0:
riAT.TTTGII, II, 0. TOXmSDAlVA?' ZO; XCCO
VOL.
run ..star;.
i-Carvtlra Ftc.t CezfUe,
vua. wU, ky ,
IRNCEfc LEMAY.'t
a ergiMxed" txUteatt. Mr. Jffrr,dte4. tha wttJt debtor t!et af iWc-; Tb urlkit tftd tha principal tiao-
" r. jMauuoa. ia terser ia ti7, ui act. l?ttrpartu( tat pre- tmo argeij artist, tht tonttitormoaiUy
IktEiecativt Cabinet, and tht tatrtrtent Baak of the Utted States, waa fe aatioeU bank, was, Ihtt Cacrrns
in Cvftrett, had ben opposed to the
. a 0 - I . a a a
rvuDUvJiioo; or ine m&(, e conatita
-tT-Bra for aa aaafi&a
nri U lk 4iUr kU ba .
patted by considerable aaij-vitiee la, had not the power t creatt corpora
bwth branche of Certgmt, lad approvs lions. That Congress bit a disiioct
ed by Mr.MaJrsoa, ; . , . land sabstantiva power to crttte ctrpo-
Tart brief hittary of arnJ rations, without rtferenct to ti objects
pre-
nil.
question came to We regarded at, la ; marked, ia tht 6rt place, that, since! taiaed.-within lit knowledge of iht
tae wopuoa a ue lnatrtatiott, a tnnk committee; uf. last oj ono of- too
tutted ruler too aunionry of toe pwwers cxprenly coaler red opoo Uoi
f,ikfwionnprW', tkaal gnruadt, and being placed at tht
01 W mi wrt Um44 head ol too Dartv tacit 'unfavorable to
JfiT.Vta.r of lka Pirm f book. f-rcttJy nunit fewjeatraMed to ito jurisdiction. U i pro
iuTifTrnh i 1 0oerBBent, by iaaplicairon. la back t practical reflections. ,!t H to bo to Jp-aitieo which never- bat beeajnaia
i Tiir rviTPn tatti I " . - .."-6
Wivtt t) J. ri J3. "
, Croro tb comwiilieo f Wjt
i, to which lha Mibject tai beo
itada tha fallowing report, whka
mil bid opea tho table:
litte of ff'ty $ end Hktnt,
itm rrftxtti to much of the
of Iht Vrttlltnl a$ rtlalei 19
k of thi Utdttd Siate$, btg
fy'.bate beU4 opnTtho
the attention, demanded bj
ic importance,' iml nw re
aubmit the result of iheir
m to ti cnntideration of the
'hero' are few tuKjectt, fiT
ce to the policy of an ttab
rnraenf, eo vitally connect-
a knaltlt ftf I It flt fwwl at wlitay
- 7 r , prf votea. At no titno, aince
n we pecumarj .ruerewi m eWB01tBC(llI!eat of the Government, hit
e ao ene.ns.vely an J deeply exi,e(, more V10,ent ,
... w .
tha that which marked the
wiae wejrte, Iht teat of political prio
ukeo Mr. JtferMO cae1olo pow
er, a Don the atruar tidt of a rreat
polltkal revolotioa. tbe odiom of tbajpubHc and private credit bare been
Alien and Sedition tawa waa, ia part, 1 main taiaed at an elevation lally eqaal
communicaieo 10 i&o uar.a ol tnt U01M to wbat a at extated in any nation in the
. IC I -1.1 L 1 - 4 A . . m
Federal Got em met) t. for thiMv three
oot of forty jeart; 'darinic wtkich time,
ted Statei; and, altUurh ho eavo hit
official aanct to -to an act. creatinw a
new branch of that inatitatiea, at New
Orleani, and to another to poniab the
counterfeiting of ita billa, yet, when
tho qaection of renewing lle charter
came before Congrcm, it waaditcuaa
ed aa a party quentiuo. And, though
tmjie of the moat dittinguisbeft repub
licani, including Mr. Gallatin, than
Secretary of the Treaaury, and Mr.
