Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-10

ito The tounct.itins OF these Bank bills In the ape
c;ftetors of the powers Of Congress. IN The ilFSt
Article eighth Section, sixth Clause, it Is said, len
gress shall have power Re, "to provide for the
punishment of coune!ieitlng The SECURITIES ana cur
rent coin or TIE UNITED SrAres The whole ques
ton turns then on this further question: whether these
Bunk noies when issued, viii be SECURITIES OF THE
Uxrrrp STATES" Without any hesitation, answer
the question in the nfgatirc They are to all inehts
and purposes, the property Of the Bank and though
Tie Government may have undivided interest OF one
third Of each note, hy virtue Of such ali interest IN ihr
stock holds, yet is The corporation and not the VI"
yernment which fixes d. finite character To the notes
and whatever protection they have must be derived
from their being owned by the Bank, and not hy beng
owned by the Government BE tins doctrine sound or
otherwise, il did not originate with me. 1t Claims 10
proceed from far higher auhorily-lhe authority OF
Court of Justice-aud of Court Of Justice too, which
takes precedence Of all others, mean the Supreme
Court of the L. States Nor will 1t detrac, at all from
the weight OF the decision ! cite from, TO state that II
was rendered BY Chef Justice Marshall himself. IL
is the case Of the IT, S Bank the Planters Bank n
Georgia, Q Wheaton aOl. The SUIT was on promissory
notes Of the Bank The defence set up was, that the
State of Georgia was large stoekholder and that
tina. ousled the jurisdiction of the Circuit Court OF The
U. States" &c Chief Justice Marshall says at 49,
we think, a sound principle, that when Government
becomes partacr in any trading Company IL dtresfS
Itself far as the transactions OF that COM
pany Of lis character, ana taxes that oil
citizen Instead oil communicating 10 tue cuH
pany its privileges and Prerogares, 1t drscends to
icrsl ,cih osc trh irh0m associates Hse, and taxes
HE character ckrh Lcioags 10 as associates amt 10 e
business nhirh is 10 be transacted. AS mem0ef y
a corporatioa Government NEVER exercises IT'S sHve-
| regnly Ii acts merely as eofpordtor and exer'
cises no other po,cer the management Of the affairs
of the Corporation, than are expressly gwen by the
| Incorporating act Once nore-"l he Government,
I'm becoming ecrporatw iays do'cn ITS sorerasnty 50
far as rcsprrf the transactions n he eorporats0n, amt
,ra,cises no yo prirese shieh IS not dsrccdJr
HE char,cr' Thus speaks the Court, and it must no
LONGER be questioned but that the Government does not
impair, 10 the Bank ats privileges and prerognti1es,
and of course not that "prerogatiee OF raising Bank
note from its corporate nsgnfcance, into the dignity
and importance Of "securiy cfthc L. S. Not being
such .sceurify,' Congress is without Pc,cer 10 pun
ISL its forgery-Wthout po,ecr 10 punish lis forsery,
il must either be strangled in lis BIRTH or fly Tor
fuge to the derided majesty of State jurIsd'clon-and
even there must seek shelter in van, if the Constitu
ton shall no, have warranted the charter Of privileges,
il seeks TO ENJOY.
The Convention has withholden from Congress The
power TO confer on Bank its only element of profit
RIGHT TO LoAS. The Convention has wiihholden
from Congress the power to place in Banks hands
the only sstaff of fe"-a pomcr IF penalty. DID
THE Convention MEAN At THE SAME TIME, TO cos
rEn oS CoSGREss TnE BASKISG POWER:
SPENCER ROANE.