Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-03
COMMUNICATIONS.
FOR THE ENQUIRER,

COMMUNICATIONS.
FOR TIE Enquirer
THE "FIsCAL AGENT."-INo WI
If Congress has power by express grant to char
ter National Bank and is not necessary and pro-
per to enable the Government "ay and collect taxes
&c nor to sscon money and regulate the rdtue there
eff the next and only remaining question: as Vt al
fects the money po1eer of the Government is rs ne
cessary and proper for the safe keeping aud dsoursn
of the public revenue? ltwould seem to me, tbat WIN
the dsnerested and the unbiased the bare statemen.
of this question would sufficiently answer u. HOW,
and in what manner, National Bank, an immense mo-
MED corporation be necessary and proper LOT te
safe keeping Of the public revenue, remains ye 10 he
DEVELOPED 1t is n mode, which might come INTO
comparison and competition with various others, ana
might upon the simple question OF safety be preferred
to all Others but this does not prove ITS necessity or
proprety; nor does the slightest degree meet the
question of the constitutional power OF Congress, TO
create such an institution The keeping OF the public
money is ndispensaby necessary to It's receipt and dis
bursement but it does not follow, that the power to
provide for the safe keeping of the public money IN
wolves necessarily and property the power 10 create
corporations It's stretch argument Tar beyond e-
gtmae deduction 10 insist, that corporation, with
authority to loan money, and to issue and circulate ITS
notes. necessary and proper for the safe keeping OF
the public money If the only consideration connected
with the charter ola National Bank, the safe keep
ing of the public money-fhs were the only Junction
which it was to perform, then there might be some
pausibty in the argument. But tins would be The
simplest and most harmless Of all the powers with which
it is invested; and the functions which it is intended
TO perform If the safe keeping of III" public money,
was the only power which possessed, and the only
function which designed to perform, livery much
doubt whether it would have stockholders, capital
friends But is it not manifest, that the keeping of
the public money but small part of the powers, with
which this "Fscal Agent is invested, or the functions
which it is to perform: Does not the most casual OBJ
servation show, that it is invested with higher and
lol
tions of more and vital character Is it not
intended to be loan ohceto issue its notes and cir
culate them currency IN word IS IL not INTENDED
that its paper shall become the circulating medium OF
the country Than an institution possessing these
powers and performing these functions, none can be
anti Re publican none more corrnp,ing, and none
more dangerous. And yet, 1t IS gravely commended
that for the purpose of keeping safely the public
money! it is necessary for the Government to exercise
such high, important and dangerous powers Who can
believe IT. u would seem To me, that the powers Of
keeping the public money, and charering corporations
are as separate and distinct in their character,
those of the Executive and Judicial branches of the
Government, those of the Federal and State Co.
vernments do not know what extent Of ground others
may regard the words safe keeping, covering; butt
according to the planest and simplest Interpretation
of English sentences, gathered from the generally
derstood meaning of English words, the keeping Of
the public money cannot possibly involve the power TO
charter corporations For, if Congress has power to
charter corporations, it is not restricted 10 the charter
of onied corporations alone, but has the whole sweep
and could with much proprIety charter railroad
canal company, under the to transfer the pub
lie money, TO charter National Bank under the
power to keep it. The argument is farfetched in
the the other and is utterly preposterous
and ridiculous.
If the power to charter a National Bank cannot be
derived necessary TO the safe keeping OF the public
money! can it be derived necessary TO the duty of
discussing it? To disburse the public money, simply
means to pay TO the public creditors and the
public demands, authorized and directed by law
How, therefore, National Bank-a great monied cor
poration necessary agent i'll the performance of the
plain and simple duty of paying out the public money,
am at o loss 10 conceive. Can it be in countlng-in
paying over-in the taking of the proper acqutances
If it be- paying money is more troublesome and
complicated business than have generally understood
it to be. 1t is duty which has been performed for
thousands of years, and by all Governments and all
people. in all ages and in all times, without such
agency, and its necessity was never discovered until
these times Of selhshness, ambition and party strife
until necessity has given way to convenience and pro-
priety to facility.
1t true that growing out of the extent of the
try, and the dangers incident TO the transmission of
money, Bank agency may add to the facility and
avoid of the dangers incident 10 the transfer of
the public money. But this, by means, proves
that Congress has the power TO charter National
Bank, that such institution is accessory agent
ia the transfer of the public money If specie IS to
be transferred, why is it that Bank transport
vernment? If paper, why not Government, or State
Bank, or individual paper, we'll Us National Bank
paper, If the Government has the power TO substitute
paper for specie i'll any Of lis TRANSACTIONS it has the
same power to use lis own paper as to create corpo
ration for the purpose of using its paper. The of
its own paper would be safer; because more SIM
pie and direct. But the Constitution did not in.
tend depart from the specie Standard it did not in
tend to substitute paper for specie money lis
perence forbid that While the Constitution did not
intend TO prohibit the and circulation of Bank pa
per BY the citizens intended to stamp it with
the authority of money, to tolerate lis use in any other
light than as an equivalent for specie. This position
is sustained from the fact, that the Constitution not
only does not delegate the Federal Government the
power ISSUE but prohibits the States from emitting
bills of credit. When therefore, the Constitution
speaks of money, how can it be argued that 1t refers
to any other medium than specie? To prevent paper
from attaining the authority of money, entered deeply
into the consideration of the trainers of the Consu
tion The argument of necessity and propriety, 10
charter National Bank, founded upon the dsburse-
ment Of the public money cannot therefore, possibly
be sustained.
have thus passed through every clause Of the Con.
stitution having either direct or the most remote al.
fusion to the moneyed power of the Government n
have interpreted these clauses according 10 the plain
common sense and universally received meaning oil
English sentences and English words.-l have search.
ed for the intention Of the Convention, only as
plainly developed in the clauses themselves but the
connected with ther adoption.-I have
4 xamined with minute accuracy and close attention
the debates as reported by Mr. Madison and in single
a single sentence, in single word, have
not discovered the slightest design, either BY express
grant or as an auxiliary, to imPart to Congress the