Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1841-08-31
VOL. 40 81.

tinguished actors in it. He wished
the committee to keep this resolve IN
memory. Here, before the adoption
of that constitution which was after
wards given to the country as It's chief
blessing, and by which its union was
consolidated, here was the confession
of Congress that an exigenoy had arts
en- land might again arisel in which
national bank had become essentially
necessary to the public welfare. When
the constitution came TO be established
the great object in view was to estab-
lish more intimate union among the
States: and it was Virginia which gave
the impulse to that all important move
ment. The imperfection of the arti-
cles of confederation became daily
more apparent, and as twas but FIVE
or six years after the resolution above
quoted, il was impossible that those
who framed the new constitution could
have forgotten this,and could purpose
y have dropped out of thatinstrument
a power which they had themselves
declared 10 be indispensibly necessary.
nor did.they do SO. In The PROSTATE
condition Of the country the exigency
did arise, and one of the frstacts adop.
ted by those men who had framed
that instrument, who had fought the
battles of the revolution, and who
were as familiary acquainted with the
journals and proceedings Of the old
Congress as a gentleman nowhere with
their own, was to establish bank Of
the United States.
Mr.. S. did not say that no differ
ence of opinion had at that time exist
ed as to the power to establish such
an institution; but the act passed, and
| 1t received the highest sanction known
In the history Of this country in the sig
nature of George Washington; and it
remained the law of the land, without
objection or dispute, for twenty yearst
| He called every gentleman TO bear In.
mind that while this law was pervad-
ing all the business of the country,
while it was operating in every tribun-
al, and its effects touching the whole
: community and every individual in il,
while it was dealing in all sorts Of cor
porations and with the States them
selves, yet no objection was during
: that whole period raised on the ground
J Of constitu;ionalty. What private
: opinions might be entertained, it was
d not for Mr.. S. 10 enquire, II was en-
: ough that the. constitutionality was ne
a yer judicially questioned. Yet banks
II maintained actions in every tribunal o.
l. the country, high and low. Men were
n not only civilly prosecuted, but even
t criminally.. tried and condemned 10 tbs
as penitentiary for forging the papers o
$ the bank; yet the question Of conshlu
II tionality was never raised. Never die
III statute incorporate itself more yitali'
i and intimately in the very being Q
ID the community ,and connect itselfmor
d closely with the daily bread of tbs
E. country. But further: the constitutio
I'd nality of the bank received the highes
so legislative recognition, viz: that 0
the Congress of the United States.
le Itbecame expedient in the opinion G
RS the bank, to establish a branch at tn
e city of New Orleans; a great politica
d. revolution had happened in the coun
ch try, and Mr.. Jefferson was at the hea
lai of affairs. The bank had then bee
rs established for thirteen years; and
rst bill authorizing it to establish branche
IS within the Territories of the Z. State
on passed both houses and received th
NJ signature Of the President, in conse
re quence of which the branch at Ne
re Orleans went into operation. He di
he not suffer the bill TO become a law b
Oh neglecting to return it with objection
II; but he actually signed it. Yet he ga
ID the head and leader of the party VIII
es- had previously been opposed to ii
bank, who had held strong notions
ne relation to lis unconstitutionality as al
ely of those most opposed TO it. By sigl
ef ing bill TO establish new branch
the the institution, he virtually sanctione
the establishment Of bank. Tb
The was in 1904. Previously in 16ol, I'll
ed commissioners Of the sinking fund,e!
me tablished for the payment of the nj
ole tional debt, had been authorized to sc
the the stock Of the bank subscribed IL
YES by the United States: the sale ";
ted made, and the full value fthe stoc
in received into the Treasury.
8H In 1911 the charter of the first bar
the expired; and from that time down
eat 1915 the financial affairs of the cou
ure try had been in perfect state OF CO
he fusion. Opportunity had been affor
mr. ed then, as now, to individuals TO tai
had advantage of the government and
oil each other; speculations abounded,d
Ted falcations multiplied, aud afairs b
une came worse from day TO day, till,t tn
had as now, the community cried out vi
md one unite d voice: "Let US have aba
es- ofthe United Stetes" A bill for
SO charter of bank was according
the brought into Congress, passed be
- houses and was sent 10 Mr.. Maids
Fess for bis signature.
ann That great man hadnot only be
pre- opposed to the Incorporation OF
EN- IN, first bank. but in that, as in all else
gay did, had sigra'ized himself by the z
anu . and ability be displayed. He was
cldl- I L -, If fht