, 1841-08-07

should demand a Bank, WV. let a Bank bc
established. IL may thet. hope 10 exist in
fpeace. But if it should no.g be forced upor
US, it will give: birth to suce political convul
sioas IN the country as We have never We,
Witnessed A Bank established in obedience
10 the public viii, cleaf!I expressed, may
become a good Investment for lis stockhol
der; but this political T.tnh, should it be
now established, viii linx. = > sickly ex.
isience, Hn!J : ill tsl>4th ;@c i~strcHg
arm Of public opinion.
Now. sir. whatever NAV be said in regard
to the propriety OF repeating the charter
and for one | should never adopt The measure
unless driven TO it in defence of the people
against the hasty and violent conduct of the
friends of Il Bank pres me there can be
but little doubt of the power, even il Con-
gress, like the States, had been expressly
prohibited by the Constitution, from passing
any law ~impairing the obligation of con.
tracts. In the celebrated case of Dartmouth
College, the late Chief Justice Marshall. in
delivering the opinion of the Court, plainly
and broadly draws the line Of distinction be-
tween public and private corpora,ions.--
Whilst those Of a public character may he
repealed, those OF u private nature are invio-
liable. Hear his own words. ST Me act
Of Incorporation (of Dartmouth College, be
a graRtof political porer; If il cre1fcl Grill
institution 10 be eMpioyci in lie G4niaistra-
ton Of The GDrerRmaRt; or il the funds If
the College he public property: or if The
State OF New Hampshire. as Il Government
be alone interested in its trana:lions, the
subject is one in which the Leg Stature of
the State may act according 10 lis own judy.
meat, unrestraiucd by anv limitation Of its
power imposed by the Constitution of the
United States"
But il required 10 judicial decision 10
teach Il freeman this doctrine. 1t ne yer
could he Imagined for a single moment. tlal
the Constitution q! the United States inten-
DID 10 enable Congress or a State l~.ccisla.
tGre tn transfer forever either To- corporation
or Ia InGI, ,du.. IS those great and general
powers Of Government; win which they
have been entrusted by the people. II
Congress can d~eg!iva Itself b~vErU.,ac: 6
any Of these powers, il may dispose Of them
all, and that irrcyocab,y; and the National
Legislature NIGH, destroy itself, and trans.
fer all ils most important functions "a cnIpo-
~ra'iouS. Such an idea canno be tolerated
for 4 moment.
The only question. then, would be. is this
fiscal agent in the lauCua.e Of the !aIe Chief
Justice. - civil institution. 10 he employed
ia the administration Of the G~oycgnmcn,!'
WHO can GoIbI Il! lis friends avnw that il;
Is M institution necessary for the collection.
safe keeping, transfer, aud endorsement oi
the public money; gnl That 1t alone can fur
nish d sound aud uniform currency, AMI re-
-UlJtc the tuTci-n AMI domestic exchanges OF
the country. Nay, more; It's advocates con-
tend :hIt this corporation Is constitutional,
only because II can exercise these great
and important powers "f government
Ii will be Is much Il branch ni the Treasury
Department rs ever the In !prndcnt Traasu-
~ was: and Ike il, and all other acts Of C.n.
crcss which relate 10 the Great pubic later
est al lhc country, viii lie liable 10 rcpea'.
II the government should think proper L.
ca! IN tie al Of private inlIslIullS Ia o.
iabli>h this public fiscal corporation. iici,
private interest can never p~aralyze the ara
Of Congress or prevent II from cxrrci>iu,
its hiIh legislative discretion inrcpealinc ti:is
law and substituting any other fiscal agent
which might. in is opinion, ronduce more 10
the interest OF the country.
Ispeak slowly of the question OF power,
under Judicial decisions; and | merely glance
at the subject for the present. In the
event of repeal, the private stockholders in
such Il Bank, NAV have an equitable claim
FOR indemnity on Congress; bat nothing more.
il is wholly unlike the case OF a State Bank
charter granted In individuals, which has
been declared by the judiciary 10 be Il pri-
vate corporation.
Yes, sir, "repcal," repeal" Will be the
cry every where, should the bill now pass;
and s~tauggie will never cease until the law
shall be expunged from your state book. or
until the power of money shall have subdued
the free and manly spirit OF the American
people.
KEEPING icE.--The following from the