Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-04-12
report on this system, as made by the committee

)
that It would be novelty unprecedented TO establs
government which should net have such authority
that it impossible TO loak forward into fiiu'ity,
far as 10 decide that events night not happen, that
should render the exercise of such power absou e'y
necessary and that he doubted whether III should
take place, it would be possible for this county de-
fend itscl without having to paper credit; in
which case, there would be necessity of becoming
prey to our enemies, violating the Constitution Of
our government; and that, considering the sdmintfa
ton OF the government would be principally the
hands OF the wealthy there could be little I,
fear an abuse of the power, by injurious
cessary use of il. But, Sir, majority of the Conven
ton, being wise beyond every event, and being wiling
TO risk any political evil rather than admit the idea of
paper emission in any possible case refused TO trust
this authority to government to which they were
lavishing the most unlimited powers of taxation, and
10 the mercy of which they willing blindy to
trust the liberty and property of the citizens Of every
State in the Union; and they erased that clause from
the system
With respect to the power OF Incorporation the Con-
stituton stands where j, proudly did when the trainers
OF That instrument signed il; unless, indeed, prece
dents, however antagoniscal and rreconclleabe can
alter the Constitution, and Justify the alteration
Congress has passed Bank bills; and Congress has
fused TO pass them-Presidents Of the United States
have signed Bank bills, and have refused sign them
while the people have very generally condemned eve
ry institution OF the sort; and il would be absurd to
that usage and precedent only valid wheh
acting in particular direction. Bot If usage and pre-
cedent ran wholly in favor of the power 10 incorpo
rate, instead OF running they do, directly against it,
we should still deny their authority establish this
power. And to support this denial we refer the Fe-
deralsts to The argument of their favorlte politician
In 1871, Mr.. Clay was in the Senate OF the u. S :.
where he spoke against the recerer Of the National
Bank, and wholly denied the authority Of any prece-
dents IN the discussion of constitutional question:
lie sad"l'l vagrant power To erect Bank after
wandering throughout The whole Constitution in ques,
of some congenal spot wheeon to iasten, has length
been located by the gentleman from Georgia, on that
provision which an horiZes Congress t. lay and collect
taxes, &c In 1891, the power is referred part
OF the Constitution; in ISL to another Sometimes it
IS dediced from the power TO regulate conlmsfce-
Hard pressed there IT disappears, and shows ,tseii IN
der the grant 10 money The sagncious Secretary
of The Treasury, in 1871, pursued the wsest course
He has taken shelter behind general, hgh-sonnding
and imposing lie has declared N the pr am
bic of the establishing the Bank that IT will be We
ry conducive 10 the successful conducting of the Ma
tional finances will tend give facility TO the obtala
ing OF loans and viii be productive of considerable nd
vantage t. trade and industry, generally. No nuson
is made the collection of loans. Want is the nature
of this Government 1t is emphatcally Federal vest
ed with an aggregate Of specified powers for general
purposes, conceded by existing soveregnlies, who
have themselves retained what is not conceded.
"The po,cer charter companies rs not specified in
the grant, and IS 81 nature MT TRANSFERABLE IN mtrh
implication. 1t OF the most exalted attributes oi
sovereiuntv In the exercise al this gigantic power,
We have seen an East India Company created, which
has rried dsmay desoaiion and DEATH through one
of the largest portions of the hababe globea compa
ny which is itself sovereignty; which has su5vcrrd
empires and up dnase> and has not only m7dr
, war; bot war against It's legitimate sovereign I'm
4 der the influence Of this power, nave South
Sea Company aud Mississippi Company arise, that
distrac ted aud convulsed all Europe; and meraoed
total overthrow Of AL cred; and confidence, aud uni
vets1l bankruptcy. Is ii 10 be imagined Mat pO~e'
so rat acouid hare bea iby the wisd0m Of Tie Constr
tuition TO donb.tai injiTcnre9
"When gentlemen attempt TO carry this measure
through the ScuIta the ground Of acquescence aud
precedent, do they forget that not IN Hestmn-
ser Hall, In Courts of Justice, the utility of nnifUr
nifty IN decisions exacs Of TIE Judge uniformity TO
the aGjudcaons OF his predecessor. In the nerprea
ton and administration Of the law This practice wise
and proper, and, without it, everything depending on
the caprice The Judge, should have secnriiy
for our rights IL IS cts1acsc, hen appied TO
the source ciegisaton and 10 sgslae upon the ground
merely that predecessors thought themselves auho-
rzed, under similar circumstances, u leglslate, is
: to sanctIiy error, md to pe!petuate usutpation-
Tie doctrine cprecede"ts, 'ehen applied 10 The Lfg'sia-
qye is traught ch Me most ntschcrous consequences
The great advantage of system OF Government 49,
that ace hare riten Constitution, defining its limits,
1 and presuiting us authorities; and hat, however, for
, u time, faction may convuse The nation, and passion
and party sway It's functIonarles, the season for re.
