The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-08-12

sialuae ieeOfpnfste tifeil mere N.sAsg 80
insimsssly IN he sFEy beng 81 he rom-
mEnisy. and connerl iisslf more eiassly
wiih The daily bread oi he eoaniry. Bot
further. The eonsiiononsii,y 81 ne
hank received The highssl legislative re
eaanilinn. VIZ: thai Il he Congress a
TIE uhi.sd States. ID became sxred'sni.
in lie epinian Of he bank. Il establish :
branrh 4 The eily New Osieans; great
political rst1lsiiar hsd ksppened N ne
eouniry. and Mr. Jefferson 1as ~ he
lead &c STARS. TIE bark hadilsn bfen
esisblishsd far thirteen yesrs; and bill
suth0rizing ii 10 establish hranrhss With
in me Tsrrilaries 81 she United Ssifs
passed. bah hnu.ss and rereissd The
sisaa,urs Of Ire Prrsidshl. in consequence
&C hieh DIE branrh q New OTleans ueai
into operation. lie did nj sufssF The bill
20 become Isw by neeleeiing 10 return
il uuh objseIieus. but be actually signfd
n. Yei he was ihs head and lesdsr Of
he rs,iy vho bad previously been oTr
posed 10 the bark. Who held ne sqong
notions in rslsiinn 10 is uneonssiinilsn
atty Is any Of those opposed 70 i. By
signing . OIL % establish > new branch
Of he Institution. he virtually sanctioned
The esiahlishmrni 81 few hank TITUS
Vas IN 1904. Previously. in 1901. the
commissioners az The sinking fund, e.
la5lished lor The payment Of he national
dehi. had been aulhoTixrd 10 eel ihe
stock IL the hank subscribed Tor By The
United SlsIes: The sale was made. and The
full value Of the stock received into The
treasury.
In 1911 the charter Of The GrsI bank
expired. and from that lime doWnio 1915
the financial affairs Of The country had
been in a state of perieci confusion: oP-
poTinnily hsd been sfinrdtd Then. IS now.
10 indlsldasls 10 take advantage Of The
government aud each other: speculation
ahoundpd. delaica,inas multiplied, and
affairs became worse from DAY Ia day. oil
then. ss now. iie community cried on,
with one united voice. I" Let US have a
Bank Of The United Safes" A bill Tor The
charIer Of a hank was accordingly brought
INFO G ngress. passed both houses. and
was cent TO Mr.. Madison Tor his signature.
That great nan had moi only been oppas
ed IN The incorporation Of ihe frst bank.
but in that, ss in ell else he did. had Gig.
nsl,zrd himself hy the real and abllIy
he dlsplsyed: he was IN facI ore Of the
chief champions 81 hose who malntsin-
ed the ncoDsti,utionalny Of such an in.
siiIuuos: more ssps cially after the adup-
ton Of The memorable resolutions OF l105,
" hsn he was considered also IS watch
man peculiarly commissioned TO watch
over The sAneiiiy 10 what then came 10
be known as the State rights" cause.
Mr. Madison relurned the bill with oh
iecIionr. 90, however 10 lis constitutions
alIty. bot 10 is expedIeney. His veto
message was dated January 30. 1915:
aud in the follow ing year Congress pass.
ed bank charter which remosed his OBJ
jections 10 the cxpedIency. and he sien.
ed the bill Here, then. were the lilies
iriOus names OF Thomas Jefferson and
James Madison, tho one affirming the
power OF Congress TO extend The powers
Of bank alieady in existence. The other
10 Establish = new bank. There they
stood in company wHh The name 81
George Wastingtnn on the records Of
the go,ernmenl a. sanc,ioning The pnwer.
Mr.. $ STOOL upon The record. Nor
wunld il do to Tell him thai the assem-
was extoried by necessity: the moment
ANY man res,nred 10 that argument. he
Surrendered tie question Of unconsliiu
Iionslity: iflhe charter was rendered con-
s'iIuuonsl BY case Of urgent necessity.
then il WAS constitutional now, The ne.
ccs>iiy only being shown 90 exist.
Congress had again been called 10 tote
on the question: IN 1887. Il had then
more Than glimpse u that great substi-
Iu'e for all things called tie sub TIes-
sury or The "lndependen' Treasury"
To prepare he wsyfor thai f.vorIe mra
sure, the chairman of the committee OF
ways and means had brought IN a reso-
luton, declsring --whsl! that u was I'M
constitutional 10 establish Bank Of the
UniIed States! No -bui that i, was nl-
eIpedisnf; which must be construed 10
mean that. 80 The sub.treasury would be
adequate 10 the supply "f al The 6.csl
wants Of the Government therefore a
national ha' K would not he required.
Would gsnilemen tell him that under iii.
allegation. viz: ilIat 30 create bank was
inexpedien', there was contained the pro
position thai il was unconstitutional!
THIS would be To silenpi 10 d. what Wa.
n" less intellectually Than physically i'm.
possible. viz: make the less contain the
greater. lftbe bank vas unconsuiuuon.
al. then the question Of lis expedIency
va. not open: If Iben the house yued Il
10 be Inexpedtent, they voted IN . way
which implied that. iiJt had been expe
dent, they would have had right IL
grant The chsrtsr.
This. Mr.. $. said, was hasiy glance
az the legislative action in relation 20 the