The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-03-12

make all laws necessary and proper 10 carry into exe
cuiion the foregoing powers &c is sufficient. Doubt
less the power Of controlling, and III. duty of regu-
iating the currency involves the power and duty of
proriding il by such institutions may be necessary
as The former agency cannot be separated from the
latter.
The principle Of uniformity.
II will be observed by examination Of the 9th
section of Art H. that the principle Of uniformity in
the monetary system and commercial operations Of
the country is made very prominent and empha-
/ tic Ii is guarded as sacred, and secured beyond
evasion and then the last clause, ITO make all laws
necessary and proper to carry these provisions into
execution" in to seal and sanction the whole
j "A duties mposts, and excuses shall be uniform
throughout the United States" How they be
uniform, without uniform cuIrency7 II is impossi-
BILE, and the inequality is immense is, moreover,
direct violation of the Constitution imposed and
| toned by the action Of the Federal authorities a
heavy and oppressive burden in such state Of things
When il is evident that National Bank is necessary
to this uniformity, denial Of the right to esta
blish such an institution brings the Constitution into
] a collision with itself
The Constitution requires uniform rule Of ma
turazatioD and jorm laws the subject Of bank
ruptcy" and uniform STANDARD Of weights and
measures" "The principle ofuniformiy for these and
other objects throughout the United States applies
with equal yes, even far greater force to Uniform
currency; and such, undoubtedly, was the design Of
| the Constitution.
ITO coin money, regulate the value thereof and of
foreign coin, and TO fix the standard Of weights and
measures" Here it is all in the cause-uni-
tormity Of the monetary system and Of the various
measures employed in commerce. The currency, if
not a measure Is certainly representative Of value
and more important TO be regulated in uniformity
than vessels Of capacity, yard sticks, scales, &c And
it cannot be denied that such was The design of the
Constitution. "Al laws" therefore, necessary and
proper tocary into execution" this object CLEARLY
and by the express language Of the Constitution
within the power Of Congress to enact. And who
will deny, from past experience, thata National
Bank is necessary Not man in the land, if left
free TO express his honest convictions.
But the uniformity principle is especially important
in application to national currency Il would be no
disturbing and fatal to the interests Of the coun
try, to and break up the uniform action of the
Federal Government, than it is not to have uniform
currency; and the latter is as entirely political and
national structure, the Government of the Union
See Nos ! and ii Il is Of necessity national un-
der the action and control Of the constitutional tender
and every agency, whether originating in the States
or elsewhere, which whdraws the currency from
this control, destroying its uniformity, is war with
the Constitution
That the action of the States on the subject of
banking has contr buted greatly to such result is
manifest. Since, therefore, the States whose title to
authorize banking Institutions is at least questona
Bile, have brought into action an unconstitutional in
fuence, wrestling the control and regulation of the
currency from the Federal authorities and throwing
1t into confusion, the only remedy is for the Fe
deral Government whose title to such action IS un
questionable to erect national institution to coun-
tervail and correct these evils.
Reason uhy the Constitutional right Of. the States
TO erect Banking institutions is questionable long
as there is no National Bank
II will not be denied that the design Of the Const-
tuition was that the Federal Government should have
power to maintain the Constitutional tender This,
however, experience has proved, it cannot do,
without "a National Bank, while the States 90 into
banking Having check, no balance of power,
from the Independent action of National institution
the States may, they actually have DONE since the
destruction of the last National Bank, rush into the
and ncapacitatc the Federal Government to maintain
the Constitutional tender. Such is the effect whene-
yer the banks suspend specie payments 1t forces the
whole country to stop payment, Ivy forcing VI it
unconstitutional tender The fundamental law, that
no State shall make any thing but gold and silver
coin tender in payment of debts" Frustrated by this
action of State authorities, and the Federal Govern
men in this most important function is rendered ut
tery powerless, Because the path this end is indi-
rect is il therefore less responsible less unconstitu-
tonall The States have originated and sanctioned
measures the second stage of which has led to the
suit of an unconstitutional tender and thus violated
the Constitution-prostrated of the most sacred
bulwarks Of that instrument to let forth deluge of
evil upon the land the of which boldly lash the
sides aud shake the foundations of the great Federal
edce while the keepers thereof have no power to
, sist.
The only remedy ior this evil is National Bank.
under Federal control, the p ncipes of which shall
be such as 10 maintain the Constitutional tender and
thus put check this destructive, not to saw un-
constitutional action of the States,
The prerogatire Of National Sovereignty in relation
to Ibis question.
Since, the efore there,is nothing in the Consttu-
ton to prohibit National Bank, and so much to
show, that the door is only open but that it is
duty incumbent on the Federal authorities to preside
The currency the country TO control and regu
late H. it is not enough to say, that National Bank
rests i'll the bosom of national sovereignty TO have oil
not to have ii but, that higher considerations of duty
in the present state of the country prompt and urge
the Federal Government take the matter in ha nd
and do that which is necessary to recstabsh credit
and restore the prosperity of the republic.