Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-16

probation of bank paper; and that it has no, only
restored specie payments, bat has given currency
lar more uniform, between the extremes OF the
country, than was anticipated, or even dreamed Of
al the lime OF its creation"
But, to lus'ratc my views Of this subject still
more clearly, Will submit q few statistical tables
which will show the effect of 4 Nl,iona. Bank in
keeping check uDon the State banks. and the viii
excuses into which they must inevitably run when
ever that check is removed.
10 ISL the whole nam5er Of banks was S..
Capital 80 sin OOo
Circulation 2S 900 Oeo
Specie l5OOO 600
In lsl6 the whole number CT banks
was 2i2.
Capital 10000 900
Circulation SO 500 O0O
Specie lgOgo 600
Thus it will be seen that in the brief period Of
hYs years which interviewed between the banks of
1911 and lsl6, the number Of banks was nearly
iTgu.ed-the circulation was increased in the same
ratio or thrty'cishi millions Of dollars, whilst the
specie was augmented but four millions OF dollar,.
Pursuing this view OF the subject still further il
wi. te found that, in 1880, the whole number OF
banks was $50.
Capital SII5, 600
Discounts 100000 600
Circulation 81 600 0pD
In 1888 the whole number (,ee Racquet on Bank
ing, page 25) was $40.
Capital s3I7OOOOoO
discounts ass 900 900
Circulation Il6 ODO 200
From these tables it will be seen that the in
crease IN the number of banks from 1916 10 1880 n
period Of fourteen years, when we had n bank of
the United States, was only s., whilst the increase
Of the number from 1880 TO 1888, period of eight
years, when we had no Bank OF the United States
was 400.
The increase in the capital Of the banks in the
first named period was about ify-four millions of
collars whilst IN the last named period il about
one hundred and sCyCnty-twO mIiiIOns And what
is stu! more remarkable II will be found that one
hundred and thirty millions Of that increase was
made IN those States IN which the Democratic anti.
bank party had the most decided political ascen.
dlncy.
But am admonished Mr. Chairman, by the pro-
gress Of the minu,ehand Of that clock (pointing 10
the clock Of the House Of Representatives not to
dwell upon these statistics, and | wi. dismiss this
branch OF the subject with or two practical re-
marks. HE first i, that whenever We have had
no Bank of tina United States our monetary affairs
nave Geen ~ confusion; We have had cKJrlvag MT
issues OF paper money, general suspension Of spe-
ce payments aud pgodgal emissions OF Treasury
notes, whilst during the forty years we had a Bank
OF the United States we had a sound currency, no
genera. suspension Of specie payments, q uniform
system Of exchanges, and a well regulated and sub.
stantial system Of credit
The second is that during the forty years that \
Bank Of the United States was EMPLOYED as the
hscal agent OF the Government the country never
lost dollar by d, WHILE on the other hand durIug
the twelve years that the Government has used
"-i.tI 15-'~eo W. NylICtlHgt Keeping, anu lsDuIs-
ing the pubic moneys, millions have been lost!
shall not pretend, Mr. Chairman, 10 20 into an
examination Of the constitutional power TO es.ab-
1 lisn a bank os an original proposition. have
neither the time nor the inclination TO do so. The
arguments ore iamIl!ar 10 the House and the c0un.
try regard that question as settled Y the iuIy-
msnt and acquescCuCc Of both the great political
parties OF this country, IN both Houses Of Con-
grcss, under circumstances Of the most solemn and
imposing Character; by the unanimous Judgment OF
the Supreme Court Of the United States with John
Marshall al us head, and by the sanction either d.
recty or ndueciyo Of every President oad Of every
secretary Of the treasury from the foundation Of
/ The Government 10 the present day.
But there Is one view Of the subject which. as [
have not seen 6. adyeugi 10 elsewhere, { viii sui
matt for lhg con IelHyOu %. the House. The gen.
| tUm1u f0m North Carolina mir. Saunjefs) tells
as that THIS is Government oil enumerated COVERS
| I grant H. But the Constitution contains this
among tAC other enumerated power: "CDngrcss
! '5HIl. have power % make all laws which shall be
necessary and proper for carrying into cffgc, the
foregoing powers and an oher pow ggs rested by fIs
/ Constitution 10 the Government Of the United
S0t-s, or in any department or office thereof" Is
this provision a mere dead letter, or was % intended
% have on efficient pr1ctca Orrr5iou IN cJnigung
on COngrcssa hover to discriminate IN regard 10
the nc ms necessary aad proper" 10 carry into e.
feet the powers specifically enumerated / pre-.
sumo the latter proposition will not be c0n.ruveFt-
cd by Any one, and the ony difficulty arises In re.
gard % the extent Oi this power. Gentlemen tgI us
proy.i ION musl not only DO Necessary" but iud.s.
rans1b.y uGccsBry-thC necessity must be over.
ruling ADD aUsD'Ile-thc measure proposed mus,
have such an intimate 1ud in-cp3r1bIc relation ,g
she spec fed POWER thstI; cannot be carried into q
feet IU any other manner IL any her means can
be irOund % give effect 70 the power, then all o'hOf
measure, though they may be more convenient,
cease to be iuIspensabIy necessary and ore there.
fore uncDU5tItuuou1. Upon this view OF the sub.
,JCct gent CmCn argue that, as the Government can
exist and perform its functions without the aid Of a
national bank, though such an institution may UG
mighty beneficial and convenient % the People nnr
The Government b. IS not constitutional because Il
is not irl.spCus1UlY necessary Nov, sir, have
several objections TO this uuiu 81 reasoning. ~ th
ir5 place 10 rs in direct opposition 20 my principle
Of strict and literal construction, as applicable q
. the Constitution Of the United States.
b ltassumes that you are not 10 take the Consttu
ton % stands, but that you shall be az liberty 4
i1terpolto the word "indsponsablyp before Oh
b words necessary and propor," so rs TO guaf
# and restrict the meaning Of those terms In th
r next place II gives 10 the word "neccssafy"a mean
= ng entirely different from its common occupation
- And, huay It gives 10 II "A sense different irOi
that IN which IL Is used IN other parts Of the Const
tuition. IL is Of tho cardinal rules Of conslrut
N ton, that every instrument Is its own best expos
Re Tor, and hence, in endeavoring 70 ascertain u
J. meaning Of any particular provision, you must loo
he 10 the conteXt-you must take the whole instr
d. ment together, and whore tho same phrases oce