Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-07

PdTt1H'HT means OF p0UeTS uy WHICH, Ny WHEN
only certain purposes he attained Ii the powers
OF Congress were sovereign, they would include all
the means applicable TO the accomplishment OF their
objects; but they are crcumscrbcd and limited with
great caution.
Banks and paper money are not mentioned in the
Constitution, which gives 10 Congress power TO coin
money regulate the value thereof and OF foreign coin;
to fix the standard of weights and measures; and to
pEo'ite for the punishment Of counereling the
rites and current com Of the L. States. There is no
ether power expressly given 10 Congress the
fsncy The question ~, Whether the power 10 incor-
noTate Bank IS properly incident 10 express
power, and necessary to It's execution The power 10
"con money implies right 10 erect mint, and an
incidental power necessary To the execution OF the
tiority 10 coin money but it does not imply that n
Bank may be established TO issue paper money 10 serve
rs substitute for metallic money. Indeed the direct
tendency OF Bank is TO ayy the ends and purposes
Tor which tie power IL money and regulate
he in,rused to the Federal Government, because
the paper money of National Bank banshes from cir.
cu!ation the precious metals coined al the mint. TIE
late Bank Of the IT, 5. exported large amount of
specie, and Bank wcu!d probably ID the sa,n-.
When the notes Of Bank aTc receivable N paymen
Ut the pubic dues, the precious metals w disappear
IS circulating medium.
Surely the power to incorporate bank cannot be de-
rived from the clause 10 Ing aad c0tct tdrCS because
bank does neither the the other, but only
be used as the depository Of the after it has
been levied and collected Neither is incidental to the
l
~ 10 manufacture the s,inu!, and afford commercial
iaciiit'es together with medium ct circulation In
deed, it must be admitted by politicians al! sides,
that single National Bank mast inevitably
irate, great degree, tie vi the country at
favored points, and therefore clash with that pro-
VISION III the Constitution which provides that no prc.
ference shall BE- gwen by any regulation Of commerce
the ports OF one State those Of another. Nor is
the power to incorporate bank fairly deiucble from
that clause which speaks Of the general welfare; for
that have been used phrase describing the pur.
poses .Jr which The delegated powers erred,
aud not distinct grant gwen 10 supply whltever
defects politicians might suppose 10 exist IN the list Of
the enumerated powers. Mr. Madison, in his report
of 1900 referring the clause s'neccssary and pro.
per-, Observed at IS net grant Of acsr porcrS t.
Congress, but merely declaration, for the removal o.
al! uncertainty, that the means Of carrying into execu.
ton those otherwise granted are included III the grant
All the powers Of Congress be carried into execu-
ton without Bank Of the L. States, which is not
ceSsary or proper and therefore rnanthorzed by THIS
clause, which has been strongly relied uPoa BY those
friendly u 4 bank
Thus upon examination, We find the friends OF
bank deriving the power T. incorporate from various
sources though Of them willing 10 trust the
any clause. Indeed, may emphatcay be
characterized as "vagrant power, and oae neither
tloglbe visible. If the power of incorporation -
fairly deducble from any clause, then let n emen
place the bank upon H. and shape Tie bank so as to
accomplish the especial purpose which alone would
justify It's incorporation. Wig blend 50 many con-
sdsratipns and interests with this bank question =
Ii the Legislature has 10 rely upon uniting several
dissmilar purposes in order to Justify The exercise
ni doubtful power, that necessity furnishes enc Of
the best arguments TO prove that the power does
not exist, and therefore should not be exercised
because It would only Be necessary II trump up Va
rious renn,e and homogeneous Implications T. invest
tie Fed IA! Government W In despoiic control 10th
the Union and the States. Let Us once establish
the doctrine Of implication, and Congress may do any
thing BY implication you get the power oser inter-
nal imprOremeats BY implication, you have estab-
lshcd Frotrctire tariff By Implication, IS proposed
10 raise money to purchase he streS and colonze them
in Africa And by Implication, Il is proposed 10 accom-
pIish 4doiiiion But, if The Constitution confers the
power, why not have distinct bahks-one for each
particular purpose for which tire Wing party now
urge the importance OF bank Why do not the
merchants 90 for commercial bank, the politicians
Tor political hank, and tie statesmen for fiscal
hank The duties of each imagine, would be
dissimilar and distinct Let gentlemen come for
ward wh their plans sing!y, and IN an open and
manly way; and the country would understand their
demands rs well their designs. Let the merchants
and s;0ci and moncy dtaicrS demand Government aid
through commercial Bank Let politicians amt as
pirantS demand Government ard through P0httcat
Bank The people desire no nefarous combinations
or unholy coalitions. If your demands are legitimate,
place them upon their own individual, merits But u,
when thus urged, they cannot be sustained 1t must be
because there is no just foundation in the Constitution
for exercising the power.