Crawford, tfien a member of the Se
nate, were " decUitaty in favor of the
renewal, auitaioing the measure by able
arpi menu, the votea in botn braochet
the
world: wbmaa. io the two abort inter
vala, daring which no . national bnk
cxitted, pa olio and private credit were
greatly impaired, and in the latter in
aUnce. the BteaJ operationl of the Gu
vemmeot were almott entirely arrett
ed. la the eecond place, it ia worthy
of apecial notice, that, ia both the in
atancea in which Coftgresa bat created a
bank, it hat been dwue onder circdm
atancea calcalated to give the highest
authority to- the decision. The firtt
instance, aa haabeen alrcadv remarked,
wat in the primitive days of tha repub
lie, when tho patriot uf the Revla
v carrte with it a more
fiponaibiUiv,' or call in' re
a higher degree uf widom,
awer or regulatine the com-,
encyi and ihu fixing tlie
andard of valoe for great
il tuutHiuuity, compoaed of
d.Statea. ' .
sing, in the opinion of the
;, Die high and delicate tmat
f committed to Congresa by
ral Xonsiitatiao, they have
to; discharge the duty aa
theoj with a corresponding
ts ruagoitttde and difficulty
it simple and obvious analysis
jject, aa it it presented by
;e of the President, exhibit
ing question for the decision
tionai Legislurc.'.' .
Congresa the constitutional
incorporate a bank; such aa
p United States?
"expedient to establish and
iucl an institutiottr , :
t expedient to establish
Hank. founded upon the credit
ivernment and its revenues?"
it concurrence of all the de
i of the Government, at . dif
:riod?J of our history uoder
niniitiation, and During tlie
cy of both the great political
nta .which the country was
sooaafter the adoption of l!
Donstitutioti!- shall be regard-r-ing
tbe authority ascribed to
itions bf the common consent
it regulated cpmmtihitie'a, the
ional power ef CorigVesi to
ite a bank, may be assumed as
e no lonffi-ronen to contrb-
0 liVOemurV lhah'' ' yeara
Government went inw opec -d
at a period when most of the
shed members f Ue.Federa
icn were either j ibe Execu
Legislative councils the, act
itine thB'brst bank of the U
atea,1 passed both branches of
byurge majoritic?, ami re
lie' deliberate" sanction of Pre
Vashiogton, ho had then, re-
Mideu .over .the deliberatioiia ,
on. The coh'stitution
r of t'ongres to paa the act
rporatiqni was tfiorougUly , iii'
'e"d 5 biith in 'the ' Executive
; and juCobgress, uder tircuin-
in ail .respects, propitious jo;
'iiunate ; decision T'litVe wa,'
time, no oi g4iiiz.atiiM of poli ti
le, npd. tjliqutstfott xvasv there
scided by those who. from their
dge ami experience,' were pe
qualified Jo (leideV correctly t
i were f;i tiilyC IrceT. from the
ii of that party eXi itement and
ce; w hi c h would iuat ly i mnair,
itimatioti of poajterity the au
of a legialativtj, interpretation of
Stitutiohal chai'teri No. persona
more competent to give just
etion to the Constitution, than
i)0 hd" a prjncipai:, agency in
; it; and ' no mlmioistration can
a more perfect exemption from
e' influences which,' sometimes.
1 ,the , judsmentsr even, of the
iw and oatriotic. than that of the
of his Country,; during the first
f his aervice. ,
' were the 'circumstances,' tinder
lf the, branches of the National
iture solemnly detefmined t that
er or toreatine a National JBanK
ted in Congress by the, Cqnsti-
' vi ne bank thus createdt coo
it? operation 1 for twenty years
Period for .which its. charter .was
7-uunu winch tune, public and
sireau were raised, iom a pi ps
" verv elevated condition, and
'icea'-of the natid(i were placed
o most solid touufiatiott.? a '
'en the charier exDhretl. in 181 1
refused to renew it. briBciDal
lf,g,r commitfer beUevei; to
U eXHiUns State nf noUt'n al n.r
Soon ai'ter; the bank wa charter
" two gr?at parties that have ainte
: u,.e,CUMDir7 began, .'to assume
rttement,
period under review. It waa tho pe
riotl of the embargo, uon-intercourse,
and other commercial reatrictioos; when
the undiscriminating opposition of the
leaders of the feJeral party to the
measures adopted by the administra
tion, to vindicate our rights against
British aggression, had caused the great
majority f the Aroeriean people to
view these leaders as the apologists of
a nation, already regarded ia the light
of a public enemy. When- to these
circumstances we add, that the stock
of the bank waa principally held by
uritun subjects, and Americana ot the
unpopular party, the Jlouse will res
dily perceive how great were the na
tional and party - prejudice's, which
must have been arrayed against the
proposition to renew its charter. It
was stated by Mr. v;ljy, in a speech
tropoal
jed, la
of Congress were distinctly marked as tion, -and the sages of the Federal
convention, were the leading members
both of the Executive and Legislative
council; and wlien General Washing
ton. who, at the heaJ of her armies,
had conducted hit country to Mid e pen .
