The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-17

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place OF the old. The recharter OF Bank,
consider lin great degree) 10 be inconsistent
with It's character institution connected
with the American Government Such Bank
has, IN part, the character oil an officer OF Co
vernment il is 10 collect, safely keep, and dis
burse all the revenues OF the Government; IL
has another and collateral power, which Is, TO
furnish sound currency as the medium for
carrying on the business of the Government,
and Of the people. These not only give u proht,
but invest il with honor and dignity; elements
highly important TO its usefulness in all respects,
lor u is mainly owing to this, that men OF the
hlghest Character, undertake the conduct OF It's
alialrs-(and we have seen the melancholy ef-
iects OF the withdrawal Of these from one, which
might have been extensively useful with them.)
From these views, II is manifest that such an in
sttutlon would necessarily come within that
principle, which is applied 10 all Except judicial
ohcers) who ENJOY places OF honor and profit
under this Government; | mean the republican
rule of "r0tdfi0n.", Considering its utility
merely, there are objections, too, 10 recharter.
Twenty years is not only As long as the same
men ought 10 ENJOY the advantages referred 10,
but as long as they can be the most benehcially
exercised BY them. In that time, another gene
ration comes up, with whom they have not that
sympathy which is essential TO the most harmo-
nous, and therefore, the most successful busl-
ness intercourse. Such considerations were sui
tclent, and have doubt did, with others,
prevent the recharter of the oldiBanks, by the
Legislature. aided, perhaps, by the doubts OF some
upon the question OF constitutional power
The refusal 10 recharter can, with no more
propriety be urged as a denial Of the constitu,
tional power 10 establish a Bank, than the refu-
sal to re-eect an officer when his time was out,
could be urged 10 show that by that act it had
been determined to abolish the Office. In rele-
renee TO a Bank, would prefer the establish
ment Of new one to the recharter of the old.
would thus distribute the stock anew among
the People In this way, a Bank will be owned
by those upon whom, and for whose benetrit is
to act In taking leave Of the legislative action
Of the Government, which the honorable Sena-
tor has presented,frst as an opposing force, and
then as an account nicely balanced" venture
TO say, that in the ledger which contains every
legislative act there is not entry which IS
not on the side, and in favor Of the consll
tutonallty OF this po,oer; not an item can be
found as set Oft, or which can operate as
drawback upon it,
As the action of the Executive Department
OF the Government, is included in the laws al
ready referred TO IN support of this power, ]
might omit 10 state the fact that nearly, if not
4 quite every Pres dent has in some way or other
/ given his sanction 10 lis constltutlonalty. The
two who approved and signed the charters OF the
two Banks, are so prominent that they need not
now be named.
Having already explained that the refusal 10
recharer Is no denial of this power, will only
say that in the veto message OF General Jackson
the constitutional power TO establish Bank Gas
| understand is recognised and asserted.
The remaining fact, to which at first alluded,
and the controlling one upon this question, is, that
the Supreme Court (he Judicial Power) have
repeatedly and unanimously decided that Con
gress have the constitutional power TO establish
10 nd III, m, ,rl,
tional mode Of determining the question. Such
has always been the pervadng conviction G
| this people, as their conduct has shown.
The decisions have been uniiorm-always re-
cognzed, and submitted TO by every State court,
by every State Government, and by the whole
people. II, after this, men will contend that
it is still an open and doubtful question, they
by II insist that no question can be settled under
our Constitution. None can ever have more
conclusive sanctions than this power has
ceived And now ask the honorable Senator
| from MISUNDERSTANDING has urged lie TO act
upon this, as an unsettled question, and TO post
pone its settlement, that we may give 10 property
invested under charter from Tins Government,
greater security, and more "quiet life''-if we
| should not greatly impair the security for all
kinds of property, by doing an act which brings
intoqueson the validity and the controlling effect
of the decisions OF that court2 To vote, as is
now asked Of me, upon the ground that ques-
ton decided by that court, as this has been, is
not vet settled-would be acting in direction
which would break up the very foundations upon
which the security of all property rests 1t
would remove the only reliance it has for a
"quet life" among us. This is a controlling
consideration with me, in the vote ! am to
give.
IL is from no want of respect to the rights of
the States, that refuse to vote for proposition
to make the action of National institution de-
pend upon State authority but because am
satisfied with the division of powers between
the States and National Governments, as il was
made by the fathers of the system, and has been
settled by the practice of more than half CEN
turv.
have been brought up TO contend for every
right of the States. | believe the General Go
venment has powers, too, which il can, and is
bound TO exercise for the benefit Of the people. If
my views, as to these last, have been strengthened
of late years, ii is from lessons taught by mas
ter mind, equal to the subjects it has grasped
and worthy the age wei live Massachusetts
will not wonder at my faith and confidence
Notwithstanding this confidence, | desire TO
treat the doubts expressed by others upon this
question OF constitutional power with proper de-
ference. This is dictated by the profound
spect | feel for those who entertain them
but must say, to the honorable Senator from
Virginia that | cannot comprehend the rea-
| sOnlng, Dy Wnlcn even a uouDt upon tnls
point can be sustained, nor can ! conceive that
a well balanced mind can refuse assent 10 propo-
sitions so clear, as these appear TO me TO be--or
can hold out against the overpowering force OF
this accumulated authority.
| As all means known TO the Constitution have
been resortedto, to settle this question, one of two
things must be admitted, either that il is now
settled, or that it never can be, under that nstru-
ment, and therefore, that we have no Constltu-
ton for such purpose. This is as far as am
willing TO look in that direction All that hes
beyond leave to the consideration of the Hon,