Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-06-29
:, ya.. TUESDAY. JUNE go. 1911.
m, p,>k roJuT.

&t e MIR. Clay (peremptoriiy eslao'shahs
st 80 States without their consent) IS now 50
az ".s.crudapt, that We shalllay by what further
..,-,, against Mr.. Ewing sscheme lcohoi.'o"I
& ,ssen, Of the States unt'' we see inc 'a'e oi
~ S1l.-submiting in the mean time very
81 - mont AGAINST the constitutionalty Of
s.ss submitted by one of our correspond
= ~. frs, page of this days paper) We
&kl ~ nd also short extract from Mr.. Clay's
EEl &h N ISL, against the power OF Con-
sF s',,hl,sh any back at all. Perhaps in the
nspo,,ics, there is not more remarkable
ao. rs,sa,,on, than Mr.. Clay's speech in 1911,
I'm, course, exhibit. Take this single spe-
III ~, his speech OF 1911:
The nature of this Government IL Is eu'.
al Wy FEDERAL, vested with an aggregate OF spec'-
s$e g, General purposes, conceded by existing
Sal N'ss mo have themselves retained what IS
Z i:H:s;.d |, is said there are cases in which u
Rei ;n,,l,ed powers. This is not controversial
rs ",,,c,,ion must be necessary, and OBVIOUSLY
$l ,,s enumerated power with which 1t IS al,
I'll ~, n>v.r 10 charter companies is moi speenea
%y ,,a contend is Of a nature not transfer
81 80 ,mpLca,ion 1t is one OF the most e1.
*t ..",nn,ss Of sovereignty. In the exercise oil
&Y ,,,,. mower we have seen an East inaia LON,
6Ii:,,,sa uhich has carried dis,nay, desoauon anu
$i ,hronshcu, one of the largest poruons Oh tue
-, I'D company which is IN itself soVe
III winch mas SuDEtIlcu SH'P''NS $500
III ,.and has not only made war, but war against
,,,,e sovereign! Under the influence oil this
-, have seen a South Sea Company and MIS-
4 m Company, that distracted and convused all
40 and menaced total overthrow OF an cred''
j. ,,idence. and universal bankruptcy. Is It to be
II ..3 ,ba, power so vast would have been lett by
II ,som OF the Constitution to doubtful inference:
I, .,-Ano,her brief extract No manis stronger
IN, Yr Clay on the ground of preccdents.-Aear
ysn gentlemen attempt to carry this measure
II 10 ground of acquiescence or precedent, do they
=. IL, we are not in Westminster Hall In courts
.,ce the utility of uniform decisions exacts OF
II gjss conformity to the adjudication of his pre-
.a,r In the Interpretation and administration OF
i A. TINS practice is wise and proper, and, without
4 .v.-v thing depending upon the caprice OF the
H. ne should have no security for our dearest
f., It's far otherwise, when applied to the source
.,sla;ion. Here no rule exists but the Constr
d. and to legslate upon the ground, merely that ou'
&.6ec,ssors thought themselves to be authorized,
SIMILAR circumstances to legislate is to sanc'lfy
l ,r md perpetuate usurpation.
THIS doctrine of precedents, applied to the Legsia
H. a,na,rs 10 me TO be fraught with the most mis-
.yous consequences. The great advantage OF our
[ss al government over all others, is that We have
.,,Y.u Constitution defining its limits, and prescrib-
Is authorities; and that, however for time, faction
convuse Inc nation, and passion and party preJu-
H. ssay lis uncionarcs, the season OF reflection Will
l when calmly retracng their deeds all alterations
I'm fundamental principle will be corrected. Blu,
. substitute practice for principle-the exposition Of
+ Constitution for the text Of the Constitution, aao
r,in shall We look for the instrument in the instru
k.,,sef 1t will be as diffused and Intangible as tn.
blended Constitution ofEngland-and must be sought
N the statute book in the fugitive journals of Con
10. and in reports of the Secretary of the Treasury
CONCEIVE then, Sir, that We are not empowered by
l. Cns,iiu;ion nor bound by any practice under IT. to
|.,.w the charter of this Bank"
), much for Mr.. Clay's present g igantc scheme
l..hn answer himself if he can.
