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

Under these circumstances the Secretary Of the
Treasury was called ON for his plan 81 Bank. Two
sets OF opinions exist 10 the manner ~ which ne
ought 10 have executed this duty.
First there are those who think that, regardless oi
any other opinions and Of the practieability or nm
practicabty Of It's 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 10 have done this, merely
by virtue OF his office and in the exercise OF his
own proper powers.
But there were Others who were Of a different
opinion. They wished TO avoid the incongruity and
unseemliness OF that which happened 10 General
Jacksons term, when the Secretary OF the Treasury
recommended a Bank, and the President vetoed the
bill They regarded il all important that the
Wings should agree, beforehand, upon some measure
which they could carry by their own Strength ana
not by their own divisions throw themselves and
the country into the power Of the Opposition hey
knew what extent the declared sentiments OIL the
President had gone they knew the opinions OF Ger
tain Wing members OF Congress, especially IN me
Senate, whose votes could not be spared they ieit
that both the good Of The country and the preservation
Of the Wing party absolutely required that something
should be DONE and they had the fullest conviction
which every succeeding day has strengthened, that II
the Wings, in and out Of Congress- would support the
PLAN as It came from the Treasury with some atera-
lions which all agreed To, the great object IN view
would be fully accomplished. And they thought,
finally that the present most in poI,ant and critical
state of affairs the true posture Of opinion, as well as
the state Of things, ought TO he made known 10 The
people hat they might not the one hand be carried
away by imaginary fears, nor, the other, deluded
by false hopes
The main difference between the plan of the Secre-
ary and the plan which has been struggling for three
weeks in the Senate, consists in this The Secre,arys
plan gives the Bank power to establish offices of dis
count in the States ruth the consent Of the States the
Senate bill authorizes exercise that power Without
The consent Of the States This is the difference.
You know very well my own opinion ofthe Consti-
tuona power of Congress in this particular, and be-
heying the power a useful one il all others thought
like me, the bill would contain it. But is this power
absolutely essentials Is its insertion matter of neces
sily7 Is any great, important constitutional principle
surrendered BY its omission Is the existence Of the
power so clear, that respect is due 10 him who
doubts Will the bill be good for nothing without
this power! And if We cannot get bill Containing
H. is 1t better that should have Bank Z What
is this power Of discount How far is il, Of Itself
national matterl How far is it connected with the
power and duty Of collecting and disbursing revenue
with the duty Of regulating commerce between the
several States, and with foreign nations : These are
questions which press upon u.s. and ought to be anr-
iously considered. commend them my dear sir, to
your earnest attention, and may trouble you with my
own thoughts upon of them in another letter.
am with regard, yours, &C.