The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-06-24
BANkS-JuNE ID, 1874.
READ AND LAID UPON THE TABLE.
REPORT OF MR.. ELLIS, FROM THE COM
MITTEE OF ELECTIONS.

MlTTEE OF ELECTIONS.
mortal Of citizens Of the State of Missouri praying
thai Congress woud, by lac, prescribe mode by ehich
The sense Of The people may be taken the question Of
TIE constfonality Of banks under The authority Of The
States, and Of bank Of The United States respectfully
report
That they have had the subject under considera-
ton, and have to the conclusion that there is
no occasion for the adoption Of the measure pro-
posed.
The right of States to establish banks has
been practically settled by the general aequies-
cence and acton OF the people, far this Govern
ment concerned ever since its foundation. 1t can
not be discussed as an open question The current
OF acquiescence and practice is fact indisputable
aud conclusive. In Government like ours, stablli-
ty in legislation and constitutional construction are
deeply essential TO It's welfare All the interests of
country OF unexampled extent resources and enter
prise, and of unrlyaed prospective greatness may
be vitality affected by sudden changes in the laws or
IN the exercise OF constitutional powers Hundreds
OF banking institutions oyerspread country, and
mngle IN all the sources of its activity and business
hundreds Of millions of capital are invested IN them
and upon them rest incalcuabIe mass of credit a
gigantic system of individual and commercial trans
actions, affecting the value of property the whole
expanse OF he Union aud at this time seriously TO
copirovert the consi utonaty Of the exercise OF a
power by the States, which has created and upholds
this great structure of society would be TO agtae,
without advantage, decision which nothing but a
commercial revolution utterly ruinous can ever
wholly subyert. Each State must regulate its own
currency, 10 its wisdom shall seem adyisa BILE
None can make anything but gold and silver a SOL
vent Of debt. That constitutional rest amt though
| 1t cannot entirely prevent the evils of iniudciors
banking, can and will constantly undermine or de.
sroy any paper system expanded beyond the capaci-
ty OF the immediate converbllty OF its promises in
to speeie IL must be left 10 the experience of the
people OF the States 10 correct the evils of banking
or TO abolish within their limits the S, stem
II is power over which they have uncomfortable au.
thority. They may create, prohibI destroy.
The question Of the nstitutionality and expedi-
ency OF bank of the United States has also in the
opinion Of the committee, been solemny decided by
| the people The lat twelve years have been a Pc
! Rod OF mighty conflict m which the great question
of the currency has been Of an absorbing cha
racter. IL has become familiar to the people, and in
| our judgment, large majority of them have incon-
tesabiy settled that there is power in this Gov
ernment under the constitution, to establish a bank
of the Uni ed States and that the exercise of such
I a power would be dangerous to the prosperity and
general welfare of the country. large and low
erfu political party has, indeed pertnac ously sought
to fix such an Institution upon the Government; but
by the wisdom of the people, and the providence OF
God, the design has been counteracted and now
when the power of its future prevention remains in
the hands Of the people, cannot believe that il
VIII again be voluntarily surrendered.
! II Is unnecessary in the opinion of The committee
TO discuss, IN tnieSo the question Of the constitu-
uoullty and expedency OF a national bank
The convention that formed the constitution ook
INTO ITS serious deliberations the proprety Of confer
rug upon Congress the power to create such an in
,utuuOn A proposition was di.tinctly submitted as
appears by the historic record of the proceedings of
that body, 10 confer upon Congress the power of
granting charters Of incorporation. IL was fully
considered, and on solemn delIbera,ion refused 1t
wa- afterwards again substantially presented in
another form, under the guise Of giving to Congress
pow er to corporations to make roads and ca
nails and under which, by the mystery Of construc-
ton, capacity Tor banking might be derived as an
incident: and this again was ejccted The project
was thus driven out Of the convention
! The power 10 create corporations is the higbe 4
attribute of sovereignty. 1t gives vitality and being
to a creature which rises above the laws which God
has impressed upon the material world. IL NAV sur.
vive its creator and than once in the history of
our country Il has mastered that power which gave
IL existence. II Is delegation OF a portion OF the
authority Of the Legislature aud cannot be bestoN,.
ed but by the sovereign will of the people leg nate
| ly made known and under a constitution like ours
declaring that all powers not granted reserved to
the people or the States, how, without peryersion
Of this portion of the fundamental law can power
Of this magnitude be derived by implication. as a
mere incident TO others Its advocates have endea-
yored TO give h'me IN alien sections of the Con-
sttutlon but driven from position it has sought
refuge ~ announcer and, IKE troubled spirit has ira
versed the whole territory Of the Constitution seek
ing repose and finding The greatest danger a.
the< stability OF Union ia in the ASSUMPTION OF nm
delegated powers. The Cons tuition was the vork
Of the fathers Of the Revolution. They had no, ON
~ the experience Of eventfu war but of wears If
peace under the government OF the confederation
They felt all the evils, social civil commercial and
political Of The then existing system. They ardent
y anticipated the blessings, and saw oesrly the dn-
gers to be avoided, by Reorganization and with all
the light which urexampled wisdom she'd around
them, their careful progress Of reconstruction thew
refused TO incorporate the power IT, question
IT, however, TINS Constitutional objection did not
exist Others Of practcll character equally control
ing, would be found in the dangerous nature Of the
nstltut ilseiC To accomplish the purpose. of t.
creation, IT must have capital Of enormous maetude
That Of the last was thirty-fye millions of dollars
none less would salcely be propoaed IL must bay.
not only the privilege Of manufacturing and lending
as money its own paper, at pessui e, to an amou,d
equal or larger than IT'S capital but II must also bs We
the further privilege Of collecting, receiving. and
using The revenues Of the country, (often yearly a.
many millions more) to be loaned out for the BEN. 81
Of its propretors, making the "rich richer and IN.
potent more powerful !, must be under tn. con-
troll Of few individuals and though ostepsibIx
made subseryien, to tn. public convenience. il would
naturally be managed TO their supposed sdv,n,,ge