Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-04

is tins constitutional doctrine no." - - ~
In the MESSAGE oil the President oi the ned states:
bpt il Is IN the report accompanying tins hl IL Is mol
asserted tina, the question has not been iuiv argued
In 1897 denied that the power ioesaiair te cutreh-
cy was 10 be found in the Constitution II was at the
,,n,e conended that the power to regulate commerce
gsve thai mower Aud wha, kind Of construction Of
tho Constitution would THIS be- Oar fathers were
Jealous OF Federal power They dealt out Their sove.
reign power to the Fedora! Government with nigsard
hand The history OF The Convention winch framed
,hs Cons,,u,iop and particularly that Of the Conven-
tim " cb amended IL ntofms rs OF thci. extreme eau
ton and jealousy. The power to regulate commerce
WAS granted simply for this reason; different States
of The Confederation had imposed different rates OF
duy on the importation OF foreign articles, and the
States whose tariff was lowest introduced the goods
from abroad and then pushed them INTO those STATES
which exacted higher duty; and thus there was
continual Of cus,om.houses gong on BESIDES
this, we unable 10 make any commercial treaty
with FOREIGN nation, because the General Govern
rnent had no power 10 enforce ITS Observance This
was the reason of the power TO regulate commerce
being added the powers granted b. The Constitution
Task now, SIR wta, would those jealous patriots have
said or thought If they then told that IN granting
a power TO regulate commerce they were creating
power to make a grea, Government Bank power
regulate S r.esnPposes that there IS something IN
existence u lie regulated AS Chef Justice Marshall
has observed, the power 10 regulate commerce was
nothing but 10 prescr be rules according 10 which II
should be conducted. You nigh as we'll infer from the
power TO regulate commerce, power TO create ra
afford facilities for or to buy cotton as The
Bank Of the United States did. Then Congress has
the power - coin money and regulate the value
thereof Under this clause they have power 10 es'ab
lish mint; but nons,rous inference has tccn drawn
that they have the power 10 create paper currency
and TO establish paper mint. THIS construction OF
the Constitution WAS u. war with the history OF that m
strument, and OF the time in which Il was adopted
The Confederation had conhied to the old Congress
the power TO borrow money on bills of credit; but the
convention which framed the Constitution struck out
that clause. Two attempts were made bat both were
negaved And yet that very power, expressly refused
BY the convention, aad stuck out Of the Articles OF
Confederation il now be exercised in this attempt
10 extend TO object under the commerce power,
and the money ccining power There IS no Virginia
abstraction in this Establish this Exchequer Bank BY
stretching tbs principle Of construction, and any nge
NOUS mar may find any power he wants, sleeping in
the teY. Of that instrument.
s;r, believe have sad all that intended 10 say.
End a good deal more too | repeat, however, and ]
wish To repeat that remark which have made, was
attended apply, the si Ih:cs, degree, the pre-
sent President Of the L s. SIR, believe that, in
commencing this bill 10 the consideration Of Congress,
he is acting with honest and patriotic motives. hut
slso believe that il is due 10 myself and the party
with whom have the honor to act, not TO wait for
months weeks wthou, expressing my opinion. Sir,
The party which belong, always shows iis hands III
the beginning II the President OF the I. ;. can de-
wise any plan confined 10 the legitimate, constitutional
objects OF the receiving keeping and disbursement
OF Tie publ. inoney-uncss II contain gross and
papahle ground of ojec.ion il shall have my support,
And hope the public mind VII come 10 what be-
believe TO be right and repeal any act That may be es
labshed and return TO and reestabsh the lndepend-
ent Treasury
Mr. CALHOUN said that liis object IN RISING was
neither oppose the reference nor 10 discuss the mer.
lis Of the subject proposed be referred bu, SIMPLY 10
avail himself Of the opportunity Of expressing his OPT
mons briefly but explicitly in relation 10 H. lie regard
ed such expression due both 10 himself and those
whom he represented.
IL, had nd lar apIa Mt N and
with no unfriendly feelings whatever, and he believed
IT well Inerted the compliments bestowed on thy the
Senator from Pennsylvania, Mr.. Buchanan Il was
all able paper; simple and explicit IN It's statements and
calm and moderate It's tone II had sti!i higher and
rarrr merit manly in is admissions lie regard
ed its admissions furnishing the most triumphant
vindcaton OF the course OF the party with which he
had acted since lc31.
The first Of lis admissions is, that nank Of the L. S
would be unadvsahle n .hs time, II II were ifee
from all constitutional objections, and this on the
ground that its stock, in III" present state oi things
would not be subscribed b. Individuals In this OPT
Mon he entirely ccncarred II vas the ground tic -
sumed during the late session bu be Odd not concur
with the author OF The repor, IL a,t;hung it to the
canse he did regarding the cause Of Temporal
~ character. On the contrary he believed u to DC per
snanent so much that he had no fear tina, there would
be another L. s Bank, during the present generation
least The fact is tina, the banking SYSTEM under il:
present modification. IL running down, and IS a.read,
greatly discred,ed bu Bank of the United States
has only partakcu ~ lass general dtscreat, but VA
still more depressed from causes peculiar 10 ise!i
which he need not explain The fact was, that II is
from circumstances necessarily accompanying II, among
the least responsible of al! banks as experience has
proved Among these Is the ia"i that while ITS stock
holders are scattered vide spread REGION with
many IN Eu7opr its place for business and control,
we'll az lis direction must be local Vow, when we
take into consideration how small the interest OF The
direction as stockholders, must b., 10 lie aggregate
amount Of capital, and how imperfect The Knowledge
h,ii ~ i.tttni iDD. IN
be- both MS to the character OF those who constitute
The direction, Of their management that there Is nc
ADEQUATE hold, either from interest or responsibility, IL
restrict them The faithful discharge OF their trust
WHY then should il be surprising that their powers
should be abused and that nsieaa OF beng directed u
advance the general interest of the concern, they
should be perverted INTO the means oil aggranazihE
and enrichng themselves and their friends. Here
radical defect, which could not he overcome. The
Houudest and safest banks would be found in the enc
10 be those located III the commercial cit,eS, IN which
both ockholdefs and directors reside together, anc
where the character and management Of the latter are
well known the former, and are held constantly IN
der strict responsibility and supervision BY them.
But there was another sill more important admis-
sion. I, recommends the EscheGuer scheme which Il
proposes the grounds hrst that 4, IS no corporation;
and next that il granted specla privileges and,
AGAIN that Government, would part with none Of lis
powers that is-lha il was repeaahe; and what that
but an admission that it Just objection 10 any fiscal
arrangement, that IS corporation, or that u granted
specIa privileges, or mat parted WIN .e powers "
the Government, and was not repeaabe: And what
ia that but admission that this side were right
in resisting, dad the projects proposed at The eS-
ira session on these very grounds:
There IS still another and not less important ad-
mission Ii admits that the opinion - rapidly gam
ing ground, among the enlightened, That the two iunc,
tions of discount and circulation incompatible and
cannot be safely trusted 10 the hands. That
is true Their UNION q fatal error under winch
this country and large part Of Europe Is now SC
verely suffering. He had in the extra session o
1887 taken the same ground, and then veniured the
assertion that among the changes which hanks were
destined 10 undergo, one n, least would be the Sc
paration of The two functions and that they would
be dyested Of that Of and circulation and he was
now happy TO see this admission in the high quarter
from which IL comes. There were other and not un-