Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-05-20

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acts of the Judge a conformity to the ad-
judlcation of his predecessor. In the IN
terpetation and administration oil the law,
this practice is wise and proper, and, with
out it, every thing depending upon the ca
price of the Judge, we should have no
security for our dearest rights. II is lar
otherwise, when applied to the source oil
legislation. Here no rule exists but the
Constitution, and TO legislate upon the
ground merely that our predecessors
thought themselves authorized, under
similar circumstances to legislate, Is to
sanctify error and perpetuate usurpation.
But if we are TO be subjected TO the tram
mels of precedent. claim, on the other
hand, the benefit of The restrictions under
which the intelligent Judge cautiously re-
ceives them. 1t lie an established rule,
that 10 give to previous adjudication any
effect, the mind of the Judge who pro-
nounced it must have been awakened to
the subject, and it must have been de-
literate opinion formed after full argument.
In technical language, it must not have
been sub s,lentic. Now, The acts OF leo4
and 1907, relied upon as pledges for the
rechartering this company, passed not on
y without any discussions whatever OF the
constitutional power of Congress to estab-
lish Bank; but, venture to say, with
out single member having had his atten-
ton drawn 10 this question. had the
honor of a seat in the Senate, when the
latter law passed, probably voted tor IT.
and declare, with tho utmost sincerity,
that never once thought Of that point;
and appeal confidently to every honora-
Bile member, who was then present, TO say
if that was not his situation.
This doctrine OF precedents, applied to
the Legislature, appears to me to be
lraught with the most mscheve us conse-
quences. The great advantage OF our
system of Government over all others, Is,
that we have a written Constitution detin-
ing its limits and prescribing its authorl-
ties--and that, however, for time, fac
ton may convulse the nation, and passion
and party prejudice sway its functlonaries.
the season of reflection will recur, when.
calmly retracting their deeds, all aberra-
lions from fundamental principle will DO
corrected. But once substitute practice
for principle--the exposition OF the Con-
stituiion. for the text of the Constitution,
and in vain shall we look for the instru-
ment, in the instrument ITSELF il will be
as dffused and intangible as the pretend.
ed Constitution Of England, and must be
sought for in the statute book, in the fugl-
tive journals of Congress, and in reports
of The secretary of the Treasury. What
would be our condition, if we were to take
the interpretations given TO that sacred
book, which is, or ought to be, the criterl.
on of our faith, for the book itselfs We
should find the Holy Bible buried beneath
the interpretations, CLOSES, and comments
of councils, synods, and learned Divines,
which have produced swarms of into'erant
furious sects, partaklng less of the mild
ness and meekness of their origin, than of
vndictive spirit ofhostility towards each
other. They ought to afford us solemn
warning, to make that Constitution, which
we have sworn to support, our invarlable
guide.
conceive then, Sir, that we are not
empowered by the Constitution, nor bound
by any practice under it, 10 renew the
charter of this Bank, and might here rest
the argument. But as there are strong
objections to The renewal. on the score of
expedency; and, as the distresses which
will attend the dissolution of the Bank
have been greatly exaggerated, | will ask
for your indulgence for few moments
longer. That some temporary inconven-
fence will arise, shall not deny, but most
croundIessly have the recent failures in
New York been attributed to the discon-
linuance of this Bank. AS we'll mitgh
YOU ascribe to that the failures of Am
sterdam and Hamburg, of London and
Liverpool. The embarrasaments ofcom.
merce-the equestrations in France
the Danish caphres-in fine, the bellig-
erent edicts, are the obvious sources Of
these failures. Their immediate cause is
the return OF bills upon London, drawn
J upon the faith of unproductive or unprofit-
able shipments. Yes, Sir, the protests Of
the no,aries of London, not these of New
York, have occasioned these bankruptcies.
The power of a nation is said to con-
sist in the sword and the purse. Perhaps
at last all power is resolvable into that of
the purse; for, with it, you may command
almost every thing else. The specie cir.
culation of the United States is estimated
by some cacuIators, at ten millions Of
dollars; and if it be no more, one moiety is
in the vaults of this Bank. May not tho
time arrive whens the concentration of
such vast portion of The circulating mo
dunn of the country, in the hands ofany
corporation, will be dangerous to our lib
, ertesl By whom is this immense powsr