denre, and, as the head of the Con
vention, bad presided ; over those de
liberations winch renul'rd in the estab
lishment of the present Constitution,
was the acknowledged President of a
people, undistracted by party divisioos.
Phe second instance wat under cir
cumstances of a very different but e-
qually decisive character. We unu
the verv party wtiitti bad so recently
defeated the proposition to renew the
charter of the old bank,lieverely'schoot
ed both by adversity and experience,
maauanimoasly Sacrificing the pride
of consisteucy, and the prejudices of
party, at the shrine of patriotism. , It
may be said without disparagement,
that an assembly of higher talent and
purer patriotism has never existed since
the days ot the Revolution,-than the
delivered in the Senate, that seven. Congress by which the present bank
tenths of the stock belonged toBntish was incorprated. 11 ever, a political
aubjects, and that certain English no- party existed, of which it might" be
blemen. and a late Urd Chancellor, truly . saia, mat -air tne enas tney
were amon? the very larsest of the aimed at were their country's." H wag
stockholders. With all these difficul hhe republioan party of that day, Thy
ties to encounter, the Droposition for bad just conducted the country through
renewing the charter, was lost onlv bv Mhe perils of a war, waged in defence
the castins vote of Hh President of the of her richts and honor, and, elevating
Senate, and by a majority of a single their views far-above the narrow and
votoin the House ot Kepreaentatives. miseraoie enqs or party suite, sougnt
In less than three years after the ex
piration of the charterthe War with
Great Britain having taken place in the
mean, time the circulating medium be
came o disordered, the public finances
so deranged.' and the public credit so
impaired, that the enlightened patriot,
Vr. Dallas, who then presided over the
Treasury fJepartmeut, with the sanc
tion ot Mr. A.adsoo. and. as it is be
lieved, every member of the cabinet,
recommended to Congress the esta'
blish merit of a National Bank, as the
only to advance the permanent happi
ness of the people. It was to this great
end., that they established the present
bank.'' ,; - . - -( ;
In this review, it vill b ; ho less in
structive than curiousK to notice fome
of the Changes made in the opinions of
promieent men, vieldinsr to the author
ity of experience. Mr. Madison,' who
was the leading opponent of the bank
created in lY9l, recommended and
sanctioned the ' bank created in 1816;
and Mr. ? Clay, wlw strenuously op-
ooly measure by which thepublic credit posed the renewal of the : charter in
could be revived, and the fiscal resour- 1811, aa streneously supported f Ihe
ces bl the Government redeemed from proposition to grant the charter in ,48.16
a ruinous and otherwise incurable em- That may be said of the bank chart
barrassruenti and,' auch had beeri the ter, which can bt said of few conteated
impressive lesson taught by very brief, questiona of constitutional power, Both
but fafal experience, that, the very in- the great political ' parties that have
atitutioii. which had been so recently so long divided the country, have ao
denounced, abd rejected by the repub: lemnly pronounced it to be .constito
;on.injU6n;.; Ihe $obstitution lican pariy; oeing now recommenaea uoni, nu uicix arc Uu. eij it- yi
by a republican administration, waa ine prominent men 01 euner parry,
carried through both branches of. Con who do not stand committed in its . fa
gress. 'a a republican measure, by ad vo'r. Whtn, to this imposing array of
!!virwlilniinp maioritv of the rcnubli. authorities, the committee add the
j P. i.t , i. . I .i : ,.f (U
can parlv. - it is true mac 01 r. waoi 1 soieijiu au uiianimuua utmrou m
son did not approve and aign ine Dili auprcme youn, iu a cac
which passed the two Houses, because land distinctly suomittea me consuiu
it was not such a bill as had been re- nonat question to vineircogiuiance.
