Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1871-02-24

was inadequate 10 the outgO; and
when Harrison and Tyler entered Of
flee, in 1911, the public debt was near
ly six and half millions ($,4SS, 7S4l.
| When Polk was inaugurated, March,
lS45, il Was seventeen million "a ,O23,
| 794). The Mexican war raised it so,
that it was nearly siXty-five millions
! (SG0, 704 ,.jJ3), on the Su, cesSion of Tay-
! lOr and Fillmore. In March, 1888,
! when Pierce became President, it was
! OveE siXty-seven millions (S67, ,34O, ,620);
and in March, 1867, Buchanan found
| it reduced to "a little over twenty-nine
million (S29, $50, ,3O6). The troubles of
| his Administration raised it 50 that
| when Lincoln was guarded to the Capt.
t0l, in 1861, it was over ninety million
$50, 767 600.
In 1871, the Secretary of State, Mr..
| Jefferson, was opposed to the assump-
| ton of the debts of the States, and III
! fact, to all of Hamilton's plans rela
! ting to the public debt. but more
warmly was he opposed 10 the charter
| ing, by Congress of the Uuited States
! Bank, as was also James Madison,
| then Il member of the HOGse of Rep
resentatives, from Virginia, who for
merly contested the Constitutional
power of Congress to incorporate it, or
or any other, body, maintaining that
| the government was restricted to the
! powers specified i'll the Constitution,
| ANA that the power to form corpora
| ton and monopoly, could not be re-
| gafded Us even implied in any OF the
| Articles of the Constitution, but di-
| rectly constrained one or two of its
expressed provisions. Madison had
! been a prominent member of the Fed
! eral, or ro-Constitution Party, and
! had in conjunction with Jay and
! Hamilton, written 'he Federalist, +"
an admirable series of articles, in
which the Constitution is examined
! clause 10y clause, and its interests and
| meaning eluciduted.
! He, soon after the organization of
| the government, sided himself with
! the opposition, from fear of the CEN
/ traiiziug influence of Hamilton.
1t would have been happy for the
country had ne been appointed Chief
! Justice, instead of JAY or have lee, n a
member OF Washington's Cabinet,
| where his gentle manners and temper
umvnt, would laVCailayed The iHpctu-
| u-iUy ui Jcgcr~uu, have probably ucu-
tral.zad the great influence of Hamil-
| ton, and have defeated those arts f
| doubtful Cunstilu,iona.ly. which 10y
awakening the jealousy OF many pa
trluts, aroused that party hate-which
cnloittcrcd The years OF WaShintOn :
last administration, ;ls well as those Of
The Presidency OF john Adams; ana
which by giving encouragement to the
cmacmeut of laws based on what-Was
called implied powers, viz: that clause
in the Constitution which gave Con-
rrts~ power 40 make all laws which
shall yc necessary and proper fCr cary
img lnjO exec utioD the foregoing pow
C. =, and al other powers vested uy t.Il-
Constitution in The government of the
United States or amy department or Of
licer tuegenf;' madc a prcceoCnL for
the alien and Set.ilion law OF 17yS: the
tariff and Bank of the United States.
of 1916. The Missouri restriction Of
1920, and the tariff OF 1928, which uni
ted to tie frequent petitions of the
AboiitiCniSts, created Jealousy and dis
trust in the Southern mind and after
Union of 81 years. brought about the
secession of some OF the original hir
teen States.
But for the unchecked influence ard
UneQailyd tact OF Hamilton, the Bank
OF the United States would not have
been chartered; nor would the alien
and scdtion laws have been passed !;
nor would thc public wealth and publi'.
andS have been sgnande""d and don; =
ted bl a. uncoust tutio. | nactments;
nor Duulic morals have become ucbaS-
ed by the perjuries incidental to pro-
tectiVe tariffs, eXCisCS and ttst-Oaths:
the Federal government would, in all
probability, have been launched on its
wondrous career restricted in the pow
er To address. and amply provided with
the power 10 convenience; the recipi-
eut OF authority from its creators, the
state communicative independet of
State authority in the direct enforce
mcut Of all laws made in accordance
with the compact creating it. Theory
and practice would have gone hand i'll
haId, and our model of government
have been the administration of pos
tcrity to degree greater than it must
yet be; sectional passions and prejudi-
ces have not arisen. the public debt
have been extinct, and the Great Re
bellion never have taken place.
The Bank of the United States was
term of twenty wears, with capital Of
zen million dollars-and was To be To-
Gated in Philadelphia.
In 1911, the Republican, or what Is
now known as the Democratic Party
was in power, and u renewal of the
charter was refused.
In 1916, It was rei..corporated with
a capital of thirty-five millions, for
twenty years. Madison. who was then
president, and had been opposed to the
reincorpC ration Of the Bank in 1911, on
the grou of want Of Constitutional
power in Congress, yielded his convic-
tions-prOhably TO the plea OF prece-
dent 10 the conviction OF the utility of
the Bank to the government and TO
the commerce of the Repuhlic-at that
time greatly depressed, 10y the eXhaus-
ton OF the second war with England.
In 1919, the Supreme Court Chief
Justice Marshall presiding, in the case
of McCulloch vs. The state of Mary
land, decided that the law incorpOra-
ting the Bank was Constitutional.
in 1881, the Bank. through Mr.. Dal-
las, of Pennsylvania, made petition
for a renewal of its charter.
In 1882. Congress passed an act re-
newing the charter for fifteen years,
from the date of its expiration 1855,
but this act was vetoed by President
jackson, and the Bank having used its
power antagonisticailyt 10 the Admins
irati0n, Roger b. Tauey, then Secre-
tary of the Treasury, discontinued de-
posting government monies iii the
Bank of the United States, and dis
tributed them among several State
banks.
ON the third Of March. 1928. the
Bank of the United States ceased TO
exist as chartered by Congress, but con-
tinued to work under a charter from
the State of PennsylVania.
In October, 1889, it stopped payments
resumed again in 1871, again suspend
ed and went into liquidation.
Experience has proven that the Bank
was by no means necessity to the tis-
cal convenience of the government,
vet the opinion of the supreme Court
on its ConstiiutiOnality was based on
the clause in the Constitution author