Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-03-07

we snall refer 10 out one otner SAdUiple OF III
n'of tho Convention, and then turn to 9th
matters.
On the lTth AugDst, 1877, proposition W.
moved and seconded. TO add TO the 1fth clause
the Constitution. which gives the power to d.
clare war, the words sand make peace"
Passed in the negative unanimously. Jou
nal Convention 259.
! Here was proposition 10 grant positive powo
to make peace u was rejected. Will il b.
hence inferred that the power does not exist? o
will il be taken for granted, that il was esteeme,
such a necessary incident to the power to "de
clare War" that il would be an idle waste o
words to insert il in the Constitution VIZ
leave II TO our readers TO decide.
But there is one objection 10 this argument OF
the opponents of the Bank which seems TO us in.
surmountable. If the general power to gran,
charters OF Incorporation had been refused, and
that refusal was intended 10 have tho effect which
is now attributed to it.. how does it happen tina:
within less than iOur years fiom the date of that
refusal, George Washington the President OF the
Convention. and twelve others who had been
members Of that body, should with full knowl-
edge of that fact, and in defiance of their oaths
to support the Constitution, have been the open
advocates of the exercise of mower which had
been directly prohibited by tie Convention.
Those WAC can believe such propositions
must at the same time believe that the Father of his
country and his 'ustrous compatriots were per-
juted knaves
aaving ihue. presented OUT y.a,,r oi ne mos.
imposing objections which are urged against the
power TO incorporate Bank of the United States,
we return TO the regular train of our remarks on
the history of that question.
The Bank of 1871 ring been incorporated
under the circumstances which mentioned in
our last number. commenced its operations, and
lis beneficial influence was soon relt throughout
The country, In the revival of business and tho
restoration OF credit, public and private
But the enemies of The institution did not re-
lax in their hostility. The rivalry which had
been sprlnging mp for some time between JefIcr-
son and Hamilton, continued 10 increase until it
could no longer be suppressed. Mr., Jefferson re-
tired from the Cabinet of General Washington
and soon commenced his assaults on the ad.
minisiration: Being disappointed in his aspra-
lions to the Presidency in 1896 by the election Of
John Adams MIR. Jefferson became the head and
front OF the opposition to his policy. Among the
measures which provoked his sternest denuncia-
lions was u law passed by Congress on the eth
June, 1898, "io punish frauds on the Bank Of
the United States. :"
And here we must pause TO notice one of the
most extraordinary Instances Of the instability of
human judgment, and the extent 10 which men
may be hurried by the phrenzy of party excite
ment, that we have ever been called on to OBJ
serve.
This law Of a7th June, 1913, which merely
punished the counterrciling the Notes of tho
Bank was made the subject of the most severe
condemnation by Mr. Jefferson in the Kentucky
Resolutions of 1898, being unconstitutional,
null and void
But by the great political revolution OF 1900,
MIR. Adams was elected from Office, and Mr.. JEFF
ierson placed In the Presidential Chair. This
station he continued TO Gil until Ath Of March
1909. On tile nth February, 1907. Congress
passed supplemental law, ''ro punish frauds
committed on the Bank of the United States,''-
GSee Story Ed. l.. u. s., vol. ,, lOis.1 which
was precisely similar IN principle with, and in
Tended TO give efficacy TO the law of 27th June
1898, which MIR. jefferson had pronounced SUM
constitutional, null and void,' and yet he gave
tina, law his official sanciion
This act Of Mr. Jefferson proves one of two
things that he had changed his opinion as 10
iRe- ssv eyE - Congress-. that nc sio, aled the
constitution wilIully. As the latter conclusion is
wholly inadmiSsibie. we must be permitted to
claim the benefit of MIR. leherson's conversion 10
the true faith. and invoke his authority i'm aid OF
W ashington's, in favor of the constitutional pow
er TO charter Bank. Mr.. Ieflerson's objections
TO the law OF 1898, were founded entirely on tho
unconstitutionaliiy of the Bank and his sanction
of tie law of 1907, necessarily involved an ad.
mission OF lis coEsl!lutionaity and change Of
opinion on his part.
Bat this is not all the authority on this head -
In 1868, Mr. Jefferson, by n stretch of authority;
which he frankly admits in his letter to Judge
Breckinridge Cleft. cor VOL g. 5I2) to have been
beyond the constitution purchased Louisiana.
In March, 1901, Congress passed law au,hori-
zng the Bank of the Z. States to establish
branches In any of the territories, the immediate
object being branch a, New OrIeans-(See
Laws u. States, 1904, c. 81
This Law was strongly opposed by Mr.. Madi-
son. who declared, in a speech agains, the bill.
That 'ihe right to establish subordinate Banks,
ought not be delegated TO any set Of men under
Heaven. Here the whole constitutional uues.
ton was thrown open. IL lit was unconstitutional
To ere ale the Bank, II was equally TO extend the
sphere O! lis operations. There surely can be no
difference in The principle, in granting powers 10
an institution at the commencement of its opera
lions, and granting new powers or extending the
Limits within which the old ones are to operate, a.
a subsequent period. Yet we find that Mr. leiler.
son promptly approved and signed This Bill.
We beg leave to advert to one other circpmS
stance connected viii! Nh Iefltrson's relations 10
this subject, and VIC will then pass on to other
matters.
10 March 1903 the memorial of The stockhold:
eTs OF The Bank was presented to the II. of r.,
praying renewal OF lis charter, and in Aprjl
following a similar petition was laid before tho
Senate This memorial was referred to the Sec,
feiary OF the Treasury, Albert Gallatin, with in
s'ruciions "to consider and report thereon at tho
next session."
On the 2nd Of March 1909 Mr.. Gallo,;o sinh.
miiied an able report to Congress, recommending
III strong terms. the rc-incorporaoD of The Bank
with the changes in its charter which experiences
had shewn 20 he necessary.
his report being made on the last day bu, ono
"i the session Of Congress, and Of Mr. JeG;er.
sons Administrations of course no action was IA.
zen upon II. Bot il is important to shely that
Mr.. Jeiferson's Secretary Of the Treasury durinr
The continuance Of their official relations did rec
o:nrne1d to Congress the incorporation of a Bank
OF the u. States. Whether he mad the authoritv
oi Mr.. Jefferson FOR SO doing, we have no certain
in"ans OF Knowing unless MIR. Gallatin should or.
tighten thc public Oh the subject. Bnt This tys
90 Enow-lt would have been most unparalleled