Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-01-30

or purchase bills other than such Az shall DO necessar,
~ The coeeon transfer, and disbursement Of the pub
lie funds"
/ Here was the lava law Of Conpross drawn by IN,
hand Vi Daniel Webster, creating nm institution ppssess
my The most important political powers committed IL
congress for The discharge 81 It's duiies both 10 the
Government and 10 the People, and in il he decarcd tina
ms institution was 10 exercise these powers ~ not Ia
exercise them. according to the permsson Of Stale
legislation, Compare the two things there was the
! Constitution OF the Unnod States, and there was MIR
Wehscr's bill
There was III one Of the classes Of this BILL n power
given 10 the ENchcquer Board transfer the public funds
or public uses, aud another 10 provide exchanges Tor the
benefit oi The people vi the country VI these powers
was made dependent upon State Legislation. While the
other Wa not. Ga villa, did that distinction pruceedl
They all knew what were Mi lyers IDEAS on the mat.
ter that national bank absolutely necessary Il,
the eovernmeni iuf the discharge OF s duties aud the
due exercise OF the constitutional powe,s conferred up
III and this difficulty avoided by requiring concur
renee OF State legislation with that the General CIV
efnnebi lhn ELECT oi tina was 10 bring power into
existence which was totally unknown 10 The Consl,tu
ton, VIA the power. by concurrence Of the two do
any thng whatever that the Government should choose
10 do. power more fatal 10 all that ireemcn held
dear could moi have been devised by the OF man.
In the District ot Columbia the General Government
was absolute. ttor the President considered exclusive
power as unlimited powcr) and according 10 the Exche
gue bull this Government could do the thing with
~ State which II could do IN this District provided
"h'N sHuuiu consent 10 w ou tnn the tsOS
rr"'nenl might IN this way annhiac any feature o the
Constitution altogether II was to- doctrine like this
That Daniel Webster had lent his name.
Now, as 10 Government Bank, MIR. NJ. might qooi,
any part OF MIR. w obsie speeches In either volume.
and almost AT any page you CHANGED open TO- (and Nj
NJ had traced them carefully throughout and you
sun lind the same general principles. without single
departure like rich golden inse porvadng the whole
OF his magnificent productions.
lien MIR. NJ. quoted the following passage.
xvf IN ihprn 4 i,iel,
was regarded a. unnecessary and Objectionable. That
was the power reserved 10 the Covernm, Vi appoint,
my five of the directors. We had experience u our
own ol The effect Of such Government interference IN the
direction o the bank aud IN other had boun
found that such couple between Government mud
banking institutions produced nothing hut ovil. The
credit ol banks has generally been very much IN proper
ton ~ their Independence Of Government control While
acting on true commercial principles they arc useful
both 10 Government aud people, and tho history of the
principal muneyrd institutions oi Eufops has delonsira
ted that thc'r efficiency and stability consist very much
III their freedom from all sulecion 10 Stale interest and
State necessities The real safely 10 tho public lien III
the restraints and Liabilities imposed Ivy laws and IN the
interest which The proprlctors themselves have III Ju
deious management ol tho affairs oi the corporation"
When General Jackson had vetoed the charter Of tho
National Bank he had told Congress that If they had
consulted him, he could have given them the pau OF
bank which would every end and mol contradict
the Constitution. Hear Mr. Webster again
The Constitution gvcs Congrcs5 right 10 lay du-
ties OF lmpos's and II prohibits The any such
power by the States Now, 1t happens that the Ma
lonal Treasury full and The State treasures are lar
less II might be thought veiy Convenient that u
part Of the receipts a the custom houses should be
celved 10y the States But will any say that Con
.fess could 10" authorize the States 10 lay aud collect
lnsts under any restrictions 81 limitations ahateyorl
no one VIII pfslehd it. That would be Ia make new
partition ui puwcr between this Government and the
Stat. Governments. Mr. Madison has very correctly
observed that the assen, OF the States cannot confer
new power On Congress- except IN those cases especially
provided IN Me Constitution. Ih!s Is true, aud II
equally true that the States cannot ATTAIN pow
"r. BY Tie consent o Congress, against the prohibition Of
Du Constitution, except IN those eases which are cx-
pfcssly ~ provided of IN the Constitution Itself. These
reasons, lead 10 think that. if. or purposes
n.cted with the beneficial administration OF The Govern
neEt, deem 1t neeessaty TO continue this corporoon
We Ale mol =. liberty 10 repeal any protection any
muDily with which the Constitution surrounds it, We
cannot give 10 law Of the United States less than
constitutional effect, The constitution says that every
such law. passed IN pursuance III the Constitution shall
be paramount To any State law. We cauhol enact thai
II shall not be So Tor that would be 10 repeal far the
Constitution"
Every bank must have some stockholders unless il be
such bank as the President has recommended, aud IN
regard 10 which he likely To find much
curence VI other mems oplions and the sloc khu.rs
"lOrser they may be- conduct the affairs o the bank
rudeotly, the expectation Ia always ol course that they
VIII make IT profitable 10 themselves rs well useful
10 the public II bank charter Is be granted be-
cause II may be pr.habe, either small OF great de-
gree. 10 The stockholders charter be granted -.
Tho objection Hes against all banks"
"Sir, the object ained at by such institutions is
meet tho public safety aud convenience with private III
eresis has been found by experience thai banks
safest under private management. and that Government
banks are among the most dangerous OF all INVENTIONS.
Now Sir the whole dfiIt Of the ss,ge 10 reverse
The settled judgment OF all the civilized world, aud
SET up Government banks independent OF private interest
VI private control"
Mr.. NJ said he had marked above forty passages il
these volumes touching the question of State powers
lie would quote but or lw1, In order 10 show what
those great doctrines that subject which had
ueen taught HIM by his master.
On the very question o The necessity Of the assent OF
Of the State Legislatures To the location Of branch ul
the United States bank within state, Mr.. Webster had
made most able argument TO show, that, according lo
the Constitutions the laws Of Congress paramount,
and that the States could not prevent their Icing So
without violating the Cons, tuition. And If they did. the
effect would necessarily be 10 throw the States into par
lla conlederacles, and eventually To overthrow the pow
ers ot the nation.
In another speech the declared TINT it WAS
the duty Of the General Governments To provide cur
rency not alone iur the Government but also to furnish
a national medium Of value Tor circulation among the
People, Y now he came 10 congress and offered them
this project of an Excicquer Board! Mr.. NJ. said there
was whole volume OF principles involved in such
scheme and tbat II Congress ever let 1t III they would
by that act determine this Contederacy All the Nr'
gina doclrues Of State rights and all the maddes, posi-
lions OF notification itself were a fool to this.
II seemed that since Mr. Webster had been the chief
! - ,ln 4, I,vo