Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-14

the Secretary OF the Treasury. Believing tina,
| nom end adequate remedy could not be found 10
me disorders OF the currency, while the States pos
sesssd the power ofcreating banking institutions,
| proposed IN letter addressed by him, in june
| ISIS, To MIR EPpes, then Chnrmln OF the Commit
| ice OF Ways and Means in the House OF Reprcseu
| tsiives, that "the States should be applied to, 1
ranysr the rfghi Of issuing circulating paper Con
gross fre'"sreiy, IN perpetun, il possible, but dur
ing the war at least, with saving of charter ighs
mat tins transfer, according To /, plan, was to
made by the States, not ia the form OF eonstitu
tonai amendment requiring the OF three
nutths, Out by the separate action at each State IL
iisclt, Is conclusvely shown by n subsequent lettc
| addressed by HIM TO the same = gentleman IN Noyem
oer ISIS, IN which he uses the following language
| , sun believe that on proper representations {
the SUBJECT, great proportion Of the State Legsa
lures would cede To- Co srcss their power of estab
fishing Banks, saving the charter rights alread
granted. Aud this should bc asked, not by wa
OF amendment to the Constitution, because unit
the three fourths shall consent nothing could b
done; but accepted from them, one by one, singy
as their consent might I've obtained.
1 will not undertake to decide, said Mr. Rives
how TAR this suggestion of Mr. Jefferson could b
consututionhlly carried into execution. | presum
MS IDEA was that each State, beng competent 10 in,
I pose voluntary limitation on the exercise OF It
own sovereignty, might, by some act IN the natur,
OF compact with the General Government aetc,
TO refrain from authorizing the issue of bank paper
leaving the vacuum thus created IN lis circulation I,
W SlpHAlSu ltcAsOTN OILS, Nnk iaNOtlte form
paper curreuey,) TO be issued by Congress, in tn,
exercise OF power already possessed by it-Ihd,
bIlnglns down the arrangement To = simple renun
cation OF portion OF their power 10y the Suites
without n corresponding concession of any new
power to Congress And for this he may hav,
supposed that there was the warrant, or some anal
ogy, at least, IN those comphcts OF the States
with the General Government, 10y which they agree
to waive, for time, an important branch OF then
sovereignty-ther taxing power, in regard TO lands
held or sold by the United States within their lin
its But whatever may have been the idea Of Mr.
Jefferson, and whe her well or n-founded IL GOES
siShIiess distance beyond any principle involved
IN the assent OF the States TO the establishment, OF
branches OF III. central Fiscal Bank within their
limits.
While there is no violation or abandonment of
principle IN the proposed assent Of the States il
could not fail 10 exert happy influence ~ reconci.
ing opinions, snd harmonzlng public sentiment.
In reviewing the history OF the past opposition Ia
Nauona Bank, 1t will he seen that the most prom.
lnent objection 10 II has ever been founded upon the
supposed VIOLATION OF the rights and sovereignty of
the States IN the introduction ol an institution OF so
much power and nhuen within their borders
without their assent. That idea was conspicuous
ly put forward by the resolutions of the Legislature
OF Virginia, IN ISL, against the renewal of the
char CT OF The hCS Bank OF the United States That
noble cd Republican Commonwealth, Pennsylva-
MA, which 50 calamity STOOD by the side of Virgin
"a IN that memorable struggle, proclaimed her prin.
clp,es IN language worthy OF her own character and
" tue cause. 1 see nGr TWO distinguished Senators
now near me, an they Will pardon NE 4. read the
instructions she gave 10 her Svna ors in ISL in
which, with such becoming gravity, dignity and
cearneSS she put forth the grounds o her directions
TO the renewal Of the charter Of tho first Bank of the
u. 3, or the incorporation Of any similar Bank |
"lsh those honorable gentlemen could consider
these instructions as still suhsIstIng IN spirit al
least, and then might ielcltate myself with conf.
dence on receiving their able support on the pre-
sent OCCASION WIKI their permission, will read
the Instructions
The Legislature of Pennsylvania ever DESTROYS
10 secure an administration of the Federal and
State Governments CoGiormaOly to the true spri
Of Their respective constitutions, feel their duty to
express Their sentiments upon an important subject
now before Congress, 10 wit: the continuance or
establishment Of a Bank. FROM q careful review
OF the powers vested IN the General Government
they have the most positive conviction that the an.
thoTiy TO grant charters Of Incorporation within the
Jurisdiction O: any State, without the consent there.
o. Ia not recognized IN that instrument either ex-
preSsIy, or by any warrantabie implication:
RsSoirsd, therefore, That the Senators of this
State, &c &c, be instructed TO use every exertion
IN their power TO prevent the charter of the Bank of
tie United States from being renewed or any other
Bank, from being chartered by Congress, designed
TO have operation within the jurisdiction of any
State, without FIRST having obtained the consent OF
the Legislature OF that Stste."
