Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-28

did not pass law 10 provide for the punish.
nent OF the counterei,ng of its bills and In the
hfs section OF the act ncoporatng the first bank under
The CONSTITUTIONS It is rendered evident that It's charter
was wrung from reluctant and unwilling Conness ra-
ther inte nded as revenue loan bill-as
fiscal agent Of the Government than great moneyed
institution Tor circulation and discount The language
oil THIS section IS express and pointed, that il evil be
very conducive TO the successful conducting Of the
tional finances. Nothing is here said about conduct
ing individual finances; but it is the national finances
the general finances of The Government-and not
inc special finances OF individuals. But the section
further adds, will teLd 10 give facility 10 the obtain
ing OF loans, not TO persons but-''ior the use OF
The Government IN sudden emergencies" and in the
second seventh, and eleventh of the of
corporation, provision made for the Government
ioan. The act making provision for the debt OF the
lhed States ~ specially referred to- and, by an ex-
animation OF the provisions Of this act We see the ex.
tent OF the engagements of the United States-the TO-
reign debit and the funded domestic debt; and we there
see that the President authorized be bcr
rowed sum or sums not exceeding twelve millions OF
DOLLARS 10 discharge the and Instameut of the
foreign debt; and further provision also made for
loan to meet special domestic debt designated BY q
reference to certain certificates the evidence of the
Government debt, and additional loan Of twenty one
millions provision for State debts for or sun
plies, or the defence Of the IT, S. during the revolution
airy war. Under these obligations OF the Government
ana Inc embarrassed condition OF its finances, General
Washington was induced TO sign this bill, the last
rao as one oil The means to meet the exigeney of tile
country; and, from the history of that period am war
ranted IN saying that nothing but tins extreme condition
Of the nation would have induced him To sanction this
bill. The limited tame allowed TO me by the rules Of
the House for the discussion Of the subject iorbds an
examination OF the causes which gave existence 10 the
Bank chartered III lelG, and sanctioned By Mr.. Madi.
Suffice It to say that the country had just passed
through the late war, which had greatly crippled and
embarrassed all lis resources and increased lis ndeb,
ND Nj Md
ralve necessity that he felt constrained to sanction the
bill, after "waiyng, he expressly said, "he ques-
ton of constitutionalty Such extreme precedents as
these should be considered with scrutiny, and weighed
with great doubt and hesitation. Precedent al best
but allibe guide to the constitutional statesman. IL
may be the virtue the vice. the wisdom or the fuv
Of those who have gone before and he who would heed
lessly and implicitly observe it rule of action,
would throw around his country stationary restraints
chain her TO condition from which her destiny might
lmperatively claim exemption; and, If precedents
10 be cited the conclusive rule for Government
the past, with lis numberless admonitions warns us
that may establish arbitrary legislative
Government, instead Of limited constitutional one.
Precedents like these should not be cited Justify
and warrant frequent nfracons of the Constitution
should they be received by to encourage and
warrant repeated and frequent resort 10 doubtful and
dangerous powers of the Government There are
powers coniessedy conferred by the Constitution
the Federal Government which It would be criminal 10
exercise except in time Of great emergency. The
power TO borrow money-to levy direct taXes-to de-
clare warto grant letters of margue and reprIsa-are
great and penary powers Of the Government, which
the representatives of the people only be justified
in exercising in trying, urgent, and pcrlous moment.
Can we, then, stand justified before country
men in repeating the Independent Treasury, the n
stutonallty Of which has yet been questioned
and again charterng fiscal bank Of the u States tho
constiutonaity of which is questioned and doubted
by 50 many? which, after protractcd and demoraz-
ing controversy that tainted with its leprosy not only
private hut public virtue, that perlled the existence Of
the Government itself which organized the moneyed
power under charter of incorporation openly in the
political field struggling for privileges and monopoly
incompatible with The rights Of the people and the free.
dom of the Government after this even,ful contro-
yersy and the successful tIspmph Of the people, and
the expulsion and condemnation by them Of the sys-
TEN, after full and fair experiment We are now
about TO reinslate IL with all lis consequences. As
representatives OF the people, where IS authority
-slull say for the commission of this oience-ths
outrage OF their rights to again place the taxes, collect
ed from the people for the specific purpose of the sup
port of the Government, the banks, 10 be banked
for the benefit of The stockholders and the accommoda
ton of their customers-to again ally the Government
witt, the capitalists TO the pref udice and oppression OF
the great producing again array and organ
ze the capitalists Of the country against the great la
boring masses:to excite, enlist, and stimulate the
bned wealth of this continent the steady advocates
Of high tariff and taxes, to furnish surpusses for the
profit and use OF the bankers:-to impose additional
burdens the poor IaO0er III TIE nelu ana IN the
workshops TO sustain privileged order in dleness and
splendor-lo render this Government again the great
distributor of wealth. the anoner to favored orders and
interests and the pager Of the humble, the poor, and
the defrnceless, Where, Sir, ! anxously ask, is
authority for this2 have endeavored, in the limited
time which is allotted TO me, TO show that this is, ut
best great contested constitutional qneston-a doubt
full and dangerous power-one which has never been
rcsored to- but under the plea OF memorable necessity
This plea denied to you; and you have not even
\ ~. and fnt
rant and you in the exercise of this power As
fiscal system, il must be admitted that the present IN
de pendent treasury bill IS more IN accordance with the
sentiment Of people and the genius OF our instu-
tons MIR. Woodbury. the late Secretary Of the Irea
surv, has said
at is also spm be enforced 1t has proved prac
cable Notwithstanding all prophecies 10 the contrary aud will
continue To prove So property administered and such
are made in details, affecting its prnc
p experience may require Its fruits thus have been sa
tary ITS officers amcnahe and TO the banks the
states their operations regulated and not by others
over " have control.
economical It's whole yearly after
its operations Begin will be half what the Secretary
Treasury indirectly 10 give Bank Of the United
states by borrowing four millions interest," be used
surplus Treasury and Of course TO be deposited IN his
National Bank be used there without compensation for loans
and accommodations
at likewise safe system. Whatever Mr.. Ewing may say
as connection with IT, he takes special In his
Of losses Ia 20 hask twelve years. Instead o. one year.
th system began lie thus speaks Of losses by millions
within twelve years. and which must have been under The unl
Bank and state bank system But he does not
specify the Of dollar under this system alone"
u,
ed proper and necessry means TO carry on the Co
yernEent; and am one Of those who believe that It
was designed by the trainers of our Constitution that
this Government should never institute Bank to regu
late trade and the currency but that their aim 10
leave credit free, and the trade and commerce Of the
land unembaassed to be the great regulators Of the ex
changes Of the country, and that we might be furnished
with true and uniform standard OF value, which might
be uniform among the nations oihe globe; which might
be uniform from aye age; which might be dlvIsible,
portable and yet lndesrucube; which might have an
inherent and intrinsic value that no broker could shave
no bank suspension or explosion depreclate standard
of value which, like country, might be free-mght
be the passport pay the way Of the citizen in every
civilized nation of the globe; that this might be and
remain the money of the country, and that other
should become the currency of the land 1t was en-
craven in the organic law that Congress should con
money regulate the value thereof and of foreign COIN
and tia, gold and silver only should be made legal
tender in The payment of debts; and the of the
Constitution planted against every other
cy. But, if we wish to improve on the virtue and
| ..:.Jo,, of our Revolutions fathers 10 there anu