Election will recur when calmly retracing their deeds,
all alteration from undame nal principles will be
eced BIT substitute practice for principle, tie
positions Of tie Constitution for The text Of that nstrm
ment and IN rain shall iook for the Coas!itutio.
in The instrument iscC Il Will be as dfnse and
ug5le as the pretended Constitution of England =
And must b. sought Tor IN the statute book, in The
fugitive journals OF Congress and in reports from the
Secretary of the Treasury. VIVA, would be our con-
di,ion if we to take the interpretations given to
that sacred BOOK which is Ought be- the criterion
of our faith for the book itself We should find the
Holy Bible buried beneath the interpretations CLOSES,
and comments Of councils synods and learned divGes
e which have produced swarms of ntolerant and fu-
rous secs paraking less of the mdness and ekn"ss
of their origin than u vndctvc spirit Of hostility TO-
wards each other. They ought TO afford us saluary
warning 10 make the Constitution, which We have
{ sworn to support, our invariatle guide.
). But this model of consistency, Mr.. Clay now con-
tends that Federal decisions have confirmed this pow
i err and made it binding on the nation And Tor tins
vaultng somerset the greatest on record, the Federal
lists have tired, and trying STILL 10 reward him with
the Presidency The modern Federal doctrine Isl that
n as ne have had Bank the power To create can
no longer be doubted This very logical deduction is
always deduced by the Federal party. In the speech
which Mr.. Webster l1ely delivered TO the people o
q Andover, he said 1--WE have had Bank o! the U
j. States, and yet there who say is unconstu
n tiona :" This marvel was expressed by the po
tican who in 1916, declared in the House OF Repre-
e senatiyes that there warrant IN the Consttu
e ton to create Bank-that the trainers of the Cons
e tuition hard money men-and that, "of all the
conlrivances for cheating Ike Tutoring CLASSES, none
IS have been electual than that mhich diudeS Mem
d ,ci paper moaeg the most successful Of all intentions
e 10 fertiiisc the rich mans field acM the smeat Of ta
poor mans 6rooc.
% thousand enlightened statesmen have always de-
MED the authority Of the Government 10 create Bank
while fresler evidence and fuller experience have
II changed the convictions of many who believed
in the existence OF that power. Yet this wholesome
t light is darkness t, the Fedealisls who recognize
e changes but those favor of Bank William II
Cfaw ford, who supported the rechater Of ISL recan,
ed his error and, in his letter 10 Mahon Dlckerson
Of New Jersey, dated 9TH February, 1888 States thai
"he publication Of the Journal Of the Conventon and
other documents IN connection with IT, has thrown
n much light The powers Of the Federal Governmsnt
And that, if they had been Published before the organ
il cation of the Federal Government, neither the Bank
Of the u. States, the Assumption Of Slate Debts,
Protective Tariff, would have been found in The
. Federal statute book.
In a letter which George McDufiie wrote to Thomo.
+ Richie, tie 9th February last, he says:
. 81 should be wholly blind t, the lessons of expert
. ence, if, after the tremendous explosion Of the late
Bank of the United States could believe it expedi
J. ent to establish another. supported that Bank
O national and no. party measure then regard
edit But ae are adhaoaished bu erfru iag around us