The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-08-05
TiDemtp=Seoenth Congress.
FIRST SESSION.
HOUSE OF REPRESENTATIVES,,

MONDAY, Aug. ?, 1S4l
The House resolved itself into Committee of the
Whole on the state of the Union, Mr. ]. c.. CLARK
in the Chair and took up the
BILL TO INCORPORATE THE FISCAL BANK OF THE
UNITED STATES
The reading OF the bill occupied Just one hour.
Mr.. SERGEANT Chairman OF the Currency
Committee, which reported the bill,) addressed the
Committee of the Whole in explanation and defence
of the bill
The objects of this special session were numerous
but might all be stated in oneto put the affairs of the
nation in arder This House had far fulfilled the
pec,ations ofthe country The most important
yet remained-the creation of an institution to carry
out the constitutional duty Of regulating the currency
The Constitution had worked right-never
1nouid work right, without the existence of such
chine tor the regulation Of the currency this bill
proposed TO create.
He should not argue what called the Consti-
finionai question. He should consider that Settied
long ago, beyond doubt. The argument was his
torical and he would direct members both as law
yers and statesmen to the series of evidence involved
in the history of the country not only since but before
the formation of the present Constitution, almost
from the period of the first assertion of this Nations
independence In the year 1880 when the proposition
of National Bank was made to the Congress of the
Confederation, it was Immediately adopted He had
not time to read the passages. They might be found
in Marshalls Life of Washington. BY the bank then
quent campaign, in which the glorious victory of
Yorktown was achieved. And this was under the
Confederation.
And again, after the formation of the Constitution,
among the first acts Of the first Congress which met
under that Constitution was the creation of a Bank
of the United States True, al the time of its char
ter there nere constitutional doubts But passed
And under that charter the Bank went before almost
every tribunal in the country without single Judicial
decision being given against its constitutlonality
nder that charter number of decisions, both
in civil and criminal cases, had been given by the
courts. Men had been punished in the penientiaries
for violations of the provisions of that act. The
Judiciary then sustained the constitutionalty of the
Bank. So did the Legislature Congress, in 1904
passed act to authorize the blshment Of branch
Of that Bank in the Territorles-whch was signed
by THOMAS JEFFERSON. So in 1916, when the char
ter of Bank passed BY Congress- and sign
ed by JAMES Manson. Both Of these distinguished
in l19S esteemed the special guardians of
what has since been called for good or for eviD the
State-rights principle
In 1897 at the called session. at the time when the
Sub Treasury scheme first brought before them
as preparation for that resolution was introduced
by the Chairman of the Committee of WAYS and
Means declaring il unconstitutional for Congress TO
charter National Bank This declaration made
IN the contradiction of the whole of legislation
from $50 under the sanction of Washington Jefier
son, and Madison.
Mr.. SERGEANT then reiterated and enforced the
historical argument during the remainder OF the hour
No attempt Is made TO give his wclds even the
substance OF his argument An outline Of its general
course i all that can be given to-day full report
will follow.
MIR, MCCLELLAN ofN York denied the cons-
tutionality of National Bank and discoursed an hour
in defence Of his position.
Nj. SAUNDERS of North Carolina replied in de-
tail to the historical argument of Mr. SERGEANT on the
constuonaly ofa Bank. He contended also that
in the last Presidential election in his State at least
Gen Harrison had not been represented as in favor of
a U. 5. Bank This had not been made question in
that election; and the result therefore was not decisive
of it. He spoke hour
Mr., STUART followed with able argument in
favor OF the constitutionality of w. S. Bank lie
replied TO Mr.. Saunders, reviewing infinitely the hsto-
ry OF lcgisation this subject
M, KENNEDY Of Ind then spoke against the bill
tll the adjournment, at half past four