Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-19
SPEECH or MIR. BOTTs.
IfOAT1 unHn

eeted OF u; add 80 happy was tho condition IN
hhich 1t had placed the finances OF the country, and
&gulated the currency and exchanges, that. upon
n application for re-chaTler, It passed the House OF
Representative and was lost in the Senate by a tic
lote; George Clinton, who was then Vice Presi-
cnt, giving the casting vote against II; three mem
crs OF the body acknowledged on the floor its con
Nationality, but supposed that 1t might 10 dispens-
d with. The difficulties that ensued, the derange-
nent Of the finances, the depreciation Of the curren-
", the loss TO the Government, soon admoniShod
hem Of the necessity Of establishing another bank.
set us see what extraordinary changes had taken
place then, as now, IN the public mind, as the re-
iult OF experience and wisdom.
Mr.. jefferson, IL a letter To DC found IN his me
noirs, dated February Ia, 1914, addressed to Ge-
,eral Lafayette, speaking Of the war, writes as fol.
lows:
'rhey found some hopes on the state Of our Fl.
nances. Il is true that the excess of our banking
Institutions, and their present %discreGit, have shut us
out from the best source ot credit we could ever
commnnd with certainty. But the foundations OF
credit still remain to us, and need but skill, which
Experience will soon produce, TO marshal them in
To- an order which may carry us through any length
of war"
Now, sir, what docs Mr. jefferson mean by this 2
He meant something; what was III What skill was
that which experience would soon produce, TO mar
shal our finances into such an order as would carry
us through any length of war; We must lock 10
what follows to ascertain. Let me here remark that
every man familiar with the history OF Mr. Jefferson
and MIR Madison, knows the extraordinary intimacy
that always subsisted between them, and that pro-
baby neither one ever ventured on any great mea-
sure Of public policy without consulting the other;
n and | appeal to the venerable gentleman from Mas
sachusettS, mir Adams) for confirmation OF this.
Now let us sec what folIowed-what skill expert
ence was soon to produce, to marshal our finances
into order. Why, in December Of the same year,
II (nothing Of q public nature relating TO the finances,
n having interviewed in the mean ume) MIR Madison,
in his message to Congress, the proba-
\ bic operation Of National Bank 10 the considera-
ton OF that body. | read from his message:
"The absence OF the precious metals will, 1t is be-
4 lievc6, be a temporary evil; but until they can be
| nsuin rendered the general medium OF exchange, it
devolves on the wisdom Of Congress 10 provide n
! substitute that will equally engage the confidence
AID accommodate the vans ofthe citizens through.
out the Union. IL the cooperation of the State
banks cannot produce this result, the probable ope.
\ ration ui n national bank will merit consideration;
and, II neither Of these eNpcdIsnIs be deemed Cfiec-
Y tual, il may become necessary TO ascertain the
terms on which the notes OF the Government mo
longer required as an instrument Of credItl shall DC
issued upon motives OF general policy, as n common
medium of cIrculauon."
Here, then, is a development Of the "skil which
experience was soon TO produce that would mar
shal our finances into order" And It was a ma
tional bank. As further proof o! this, that portion
OF MIR MadIson's message was referred TO a commit
tee of which the Senator from South Carolina (who
never thought n bank was constitutional, and who
is ready TO repeal the charter) was chairman: he
brought IN the bill, supported us passage, and il was
finally passed, rs this bill will he, as the result of
experience, wisdom, and necessity. By its opera-
tons, as MIR J-tI.rspn had predicted, our fin noes
wee marShIiicd IL;o order; which carried US sue
ceSsiully with The exception OF the frs, few yeas
of IT'S adminislratlunl through a period OF national
happiness, Prlspei! y and greatness, uneIImpIed in
the annals OF ms ory.
We now come down to the year 1919, when the
question, having been often adjudicaled by every
other department OF the Government, came at last
before the judicial tribunals Of the country, and
e.. So. IL .aa=sAL = - o..
us look to the authority under which they MADE
the decision.
