The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-17
REMARKS or MIR. PHELPS,



Mr. President Nothing further from my Pur,
,artlcpatinr in il and nothing further from my aP
nrehens,on than the necessity Of doing So Du. az
issue is made upon which cannot pass Siu
exclamation OF the reasons ~ilch WIZ ''.' NI ~,
yoie The proprieIy Of this expaha'iuh 70 ienusi.u
still more apparent by the course "hoh 'ne oeoa''
TN b;ll in il present form, assumes the power OF
ng,,s NOT oniy TO create the proposed Bank, but TO
establish branches in the several States without their
concurrence or assent This power Is denied 10y the
enlaor from Va who proposes toohsiate The constitu
tonal objection by the amendment now under cohsi-
detntion Although the Senator sustalns his amend
Inent upon tins constitutional ground yet outJus
lice to him say, that he proposes II as matter 81
compromise expressly disclalmng any inference 'ha'
the adoption of II i to be regarded as surrender o.
alb ,ndonnent, the part Of his irsnds OF ,he o~e'
claimed by them, conferred by the Constitution
In this aspect OF the question: it becomes proper io
me to declare whether sustain his proposition pe
cause entertain doubts of the power assumed oy 'ne
bill in its present form or upon considerations u
pediency only. . rr
Sir upon the constitutional question have no an
fcuty 1t is one OF those questions IN regard 70
which my opinion never has been, and IN az human
probability never will be changed. ldouot the power
OF Congress not only To create this BANK put 70 %
tablsh branches in any OF the States, without ther
concurrence or assent little as doubt me ehis
tence of Congress TO exercise that power regatu
the proposed Bank mere financial ana CONNER
prises all which essential in It's character ana puI
pose Its influence upon the currency, consider
part of It's commercial agency. In the character OF
financial and commercial agent, regard II as ialing
within the scope Of the Legislative power when mas
in charge those great national interests ne confo
over the ii aances and commerce. and currency Of me
country necessarily involves the employment OF al
usual and proper and necessary agents; and bahS
OF the United States is, in my Judgment, such an
agent.
The power of Congress to create corporation mas
been doubted. Sir corporation 49, oil itsei, mere
modification Corporate powers are never conferred
for their own sake but salutiry MODIFICATION Oh
the means adopted to carry into effect some ue-
rior purpose. Your power To create corporation
depends upon the purpose which the corporate pow
to be applied. If that purpose be within the
duties imposed upon you by the Constitution you can
doubtless confer them because you can adop all ne
cessary and proper OF carrying into elect the
power conferred upon you but If they are to operate
upon matter not within your Jurisdiction, you cannot
create the corporation, because the sub ectmatter up
on which the corporate power Is 10 be exercised Is
not within your legitimate control
The question whether Congress can create corpo-
ration, abstract question: cannot, IN my JUG
ment be answered affirmaiyely or negatively but
the power must depend upon the obJect and purpose
for which the corporation is created and the ends TO
which its agency is to be applied. Having committed
10 your charge the finances, the currency, and the
commerce othe country, you can employ all me means
for the urtherance of these great national interests
which are appropriate or necessary. You may I'M
9uestionaby create financial agent, and you may
doubtless confer upon tina, agent corporate capacity
as a modification OF Its powers deem 1t necessary 10
make this explicit declaration OF my sentiments upon ths
constitutional question, and protest against any and
every inference that voting for the proposition OF
the Senator from Virginia intend either to surrender
the power which consider clearly conferred upon US by
the Constitution establishing branches of this ank
L any of the States without their assent even TO
cast shadow Of doubt OVERT. Sir. am as much at
tached to this construction Of the Constitution asthe
Senator from Rhode Island, who has Just spoken.
am no no more prepared than he is 10 abandon the
principles Sin which have been educated principles
which hold in common with the Senator, and which
will adhere to, not only because they those in
which was educated but because they have, at this
moment, the sanction of my deliberate judgment
But the power in question being admitted, the pro-
position Of the Senator from Virginia presents to my
mind grave question Of expediency. II we have the
power, shall we exercise it Upon this question |
am with the Senator from Virginia He differs from
me in regard TO the constitutional doctrine; but in my
Judgment the difference is not essential to present
purpose. am willing to waive the discussion of abb
stract questions upon which we differ and to meet
him on the middle ground of compromise which he
proposes.
Sir, my experience in life has taught the necessi
ty OF sprt of mutual concession and compromise.
have never seen deliberative body Where not
cessaIy do expect Your legs alive
history but history of compromise and concession;
your Constitution originated in that spirit and the Jour
halls OF your legislation from its establishment to the
present moment, exhibit but seIieslof compromises
between conflicting interests and opinions. There is
not at this moment, any great national interest rcquir
my your legislative care, upon which the salutary
ton OF Congress can be had without mutual conces-
SION No set of men can long retain power without
cultivang this spirit. Certain it is, that without 1t
the sceptre of power will depart from those who
now hod it and, should it fall again into the hands
OF our adversares, they retain only by har
Inony and concert
Mr. President, am disposed to act upon this prin-
cpIe IN the present emergency regard the projected
Bank as not only of vital interest but Indispensable to
The welfare of our common country lift fail another
lca revolution will follow and shall be thrown back
upon the condemned and discarded and execrated pc.
hey OF the past administration. From the outset
have considered that we have but alternave--the
sub Treasury National Bank. The scheme of
deposit in the State Banks is generally iepudiated
Some few may still advocate it but, without some
agent to regulate and equalize the currency
that system must ever prove impracticnble.-
Regarding the proposed amendment this light
cannot permit any difference Of opinion upon
abstract questions, $50 far at least |
cerncd TO defeat IT. will not surrender my princ
pies nor Will yield power already conferred upon
us by the Constitution. But | will forbear the cxcr-
else OF that power, questionable as it is with some
when the great practical purpose have in view
be accomplished without it. And ifthe distinguished
Senator from Virginia will unite with me III the es-
adjustment Of this agent, necessary, in my jude-
ment for The interests of all will not stop quarrel
with him by the way about abstract doctrines diff
ferences Of opinion not essential to purpose bat
will my strength for that contest until pract-
cal necessity arises Tor decision of those contested
polhts-assuring him that when that period arrives,
shall be prepared not only to assert and vndicaie the
power which claim, but to carry II INTO full and COM
pete execution.
Sir, the Senator from Virginia, and many of his
friends, consider the bill in its present form uncon
stltutiunal With the modification proposed, he re-
gads II constitutional SO do and consider il
equal without that modification, Now, sill if the
bill as modified, will answer tle great purposes *
peced from II, why can not the Senator and myself
unite in support ola which we both approve