..n Mr. Clays present bill, with the Directors Of
l. Mother Bank a. Washington, either useless
e /. fifth wheel to the coach, or mschievous in
k.,,,upr the whole machinery of the Bank, in
k-s,n. Combination with the Executive Govern
M, or swaycd to and fro by the political parties,
I,ssy,rm and rage in the Cabinet in Congress, and
!. IL Sea, Of Government,-as 10 the policy OF tins
Esaalous Instituton-half horse, half alligator, halt
k,,. half commercial-but at all times controlled by
,nb,o Of parties, the cupidity of spectators,
h. d, n influence of British Bankers-and as to the
,sa MARCUS effects of such Institution, see the
.s.oslns picture from the n. Y Herald:
From tie Money article cftie-N J.. Herald.
The long promised bank bill of Mr. Clay has at last
r,:p is appearance. The project bears the marks OF
,ss speculative genius Of Nicholas Bidde. The
general features of the bill are the as those OF
lls recently exploded and rotten bank. AS our morn
ia, pl9er contained a synopsis Of the bill, we think
!. unnecessary to repeat it here. The proposition OF
,as Secretary in regard 10 the capital IS to be re-
unst, With the exception that Congress 10 TO have
pst; increase to $50, 10000, the dividends 10
k restricted TO per cent This il is said, is to pre-
'ant overriding. This is curious provision. The
e: csn.age is to Re restricted by the principal, to
= extended almost ad abitum. Six per cent. on the
's,Tetays proposed capital of 100000, 600, would be
$40 900, and : per cent on Mr.. Clays capita! OF
" sO,Ooo,0OO, would be S3,5O0,00O. This indicates
IL difference OF opinion that exists on the subject OF
'wrradng. This project Of restricting the DIVIDEND
ooslrs 10 he intended to create fund for political
imposes. If the bank earns a surplus, that can be
I'D ln,o the Treasury or sunk in the paper Of the
9.tclsns with very little chance Of detection. A
IS Of the provisions of the fiscal agent of Mr. Ew-
! .srs 5esa adopted, with the view of making some
'ncessun 10 the avowed principles oil the Executive
Inc whole bill is, however, none other than to re-
STATE The old charter OF the United States Bank, with
increased capital, and powers of the most dangerous
Fscp,on. There is atfectation of locating tn emo
er bank, while it prohibits any business being done
ere The projectors we'll knowing that il is of little
lpoance which is called the mother bank, while the
'wer and influence is concentrated at the New York
anch. The benefits that are to be derived frem the
nk are forth with most simple hearted reliance on
e magic influence of bank paper. The committee APP
ar TO have forgotten, not to have been aware thut
event Of the last few years have drawn the public
ention to the state of the currency and the practi
lessons they have received, have dspelled the su-
'stltions that attached to the paper system few
ars since. A bank is no longer looked up to with
e, and approached in all humility, the dispenser
all rood. The veil has been drawn aside, and the
frnpton, venaity, anu evil influences Of these nsti.
lions, are properly understood. 1t is singular tina,
aoug other promised blessings, an ameoraton Of the
MAZE or increased longevity, were not enumera ted
The results Of this woodworking bank. OF all
e Arguments that have been advanced in favor of a
a,onal Bank, the following from the report strikes
The most conclusive
National Banks other countries, beget the necessity
= National Bank in this country, in like manner Ma
h Governments foreign nations must be by Nat!ona
''ehlnen IN ours"
VIVA, happy condition we should be in, if there
- but one nation No Government would then be
eee'sary and how extensive soever the number OF
lnaeian,s might be, there would be no occasion for
=! mead but there foreign nations with national
','efnnents, and they not likely to lay them
vac Why we must continue ours. The same necessi-
Sach, IN the existence of foreign National Banks,
uses the creation Of National Bank here, we pre-
Hs wi! apply to the creation OF National debt
= NATIONAL debt extinguished about the time
'"e expiration Of the charter Of the Bank, and
wonderful that the commercial disasters that
W SINCE befallen, have not, by the advocates of
4ew debt, been ascribed to the extinguishment
NE old one. However as the new Admins.
.on ilys down the broad rule that whatever exists
lu must, of necessity, exist here too, and the
. > already proposed, we shall soon have an heredi-
I. senate The Constitution is not so explicit on this
afad ma find