Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-10


the law must specify the amount to pe oo''o"r". ]
snroIv upder the assumed porsr 10 loan, there 'is'
not only be lao Likewise, Dul u NUS sP'.gg ."e
amoupt TO be leaned. The hnznrds oil ioss a',e"""s
b0rrorpr are ,rles; the hazards attenu'9 .iie o"""s
w., s. ,n,sv ors every thing Now, the Secretary OF
,he Treasury ,cho is an officer IF The Gornnment cannot
so,,or cent beyond the special authority ct ihe "a"
,dr which he borruws; and yet Mr. Clay Dill man
tans that individuals, acbo are not cWrefS ~ nc uo
reynmenf may loan out the very money SO "o'fo~e" y
the Secretary, Il my one at an hmeS' W o"9 H'oa'
and without any restraint except sucH as '' .o -
lmnose upon themselves. .
All but il will be replied, tic charter is INC td"' anu
h Inn, lycs the use of the public nonies 10 the o"""
without restriction. Does II: lheh, '"a' 's n'rs
concjs;rr Direction against tint ia~. Congress hau nv
s,if has only qualified power over hr pubic ieSe
mes IL could not Itself use them as aleinp's "
authorize others 10 do Thus ii -, however, Whenever
we depart from the plain requirements Oh "'e
lion power is first assumed, and then no MINUS ae
n be 10 the uses which are to ne mace OF Y.
II Lo,e we have \ striking instance OF IT, Though
The mower 10 loan the public monies is cohicsseoy not
uroned TO Congress though, IN nifty years, mas never
attempted TO exercise II, except ihoiIecty' al" 'us
Bank; though such power IS paipaoy unnecessary
90 INV ono end which the Constitution mined TO ac-
onnl.sh. ,et il i assumed And then mark what
monsrops litter of powers assumed to proceed tr"
his assn,nuiion They are magn'hed ana multiplied
bcvond MI denable mits-a power TO i0Gn u, Is htt
gated to Drrats iadirduais Then they can loan II al
,,oys 10 ann one, erery ,rhere, and 10 any amonm
Nov 4 argue to the con,rary OF all iis, ana So" u
Conorcss wl assume power To i0an II must DO " un
der The same restrictions which bind II IN the exercise
of iis power realty granted 10 6orrow money. Wha'
won,d he said Of an Of Congress winch should au
torizc tho Secretary OF the treasury 10 ra'se any
amonni Of money without limitations as TO The time oil
rad.mp,on terms Of interest, manner OF payment or
any other circumstance Would not lis iRdcfnitthcSs
alone seal It's fate, however Legitimate the uses Tor
which the money was to be Jorrolced And yet, Tor
sooth, Mr. Cluys bill authorizes far more boundless
discretion as 10 LOANS, which nave no aoioihS pave
in the Constitution whatever
But if poiccr to liam was to be tonnd IN inc o".'
stuon, n lar of Congress would stu De necessary ~
regulate liz details. The charter docs not a''e"P' :"
do this 1t filings the public treasures or"a'cas. upoi
the Bank counter and says 10 The Directors RE,
Inn, il ont when how, and TO whom you VIII.
mitinp only the rate of interest loans sha o'af' 1t
confers the whole power upon Tue ''iee,'is' ys ~
Lyeo,cs and ordinances Well, who makes those bye
laws and ordinances Why, the Directors to be sure
90 n;rec,ors make ia,cs of Congress- No-not &C.
ocuu But they can have the fire. Of Moset "hen
conrres, DELEGATES the power TO them 10 make such
mrs So it goes Congress can delegate It's trS'""-
,;r, mower Congress can delegate Legislature power
ii docs net possess HseJ
Rut all have said hitherto against the ioan'nS Po'ctr
or CONGRESS has been predicated chiefly upon tie TACT
that that power has not been granted and IT IS my
doctrine well as the doctrne OF the iZih amendment
cf IKE Constitution, that powers not granted, ar" re
served to the States respectively, or to Tie people or
what 10 NV apprehension amounts exactly 10 the same
thngs are FORBIDDEN. BIT TO place this question be.
