Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-09-10

u
non;re 10 whu, various clauses of the Constitution the
Bank party have al different tmes attempted to hitch
the power of creating th.s corporation.
Al one time il is incident TO the power Of collecting
revenue; at another, TO the power OF regulating com
merce; at another, 10 the power of borrowing money
at another the power OF coming money and regalat
ing the value thereof at another, 1t is boldly declared
TO be the constituting of Treasury tthe U. 5, in
which all the public moneys are to be placed and kept
and from which no money can be drawn, "but in con
sequence of appropriations made by law. Indeed II
NAV he regarded nearly identical to power as TO
another. Congress might as well incorporate COM
pany transport the mail of the u S, as TO transport
the money of the U. S.: might we'll incorporate
company to provide magazines and arsenais Tor the
safe keeping of the ammunition and arms OF the U.
MS to incorporate company To provide vaults Tor the
safe keeping of the revenues might as well ncorpo.
rate company TO distribute and nnmuntions to
the officers and soldiers of the Army Of the U. 3 as
company to dsburse the money TO the creditors OF the
United States
But Congress are bound, say the Bank men, to fur
nish good circulating medium for the whole Union
q sound national currency and therefore, may moor
porate Bank of issue. II Isl in the first place, haty
denied that Congress enjoned by the Constitution to
furnish any such circulating medium any such paper
currency The premises from which the conclusion is
drawn, not granted; they are IN dispute, ana the
constitutional provision must be cited, which requires
or authorizes Congress to supply such currency Let
those who claim this power, perform the whole circuit
of the Constitution, and they will have made frutess
Journey in search oft Congress has power to coin
money and regulate the value thereof, and OF TO-
reirn coin. No ingenuity torture this authority
of coming money into authority TO issue promssory
notes for circulation. That power of coming money
and regulating the value thereof is in daily and beaut
full execution. The handsome American coins, the
appearance of which pleasing to the eye, and the
possession of which is, generall gratifying, having
intrinsic value in the material OF which they are COM
posed, and, as issuing from the mint, having value
regulated by law, demonstrate the exercise oil the pow
No sophistry contound this operation win tha
of Issuing the promssory notes OF Bank composed oil
materials intrnscally worthless, easily destroyed hav
ing in the nature ofthngs value fixed, and uniform
all times, and in all places, constantly liable TO uc-
tuation and depreciation.
No law of Congress could make it legal tender IN
the payment of pirate or public debts; law of Con-
press can ensure all times, the redemption OF such
paper in gold and silver; law OF Congress can Sc
cure to il, invariably, value equal to gold and SILVER
And it always equivalent TO gold and silver,
the fact of such equvalency could not justify Congress
in authorizing the issue. When demand the con-
stitutiona currency-coined money, with regulated
vaue-we not satisfied nor is the Constitution sa-
tsed with the issue of bank notes, although they may
be rcdeemable convertible, and may continue equl.
vaent to gold and silver.
IT. however, the premises be graned-if It be admit
ted that Congress is bound to supply circulating me-
dunn for the benefit of commerce and trade, or IN
fulilmeut Of, auxiliary TO, expressly gwen
power, still would not result as consequence from
this admission, that the incorporation OF banking com
pany with authority TO issue and TO discount, was e.
ther necessary or proper mode OF dlscharg'ns such
obligation.
Paper issued by authority of Congress, upon the
credit of the United States receivable in payment OF
dues to the Government, and redeemabe IN gold ana
silver would acquire more public confidence ana Cd,
tain wider circulation would preserve more equai
value in everv part of the United States, than wouo
the of any corporation aggregate which could
possibly be created The direct issue OF snch me-
dunn, by the Government, if indeed IT were bound 10
supply il would be a natural, efficient, and INTEL
Gible mode of performing the duty, than through the
intervention of corporation, holding exclusive PRIV
lepes under charter which it Is claimed to attach The
character of vested and nvioabe sanctity-operang
upon the community with complicated machinery, as
incomprehensble and ine2plIcahe to the mass as the
machinery and apparatus of steam engine and aSeX-
perence has proved, more liable to explosion. To sup.
ply the country then with sound circulating medium
by the Governments Bank is neither necessary or APP
proprate. But il is wholly denied that Congress can
The credit Of the United States the basis OF Co
vernment paper for circulation, or can authorize or
permit individuals corporations to avail themselves
&C il give confidence and currency to their prom's-
sorry notes Congress can borrow money OIL the credit
of the United Statesbut it is not now recoec,ed that
this credit may be used for any other purpose
1t has been maintained that il is ii.e duty Of Con-
gress regulate the currency of the country and
that the incorporation o., National Bank Is neces
sary and proper mode of accomplishing this work,
such Bank acting great and efficient regulator OF
the diversified currency of the States.
That it is the duty of Congress to regulate the cur
rency of the country, is an assumption wholly gratu-
tous There is warrant for any such doctrine in the
Constitution There cannot be discovered In that IN
strument, the slightest trace Of the power 10 interfere,
by regulation or otherwise with the local currency oil
the States Ii has been controsered point, whether
the States rlghtfuy authorize the issue OF such
currcncy-and hardly be supposed, that the fra
mers OF the Constitution, any part OF that insrn-
men,, intended 10 authorize the regulation Of that,
which would be Of uncertain existence and oil question
able legality.
The prohibitions in the Constitution seem to be all
that be discovered that be made even remotely
10 apply the subject of the local currency oil the
States.
No State shall ''coin money, emit bills of credit,
make any thing but gold and silver coin tender in
payment of debts.
But even were it the duty of Congress to regulate
the currency the conclusion does follow, that the
establishment of National Bank is necessary or pro-
per mode of fulfilling that duty II would still remain
most difficult and arduous task to demonstrate, TO
make clear the comprehension of the people, that
u. s Bank, with its brood of notes, necessary
and appropriate method Of regulating the Bank notes
of the several States. To convince the people OF the
u States, at this time of the necessity proprety OF
U. ). Bank for anu useful purpose would be hercu
lean labor. They already convinced that such in
sttution ultimately in It's progress and effects, must
prove injurious 10 the morals and business Of the coun
try disturbing the regular otrade and commerce,
and, instead Of regulating the State institutions acting
embarrassing their business Convince the people Of
the necessity and utility of such an institution! -!
Every prudent in the country looks upon u >.
Bank note Frencbman does upon an dSS'gnat.-
How can Congress, how could U. 5. Bank secure
the solvcncy and good management of the State Banks
how regulate their Liabilities and assets-how restrain
their issues-how equaze their currency 1.-THE State
authority granting the charters, will not impose proper
restrictions will not rigidy enforce them, II the
not redeemed in specie upon application, they
will deprecae in market value the Banks will be sus-
pected of insolvency, and public confidence will be
withdrawn. No U S. Bank could supply the omissions
TO impose the remssness TO enforce, eecual restr'c
TONS nor could il avert the necessary consequences
The history of the past has demonstrated the utter ne
fciency of such Bank TO a safe and prudent
regulator of the State Banks That which is wholly
incapable of accomplishing the purpose intended, is an
unnecessary and improper agent.
Again: it has been commended that Congress has
the power and is bound, TO regulate the exchanges OF
the country; and that from this It follows that Bank
i,uy he created, whose business il shall be 10 deal IN