The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-20

said commerce could not be conducted
without railroads and canals, and so Con-
gress had power TO make roads and canals;
by similar reasoning the Treasury might
be empowered 10 purchase up cotton 10
protect the Southern planter. Congress
had power to coin money, and therefore 10
establish mint: and hence sone gentle
men had drawn the monstrous, the revolt
ing inference, that Government had power
10 issue paper currency and TO establish
paper mint
Such construction of the Constitution
was at war with the whole history Of the
time when it was adopted. The Confede-
ration had conferred on the old Congress
the power to borrow money, and 10 issue
bills of credit; bul the conyenlIcn which
framed the Federal Constitution struck
out the latter clause. Two attempts we're
made to get it inserted in that instrument,
but both efforts were nega,iyed. Yet that
very power which was expressly reius-
ed BY the convention, and struck out OF
the articles Of confederation, was now,
lorsoolh, contended for in its utmost lati-
lude, under the commercial and the coin
ing power There was no Virginia con.
struction in doctrine like this. By such
reasoning, an ingenious man might find
any power he wanted sleeping in the text
Of the Constitution.
Mr.. u. concluded by repeating the as
suIance that no remark made by him OF
this occasion was intended to apply TO the
present Chief Magistrate OF the United
States. lie believed Mr.. Tyler to be al
honest man, aud patriotic IN his motives
Lut he had deemed it due 10 himself not tc
suffer measure Of this kind 10 be before
the Senate for weeks and months without
expressing an opinion, aud then to come
cut and oppose it. The party with whom
he acted were in the habit Of showing then
hands a, once--in the very outset. Ii tho
President should devise any measure con.
fined TO tie collection, safe-keeping, and
disbursement Of the public money, unless
il should oontuin some gross aud palPabc
Ground Il ohlcations, the measure should
have Mr.. BIS support, IN thr hope that
ailer all experiments should hayo beeG
tried, and reason should have time 10 pre-.
vail, the Government would at length re.
turn 10 aud re-eslablish the Independent
Treasury.
Mr.. CALHOUN said he did not rise 10
oppose the motion to commit, or to enter
on the merits Of the scheme IN the report,
bgt to express in the brielest possible man.
Iner some Of The reasons that would induce
him to oppose il. lie had read the report
with great attention, and il we'll morled all
tho compliments which had been bcstow-
cd upon it, Ii was very able paper
simple aud explicit aud manly ia lts tone,
There were admissions in that report
which Mr. c. conceived TO furnish the
most triumphant yindication possible oil the
course Of that political party TO which Mr..
c. had been attached since 1890. In te.
gard to Bank Of the United States, the
report admitted that, eveu ii there were
20 constitutional objections t. il, Il could
tot 60 into effect, because its stock would
not be taken. That was iaci which Mr.
G. and his friends had urged here during
the debate on the Fiscal Corporation bill
The report went on TO assign reasons why
this inability was temporary only. bui on
that point the Secretary was wrong.
There was no period IN ahich the stork 81
Bank Of the United States ever would
be taken, because the credi, Of the entire
system was gone, and gone forever. Tho
reason was obvious. As bank Of the
United States, It's directors had less re.
sponsibiity to the stockholders than tic
directors Of any other bank. The stock.
holders we're scattered all over the caun.
try, aad many Of them were in foreign
lands; whereas The direction Of the hank
was local, and !, was impossible that the
character OF action Of the directors could
ever be thoroughly known. Here was q
gtoat, radical defect, which nothing could
ever overcome. The soundest banks
were those in a commercial metropolis,
shese the stockholders and tho directors
both resided together, and perfectly knew
each other.
I But there was another aud more impor.
tant admission IN the report. II adyocal-
ed the EHchequer Board because il was
not az incorporation; because the bill con.
ierred no privileges and Congress parted
with none of its power. This was admit.
ting the soundncss of these grounds Of ob.
lection which had always been urged
against National Bank. The report ad.
miited further that the idea was rapidly
gaining ground :hai the two functions a
issue and of discount were in their nature
Incompatible, and ought never to be united
in the Same institution. This was true |:
theis nuion had been IA fatal error, and this
doctrine had been maintained by Mr.. c..
IN 1881 he was happy to see it admitted
IN 50 high quarter. He viewed this,
however, with far more pleasure than
pride. What march had truth made in
four or five gears 1t lad already ad.
yancod over much Of the space which sep.
arated the party which opposed from the