yond the reach of all cavng, will now endeavor to
show that the ioaninS out of the public MONIES IS EN-
pREssLY FORBID and not only so; but tat MI etay
bill is chareeabe with the glarng Inconsistency OF Mt
one and the same tme directing them 10 be loaned mt
and placing them in position from which they are Jor
bdden to he re,aoced by loans. HIS bill provides that II
shall be the duty of the Secretary Of the Treasury to de-
posite all the public monies in the Bank and that ~'ie
they are so deposited, they shall be deemed 10 be IN
the Treasury Of the United States. Well, when mo.
ney has cnce been deposited IN the treasury OF The
United States the Constitution all other
modes of Withdrawing II thercfrom out one, and mat
one is set forth most explicitly thus no money shall be
pithdra,ra from the Treasury but in consequence Of
made BY lar Constitution U. 5 Art.
sec 9, paragraph. Well todaya million oith pub
lie monies is depose at the mother sank al WASH.
ngton To 7aorroic it is loaned out 10 The citizens oil
all the States and is dispersed far ard wide every
where over the Union Now, this money cannot be
dispersed over the Union, and be in the Treasury at
the same time 1t is out Of the Treasury. Who took
II away3 Was il The borrowers, the Directors, or the
Secretary Of the Treasury; This matters but little
Was i, by virtue Of lar of Congress, Was II hy vr
the Of an s.app, opriatcn'? 1t will not DO say that
the charter authorized it, aud That the charter is the
iatc The charter the alc, which Directs the money
to be deposits, in the Bank, and which makes lie Bank
the Treasury, trhtie IS there When 1t is nhe ircd-
N.
TO remort II, unless it opproprtatcs IT, Is ioaning
out appropra,;ag il: II, while is ont on oaa the
Government calls for it. not the Bank bound 10 meet
the call: Bui how could this be, if the oaHag Of
the money was an appropriation oil the money; =
But if the ioaniag Of the money would BIZ an op.
propration Of il, they who ioan ii would appropriate
it, that is say the Directors Of the Bank, and not
Congress- Can Congress pass lac, directing the IN
definite balances in the Treasury for twenty years 10
come, to be icQnfd out-taken therefore cut OF the
Treasury, and ~i'h0M any appropriation whatever
Every one is ready to answer, Nc; and here IS Mr..
Claws bill which does that very thing. and people of
common sense be persuaded, that Congress can
auth0riSe others to Do, what cannot do dSfJ Agein,
the term appropriation, means something. II means
that money when appropriated must oe TO an chect-G
national oLjcct-a Constitutional obec, within
the scope Of tie porrs Of Congress- in fine, 10 "Pay the
debts OF the nation; and not to loan II out 10 people
with whom the Government has no other dealings Than
the loan itself creates. II is hardly worth the pans to
reply to those who would say, that though the Bank
loans out the public money, it bound TO have II ready
when the Government wants II. Very true, and u
there Bank, and the Secretary Of the Treasury
should undertake To lean II out--oT Tie collectors or
receivers general TO do the same Ting, Trey would
be bound 10 have ready too; and suppose all OF them
should have ready, whenever wanted doeS that nil
The requirements of the Constitution hccTde |" IFS
behrsts when il declares iliat "No MONEY SHALL tx
wITnpRAwN" (Ly any body or for any F"TPose) "fR""
THE TREASURY EuT IS cOHsfQrEStE OF aPPRorKIA-
TONS MApF ny Law!
Now suppos,ng all these constitutional objections
out Of the may-you have b0rro,rcd the capitalyou
have iodaed II OMIT IS gone from tic Treasury wah
out an appropriation IN Tar still II no, perceived
that that ads very materially the assumption that bank
ing powers conferred on Congress. As have al
ready sald, is pretended that such grant IS any
where trrross'd il is only said to be implied a. nc
cessary m.oms. Well, means 10 what end' Why,
it is answered, to aid the power I" 10 lay and collect
taxes, duties, &c. with which "io pay the debts,
&c. But how does the power TO borroac money end
loan it out aid IN the collecting Of IL you be SAID
to collect BY borro,cng it, then you cnco II Of credit
and not of dcbtors and when you ioan II out you
making dsbtors and not paying creditors. Is tam
ing money paying dtbts9 And as 10 borro'sing money
it making dehtS instead of paying debf<. How can it
be pretendcd, ten that these a-e HecSSary mans to
those arts
hep" may now deem it demonstrated, that Con-
gress ioan out the public MONIES, aud that it
BE- gna'ly true, that Congress could not depulr
to others DO for It. wha, II could not do far iiset
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