The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24

Undep these circumstances, the Secretary Of the
Treasury was called on for his plan OF Bank. Two
sets of opinions exist TO the manner in which he
ought to have executed this duty.
First there are those who think that regardless OF
any other opinions, and Of the practcabiliy or inn
practcability of its final passage into law, the Sec
Rotary ought to have reported bill, of the strongest
character giving the Bank all the powers of former
charters. That he ought to have done this, merely
by virtue Of his own Office, and in the exercise of his
own proper powers.
But there were others who were of different
opinion. They wished TO avoid the incongruity and
unseemliness of that which happened in General
Jackson's term when the Secretary Of the Treasury
recommended Bank, and the President vetoed the
bill! They regarded it as all important that the
Wings should agree, beforehand, upon some measure
which they could carry by their own strength, and
not by their own divisions throw themselves and
the country into the power of the Opposition They
knew to what extent the declared sentiments Of the
President had gone; they knew the opinions OF GER
tain Wing members of Congress, especially in the
Senate, whose votes could not be spared they fell
that both the good of The country and the preservation
of the Wing party absolutely required that soething
should be done, and they had the fullest conviction
which every succeeding day has strengthened, that i
the Wings in and out Of Congress, would support the
plan, Il from the Treasury, with some altera-
lions which all agreed to- the great object in view
| would be fully accomplished And they thought
finally that in the present most Important and critical
state Oh dHalrs the true posture " OPtHto 40 Weh "a
the state of things ought to be made known to the
people, that they might not the one hand be carried
away by imaginary fears, nor, the other, deuded
by false hopes =.
The main difference between the plan of the Score
larry and the plan which has been struggling for three
weeks in the Senate, consists in this The Secrearyi
plan gives the Bank power to establish offices Of dis
count in the States NTH the consent Of the States; the
Senate bill authorizes it to exercise that power totou
the consent Of the States This is the difference
You know very well my own opinion ofthe Consti
tutiona power Of Congress in this particular, and be
lieving the power a useful one if all others thought
like me, the bill would contain it. But is this powe
absolutely essential Is its insertion matter of neces
sty2 Is any great, important constitutional principle
surrendered by its omissions Is the existence of thu
power so clear that no respect is due to him wht
doubts2 Will the bill be good for nothing withou
this power? And if we cannot get bill containing
| it, is il better that should have no Bank? VIVA
is this power Of discounts How far is it, Of itself
| national mater2 How far is it connected with thu
power and duty of collecting and disbursng revenue
or with the duty of regulating commerce between the
several States, and with foreign naons2 These arr
questions which press upon us and ought to be anx
iously considered. l commend them, my dear sir, Il
your earnest attention, and may trouble you with
own thoughts upon some of them in another letter.
am, with regard, yours, &c. :,