Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-08-16


ment power which they had themselves declar-
ed to be ndispensably necessary nor did they do
90 in the PROSTATE condition OF the country the
exigency did arise, and OF the 1rst acts adop-
ted by those great men who lad framed that in
strument, who had fought the battles OF the Kew,
olution and who were amiliarly acquainted
with the journals aud proceedings of the old Con-
gress as gentleman now were with their own, was
10 establish Bank of the United States
Mr.. s. did not say that no differences Of opn-
ion had at that time existed as to the power TO es-
tnbsh such an institution but the act pissed,
and il received the highest sanction known 10 the
history of this country in the signature of George
Washington and il remained the law OF the land,
without objection or dispute, Tor 20 years. lie
called every gentleman to bear it in mind, that
while this law was pervading oil The business VI
the country while it was operating IN every VII
bunal, and its effects touching the whole comnu-
nifty and every individual in it, while II was deal
ING with all sorts of corporations and with the
States themselves, yet no objection was, during
that whole PERIOD raised OIL the ground of cons-
tutionalIty. What private opinions might be en-
tertained, it was not Tor Mr.. s. TO inquire it
enough that the constilutionaity never judi
cially questioned. Yet the bank maintained ac.
tons in every tribunal Of the country, high and
low. Men were not only civilly prosecuted, but
even criminally tried ard condemned to the peni-
Tertiary for forging the paper of the bank yet the
question of unconstitutionalty was never ruised.
and intimately in the very being OF the cOinmnn'-
", and connect itself more closely with the daily
bread of the country.
But further The constitutionality Of the bank
received the highest legislative recognition, viz:
that of the Congress of the United States. Ii he
came expedient in the opinion of the bank, TO es
tablish branch at the city OF New Orleans
great political revolution had happened III the
country, and Mr.. jefferson at the head of nf'
fairs The bank had then been established ilir-
teen years and bill authorizing it to establish
branches With the Territories of the United
States, passed both Houses and received the sig
nature ofthe President in consequence IT which
The branch at New Orleans went into operation.
lie did not suffer the bill to become II law by neg
lecting to return it with objections but he actual
ly signed it, Yet he was the head and leader of
the party who had previously been opposed TO
the bank, who held as strong notions in r. alion to
it's unconstit,i,ionalhy MS any of those most OPP
posed TO it, BY signing bill to establish new
branch Of the institution, he virtually sanctioned
the establishment of n new bank. This was in
1904 Previously, in 1901, the Commissioners Of
the Sinking Fund, established for the payment OF
the national debt, had been authorized 10 sell the
stock Of the bank subscribed for by the United
States: the sale made, and the full value OF
the stock received into the Treasury.
In 1911, the charter of the first bank expired
and from that time down TO 1915 the financial al
fairs of the country had been i'll state of perfect
COnIuSiOn: lau Oee0 OIICTeu tnefl, us
now TO individuals TO take advantage OF the Gov
eminent and of each other: speculation abound
ed, defalcations multiplied land affairs became
worse from day to day, till them as now, the CON-
munity cried out with one united voice, Let us
have Bank Of the United States A bill for
the charter Of a bank was accordingly brought in
TO Congress, passed both Houses and was sent to
Dir. Madison for his signature. That grent man
lad not only been opposed to the incorporation
OF the first bank, but in that, in all else he did
bud signalizcd himself by the zeal and ability h,
displayed: he was in fact one Of the chief cham.
pions of those who maintained Ile demonstrations
atty OF such an institution more especially after
the adoption of the memorable resolutions o
179S, when he was considered also us a watch
man, peculiarly commissioned to watch over TIT
snnctity of what then came to lie known as the
State rights" cause. Mr.. Madison returned the
bill with objections, not however to its constItu
tonality, but TO lis expedency. His veto message
WINS dated January 80, 1915; and the following
year Congress passed bank charter which re
moved his objections TO the expedien"y, md lt
signed the BILL Here, then, were the uslrous
names Of Thomas Jefferson and James Madison
the one affirming the power of Congress TO ex
tend the power Of the bank already in existence
tho other TO establish nsw bank. There they
stood i'll company with the name of Georg,
Washington The records Of the Government
as sanctlonDg The power Nor would il do TO tel
him that the assent was extoreG 10y necessity til,
moment any man resorted to that argument IN
surrendered the question OF unconslitulionaty
II The charter was rendered unconstitutional by
case of urgent necessity, then it was constitution
81 now, the necessity only being shown 10 exist.
Congress had again been called TO vote ON III
question in 1887. 1t had then more Than
glimpse OF that great substitute for all things call
ed the subtreasury or the independent Treasu
ry." To prepare the way for that favorite meas
ure, the Chairman of the Committee on Way
and Means had brought in resolution, decurn,
what? that il unconstitutional to establish
Bank of tho u. States No-but that il VIZ
snerPedient; which must he construed to meal
that, as the subtreasury would he adequate to tn
supply OF all the fiscal wants Of the Government
therefore, National Bank would not he required
Would gentlemen tell him that under this allega
ton, viz : thar to create bank was inexpedien
there WINS contained the proposition that il was ur
constitutional? This would be to attempt TO d.
what was no less intellectually Than physically i'm
possible, viz: make the less contain the greater
II the bank was unconstitutional, then the ques
fion of its expedency was not open if then tn
House voted 1t TO he inexpedieni, they voted in
way which implied that il it had been expedien
they would have had right to grant the charter.
ms, Mr. D said, was a hasiy glance NJ the lie
gisative action IN relation to the question an'
without going any further, he might here stop an
ASK u any candid man would now nllege that
Nauonal Bank is in itself unconstitutional
Tie next proceeded 10 look the judicial rec
ognit'ons of its constutonality, which had take
place. They were indeed infinite, too numero,
for particular reference, and in every variety ,
form; but, without regarding these, the Court hu
made Two express and solemn dec sions OH the d
rect question, viz: one in the celebrated ease
McCuoch VS. The State of Maryland and ii
other that of Osborne against the Bank of I'll
United States. What was the question? 1t W,
one which arose under the Constitution and Law
Of the United States; aud what was the jurisd
ton OF the Supreme Court on such questions
twas final and conclusive over all subordina
tribunals F.; its decision settled the law. In th
case Its Jurisdiction was exclusive, and every cit
zen might go into court with its decision as beir
OF nna, authority, against which no objectio
What an anomaly would il be that ihnt which