Holly Springs gazette., 1844-04-20

| revival OF business and the restoration Q
credit, public AMI private
But :he enemies Of the institution did no
relax IN their hostility. The rivalrv which
had been sprlnging up for some time be
tween Jetfreson and Hamilton continued &c
increase until it could no longer be suppress
sed. Mr.. Jefferson retired from the Cabi
net of General Washington, and soon com
menced his assaults on the administration.
Being disappointed in his aspirations to the
Presidency, in 1870 BY the election of John
Adams, Mr. Jefferson became the head and
front of the opposition to his policy. A
mong the measures which provoked his
stcTnest denunciations was a law passed BY
Congress on the 9th June. 1898, to. pun-
Ish frauds or the Bank Of the United States"
And here we nl0st pause 10 notice one OF
the most extraordinary instances OK the in
stability Of human Judgment and fhe ex-
tent to which men may be hurried by the
parenZy Of party excitement, that We have
ever been called on 10 observe.
This law Of 9th June, 1893, which mere
" punished the Ifaiting the notes of
the Bank was made the subject Of the most
severe condemnation by Mr.. Jeaerson in
the Kentucky Resolutions ofl798. as being
unconstitutional. nuIl and void"
But By the great political revolution of
$500, Mr. Adams was rejected from office,
and Mr.. Jefferson placed in the Presiden-
tlal chair. This station he continued to
fill until 4th Of March, 1909 On the 24th
February, 1907, Congress passed a supple
mental law. "To punish frauds committed
on tie Bank Of the United States"-(See
Story Ed, l. U. S. vol 2..l048.) which was
precisely similar in principle wIth. and in
tended to give efficacy to the law of 9th
June, 1898, which Mr. Jefferson had pro
nounced unconstitutional null and void,n
and yet he gave that law his official sane
ton
This act Of Mr. jefferson proves one Of
two things that be had changed hIs opiu
Ion as TO the powers of Congress, or that be
violated the constitution wilfuliy As the
latter conclusion is wholly inadmissible, we
must be permitted to claim the benefit Of Mr.
Jefferson's conversion to the true faith and
invoke his authority in aid Of Washington's,
in favor Of the constitutional power to char
ter Bark MIR. Jeflerson's objections to
the law Of i708. were founded entirely on
the unconstitutionalitY of the Bank aud his
sanction Of The law Of 1907, necessarily ia
yalved a. ss.saissioa of -eeastittstionaiity
and change of opinion on his par.
But this is not all the authority on this
head.-ln 1903, Mr. Jefferson. by stretch
o1 authority, which be frankly admits in his
letter to Judge Brackinridge JEFF cor. vol
3 2l5) to have been ''bevond the constitu-
tion" purchased Louisianna In March,
1904, Congress passed a law Authorizing
the Bank ofthe u. S. to establish branches
in any Of the territories the immediate ob
jet being branch at New Orleans.-(See
Laws United States 1904, c. q
This law was strongly opposed BY Mr.
Madison who declared, in a speech against
the bill, that the right 10 establish subordin-
ate Banks, ought not to be delegated to any
ser of men under Heaven" Hero the
whole constitutional question was thrown
open. Ii i was unconstitutional 10 create
the Bank. it was equally so to extend the
sphere of its operations There surely can
be no difference in The principle. to granting
powers to an institution at the commence
ment of its operations and granting new
powers or extending the limits within which
the old ones are to operate, at sutsequen:
period Yet we find that Eir Jefferson
promptly approved and signed this Bill
w { DS- leave 10 duNIEl 10 one CthPf CIT
cumsiance connected with MIR. Jefferson's s
relations to this subject and we will then
pass on to other matters.
In March 1908 the memorizl of the stock
holders Of the Bank was presented to the
House OF Representatives,. praying renew
al Of its charter, and in April following a
similar petition was land before the Senate
This memorial was referred to the Secreta.
~, Albert Gallatin with instructions ito
consider and report thereon al the next ses-
sion"
On the 2nd OF march 1909 Mr. Gallann
submitted an able report to Congress recon-
nending in strong terms the re-incorpora-
ton of the Bank. with the changes in lis
charter which experience had shewn to be
necessary.
This report being made on the last day
but one ofthe sessions of Congress, and OF
Mr.. Jetlerson's Administration, of course no
action was taken upon it. But it Is impor-
tant TO shew that Mr. Jefferson's Secretary
Of The Treasury, during the continuance of
their official relations. did recommend to
Congress the incorporation of a Bank of
the United States. Whether be had the
authority Of Mr.. Jefferson for so doing. We
have no certain means of knowing, unless
Mr.. Galatin should enlighien the public
on tho snhiprt Rrt this we do know-lt