Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-10-11
= Il IL 4 u y 4. ak L, - "
FIRST SESSION.
SPEECH OF Mn. ARCHER,

OF VIRGINIA.
On Tie bill 10 establish Fiscal Corporations

IN SENATE UNITED STATS. Sepiember :. 1911.
Mr.. ARCHER said thu, he was fully awate tlat
he addressed the Senate ~ an uupfoptious mompnt.
when their minds were already wrafed with the DIS
cosson ct the general subj ict OF fieal Institution.
lie h'd had no design to do so, nor should lac 10"
have uttered u word but tor the peculiar position
III which lac was placed II was known 10 the Sen.
ale that lac had heen opposed TO huth the bill, here
toInte prop scd iI the establishing. ut oia fiscal
gene, connected with the Government, and he had
nevertheless avn"ed hls Determination III la
foi OF lht present bill Icea,d Then. Ia his tepu.
laueh tlt CONSISTENCY rendered II due not only IL
himself but his constituents, that lac should present
the uHlcrnl reasons explanatory ii the course he
should lutsuc 90 thIs OCCASION la dong ~ II "as
hls pnlpesr to nddtcss himself almost exclusively
1" consideration Il the constitutional question PIE
seu,ed by the bin A few preliminary remarks
h""etct, were Uqrned as nIroduetor, 10 lhat dis.
cus>tpu.
Il had been said very ,iuly during the debate.
lhat the public mind had tor u series ot years been
&C up ed IA pcculnr degree wnh the tlIsnidefed
condition. OF the currency OF the country, anl With
inquiry as 10 the best mod" Of femed,lne Ibis dlso1
der through the action OF the Federal Government.
la ac1, this had almost been the absorbing question
ri the rimes. i may ('ald Mi Al OF II may mol
have been the principal issue Ia the late r,es,dcntal
canvass, whether We should have bahL oi the lni-
ted States; but noHe can deny lh,t the ISSUE every
where was on the condl ION OF the currency and the
app optiAle ,e,aedy through the action oil the Il
respected th's action wete bu, two; whether the
Government shah exercise lis power 10 collect,
heer, aud di,butsc the public revenue by individual
agency, IN the torn Of the late sub reaso, Law, o,
by cans OF corporate agency, N the lofm ot some
iised Institution. The ioimcr Of these tSo modes
has, nndemably, received the condemnation oil II
large maIutty OF the People Of lhe oned States
II Is as much pul out OF we" rs II II were pnhbued
by Ihc constitution ITSELF What, lbcn. ,e,nalnsl
corporate agency: aud that edhei II the fol.a
oi The b'ukiUe corporations 81 the States, OF
Of Bank tt The Uuilcd States. But the Sale
bank system has been rs uneq i,voealy set aside by
pubic condemnation as The sub fteasut, lseli.---
Among The tXPtdlcnls which bad engaged attention
ll.te renamed then only what ID been known as u
Is ,nk e the UuIjcd State; ~ Ieallnn both 10 III
eApeleucy AUD coustutioualI, al winch there "a
s,ed, i, must be ad Itled, VIDE d,eslly ol scn-
tlment.
la these expressions Of publ c opinion 10 which
have alluded. entirely concur.
lhluk that lhc plal OF emplo,i individual
rcacy I" keep ard II nsi T. well ,olleot, The
public money, has been Justly condemned. 1t Is
the n'us unsafe anl The most unskilinl mode that
can be cmpl"ycd tor the purpose. II was oil =.
uon enough, MS dependence on a single pelson II
Supervise huuIteds Il ii thousands oil :nen, employ
ed /" keep the pub &c revenues though all tie eS
tent ct tpIs WIDE. expanded county II ~, besides,
tie nodc ui all Others most obnoxious 10 the charge
ol tN'rndog aud multiplying IN the "or,l io,n,s
the patronage OF the Executive department o1 The
havclumeut.
he Srue bA system was worthy oi conaemna
unn on the same Etouud-its FL Ct sieng ihenine
the patronage aud lulluenee u the ExccnHye; be
DIES via th, 1t was set asde By eohs,dria-
n'n, 81 'sei' decisive, w. that II makes tn, Gov
ernment dependent Tor the exercise Of lis revenue
p0"rr on cotpOlatIuns uv,r winch II has aud Gao
l,"lnly acquire 10 jurisdiction ~ control subject
10 oibef S"Vrir'knuusl oi then nude oi aetloa, aud
even lheltexlseuCe.
| dawn hen (a,i,I NJ, A \ In MI 4 IA
Uuied Stlts, aud tins subject | nave always
held but one opluIoh: II IS, that tins Governmrn
has no authority 10 exercise IT'S revenue power
Though such an institution. AID what do | mean
when ! say tins! mean d bank, such as II has al
ways becu understood, Of ISSUE aud discount
Aud Why has not the Government Authority
establish an institution OF this character! Be
cause the Hulhotuy is elaine d. aud tan only be
CLAIMED, as corulary, subsidiary instrument 10 he
revenue power Of the Government. Now, II was 4
rule OF reason, Of law, Of constitutional lnleiptca-
unn, that The accessory cannot be greater tban the
principal IN construction. But eyety one aeqaalnl-
ed with the II lucuce which must be txetied by IA
Bank ul the United States endowed with tho pc ~ ef
OF discount, aud welding the resources aud credit Of
The Guvernu cut IA addition to It's own large capital
must admit that II CONSTITUTES power a. latge al
least ~ any other fit weie not Of mofe potency
lhdn the who,e mass, control over the inst eie
mehtS "i the &c eIdI prosperity. Labor, property,
hese were the elements Of all soclal piospeilts;
lletf ndtiun rs 10 value determined It's CoGd lion
tie kind aud amount f currency determined III >
valu, banks VI discount, where they prevailed, de.
leiuncd the Kind and amount Of currency 10 AMY
great extent. Iocs,imate the influence, then, oil
he pIcd0u.InalIng institution among such lnsfltn
Ious would be task Of no dhcult,, AT any tate 81
fn as TO pronounce that the power winch II nfus
weld tUrld be considered IN no light Subordinate
OF acccssorIdl to the Iove"ue power OF lac Gasetn-
meDt.
l. was jus as liule. in any far view 10 be regard.
ed as an engine demanded by thr f,cll occasions o
The q ,vernmenl--a power NECESSARY 10 the rive.
nuc power well rs necessary and appr1PIaif; all
Of winch conduious we've requlied 10 make II consli
rurland under tie recognised principle oil de.
riya,ion OF The constructive powers al the Govern.
II eut
Bat can Il be said thai the revenue power cannot
90 on and reach It's aIpoi rate ends without an
auxlry like this, enteung deeply into the mos, es-
senlIa concerns Ui The social economy-controllmg
the sources Of rather than suited 10 aid
/ administrations! candid judgment Mr. A. sad)
must ri ct such a CONSTRUCTION.
Then all the modes which bad been the sub jecls
81 discussion and interest for fiscal agency were
10 be REGARDED as pul aside. They all stood con.
demncd, ho"evet, on different grounds. Could no
other be found 10 obviae the objections III thrm,
and To obtain heir eud! Mr.. A. lhought that there
could lie thought that tins desidcfaiu vas al.
fotded hy the bill under consideration. lie thought
that lhis remark Justi led III all respects. lie
should oouhne himself, however manly 10 Tie con.
sdrtdtiou of the constitutional objections which
h I'd been de o The measure with which II port
ed htn most 10 deal. power not expressed IN
the c1uStutInn must be necessary and proper III
suumeut 10 The ruiiIon Of an expressed power 10
T. H..