Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-10-01

THE BANh Ot 1871.
Il has been seriously commended, that the pas
save of a law ;,u;holsing the Bank 10 erect
hranchtS in any OF the Territories, III lHul, and
another 10 punish frauds coninl!icd on ..c banh
III liz. United States" in 1907. with the signature
IL Jefferson arc proofs that Tie Republican party
had abandoned It's hostility u the Bank Party
lines were mol drawn on that question: " HE thll
tnl 1907 PASSED., according 10 MI. Crawford,
in his speech in iar0r OF lhe Bark in The Sc
uart. ii The Unite, States on fchrGaly llh, 1911
tDocuincntary History, page 3l2) "ihloueh hoih
Houses. without producing call Tor the yeas
and nays upon lis faal passage az IN a"y ~ as
,at.fmill.ie stages MIR. Crawford aGduces ms
"nnanimiiy" (a> h. calls III as an evidence thai
th, Republican parry was not opposed 70 Baik,
and the author OF the Fair Proposition cooiiy
steals his argument without, giving him any ere
din Tor IT, Bin, many men who ncrer surrendered
;heir constitutional objections 10 4 Iahk We're
members oi Congress when that bill passed.
Mr.. Giles. who was present, 10 use ms own
words when most OF these acquieScnS laws
have been PISSED" thus icDnkes Mr.. Ird"ioid
i3r MS understandable assumption:
"Al The lime OF passing the law lur Pllnls'liE2
counieric,ing the bills OF lie Bank OF The united
STATES recuecl M oihcr consideration operating.
on me. Than The information that certain unprir-
,;pl,d individuals were coun,cricitlnS bills IN
General circulation 10 The great INJURY oi NE
honest part of the community. ! Though Suct'
conduct ought Ia be suppressed. ana therefore
voted Tor Furnishing ali who should he engage.
in H. without much attention To the constitutional
question respecting the Bank law. lcanno, WIFI
on, some violation 10 my feeling, agree 10 have
any of my public conluc, propped ~ by an a ter
thought. nor by any other considerations man
rl,o>,. which operated ii the time (Doc Hist,
- 3iI)
A f.w sentences further he SAYS: Il am. there
lore. disposed 10 admit the acquic>cencc IN the
Bank law. and 10 give The gentlemen III favor OF
renewal all ih advantage Of the rrcccdca'S Qnoc''
hy them ior that object co"N@cTcd h""tr an "ts
Circumstances ~ ias case ans Ia 'ra3' u" "'p
auoano VIII they 60 SO tar as TO p'cci'de ihc
present Congress from exercising us sound aus
r.c,,on upon the constitutional question, whcn
l,r,uyh drec.lv To lis consideration! ard when,
>, the Time OF the several precetentS quoted, Il
"a. only collatcra,lv or Incidentally considered,
tfcoxslprRED IT ui! Certainly not: ana II IN eN-
tc,ing the right otieviewins the Constitution, inc
,rcsent Congress should DC convinced thal Tor
;ner Congress had exceeded lis limits is II mol
bound by every conscientious consideration. "a
correct the error and bring the laws within Is
Wholesome provisions Il appears 10 me l" pe
mo-. only the light but the RdtSp7'Sa5C d"9 "'
Congress- /, do so"--(Doc. Hist. p. 3i2)
Hear also what Henry CAY Of kENTtcGN,
q-!o,~isa a,gal~foftc See'c D.9.ch 'aSSHi he art
nr3rh F,jrnayv. 1907 SAYS q this subject IN
hi. speech against the Bank III 1871:
gentlemen con,cni that the construction
which they ciye 10 the Constitution has been &C
Guessed IN by all parties AMI unde! all admin
i>ralions; and they rely particularly on an ae'
which passed in 1901, COR cxtenlin" hlahch 10
\.,y Orleans and another act oil lSoi Tor pGn-
i>hng those who should forge or utter iofgid pa
p-rol tn Bank With regard 10 IN: first law,
passed no douM upnn the recommendation oi tue
'rt,a>ury Department, | would remark, that II
,r,S IN. ey,rrSion oil Il branch II icrr,'ory oVc!
which Congress- possesses powers al icSi>ial"i
almost uncontrolled and where wi;h"'it any con
s'il,itionai impeiimeat, charters ul incorporation!
