Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-04-25

selves of the Treasury, that the operation OF that ue
partment may be as well conducted without with
this bank. The delusion has consisted IN the use oil
certain high sounding phrases, dexterously used on
| the eccasion-"thc collection Of the reveIue"-"lhe
administration Of the finances -"ihc conducting Of the
fiscal affairs oil the Government the usual Language
OF The advocates oil the BANK 10 extot express assent or
awe into acquescence, without inquiry examination
into It's necessity. About the commencement Of this
year there appears by the report Of the Secretary Of
the Treasury, Of The 9Th ol January, To have been
little upwards of two millions and four hundred thou
sand dollars in the Treasury OF the United States; and
more than one-ihird Of this whole in the
vaults Of local banks In several instances where op
porluntes existed of selecting The bank, preference
has been given 10 the State Bank, or al least portion
of the deposits has been made with It, In New iork,
for example, there was deposited with the Manhattan
| Bank SlsS go although a branch bank is in that
city, In tins District, 1000 were deposited with
tie Bauk OF Columbia, although here also is branch
nix and vet the State banks are utterly unsafe 10 be
trusted! Ii the money, after the bonds are collected,
is thus placed With these banks, presume there can be
no difficulty in placing the bonds themselves there II
they must be deposited with some bank Tor collection,
which deny.
Again One of the most important and complicated
branches Of The Treasury Department. is the manage.
ment of our landed system. The sales have, some
years. amounted to upwards of halt million OF dol
lars are generally made upon credit and yet no Bank
whatever is made use OF 10 facilitate The collection
After il is made, the amount, III some instances, mas
been deposited with banks, ard, according to the Sc
cretarys Report which have before cdyered 10, the
amount SO deposited was in january upwards OF three
hundred thousand dollars, not one cent ct which was
| in the vaults Of the Bank al The y ; or IN any OF
/ its branches: but in the Bank OF Pennsylvania, lis
branch a, Pit,sburr tho MARIETTA Bank, and the
Kentucky Bank Upon the point OF responsibility,
cannot subscribe the opinion oil the Secretary OF Inc
Treasury; if meant, that the ability to pay the
amount OF any deposits which the Government may
thnnt At at
Stale Banks that The Accountability OF ramifsa ~
s,itu,ion whose affairs managed by single heao,
responsible for all It's members, 10 more simple lhah
bat of a number of independent and unconnectcd es
adjustments, shall not deny but WIN regard 10
safely am strongly inclined TO think il is the side
. M ,he local banks The corruption misconduct Of
the parent, or any OF lis branches, may bankrupt or
destroy the whole system, and the loss OF the Govern
ment in that event. viii be Of the deposits made with
each whereas, in the failure OF one State hank, the
loss will be confined 20 the deposit IN the vault Of that
bank. 1T is said 10 have been part of Burr plan, 10
seize branch Bank al New Orleans. At that pc
Rod, large sums, imported from La Vera Cruz, are
alleged have been deposited with il, and if The
tor had accomplished the design, the Bank of the IT,
S, if net actually bankrupt, might nave been con-
strained 10 stop payment.
1t is urged by the gentleman from Massachusetts,
(Mr Lloyd) that this nation advances in commerce.
wealth and population, new energies will be unfolded
wants and exigencies Will arise, and hence he
iers that powers must be implied from the Constitution
But Sir, the question is, shall We stretch the instru
ment embrace cases not fairly within lis scope,
shall resort 10 that remedy, by amendment, which
the Constitution rrescr!bes:
Gentlemen contend, that the construction which
they give to the Constitution has been acquesced
BY ali parties and under oil Administrations; md they
rely particularly act which passed IN 1904, for
extending branch 10 New Orleans; and another act
Of 500. for Furnishing those who should forge or ut
ter forged paper of the Bank. With regard to the
frs, law passed doubt upon the recommendation OF
the Treasury Department, would remark, that il
the extension OF branch TO a Territory over which
1 Congress possesses the power Of legislation almost
uncontrolled, and where, without any constitutional
impeachment, charters of incorporation may be grant.
ed As the other act it passed no less for the
benefit of the community than the Bank-to protect
The ignorant and un@ary from counterfeit paper pur
porting TO haze been emitted by the Bank When
gentlemen are claiming the advantage supposed TO be
deducbe n;a acquiescence, let me inquire what they
would have had thoseto do, who believed the csab
shmeut OF Bank oachnsnt upon Stale
| Rights? Wee they 10 have resisted and how: b.
force, Upon the change Of parties in 1850, it
be we'll recocced, that the greatest caamitIes
predicted consequence OF that event. Intentions
were ascribed 20 the new occupants OF power, OF
ating the public faith, and prostratlng National
credit. Under such circumstances that they should
act with great circumspectIon, was quite natural
They saw IN full operation, Bank chartered by Con
gress who had as much right 10 judge Of their Con-
sti,u,ional powers their successors. Had they
voked the law which gave Il existence the Institution
would in all probability, haze continued 10 transact
business notwithstanding The Judiciary would have
been appealed to, and, from the known opinions and
predictions al Tie Judges then composing H. they
would have pronounced the act of corporation, IN
the Of contract, beyond the repeating power OF
any succeeding Legislature. And, Sir, what Of
confusion would such OF things have presented
an act OF Congress- which law in the statute
book, and a nuli;y on the Judicial records Was il
no; the wisest to wait The natural dissolution of the
corporation, rather than accelerate that event. by
repeating law involving many delicate considera
tons
When gentlemen attempt 10 carry this measure
upon the ground OF acquescence precedent do they
forget that no, in Westminster HALF In courts
n justice the utility OF uniform decision exacs ol the
Judge conformity 10 the adjudication OF his predcces
In the Interpretation and administration OF the
law, tins practice is wise ana proper and, wthou. 1t,
every thing depending upon the caprice of the Judge,
we should have security for dearest rights. 1t
is t7 otherwise, when applied 10 the Of legis-
iaon. Here no rule exists but the Constitution ami
10 lcgslae upon the ground merely that p!edeces
sors thought themselves authorized under similar
circumstances TO egIslae, Is 10 sanclfy and per
petua,e usurpalion. But if to be subjected TO
the trammels of precedent, claim, the other hand
the benefit of the restrictions under which the nell
gent Judge cautiously receives them. 1t is estab
], lished rule that 10 give 10 previous adjudication
f any effect the mind of the Judge who pronounced it
must have been awakened 10 the subject, and must
have been deliberate opinion formed after full argu
ment. In technical language, it must not have been
sab sdeatjo Now, the acts Of lS0i and lc07, relied
upon pledges for the recl,artarng this company,
passed only without discussions whatever OF
the constitutional power OF Congress 10 establish
Bank but, venture 10 say, without single member
having had his attention drawn To this question had
the honor OF seat the Senate, when the latter a~
passed, probably voted for it, and declare, with the ut
most sincerity, that never thought of that point
and appeal confidently every honorable member,
who then present, say if that was not his sltua
ton.
This doctrine of p'eceden!s, applied to the I.egisla
turc appears to me to be fraught with the most MIS-
chlevous consequences. The great advantage Of our
system of Government over all others, that we have
wT'"en Constitution defining lis limits and pescri-
hng lis authorities that, however, for time, fac
lion may convusc the nation, and passion and party
prejudice sway is funcona.cs the season Of relec
ton will recur, when calmly retractng their deeds, all
alterations from fundamental principle will be correct
ed But once substitute praetce for principe-thc ex
position OF the Constitution, for The text of the Const-
tnion and IN vain shall look for the instrument,