commeiitted by the, Secretary of the may they .not ask. in, the languageot
Treasury , and because the bank it pro J Mr. Dallas, " can it be deemed a vio-
posed to create, was not citu niaied, in 1 lauon 01 me ngni 01 pn-is v
tlie opinion of ;he President, to relieve I consider me constitutionality 01 a na-
the necessities of the country. Y But he j tional bank aa a question lorever tet
premised his objections (0 the measure, tied and at rest?" - c.r '
h u.;vii4w the nueaiwin of tha con-1 . And here the committee -beg to be
J. . n r 1....: J" i:"il. '...JimJ. ntrl t;.
stituttonat autnority or me Liegisiaiare uisvntujr uuucisua,
to establish an incorporated bank, a claiming the idea of ascribing to the
hein-r niecltided. in his opinion, by re- decision or any or 01 all tne; depart-
1 . , . I . .1. . f . . nnjin . .M.t
nested recosnitions. under varied cir- menvswi me vjovornuicui, 5'"
cumstrnces, cf the validity of auch an constitutional question, the binding au
institution in acts ot tbe legislative, iinorny wnicn oeionga juivii yy
ua anil liwlirifll Iirflririipq fiT ine ceuenis 10 CatHKS ui uicic iina'v
n,vij,.t-Mn nn f afitrTinaiiic(l hv indira. denendina1 unon.he construction of the
i;irur.n mmlM f a eon-1 ordinarv acts of the jjeaisiature. iio
I1UU9 a ia w iiiv 1 1. 11 vv wwf " 1 , , w
turrence of the ceneral will of the na- length of prescription, or concurrence
tion." Another bill was immediately 01 aumoruy, can couct,. ;
introduceJ, and would, io all ; proba- pation of powers subversive of. public
bility. have become a law, had not lhe tiberty, and destructive 01 puunc nap-
..1.1 ui -nMc.' n dninf awav me 1 niiieas. . jjui, -ticn. "
........ nt ik. . immM: induced cised is clearly conducive to the public
oca tA' anttvpnit 4iirttiir nroceed- welfare, and its constitutionality is
.L cnKLrf until ihia Piijiiitf mere v tloubtfula it would eera to Dc
cr;m . .At thariimmencementof.that One ol the most OOVIous uiciaiet .oi
sessiohMr Madison iovUed- theiat- practical wisdom, to regard the. decision
tention of Congress to the aubject. and of those who had the best rorans of as-
1. t ii.ii ....A tk. or-ait r.ertaininr the intention ot me vousu-
of establishing a bank, to restore the tution, and who were "tuajed by the
VI XBiauil?llU& at. vw!v 7 - 1 - - " j 4"
currencv, amrfacililate the collection most undoubted purity and disinterest
th ..nhilf. revenue: I edness f motive as of aumcient au
. . ' ' . ' . r .i . I ik. i. mt n nvorrtilA theoretical
so deep ana-solemn was' mo con v v ,. . T 1 1
,on upon the minds "of the public objectiona & silence individual scruples
tiorianev; that suclv an "institution 'IM committee will now subroiU few
and
viction
func
.. a. ut ...... f l.mt-lt (iiih the desis-n 01 snewinc.
waatne oruy practicaoiu nuci i .v. - - ..... r ,v
stbriug the 7 cWulatiog Kmed ium to . a that, tiewing the constitutional ty of
. Kf nf,;thtnd. bank as an onemal queaUon, theargu
ine the decided 'opposition oi, all the ments ia its lavor are ai " """f
State banks and their debtors, and, in- as fuose againai . . , , : - 4 ,
grtta, h subject to the lirwitatioo; that
it shall net be carried into effect by tha
agency 01 g corporation, is a pro
lion which cannot .be' eaaiataie
th oprnion of tha committee. - J ,- .
v. If Congress, under the authority to
pass ill law, necessary and proper for
carrying into effect (he powers vested
in alt er any wf the departments of the
Government, may rightfully pass law
inflicting the punhnerrtf death, sU4 .
