Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-08-26


bank to establish branches ..in any part of
territories or dependencies of the United
States" To this dill MIR. Jefferson, on the
S3d OF March, 1904, gave his sanction. (See
Laws OF the United States, 1904, chapter
32.)
Ills well known that Mr.. Jefferson was
one OIL inc earliest and most able opponents OF
.ne oanA, and his great name is always inyo-
Ken as authority by the enemies OF the insttu-
ton; butt submit it to this House and to the
country to decide whether, when Mr.. Jefier-
son signed this bill, he did not relinqush his
constitutional scruples. How is it possible
mat an opponent Of the constitutional power
TO create a bank could lend his aid to the en-
es"s.on OF the powers and faculties Of such an
institution! Where is the distinction be-
tween comforting unconstitutional powers up-
on an Institution at the time of its inception,
and extending the sphere within which those
powers Shall be exercised, or granting new
powers to such an institution already in exis-
,ence For myself, must confess my ina
oiiity 10 perceive 1t, and leave the point for
political casuists to decide.
But there Is another law TO which will in
vite the attention of the House, as being cal
cuiated to throw some light upon the opinions
OF Mr.. Jefferson. In 1907 il was found that
the existing laws to punish frauds and forge
ries on the bank were defective, aud !, W RENEE
dy that evil, an additional act was passed OH
the oath OF February, 1907, and approved by
Mr. Jefferson, then President OF the United
states. Ito punish frauds committed on the
bank" This act will be found i'm Story's e.
dlt!on Of the Laws Of the United States, vol
ume 2, page lO4S. A very superficial ex-
animation OF this law will show tina, Mr..
Jefferson could not have sanctioned it with.
out abandoning his constitutional scruples.-
In the first place, it recognises the bank as
having corporate existence; for il provides
tor the punishment of frauds-againsi " HON 2
The People. No. The stockholdersl-
: No; but against the corporation-the baak.
} Now, 1t is perfectly clear that if the law Gre
atlng the bank was unconstitutional, the bank
could have no corporate existence, and Them
, fore no "fraud" could be committed upon il.
In other words, the law would have been n,
I gatory and imperative. We are bound,
, therefore, to suppose that Mr.. Jefferson did
} recognise the legal existence Of the bank
, and that recognition necessarily implies the
! power OF Congress to pass the law which
gave ii existence.
But there is yet another link in the chair
3 OF ofhclal documentary evidence, to prove
that Mr.. Jefferson substantially abandoned
his constitutional objections to Bank of the
; United States. Tin the I'd of March, 1909
: Mr.. Albert Gallatin, Mr.. Jefferson's Secreta
b, ry OF the Treasury, and the man who has
been significantly called the ''mainmast Of
s his Administration" whilst the relation Of
: President and Secretary still subsis,ed be.
: tween them, submitted anable report TO Con.
: gress recommending the recharler of the Bank
OF the United States. l do not pretend &c
8 affirm that this recommendation was made
: with the assent of Mr.. Jefferson; bnt leave
It for the country to decide whether ills pgoba
bic, considering the confidential relations
which existed between Mr.. Gallatin and the
President, that he would have concealed the
fact from Mr.. Jefferson that he intended tc
submit such report! / ask whether it is
to be presumed that any Secretary would
> have ventured to propose measure of such
vital interest without the sanction of the
President! think not; and, if Mr.. Gala
tin We've TO feel himself at liberty to spe ak,
Zee, we'll assured that he would say tfiat Mr.
/, Jefferson was fully apprized of his intention
to submit the report oil I'd March, 1909, and
1 that IT met his appreciation.
n So much, Mr.. Chairman, for the history oil
e the bank of 1871. will now proceed to re-
e view some of the leading incidents connected
with the abortive efforts to procure Iechar-
Z ter of that bank, and with the struggleswhich
resulted in the charter of 1916.
Concluded DeTt ,Ueek.)