Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-08-07
DEBATE In THE SENATE.

DEBATE I'm THE SENATE,
On the amendment proposed by Mr.. Rives,
July lst lS4l, to the bill to incorporate
the subscribers to the Fiscal Bank of the
United States.
Mr.. CLAY, of KY, addressed the Senate:
l regret, said he, extremely that the Senator
from Virginia (Mr. Rives) has felt himself
constrained, by sense of duty, to submit
this amendment. No good, nothing fear
but unmixed mischief, can come out of it,
although am quite sure that is far from
the intention of the Senator. The people
want at our hands Bank, real, old fash
toned Bank-such an one as they and their
fathers have tried and experienced the
er organization of which we are consider
ing, is to be National Bank or local
Bank. If it is to be National Bank, we
have the power to make it, or we have not.
If we have the power, if the States have
already consented, in the Constitution, to
the establishment of National Bank, no
further or other consent from them is ne
cessary. Indeed, if they have not already
given their assent in the Constitution, they
cannot give it in any mode other than that
which the instrument itself prescribes, &C
cording to which there must be the concur
renee of three-fourths of the States. This,
I think, is too clear for argument. If we
have no power to make an undisguised Ma
tional Bank, we ought not to attempt it.
We ought not to seek to accomplish indi-
rectly what we are not authorized or for
hidden to do directly. This district of ten
miles square was placed under the jurisdic-
ton of the General Government, that the
Federal authority might govern it, not that,
by means Of the local jurisdiction, the
whole Union should be governed or con-
trolled. We ought not to apply power
granted for one purpose to the attainment
of another purpose, for which it is not
granted. do not think, then, that we can
establish local Bank, and impart to it ma
tional faculties or functions. But the Bank
which the Senator from Virginia proposes,
is manifestly a mere local Bank of the Dis
trict of Columbia. The Senator might
have spared himself some time in proving
Bank. There can be no doubt of the eX-
istence of such power. 1t has been again
and again exercised, in the chartering Of
the Bank of Washington, the Bank of the
Metropolis, the Patriotic and other Banks
ANY one of those Banks might have asked
the permission of State to establish q
branch within its borders. The Bank under
consideration, if amended as proposed,
would not essentially differ from them, ex-
cept in the magnitude of its capital and the
interest which the Government takes in it..
Assuming the existence of the power as
a settled and legitimate power, it ought to
be exercised for the benefit of the whole
Union; and it ought to be so exercised,
without soliciting any further consent from
the States. If it be Federal power-if
it be granted in the Constitution, upon what
possible ground or principle can we place
our jurisdiction for not exercising the pow
er, without the previous consent of the
States, to be expressed hereafter in sepa-
rate actsl And if we established the rule
that, prior to the exercise of the constitu-
tonal power to establish Bank, we must
obtain the consent of the States, what are
the limitations, if any, to the rule! Must
we not ask the previous consent of the
States in every instance of the exercise of
the powers granted in the Constitution to
to establish Post office, or mail route,
in any State, or to lay and collect taxes, or
to perform any other Federal duty, apper-
tanning to this Government must we not
solicit the previous consent of the States!
The Senator from Virginia argues that
in making such Bank as he wishes, we
only forbear to exercise the power, if we
have it, to establish National Bank; that
forbearance to exercise is no abandonment
of the power; and that, if this Bank does
not work well, we can hereafter resume the
power and make another Bank. 1t is very
true that, in consenting to make such a
Bank as he proposes, we do forbear to ex.
ercise the power to establish National
Bank; for there is quite as much difference
between his Bank and National Bank as
there is between any other local Bank
any State Bank-and a National Bank
Just as much difference as there is between
a Bank of the District of Columbia, and 6
Bank of the United States. AS a genera
proposition, it may be true that forbearance
to exercise power is not tantamount to the
surrender of the power. But there may
be- on the other hand case of such mark
ed and peculiar character that the voluntary
forbearance to exercise given power
amounts to virtual surrender of that pow
er. And think the Bank question is sucl
a case. 1t has been contested for fifty
wears and variously decided During tn,
last eight or ten years the contest has beer
conducted with the greatest zeal and ear
nestness, not TO say bitterness. The de
a ni,.,