The spirit OF these instructions is faithfully EN-
bodied, said MIR R!ves, in the amendment | have
had the honor to submit.
But It Is argued by my friends on this side OF the
mousse, mat the power Of establishing branches OF
the proposed Bank within the States independently
OF their consent must be asserted because the rom
Of a National Bank is now a settled
question. That the constutionality of = National
Bank IS a settled question, in any practical pollti-
cal sense is a proposition which, in my Judgment
cannot be satisfactorily maintained. A retrospect
OF our political history will show that there have
been, az eaS', many dec ions of the ne Die and
their representatives agans, H. us there have ever
been IN favor OF IL. Ii the Congress OF 1891 decd
ed Tor It, the Congress Of 1911 decided against IT, nj
i Bank wUs fe-establshed IN 1916, II was permit |
ted 10 expire by It's own limitation in 1886, with |
the hearty scquescenCe OF large majority OF the
people, q. the tlmC its fate. Three or four years
before that Inc General Jackson had nesl.iyed a !
bill tor recharler Of the Bank, expressly on the
ground OF The unCons.itutIonllily OF an institution
organized as that was This he did IN the very cri.
SIS OF pending Presidential election, IN which the
propriety Of his on the subject of the Bank
was necessarily put IN lssue md yet he Te-eec-
ted by an overwhelming majority of the popular |
sulirages. When Mr Van Buren, became candid |
ate TO succeed him. no declared, iu the most unequ-
vocal terms, his thorough conviction OF the want Of
constitutional power 10 Congress to establish a Ma |
tona Bank m any 1t the States OF the Union and !
~ very earnest and emphatic minner invoked he !
decision OF the people on that issue IN the election
And yet with declarations such as these preclud. |
ing tie possibility OF a Iuonal Bank Tor the ensu
lng four years, II he elected, he was chosen |
President Of the United 5 ates.
In the result Of the late Presidential election the
question o. the consituiona.ity ola Bank cannot, |
" itb fairness, be said to have been decided by the
judgment Of the nation. There we're too many
other prominent issues involved TO Justify that cen.
c usiOn. The OdIOusness Of the SUD Treasury uni.
ted IN opposition to the Administration Of Mr. Van
Buren, many persons who differed widely on the
question Of a National Bank. The opinions Of the
dising uishcd anJ lmeu'cd individual ~ no was the
candidate for the Presidency had been decidedly
opposed TO the consiIiuilonaity ola National Bank
In his votes IN the House OF Representatives al q
10 period, and 10 lie ter addressed to his con-
sutucnts IN 1922, which was extensively republish-
ed lac had manifested and declared those opinions in
the strongest manner. In his letter to Shcuoi
Williams m 1886, u Is true, he said, he would not
Withhold his signature It elected President, from
bill, with proper notifications and restrictions char
terus Bank" provided such an institution, after
a fave and iu., experiment Of other eKpedcnls,
should he shown 10 be necessary Tor the m,nige-
mCni Of the public revenue; and provided also there
should be decided and uuequiyocnl manifestations
OF the opinion Of the country IN favor Of Il. the
qualifications and DroVsO', with which he so care
fully surrounded As answer, evidently LETT him I'M
committed on the question, and, taken IN cOlneKOn
with his former well kEown opinions, producsd in
Nrginita ta't, very general impression among
those who supported bis election, that the bent Of
his own mind was s'f0n-. ! ug'in5t1 NlrOnI INK
At the same tlmN, the opinions on this question Oi
the distinguished and pltro,ic indiyidus presented
for the second Oifc, OF the Government, and who
has since been called 20 ils head, were we'll known,
and must Of necessity have entered into the cgnsId-
Grafton Of Che nation, 1s the casting vote IN this body
With which he would be invested as Vice Presi