The 2d section Of the 81 article of the Cons.i,u-
ton declares:
Ute iuoiCial poweTn Of the Supreme Cour,
"shall extend TO oil cases in law and equity arising
under thIs Constitution, the laws OF the Unned
States, and the Treaties made or which shall De
made unosr their authority"
There arc some, sir, N my own State, OF The
hair splitting, sky-scroPlns party Of abs,rac.Ionisls,
who deny the jurisdiction aud power Of the Supreme
Court over this q~ueSuun-upon what grounds |
GSvsr pct been e. able TO gnders:1ni, any more than !
authority OF both sides OF every question; for and
against the tariff, for and against internal improve.
menis, Tor and against the bank, and for and against
nulihcation. ! can understand them according IA
the Interpretation of the author himself, but moi OF
the demagOgues Of the day.
The simple question is, is this law OF Congress
establishing a bank Z case Of law or equity arising
under the Constitution; II II IS, the power is clear
If II is no., then under what does il arIse7
Now, Mr. Chairman | take the ground not only
tina! the Supreme Court is ciohed with the con.
s.ItuIlonal power 10 a~dJudicdte this question, but
that il is the only proper power TO which j, could
be entrusted. What is the objection TO ~ IL ls
said by some 10 be a creature Of the Federal Gov.
Q nment. The Supreme Court the creature Of
the Federal Government! How7 By whom are
they appointed Is II in The power OF the Federal
Executive TO appoint a Judge Of the Supreme
Court2 Certainly not. The Prcsiden, recon-
mends and the Senate confirms. And 10 your Sc
nate a creature OF the Federal Government or Of
the State Governmental Are not all your Senl-
tors appointed by your State Legislature, as re.
prcsentalves OF State sovereignty, as II IS called
Excuse me Tor the DEPRESSION, when I undertake TO
combaIi the idea that there Is any Sovereignty i'm
our Government. We got rid Of sovereignty when
we got ud OF monarchy. The terms are synony.
nous. You had a. well talk Of monarchy IN The
Government rs sovereignty. What IS sovereignty
ltIs absolute power. And tho sovereignty, and
only sovereignty known 70 US, since the establish
ment OF our independence, was with the Pe1pIe
and they have divided Il between themselves. the
State Governments, and the Federal Government.
Is here sovereignty In the Federal Government
Surely not. Because al! powers not granted, eK-
presslY or by implication, are reserved 10 the
States. Well, have the States sovereign mowers
Surely rot. Because a portion Of the chief arriby.
ties Cf sovereignty have been transferred 10 the
General Government such as the power to de
clare war, 10 regulate commerce with foreign ma.
tons and among the several States, to coin money
TO grant letters Of marque and reprisal, 10 make
peace, ~ effect treaties, &c. &c These are slver.
eign powers, not one Of which can be exercised by
the States. And you had as well talk about the
sovereignty OF the court Of tho county in which |
live, as the sovereignty Of the State. There are esy.
fun rights and powers appertliniEg 70 both, winch,
Hro secured TO them, and Of which they cinnot be
deprived until the People choose to resume the
sovereign powers they have thus delegated. This.
however, is, ] apprehend only a d ference in terms.
used TO express the same thing, and not a differ
encc as 10 existing powers.
But, Mr. Chairman, there IS a reading that / give
TO the Constitution that has not heretofore been n.
ken, which ] beg 10 present. Sir am In search af.
ter truth, and the true construction OI the CDnstItu.
ton, and not after names. attacu no importance
10 names anu II o. shall ue pronounced a Federal
reading, be il 80. ! core not. ] an only anxious
to arrive az q correct reading aud correct rJustrus.
ton.
Sir, when a man swca.s 10 support tho Cgr.ti-
tuition Of the country, he swcars 70 support every
p'rt and parcel Of that sacred instrument, and 10
violate u fraction Is 90 violate the whole. / tnEatfe .
position ulat the President u do not speak of thc
present President particularly, but Of ali, past. prc-
sent, and 70 Gomez is not 10 administer The Con.
s'tuuon according 10 his uHderJiaHdtag Off ID. for the
moral obligation Of on oath Is us binding on ono man
as another; and Il the President Is al liberty 10 he ,
governed by his understanding Of The INSTRUMENT.
against tho ndIudcauOns Of the county, % rs cysry
other man Who takes The same oath. Now, have
you ever contemplated the consequences Of admit.
ting this puncIpIsl Suppose all your judges, clerks.
marsbals, and Ofhcefs Of every description were a.
lowed 70 give II their own construction, regardless Of
the decisions Of tho constituted authorities and tI-
bunals Of the land, what endless confusion and dis