The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-03
REMARKS OF Mr.. PHELPS,
OF VERMONT

CpO1 Ie ddendHe1t % MI. hsUcS ~ tES DAH
creating the Fiscal Bank Of the United
States.
Mr.. President Nothing was further from
nv purpose, when this debate commenced,
th.n The design of participating in it /; and
nothing further from my apprehension than the
necessity of doing so. But an issue is made
upon which | cannot pass, without an e%xplana-
ton Of the reasons which will inhcen5e my
vote. The propriety OF this explanation is
rendered still more apparent by the course
which the debate has taken.
The bill, in its present form, assumes the
power of Congress, not o1ly TO create the pro-
posed Bank, but TO establish branches in the
several States. without their concurrence or
assent. This power is denied BY the Senator
from Va, who proposes TO obviate the consti-
~tuiional objection Of the amendment now I'M
der consideration. Although the Senator sus-
tains his amendment upon this constitutional
ground, yet it is but justice to him TO say, that
he proposes il as a matter of compromise ; ex-
pressly disclaiming any inference that the a.
doption of it is TO be regarded as a surrender
or abandonment, on the part of his friends, OF
the power claimed by them, as conferred by the
CoDsti;ution.-ln this aspect of the question.
it becomes proper for me TO declare. whether !
sustain his proposition because | entertain
doubts of the power assumed by the bill in its
present form, or upon considerations of ex-
pediency only.
Sir, upon the constitutional question | have
| no difficulty. 1t is one of those questions, in
regar1 to which, my opinion never has been,
and, 10 all human probability, never will be
changed. / doubt the power Of Congress. not
only to create this Bank, out to establish bran.
| ches in any of the States, without their concur
reuce or assent, as little as | doubt the exis-
fence of a Congress TO exercise that power.
| regard the proposed Bank rs a mere financial
and commercial agent. This description, in
nv Judgment, comprises all which is essential
in its character and purpose. Its influence
upon the currency, | consiPer, a part of its
commercial agenby. In the character of a
financial and commercial agent, | regard it as
falling within the scope ofthe Legislative power
which has in charge those great national inter
ests. The control over the finances, and CON-
merce, and currency of the country Decessari-
ly involves the employment Of all usual, and
proper, and necessary egents and a Bank Of
the United States is, in my judgment, such an
agent.
The power Of Congress 10 create a corpora
ton, has been doubted. SIR, a corporation is,
of itself. a mere modification. Corporate pow.
ers are never conferred for their own sake, but
as a salutary modification Of the means adop-
ted to carry into effect SOM Interior purpose,
Your power to create a corporation depends
upon the pm, pose to which the corporate pow
ers are to be applied. If that purpose be with
in the duties imposed upon you by the Con.
s%titution, you can doubl less confer them, be-
cause you can adopt all necessary and proper
means Of carrying into effect the power con-
ferred upon you but if they are to operate
upon a matter not within your jar %sdiction, you
cannot create the corporation, because the sub.
ject upon which the corporate power is
10 be exercised is not within your legitimate
control.
The question whether Congress can create a
corporation, as an abstract question, cannot, in
nv Judgment. be answered afTirmativeiy or
negatively but the power must depend upon
the object and purpose for which the corpora
ton is created, and the ends 10 which lis
agency is to be applied. Having committed
TO your charge the finances, the currency, and
the Of the country, you can employ
all the means for the furtheraHce of these great
national interests which are appropriate or
necessary. You may unquestionably create a
financial agent, and you may doubles confer
upon that agent a corporate capacity, as a
modification of its powers. ] deem it neces.
sary to make this explicit declaration Of my
sentiments upon this constitutional cues
ton, and | protest against any and every
inference thai. in voting for the proposition Of
the Senator from Virginia, | intend either TO
surrender the power which | consider clearly
conferred upon US by the Constitution, of es-
tablishing branches of this Bank 10 any Of the
States without their assent, or even TO cast a
shadow of doubt over il. Sir | am as much
attached to this construction Of the ConstitU.
ton as the Senator from Rhode Island, who
has Just spoken. / am no more prepared than
he is to abandon the principles in which |
have been acknowledgements which hold
in common with the Senator. and which will
adhere TO, not only because they are those IN
which | was educated, but because they have,
at this moment, the sanction of my deliberate
Judgment.
But the power in question being admitted,
the proposition of the Senator from Virginia,
presents 10 nv mind q grave question OF ex-
ned;encv. IF we have the power, shall we
exerc,se it? Upon this question ] am with the
Senator from Va. He differs from me in re-
GARD to the constitutional doctrine /; but, in my
JUDGMENT. the difference is not essential TO our
present purpose. l am willing TO waive tie
discussion of abstract questions upon which
we differ, ard to meet him on the middle
ground of compromise which he proposes.
Sir. my experience in life has taught me The
necessity OF a spirit of mutual concession and