The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-01-13

er 10 lay anu COliCCt IdAeS ioi she So
craI welfare" 10 incorporate Bank
lays no tax for any purpose. Alexander
Hamilton. the great originator OF such
Bank. told the honest truth; as 10 what II
was intended to be: at is 10 be consider
ed that such Bank is not mere matter
Of private property, but political ma
chine, of the greatest importance to the
State" Congress has no power to raise
money to invest in Bank, any more than
in whaling voyage, or any other money
making business. The term "general
welfare" is used to designate the object
of raising taxes. If every thing that will
bring money into the public purse, is au-
thoriscd under the power to raise taxes
then charters to fishing companies, fur
companies, and companies for all Purpo-
ses of trade and manufacture, by requIr-
ing bonus would bring money into the
public purse. Yet no such charters were
ever applied for. To exact bonus for a
charter is not a tax. but the price OF
government grant of monopoly, and a
monopoly is so much taken from the mass
Of the people to be conferred on privi-
legged class. The right does not result
from the power "to borrow money" A
Bank charter borrows no money. 1t is q
fearful stretch of construction to imply
it is a Unnecessary and proper" way TO
borrow money, to call into existence
corporation to lend it-not to lend its mo-
ney, but the promissory notes. The pow.
er is to borrow money. Now, by the
Constitution, Congress may coin money,
and regulate the value thereof, and OF
foreign coin" No other money was then
known. Paper-bills Of credit, were ne
yer known as money, but substitute for
it. Who ever heard of engraving money!
Neither is it, Unnecessary and proper" or
either, to create corporation, to aid in
laying and collecting taxes, or to create
lender that Congress may borrow. II
would apply as we'll to Trust Companies,
Loan Offices, and Whaling companies
These might be taxed, or they might lend
their notes, or even their money, but are
they both necessary and proper" The
people may be taxed, and money may be
borrowed of individuals. The States
have the right to prohibit the circulation
as money of any thing but gold aud silver,
and yet if Congress have the power TO
incorporate Bank, they must protect its
issues. punish the forgery Of them, and
thus usurp clear State Right by implica-
ton. Every implication Of grant is
confined to such as are direct, and both
necessary and proper in the usual and ma
tural accepta,ion of the terms, else it
leads to unlimited power, every means
becomes in its turn an end, and thus jrst-
fes the use of means still more remote,
until absolute power is attained; and this
is pure Federal doctrine. Thus the Uni
ted States may borrow money. To bor-
row money, it is necessary and proper,
that there should be an accommodation
of capital. TO accumulate capital we
must have bank, with the power to en-.
grave Bank notes. There can be no Bank
of limited responsibility without char
ter, and prudent men will not unite in
general responsibility; and therefore,
Congress having the power to borrow mo-
ney, has, by necessary implication, the
power to incorporate stockholders with
limited responsibility. Thus, the charter
is the means of creating the Bank. The
Bank is the means Of collecting the capi-
tai, and multiplying it thence to tenfold.
and this is the means of enabling the bank
to lend, and the United States to "borrow
money" There is no power which the
most unprincipled ambition might covet,
which could not be attained by the same
course of reasoning. Apply it to the
power to lay taxes; corporation may be
taxed, but to tax we must create it, there
fore, under the power to lay taxes, Con.
gress may create manufacturing compa-
ny, and impose lax or bonus. Impress
ment into the Navy, and a conscription
for the Army, are legalized in the same
way. This is Federalism, now in the as
cendant. Strict construction is the polar
star of Democracy, destined again to
emerge from the eclipse.
A corporation is new creation--it is
person NOT before existing, and its crea-
lion is an act Of sovereign power, not
delegated. Had il been either necessary
or proper, it would have been as express
Iy granted as ii was positively refused
An idea once prevailed, that the prohibi.
ton to the States, to emit bills of credit,
by implication conferred that power on
Congress, and so it might create Bank
to emit paper money. If SO, al bills Of
State banks are unconstitutional. But