But some gentlemen on the opposite side pretend
thst te constitutional question IS settled In support
OF this opinion they refer 10 the fact that we nave
had Urn Banks Of the u. ) The tmsy argument
drawn from this fact may lie trumphantly met by the
fact that CoDgreSS, HE Erecurr, ami tic people, per-
ui:ed 10th hanks to erpirc aad c omission 10 reelr
them implies fully much as the two acts OF incorpora-
ton But IN addition 10 the above facts, the pc0p'e
hare elected Jefferson Madisou Jackson, Van Buren,,
and Harrison,-al Of whom dcciared enemies 10
the banks incorporated l79l and in 1916; and IN the
election Of Jackson the second time, and oil Van Bu-
rem, that made a Substantive iscue.
But, Mr. Chairman viii not 90 further into the
constitutional argument for really seems 10 me tia
whatever gentlemen the other de can induce them.
selves To believe expcdent, they, by the same opera
ton Imagine constitutional. WILL therefore, take
curspry view of the past condition OF the currency, and
endeayor to show that if regulator were needed, we
gained nothing b. the incorporation Of National Bans
In 1871. when the FIRST u. S. Bank wac incorporated
sc had three State banks, welding jointly capital Of
Al go, 0G0 But in January, loil, just before the
charter Of the first 4. j. Bank EXPIRED there were ~
the g. S. eighty eight State hunks with Joint capital
Of S42 $4,000. We fnd by an examination OF The
statement Just made, that the Federal Bank did not
check or repress the spirit Tor multiplying the State
banks. II National Bank could not Mtn exert sa
uary influence on the public hind and inGuce our
State legislators to stop in their mad career what goou
have We for supposns mat u such an ''sutu
ton should noo be Incorporates II could exert more
conroiny influence upon the State banks, as well as
on the public mind Then the Federal Bank capt
tai was TO the state bank capital rs : to but nom
], is proposed to be only rs ! to ~ II the Federal
,ns,i,n,ion was Inefficient when il had such tro
,aeudgus asctndancg orcr the State Banks, would
ak, how can it pretend to control the latter nor,
waen they have multiplied 10 upwards OF nine hun
dr-d in number, ard weld jointly capital OF over
s3,S 900 OUD together with loans and discounts 10
the amount Of 1862 $50 523 and paper circulation
Of siossGs, 57a: We must remember Also ha, the
country has enjoyed all the benefits Of The great
la,or, with the exception Of about four years, tom
1871, when we had oniy three State Banks, down 70
he n,es~nt time During forty years of this period,
,he hank was conducted under charter from The fe-
dera Government, and since 1886 under the charter
granted BY the State OF Ptnnsyvana. pom Inc re-
org,nza,on of that Bank b. the Pennsylvania Legs
,,nre IN ls3G, Mr. Nicholas Bidcle not only declared
In. Bank seje stronger, and more prosperous Ma" At
sr,r ,ras but that ' m original misfortune, IN
The structure # the Ban, that q eas IN any .cay con-
r,c;sa cuh parsons office The instincts of all po-
c, mower make that association LdngeT0us-useiul