The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-03
SOME WISE WORDS UTTERED YEARS
AGO.


The charter Of the first Bank Of the
United States expired in 1911. 1t came
10 Congress in that year with an appli-
cation for renewal Of its charter In
the course Of the debate which this appli-
cation brought out. Mr.. Burwell, Of Nir-
ginia. a member Of the House Of Repre-
sentatives. made a speech in opposition
to its re-charter on January l6 1911, from
which we quote the following wise words
lie said:
"Sr, i'm the administration OF this Gov
eminent. two things are necessary to in
sure its durability. You must first avoid
every measure which will produce I'M
easiness among the States; or. second,
that will extend the jurisdiction of the
United States Government to subjects
purely local. ] do not mean that the
rightful authority of Congress is TO be
abandoned for fear OF giving offence; but
whenever called on to take a step which
will produce uneasiness, you should be
perfectly satisfied the letter and spirit Of
the Constitution bear you out. DO not.
gentlemen. perceive the tendency of this
measure 10 involve US with the States
upon delicate points? Has not the United
States Bank produced serious alarm?
VIII not the alarm be increased by its
continuance at this time? Yes, sir some
Of the States have already taxed this in
stitution. others have waited under the
expectation we shall render a collision
unnecessary. suppose the charter re-
newed, and the stockholders should be
taxed in such manner as 10 destroy.
virtually. the privileges you have guar
anteed to them. Are you to leave them
unprotected? or will you draw the sword
in their behalf? While you have time,
avoid a situation not less perilous than
the most serious foreign war. Since the
establishment Of the bank. the States
have created banks: their people have
accumulated capital, and they will not
tamoly witness the Derpetuation Of an in
stitution whose strength can at any mo-
ment. overthrOv whatever bank they
may mark for destruction. However
paradoxical It may appear. l consider the
general GOernment strengthened by mar
rowing its jurisdiction; it will produce
dissension whenever they interfere with
local causes. The habits. local interests.
and passions Of this country vary. and
no one is q competent judge Of what VIII
suit the feelings OF the state out of
which he lives. But sir there are gen
eral principles I'm which our feelings and
iects upon which we may safely act, and
trust TO the cooperation of every man
and State in the Union.
Does tho bank affect the people locally?
The answer is obvious; II not only under
takes TO fix the amount OF capital. but
interferes with the rights of property
most essentially. II may change the
fundamental principles OF State law as
TO the liability OF property for debts, and
the mode OF receiving them. Let me
caution you against the renewal OF the
charter: 1t Is pregnant with the most
baneful consequences TO the tranquility
OF the country. Is IL not better 10 sacr-
Ace this golden calf upon the altar OF
concord. restore confidence and harmony
among individuals as well as States and
TO reunite the lovers of the Constitution"
Rarely have wiser words than these
been uttered. If their spirit had always
animated tho rulers Of this country, we
would now be a contented people. with
none Of the causes operating TO produce
dscord and discomfort that have so rent
our people for the last few years. All
that discomfort has grown out Of disre-
gard for the controlling idea OF our Con-
stitution that matters which are purely
local should be left to each State. while
matters In which all have an equal con-
Germ. and none others. should be under the
control Of the national authority. We
lived according TO that idea until the
war caused the national Government to
usurp the authority that had been left
by the Constitution TO the states in its
notion that all power in 1t was necessary
for the successful prosecution OF the war.
and we have had nothing but a succession
OF Jars and controversies ever since.
Mr.. Burwell could not. Of course. fore
see that grating authority to the general
Government TO charter a bank that would
issue currency notes would finally wind
IN N the general Government claiming