The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-26
Debate in the Senate.
Speech on
ur. Morchrad, or Ky.
On re biRf0 i'leeEperaklhs Fsesf Bauk
~ &c Caitsd SAFES.

81 &c Eaiied Mates.
IDLY q, 1875.
Ma. PRkslpENr; The Senator from
Psnnsvlsania. Mr.. Buchanan. 4 in shs
eonse of his very able arguments, In 70.
ply 70 The report Of ihe COMMITTEES On lhs
currency. and 70 the observations Of ms
eolleage. Mr.. Clay, IN support Of de
charter Of the proposed bank, excepted,
IN strong terms, 70 ihe position assumed
nv he committee in references 20 the SET.
dement, Of the constitutional question m.
yclYed by this bin. " The committee =
saws The honorable Senator. express !
decided opinion that the power OF Con.
eress 10 establish irrational bank ought 20
be regarded a q settled question. III il
s.tiel'-si il must be considered - set
iIed,' say all lhr friends Of the bank. and
their arguments on this subject have been
urged Cor The purpose cf proving, not that
he question onghi % be. bn, that Il Is
settled in their favor Before q court Of
Law. in a case invoking private rights un-
der either Of the old charters. IL may be
considered as settled; bal The proposition
now before Congress Is 20 create 4 new
baak, the two old banks having lived out
the allotted period OF their existence.
The question Is now put 70 the conscience
ofeaeh Senator. and he is asked, DO you
possess The power, under the constitution,
iacrealc This bankl' Ifall the Judges and
all The lawyers IN Chrissendom had de-
decided in he affirmative. when The ques-
lion is thus brought home 70 me. rs le-
gislaior, bound 70 vote fnr or against
. new charter, upon my oath 70 support the
constitution, must exercise my own
Judgment"
The Senator proceeded 10 declare his
respect for Judicial decisions within
their appropriate sphere" and having de.
MED hat . there is any julirial precedent
in existence which can restrain, or ever
intended 70 restrain. the freedom Of mem
bers Of Congress In voting for 4 new
bank" he asks, .. II The question has NOT
been sellled by the Judiciary, has il bern
setlel BY COngiesssl Certainly not. II
two national banks have been cha tered,
they have both been suffered 70 expire Al
the termination Of their charters, because
their existence was believed 10 be q vio-
lliion Of the constitution. To say the
least, then, the Legislative precedenls are
equal. But, five take into consideration
the repeated attempts to establish bank
which have failed, Congress have much
oiIener decided against the power than in
its fasor."
"In Short" the Senator concluded,
1.-THE question has uei,hcr been settled By
the Judiciary, nor by Congress, nor BY
the People, nor by the Executive, unless
ii may have been against the existence Of
this dangerous power, aud against the po-
Icy Of lis exercise"
The Senator from Virginia Mr.. Riyes
taxes, in some respects, the same view.
lie contends that this mooted question
has received different decisions at the
hands Of the People and their representa-
ilVcs. at different times" =" IL IL has
been settled one way al one time, il has
been settled another way al another time;
the result Of which is, that il is yet an un-
settled and open question, and viii pro-
badly remain so, in the public Judgment
From this statement Of what fell from
the honorable Senators from Pennsylya-
MIA and Virginia, il is observable that they
agree in opinion " that the legislative pre-
c'dents are elual;" that " !. is yet an un-
settled and open question:" that /" i has
received different decisions at different
ilmes." But the Senator from Pennsyl-
vania goes one step farther than my friend
ron Virginia, and asserts that the two
national banks which have been chartered
ny Congress have been suffered to expire
g because their existence was believed to
be violation Of the constitution" lie
ssserts also that, considering I" the re-
peated attempts to establish bank that
.lave failed, Congress have much ofiener
decided against the power than in its IA
Hor."
IL Is not my purpose to go at large III
TO the discussion Of the abstract question
81 the constitutional powefof Congress to
incorporate bank. II has been discuss
ca at four different periods in our history
by the abIest men that this country has
ever produced. TWAS discussed in these
halls in 1901, in 1911, in 1915, and in
1899. II has been discussed before the
People, before the legislatures Of the
states, and il has been solemnly determin-
cd by the supreme judicial tribunal of the
nation. No single question Of constita-
honal power has been so thoroughly in
veshgased. Ii would be folly fur nae to
attempt shall not a,tempt--te contri-
butte a ray TO the overwhelming flood Of
light by which the subject has been sur
rounded.
propose to show, Me-. President, that,
SO Tar from the Legislative preccdents be-
Ing equal, they are all one way; that
GonrraSs hayn ,ayar a., n airrle s.,stanco