The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-10

sent nothlng could he done hut accepted from Ais
one by oae, slngyr their might be obtain
edn
| will not undertake IL decide said Mr. Rives how
far this suggestion of Mr. Jefferson could be eonstu
Onaly carried into execution. ! presume his idea
was that each State, being competent 10 impose Vol
unlary limit ition the rxecise 81 ITS own sovereign
y might by some act in the nature a. compact wih
the General Government agree 10 refrain from autho
rzlng the issue OF bank paper, leaving the vacuum
thus created m It's circulation 10 be supplied by ea
sury tls Chs iavrre form Of paper currrney) 70
b. issued by Congress ia the exercise OF power al
ready Possessed by titus bringing down tue a.
rangemen 10 supple remuneration Of portion OF 'hrr
power by the States without a corresponding cohces
SION ~ any new power - Congress And Tor TINS ne
may nave supposed that there the warrant Of some
analogy ~ el IN those complcis Of the new states
wnh The General Government, by which They agree
TO wase for time an important branch OF their sose
reignty-ther taxing power, IN regard To lands held
or sold by The United States within their limits But
whatever may have been the iica OF Mr.. Jefferson,
and whether well or If founded it goes 81 hiiess dis
lance beyond any principle in, olyed the of
the States to- the establishment OF branches OF the
trail Fiscal Bank within their limits
While there is violation or abandonment O! prln-
cipe in The proposed assent of the States could not
is 10 exert happy Influence IN reconclng opinions,
and harnonlsing public sentiment. In reviewing the
history Of the past opposition 10 a National Bank u
will be seen that the most prominent obecoh Ia 1t
has ever been founded upon the supposed violation OF
tie rights and sorereipHly n ne States ~ the inlIo
/
ductlon OF an institution of % much power and nuur
enoe within their borders without lhclr assent That
idea Was conspicuously put wurd hy the resouo
of the Legislature of Virgin a in 1871 against the
renewal OF the charter of the first Bank of the United
States. That NOZZLE old Republican Commonw eath,
Pennsylvania which gaanlly stood by the side of
Virginia IN that memorable struggle, proclaimed her
principle IN language worthy OF. her own character
and OF the see hertwo distinguished Sena-
| tors now near me- and they will pardon me II ! read
the instructions she gave To her Senators in 1911, In
which, with such becoming gravity, dignity and
cearness she put forth The grounds of her objections
10 the renewal of the charter OF the first Bank Of the
United States, or the incorporation OF any mlar
Bank. wish those honorable genteue en- could con-
slider these instructions sill subslslng in spirit at
at least, and then might elicitate myself with conf
dence receiving their able support on the present
occasion. With their permission, will read the IN
structlons.
g The Legislature of Pennsylvania ever DESTROYS to
secure an administration OF the Federal and State Co
vernmens contormaby 10 the true spiiit Of their
speclve constitutions, feel IT their duty express then
/ sentiments upon an important subject before
Congress, TO W.T. the continuance estahl shment OF
a Bank. From careful review of the powers vested
in the General Government they have the most pos
sitive conviction that the auhonty to grant charters
IF inc Jrpordtoa lrtHh HE jariSacfion ot any State
rihoH the coRS5nt hereof Is not recognized ~ that
instrument, cthcr expressly, by any warranable
implication
Resoired, therefore, That the Senators OF this State
Nc &C. ne Instructed TO use every oAcrtlOn IN Their
power to prevent the charter of the Bank OF the Uni
ted States from being renewed, or any oMer Bank
from being chartered by Congress, designed TO have
operation leihin the jurisdction Of any Stat, rm-
out first hiring obtained the consent gt the LegtS-
tature Of that STATE.
The spirit OF these instructions is faithfully embo
| died said Mr. Riyes in the amendment have had the
honor TO submit.
But il is argued by my friends this side of the
house. that the power of establishing branches OF the
proposed Bank within the States, Independently u
their consent must b6 asserted because the constu
tionalily Of National Bank settled question
| That the consttutionality of National Bank is
settled question, IN any practical political sense is
proposition which in my judgment, cannot be satis-
factorily maintained. retrospect of political his
tory will show that there have been at least many
decisions of the people and their against
II, there have been in favor OF IT. II the Con
gress OF 1871 decided for it, the Congress OF 1911 de-
cldcd against it. If Bank re-estabished in lsl6,
it permitted to expire by its own Limitation IN
$50 with the hearty acquiescence of large majority
of the people, at the time, IN its fate. Three or tour
years before that time General Jackson had negatlNed
u bill for a recharter of the Bank, expressly the
ground Of the nconstiiutional,ty of institution
gained that This he did in the very crisis
of pending Presidential election in which the pro-
prely of his ON the subject of the Bank was
ssary put IN issue; and yet he was reelected by
Overwhelming majority OF the popular suilrages.
w hen MIR. Van Buren, became candidate to sue
coed BIN, he de Jared in the most unequyocal terms
his thorough conviction of the want OF constitution
al power in Congress to establish National Bank
IN any Of the States of the Union and in very
nest and emphatic invoked the decision OF the
people on that issue in the election And yet, with
declarations such these producing the possibility OF
National Bank for the ensuing four years II he were
elected, he chosen President o the ntcd States.
In the result OF the late Presidential election the
question of the constitutonity OF n Bank cannot,
with fairness be said 10 have been decided by The
judgment o the nation. L here were too many Other
prominent issues involved TO Justify that conclusion.
The odiousness of the subIreasury united IN opPo-
spn TO the Administration OF Mr. Van Buren many
persons who differed widely on the question of Ma
tona Bank. The opinions of the distinguished and
lamencd individual who was, the candidate for the
Presidency had been decidedly opposed TO the const
tutlonallty of National Bank. In his votes IN the
House of Representatives, at former PERIOD and M
letter addressed to his constituents In ls22, which
extensively repuhllshed he had manifested and
declared those opinions in the strongest manner In
his letter to MIR Sherrod Williams, in 1886 II is true,
he said he would not withhold his signature, if elect
ed President, from bill, with proper NOTIFICATIONS
and restrictions, chartering Bank, prOrtded such
an institution after far and full experiment OF other
expcdcnls, should be shown to be necessary Tor the
manaoement OF the public revenue; and prordtd also
there should he decided and unequyocal manifesto
tons of the opinion Of the country in favor oft be
qualifications and provsos, with which he So carefully
surrounded his answer evidently lett hun uncommlt-
ted on the question and, taken IN conncNlcn WIN ms
former well known opinions, produced, IN Virginia AT
least a very general impression among those "hn sup
ported his election that the bent olhls own mnd was
strongly apa,ns, a National Bank. AT the same llm',
rho ninions on tins question OF the distinguished and
patriotic individual presented for the second Office OF
the Government and who has since been called to its
head were we'll known, and must OF necessity nave
entered into the consideration OF the nation as me
cas,inp. vote in this body with which he would he IN
vested as Vice Pre- dcnt, as well as the contingency
(by no means an improbable one, under the cireum-
stances of The case) which has since de,oIved OH HIM
the office OF Chief Magistrate, gave TO those opln onS
the highest practical mportnnee. Ills unNafyhg op
position ta National Bank, on the ground Of It's uu