposed IN the General C0nrfn-
fion ndrcjsccd Is the power of establishing moor
porated hank among the powers vested by the Constr
tuition, in the Legislature OF the U. >: lhis IS the
question 10 be examined.
Alter some general remarks on the limitation oil all
political power, he took notice OF the peculiar manner
IN which the Federal Government IS limited. " IL IS
not only general grant out of which particular pow
ers are excepted, il is grant Of particular powers
been understood by lis friends and its foes and SO il
was to be interpreted" lie thus concluded his argu
ment:
at appeared, the WHOLE that the power exercised
by the bill wa condemned by the silence of the Con
sttution; condemned by the rule of
arising out of the Constitutions: was condemned by its
tendency TO destroy the main Characteristic Of the Con
stilntion; was condemned by The expostons OF the
friends of the Constitution, whilst depending before
the public; condemned by the apparent intentions
Of tlIaI tha
demncd by the explanatory amendments proposed hy
Congress themselves To the Constitution; and he hoped
it would receive its final condemnation by the vote OF
this house.
MISUNDERSTANDING rs Mr. Madison did, that Con.
gress had authority to incorporate bank, and hag-
ing, rs President Of the United States sworn sup
port the Constitutions what did he give for sign
ing the bank bill Of lSl6;
.Hason-Ile signed the bill of $50, which incorpo
rated the late United States Bank, but the preceding
year. Congress having passed n bill, with soma proy
SONS with which Mr.. Madison dissatisfied, lie We
toed the b aud in returning il 10 The Senate he said
"Waving the question of the constitutional autho
ry OF the legislature to establish incorporated Bank
as being pTecludcd, in my judgment, by repeated re-
coGnitons, under varied circumstances, Of the validity
of such institution, in acts Of the legislative, execu
tive, and Judicial branches Of the Government accom-
panied BIZ indications in different modes, Of concur
Of the general viii Of the nation the proposed
Bank does not appear 10 be calculated 10 answer the
purposes of rcvvng the public credit, Ne In these
views, you will find his reasons for "waigng his own
opinions, and conscnting TO sign the bill Incorporating
the last Bank.
MIR Madison was one Of the greatest statesmen Of
our country, and his name is identified with its hiso
ry. His private life pure his abilities were
eminent No denied his patriotism, though
many have questioned his inialhbilty His opinions
entitled 10 respect, but respect to the
Constitution ilIun to the opinions of any among
The dead Q. living. The Constitution belongs 10 the
present generation, and not to the past; and the living
have the right, and are in duty, bound TO examine and
TO interpret II for themselves aided by oil the lights
before them Freedom Of thought and the right Of in
ierpre!Gi0n, apperain 10 the Executive, Legislative
and judicial branches Of the Federal Government
The Constitution docs not require either branch TO
surrender its opinions (of the extent of power en-
trusted to the Government Of the United States, TO
the other two departments The President takes an
oath TO support the Constitution. How support il
As Congress, the judiciary, the people understand
il Not at all, but as he understands it, The old
Bank was established in l79I, and its charter ca
pred in ISL In this country, the doctrine IS al
most universally maintained, that when Bank
is established and its stock taken, the stockholders
acquire vested rights, of which they cannot, without
injustice be deprived, during the continuance OF the
corporate body. Laws Incorporating banks, have uni
ormly been considered nvolabe, unless the banks for
felt their rights, by violating the conditions upon which
they were established But for the prevalence of this
doctrine, the actncorPoating the first Bank OF the y
S. would probably have been repealed during the adj
mnistration of Mr. Jefferson, who, in December lsO3
in letter to MIR. Gallutin, said: "1his institution is ore
of the most deadly hostility existing against the Prinei-
pies and form of our Constitution When the charter
expired in 1911, Congress manifested its regard for the
Constitution, by refusing to continue the Bank.
But am DEPRESSING. You asked me 10 give you the
opinion, Of some Of our distinguished men, who were
adverse 10 National Bank | have read 10 you the |
extracts from Mr.. Madisons speech. That Mr.. JEFF
ferssn decidedly hostile 10 u s Bank, is known
to nearly all persons, and you are familiar with his
opinions, need not again refer TO them.
.Nanning.-l wish to know what the former
opinions Of Clay and Webster, upon the subject OF u
National Bank.
Mason.-ln 1911, MIR. Clay was member Of the Sc
nate Of the u S. and lie opposed the recharer Of the
first Bank Of the U. S. In the course of his speech,
he said
"When gentlemen attempt 10 carry this measure
upon the ground Of acquesccnce precedent do they
forget that not in Westminster Hall? In courts
of JUSTICE the utility Of uniformity Of decision exacts
Of The judge conformity to the adjudication OF his
predecessor In the Interpretation and administration
of the law, this practice is wise and proper, and
without it, every thing depending upon The caprice OF
the judge we should have no security for our rights
IS tar Oer,cSe, chen applied Ia Tie source 81 hgisfa
ton Here rmic exists but the Const"tic and to
lcgsate merely upon the ground that our predecessors
thought themselves authorized, under similar crcum-
stances legsatc is 10 Sanctfy and perpetuote
usurpaiion. This doctrine of prece-
dents applied 10 the Legislature, appears to me TO be
iraught with the most mischicvous consequences
The great advantage Of our system Of Government
over all others, is that have ,rrinen ConstItu-
ton, defining its limits, and prescribing its auiho-
rites; and that, however, for time, faction may
convuse the nation, and passion and party prejudice
sway its nnc,onares, the season Of reflection will re-
cur when calmly reracing their deeds, all alterations
from fundamental principles will be corrected But
once substitute praeiee for principle the expositions
of the Constitution, for the text of the Constitution
and in vain shall look for the instrument in the in
trumcni itself 1t will be as dTiised and intangible
az the pretended Constitution Of England. And ii
must be sought for in the statute book in the fugitive
journals Of Congress, and in reports Of the Secretary
of the Treasury
What admirable doctrines did Mr. Clay preach in
1911 in favour of our adherng 10 the Constitution rs
our guide, instead of relying upon precedent and Prac
tice. The doctrine of preccdents, applied 10 the L.
nislaturc appeared to him "to be fraught with the
most miscllevous consequences" These opinions OF
Mir Clay true in 1871, and they are equally true
in lSil.
"Ths vagran power 10 erect bank, (said hrO after
having wandered throughout the whole Constitution