may l.. nranted 4 10 the other aci. u Mas
nos.el no .,s for the benefit al the community
Than III Bank. 10 protect the ignorant AMI nnWa-
- from counterfeit paper, Pnrpor,ins TO have
been rmij,c! bv the Bark. When gentlemen are
claiming the advantage supposed 10 he G,t',icl-
I'D. from arlu'sccncc, let ne inquire what thev
,c,rH hay, had those 10 have done, who bciievc,t
Tia. establishment O. The Bank an cncroachment
upon State ti.ht> Were they lhavc resisted,
aud how 81 force? Upon the change oil
partic, in 1904 i, must be- vel reco'r'ci that Inc
creates, calamics were predicted as consequent
"a, Of that event iuicntioaS were a>crls~d 10
the new OCCUPANTS Of power. ol violating the pni'-
lie faith and pros;ratng national crc.i:t omicf
>uch circumstances that thct should act WIN
treat ci;cumspecion, was quite natural hcI
Jaw in full operation Bank, chartered ~ a
Congress who had rs nuch right 10 Judge oi lhcir
Constitutional powers AZ their successors. iial
ti,.y rcroked The law which gave II existence
the institution would, in all probability, nave
continued 10 transact business MISUNDERSTANDING
HI. judiciary would have been appealed 10, AMI
iom the known opinions and predictions OF the
iulges then composing il, they would have pro
no;.ncet the act of Incorporation, Is IN The ma
ture Of 4 contract, beyond the repeating power ol
;ny succeeding Legislature. And, sir, what a
scene Of confusion would such 4 state oil things
have presented. an act OF Congress, whicn was
law in the statute houi, and nulliiv on The u
,icih records, Was it not wi>est to wal, the
natural dissolution of the corporation rather IN IN
accelerate that cren! BY 4 repeating law, involv-
ing 80 many delicate considerations :" (Doc
Hist p. 3o1-S)
Who can doubt. that this was the geaer raj feel
inc in the Republican party, with regard 10 ihi,
law II was nota question =. Bank or no Bank
bu, Of Forgery or no Forgery. These con
>Lleralions must also have influenced MIR Ieiicr
son in signing The bill. As Mr.. Giles SAYS in hi:
speech above referred TO: The general principle
operating with me (Mr. GileS) was this that a!
laws passed by Congress must bc c0aSdftedaS con
stitutional until they are repealed The Ban!
charter hal no; been repealed, or attempted /" IL
repealed, BY the Republican parry; ami. Is W.
conieadcd doc. Hist. p 800 by The "ppcse'~ "
the bill. the &c; Of 1907, as we'll as that o. 1851
above alluded H. were passed "5ec1u~c The R.!ni
law was in The na.rue OF 4 contract, ami Con
gress bound 10 protect The institution Just as il
we're constitutional.
Il i true that Mr. Jefferson, in the Kentucky
Resolutions had declared the act ot 1858, (to pun
lsl the cuuntcrieitiug the Bank notes. 10 which
The act Of 1897 was supplementary. "al,ocethe
void and Of no force But in those very Re>olu
!.
going To The destruction Of all The limits PIE
scribed 10 the power (oi The Government, of the L
Siates) br the G. institution (kent. Res. - lei
un;ouchts 10 I've revised and corrected al Tim
Of greater tranquility MAY not MIR. Jc,irr>c
have supposed that tins law also could he deierre
10 such time which did no; arrive ill the genera
paciticaton OF the world on the final overthrow o
Napelcon2 This change OF opinion, ii any, /
the more readily accounted for when We iencm
,p.r. that The Bank charter had hut four years Il
ran i, the period 0. the passage Of the law Of 1907
The same reasons account Tor The passage o ;
law autholizn. The erection OF branches in lh'
territories the question either OF The constitution
al,,y or expeaicncy OF the Bank was not Z; al =
issue. The Republican party did not think rro
per 10 repeal the charter; they, therefore, dc,ct
lu>, as ii the law was perfectly valid one.
air .leiisrson'S earliest views on the ronsi,u
lionality and expectancy oi National Bank, We
nave gwen IN lhe extract from MS ~ ihion as
Secretary Of Slate in 1871. rnE>s VIEWS lie
NEVER cHaNGsp No attempt has been rladc lo
show il, except from his signing The Acts q 1891
and 1897, mentioned above, aud tic fact thai II
beu Galla,in, his Secretary .. Inc Treasury
made Repor, in favor ot tic icchar;cl OF the
Bank, dated ON The - OF March, lSu9; aui Mr.
Jefferson is inferred 10 have sanctioned Mir. Gal
latin's views, simply because III was one Of the
Cabinet, This lasl desperate shin shows The ut
Ter unienablity Of the position. The Report was
made bat TIRE days before the expiration OF MIR.
Ieliersons term 1t does not allndc in the rcmoiest
degree 10 the question OF the coas;i,ulonali'y OF
The Bank: and recommends, that "some share
should be given in the direction 10 the General
and Stete Governments that the Bank should
paw interest on the public deposiies, and that the