oulaiiy 0,'Acf authority, U ia diflkoJt to
c -hceive why it may not pata law,
under the tame authority, lor Ihe more
humble pur vrte or creating a corpora
tion. '. The power of creating a corpo
ration, is one of the lowest attributes,
of, snort properly speaking, incidents,
of sovereign power. The chartering of
a bank, for example, duet not au theme
ibt corporation to do any thing, which
the individuals composing it might not
do without the charter. It i the right
of every individual of the Union to give
credit to whom he chooses, and to ob
tain credit where he can get h. 1 It.ls
not the policy of ant commercial couo-
try to restrict the free circulation of
credit, whether in the form of promis
sory notes', bills of exchange,' or bank
notes. J he charter of the Bank of the
United States, therefore, merely ena
bles the corporation to do, in an artifi
cial capacity, and with moit conve
nience, what it would be lawful fir the
individual' corporators to do without
incorporation. Mr. uirard established
a bank in Philadelphia without a char
ter, which w as in very high credit wn.h
in (he sphere of its circulation; and it
cannot be doubted, that he miHit have
formed a banking co-partnership with
the principal capitalists in the other
commercial citiet.of -; the Union,' of
which the bills would have1 had a cen
ral credit iu everv Part ol the countrv.
t . . .. . J. . . .:
particulaity it the federal uoverntnent
had provided that these bills should be
received in discharge of its dues.' The
only material particular; in which the
charter of the Bank of the United States
confers a privilege a pon. the corporation
apparently inconsistent with the State
laws, is, the exemption ot the individual
property of the corporators from respon
sibiiity for the debts of tha corporation
Bat, if the community deal with the
bank, knowing that the canital subacri
bed is alone liable fur ita debts, no one
can complain either of. imposition' or
injury; and in point of fact no one
lever has complained on that score, or
ever will,, the real complaint against
the bank, is not that it has not a u IB
cient basis for , its credif,. butAthat
its credit is too exieosive.i The ob
jection ties, ; therefore, ' not ..against
trie artiqciai tnniaticr conuuunica
ted .to the' atocMo'dri by .the char
ter. but against the pecuniary opera
tlons bC the bant itelf, 'Now, fheaV
operations ennmsf in the use of its own
capital a faculty .not surely derived
trom the uovernment, nuj.in tr,e exer
cise of which,' the Government imposes
njany useful resfricticma for the benefit
61 itsell and 01, the community. '
. The committee have presented this
brief analysis of a bank corporation, with
tne view ei snowing mat mere is no
thing in the nature of the thing, whicli
renders it unfit to be an instrument iu
the hands of a government, admitted to
be sovereign m its appropriate sphere,
for carrying iui vuuci powers express
ly delegated , f :l'
11 now remains ior tne commmee, to
show that the Bank of the United States
is a; ' necessary and proper," or, in ,0'
ther words, a natural and appropriate
means, of executing the powers vested
in the Federal Government- In - the
discussion' of 4791, and. also irr that
before the Supreme Court, the power
pi raiBiug,' vuiicvuuK, nu uiBUMieii'g
the public revenue, of borrowing money
on the credit of the United States, and
. -1 .. ' . : .' .1
paying 4 tnt puouc aerH,"wrt inose
which ivere sunnosed most clearly to
carry with them ihe incidental right of
' j . I. . . 1. t:i:.... .1....
incorporaiinga uaua, v taciuiaic incoc
operationa. .There tan be no doubt,
that these fiscal operations art greatly
r i.. .1. .-.l l. . . C .1 .
laciiltateu ova oaim, anu H n cuiuuciii-
. , - .i.Li. . . . : i . j
iy ueneveci tnai no person nas piesiucii
twelve months over the Treasury, from
its organization to the. present time,
without coming to tho conclusion, that
such an institution is exceedingly use
ful to the.pubiic.financef tn(time .ot
peace, but indispensable in time ot war.
