Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-08-06
COMMUNICATIONS.
FOR TIE ENQUIRER.

"THE FISCAL AGENT."-[No. VI
Having thus examined all the clauses OF the Constr
tuition which regulate the revenue and money powers
of the Federal Government without finding express
grant of power to charter n National Bank, to
which such institution would be necessary and pro-
perly' an auxiliary: now proceed to examine the only
remaining primary power OF the Constitution, from
which such power could with the slightest degree OF
pausibty be inferred the power 'tO regulate CON-
7aerce.
This power is conferred by The Constitution in the
following words, embracing the whole power and all
its Incidents
"To regulate commerce 1cih foreign nations, and
among the seoeral States, and ,cith the Indian tribes
The words "to regulate commerce contain the power
impaired and the subsequent part of the clause the sur
face upon which it to operate II, then, the power
TO charter National Bank, any other corporation,
can be inferred from any part Of thus clause of the Con-
s,itution il must be found in that portion OF 1t which
gives the power $50 regulate commerce., and IN that
alone; fer the Specification of this term is neither
larred nor diminished by the number OF the objects, or
the extent of the theatre upon which 1t IS TO operate
Does this power, plainly and simply expressed,
"to regulate commerce, embrace the power to charter
a National Bank any other corporation? 10 answer
this question successfully must first enquire, what
is commerce; and secondly, what is meant by its regu-
lations What then is commerce: 1t means inter-
course exchange of one thing for another interchange
of any thing trade traffic. This is what is meant by
commerce its utmost range and what 1t has been
understood to mean, almost from the foundation OF the
world According to this definition, commerce does
and cannot banking; in other words, loan
ing money The trainers of the Constitution did not
regard this power connected with the money power
of the Government, because they conferred the mo-
ney power in separate and distinct clauses What
then is meant by the term "to regutateg 10 regn-
late means TO adjust by rule method; TO direct Io
regulate commerce., then, means to prescribe rules or
methods by which our intercourse, trade, our ex-
changes of products and navigation with foreign
nations among the States and with the Indian tribes
al. both
as relates to relations with foreign powers and the
peace and harmony of the States, is obvious; but it
was certainly never intended a Pandoras box, from
which all powers might spring, which convenience,
interest, cupidity or ambition might suggest The
trainers of the Constitution, forming system Of fun
damental law, for plain, Republican people, in the
importation Of powers to the Federal Government,
avoided all techncaltes and employed plain simple
and we'll understood English words, which were in
every days use and could not be misunderstood. In
imparting the power "to regulate commerce." they
used words which, up to that time at least never
understood TO mean banking-ond will venture the
assertion that of them understood the power to
regulate commerce. to embrace the power 10 charter
corporations whether bankers others, that 1t was
one of it's necessary incidents. In the discussions
which took place upon the adoption of this important
and extensive power, what member even suggested
the idea that under its folds, broad and ample they
were, was concealed the giant and subtle power of
banking, If there was any, it has escaped my obser-
vation This is of ITSELF knowing the intelligence and
sagacity which pervaded the Convention sufficient to
prove, that such incident not intended to be
concealed under this mask, and is conclusive, when
connected with the fact that the power to charter
poratons expressly refused. From these circum-
stances and the natural import of the term "to regu
late commerce., / unhesitatngly conclude, that the
power Of banking is not incident to the power to regu-
late commerce.
But the most plausible ground, and that which has
been occupied with the greatest success, is, that
sound and uniform currency necessary, nay, essen
tial TO hourshng and successful commerce. and that
a National Bank is indispensable to sound and uni
form currency. admit the position, that sound and
uniform currency is essentially necessary to the
cessfu operations of commerce; but deny that such
currency is only to be found in National Bank, or
that bank paper designed to be national
cy. The trainers of the Constitution were sensibly
alive to the great Importance of sound and uniform
standard Of value currency, if you please to call
so but they equally sensible that that sound and
uniform currency could be found in paper whc
Their Government corporation individual They
well knew, that paper possessed no intrinsic value, and
that the only value it possessed was receivable into ITS
capacity to redeem itself in specie The trainers of the
Constitution in reference to this question, and in the
discharge of the high and important duty which, among
Others devolved upon them to provide sound and amt
form currency, empowered Congress i" TO coin money
and regulate the value thereof and 10 areguate the
value of foreign COIN Here then is both soundness
and uniformity, and to secure this soundness in the
currency, Congress expressly authorized to secure
it against counterfetng by providing laws for the pun
ishment OF counterfeers What more could the Con-
venton have done? and what more ought it TO have
done' Provide sound and uniform paper, or, in other
words bank credit currency The thing was impossi
BILE. Paper is IN itself of no vaue and bank paper is
only because of its convcr,bility into specie
The soundness and uniformity Of bank paper depends
upon its prompt convertby into specie; and that de-
ponds upon the integrity and prudence with which il
is managed How then is Congress to provide sound
and uniform currency in bank paper when that sound.
ness and uniformity depends upon many con,ngen.
cies, 1t is impossible, unless the administration of
banks was committed to angels instead Of corrupt
tails The Convention, far from intending to impart
this power either expressly incidentally, withheld i,
by design for throughout the whole Of their delbera
lions and provisions upon this subject they seemed to
set their faces against paper in every shape, awed