The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-13

heretofore claimed, merely withholds the exer-
else OF II; and that, IN this way, all consltu-
tlonal scruples will be removed, all preconceTted,
opinions remain undstuIbed, all sectional lea-
lousies allayed all State pride untouched all
apprehensions OF danger removed II would OBJ
viate the scruples Of eminent friends, and give
10 the country a Bank, which would disarm
much Of the hostility now prevailing against
such an institution, and enable it 10 lead a more
quiet peaceful life than if exposed 10 the effects
resulting from the Jealousles and scruples OF
State soveregnties. intend TO meet this argu-
ment Tor cancellation and compromise IN the
same frank and generous spirit in which Il has
been offered TO US. IL is fair argument, which
deserves and shall receive all the con federation
70 winch It's merits entitle IT, And take the oc.
casion TO say II IS the only argument which
has been urged by mo / Of those who have spo-
ken IN favor OF the amendment-the ground of
the unconsttutionallty Of the act not having
been urged but repudlat,d by most Of them.
My first answer TO this proposition Of compro-
mise is, that il is impossible for me TO perceive
how il can satisfy the scruples of those who de-
ny the power of Congress TO create Offices Of dis
count and deposit against The wishes OF the
State. IL is true, by the amendment their
sent is required 10 The establishment of such of
hoes, but Il is not required TO the creation OF
agencies IN the respective States, clothed with
every banking power, except that OF dlscounung
vlous part of the discussion, for different pur-
pose. revert to il again, as pertinent 10 the
present inquiry, for II is very difficult for me 10
see how the object OF the amendment can be at
tained-that OF removing out of the way con
stitutional scruples-while the other parts Of the
amendment are retained Is il so that the pow
er TO discount notes in State cannot be confer
red, by an act Of Congress, in the form Of
Bank charter, and yet a power be granted
TO exercise every other banking privilege
Can those who suppose an Office of dis
count and cannot be established even although
deemed necessary by Congress to aid the
legitimate operations of the Treasury show
that an office of deposit,--to receive and pay
out moneys--deal 10 gold and silver, and in ex-
changes, can be constltutonally created 10 act
within the limits and operate upon the interests
Of the States? How can these two powers,
when considered proper and necessary by Con
gress to be exercised, be disunited and the one
be deemed lawful, and the other demonstrations
| al nat evidence have we that the section
as modified by this amendment will be accepta-
Die to all who are jealous of State rights, fear
full OF dangers from locating branches in the
States, and DESTROYS of placing them under State
authority Unul we have such evidence, why
should we be asked to give up our convictions Of
right and expediency as peace offering as due
TO the splilt OF concilia ion and compromise
why should we, IN ADVANCE, yield point which
we consider important, untl we are satisfied
that by yielding II, we shall put an end TO all
Jealousles, heartburnlngs, and fortbodings of
evi? II these agencies proposed to be estab-
llshed, are not irrespective OF, and irresponsible
TO, State authority, hey can be taxed, and other
wise dealt with, as the lawful power of the
State may direct; and, then, no one would sub
scribe 10 the stock-probably not a share Of il
would be taken. But, if they are uncomfortable
by State laws-(as they certainly )--it, in
consequence Of their creation by an act of Con
gress, they depend upon that act for their EXIST
ence and power why, then, they are a Bank of
discount and deposit in another form and while
the assent OF the States is required TO Office
OF discount, II is not asked nor required for the
location of agencies which are to produce near
ly the same results. | leave it TO tho, e who
think, that in reference TO the question of con-
stituuonal power, there is substantial differ
ence between the two forms OF effecing the
same object, to point it out, and especially
commend 10 those who suppose the one mode to
be constitutional, and the other not, the inquiry
whether majority of those who are jealous Of
the exercise OF federal power will consider this
amendment as possessing either the form, or
the substance OF compromise act?
But another answer may be given to the ar
gument of eXpediency which has been urged
on this occasion. And that is, that in my OPT
Mon, the number of those who deny the power
very limited and nIh hee.hs4o fr ties, Of DISCOUNT
who will ask for the adoption Of this proposition
of compromise. necessarily speak from my
own view Of the extent of the opposition TO the
existence Of this power; but believe since the
repeated acts of legislaton--th decided opinions
of many of the distinguished statesmen of the
country, and some of whom are dead and some
still ving-lhe repeated recognitions by Con-
gress, and the solemn decisions OF the Supreme
Court, public opinion has very much settled
down, in the conviction that the power is no
longer TO be denied Whatever opinions may
have been entertained on the abstract question,
the general sense of the nation has been ex-
pressed in favor of not disturbing it, and against
treating il as matter doubtful, and open TO dis
pulation. am aware that this is not the uni
versal sentiment. know that many excellent
many distinguished public men, many
of the most honorable and patriotic of our peo-
pie, consider this matter open and unsettled, and
yet retain all their former opinions. Still, how
ever, believe the number not to be large, and
with the exception of such, whose feelings and
opinions are always to be regarded with kind
ness and respect and some others who always
endeavor to make political capital out OF almost
every subject OF public concern that the great
body of the American people have come to the
conclusion, that the power claimed and asserted
in the bill as reported by the committee, exists
and may be enforced Opposed they may
have been originally to its assertion, they have
yielded to the combined influence of the OPT
Mons, legislation, and Judicial decisions TO which
| have referred. Maryland and Ohio resisted
il in every constitutional form. These States
denied the power-asserted their own authority
and were heard, by the common arbter pro-
vided by the Constitution, on the question OF
right. The decision against them, and
they submitted TO il, and since that period II
has been acquesced in by the Legislatures and
people OF the States generally as point which
was settled by that tribunal which all the States
and the people had created to settle such matter
cf D., a L God WI