But as this view of the question has been
fully unfolded in former discussions,
familiar to the Hous', the, committee
will nroceed to examine the relation
wliich the Bank of the United States
bears to another -of the powers of the
Federal ttovernment, but slightly ad
verted to in former discussions of the
ITie nower to "coin money and fix
the Value thereof.? is expressly and ex
clusivfcjy ' . vested in Congress. .'This
grant was evidently intended to invest
Congress with the power of regulating
jMtonlnrtn medium. AM Coin" was re-
Caatirttioa,assyotyaos wit!Meor- ar.d rep!aiiog a rarreecj of that de- .
reaey, as it was then geaeraJly belie aeriptioo, and the laessares which cra
Ted that bank Bote tow'4 owy bt taleo, dariag tha Uvt 8esioe, ia ext- '
maintained ia circalatMift by being the cation of tht- power, gnvt every pro- .
trst representative of the precious tat- e at success. Tht Bank ef tht C- .
tala., TVt word " coin thertfore, aitrd Buiea, atKltr aaapices .ihe snotty
aauat bt reprded aa a particular teraa, favorable, car tot fail tt be art taspori -
ttandinc aa the representative of a t- tant auxiliary.. --
fc och are the aa that Iiies and ssth the '
argaiaentt which have brovght the com
mittee to rht toncUsioo, that the pow-. .
er to incorporate a bank it incidental- -
la tha powers of collecting and dubor- -
Ctrat Wf a. No priaciplt of sea ad con
struction will justify a rigid adhereaee
to'tht letter, in opposition to iht plain
intention of the elaose. If. foe exam
ple, Iht gold bars of Ricardo should be
substituted for or present coins, by tht I sing the public, reveeuej of borrow in
general- cotteot. uf tht tommercul mocay on the credit or the Ucneu - . -
world, could it b maintained that Con Stattat tf paying tht publie debt and, '
17 ess woald pot have tht power to maki above all, of fixing acd rerulating tht ', . '
such money, and fix its valae. because standard of value, and thereby eoturinr.
i; it not 'coined?', This would be -a- at least so far aa tht medium rf ptj- ', -:
crificing sense to sound, acd subaiance ment it concerned, tht uniformity and . .'-.' '
to mere form.' .This clause of the Con- equality of taxation, c . :;i ,. ,'
stitution is' analorruLs io that which II. The next question proposed toe "
ives Conaresx the power M to ttlablish considtftation. it ihe expediency of es- -
post roads. s Giving to'tht word ea- I tablishing an incorporated bank, wllh a '
ion, as I view to promote tht great enda already; !
M pra 1 indiealed. In discussing' the consti-1- '
set ibe,' csn t be doubted that Congress totionality of such a measure, Siome tf "A -haa
the 'power toettab!ih a caaal.or a tht considerations which render It inex-l .'.'
river, aa a pott route, as well at a road? pedient, have been aliehtly unfolded. - r x '"
ttoads wert tht ordiuary -chaunela of Bat these require'a more full and coirf- J .-
conveyance, and the term was, there-1 pleto .development, ' white tflicr ro- V
lort, used as synonymous wttnv routes, mam tv be presented. ,
whatever might be tht channel nf trans- It mutt be assumed as the basis cf "
portation.iod, in like manner, "coin. all aound reasonlnir on this subject.
being;; the ordinary, ; a nd most known I that the existence ot a paper corrency, -
torruoi a circulating medium, nat term i lasuea oy oanut uenving tneir cnarter .,
watuted as synonymous wiihcurrenry. j from tlie State Uoveminents.' cannot ba , . . -."
; An arsmuent in favoc . of the .view I prohibited by Coiicresa. . Intieed, bank - ; ' r ;
just taken.may be "laiily deduced from (credit and bank p. per are so extensive- ... '
.i r... .t.1i.. -o. . . i 1 1 : -. l. .1.. , i.i. ' '
io ict, uiai me ciaiea are cxprettiy 1 ij initrwunir wiin n xomraerciai o- ; ,.;-
prohibited from .'1 coining money, w t-Iperations of socletylhst, even if Con- v
mining oiiis or crenii,- anu jrom ma-1 grass nau ine constitutional power, it j .-,,. ;
king any thine but ' row. and ' tilver a 1 wotxid oe ntterly impossible to ptodure' 1
awful tender, in payment of debts." I so entire a change in the monetary avt. "
fhis strongly eorifirina he idea, that I tern of the couutry, as to abolisH tha '
the subject tf regulating the cireulsting J agency of banks of discount, without . '' .
metlium, whettier consisting of coin or j hivoUing'the community jo all Iht dis . M"
paper, was, at, me same-time that if was tressingetnoarrassments usually atten- i
taken frvm'tht control i.f vthe States,; dant vn gre,f political revolutions, aub-,1
vested in the ny.depoitiiry tn, which ? titles toi private property
it could be placed, conaistently wjjv the- The" sudden withdrawal ' f aome hurl iS
obvious design oi hvtnga common mea 1 feu millions pi bank ciedit, would be - .' L -)V r
sure of raluq tliroughout tlwj'.Uhion. i", 1 equivalent, in its effects, to rite arbitra- ,
But. even if n should be jrehceded. try and despotic transfer. of the proDer- . ' I
that. tho grant of ptiwur U " coin mbn'y I ty of .orie portioo'ofv the community to? v
inr Ixtlie value thereoF,. does iiot.ln janutiier.tn' the extent probably of half V :,
ita" terms, ghte Congress .the power, bf j that, auioubtVv;Vhateyer; .therefore
regulating any other than the ."coinea'M may twne advantages oi a. purely me- ,.; , . w
currency ol -the ,- wlon,. may nut the taiite, currency anu -whatever the b-.- -'f zy ,
powerf regulating; any ,mhftituted jectiona to a collating medium parUy. y-'.'
currency "and especially oiie which 'is cdmposed of bank paper, the comirittee " 4
tne professed reprrieniauvv u coin oe, coosiuer inai ,- ioey are preciunfti, oy .
fairly claimed as an. incident al "power tha .existing state ef things, from insti- A '
aa Un essential. means of carrying into tutitig a comparison between them, with :;
effVct the plairi intention of tha pdlistiC iew.tw- any;pta6tieal.rcaal.u-...-- -) .
tutiort, in .clothing' Congress,
principal power? ,, This power
sjwtb tht f vlf the wite not. Uius precluded arid
ns. aiie ,t;ne was uesign-- anu obhk pnper, mrm ooi more man coun;,-"- fc
, a 'Uniforni.meaaura of va"J t'trbalanccd, by he di?treisitig r ' i c i saiVv -i vC
ifdW was -jJesisned to an- tudes jn; trade; incident to- their urcv v't;,.
rm measure: of tiuaotity.i they.are byno means brcpared tofsay.
was gran-4 were suomnteu to mem as an onitK., ;:.
led in the" samvclauser with that ;to re- J nal question;, whether the 1icknnwle'dgi.
pS-ftsa iy wv v aa i a vainui V'S -B-f ra yi I miuii a v- . V W wa waaitm v IUI t
similar reasons. Ihe one was design- and bank paper, art not more than coun
ed to ensure
lue, as the otrter
sure a uniform
The former ia decidedly the .. more im-1 that the would hot fciva, a decided pre-
portanv and beiougs esseouaiiy to tne t-ierepce ro iiie more cosuy anu cumuer; .; s?r:y
Ueneral Government, accoidintto eve.i soma wediaro.v!
ry just conception oi our system., a an-j:iieioH--,TeaHj.';presenieaT-v-,;v..v-j-;
currency of uniform value Js-, essential jor-thelif determination, is not between
to what every one will ailujit' to be of iTnetaHicand' a paper currency,- bt?-r F?-'":
cardinal imnortancet the eduai act on i between .a paper,, currency or-uniform-: ss
of pur revenue aystem. upon the diBer j yatuei and euhject to tlie : control of tha?;f i
eat parts of the Uu1i)b.;iThe statelof obIv' power competent to its regufationi tf"!
things,1hich existed when the -Bank and ap8per.;;currenry ofyaf-ying
waa .Incorporated;' furniled a' mof flucluating'ValueV;-'andaubject;to
arulv
no;
i .......
pregnant, coininenary wn mis ciause oi 4 rouiinuo vr aui-juaie control wnaeveri! ' -:.;
the CpnsUtutiun-Ilits; currency i tH Utii this' .'question it.' woulil leetn that &i;4
. .....:.i-'J ' I 'if... i ..': ..rl..i.L. .1 : -w.-.l.?. .l.-a-.i. ' ;".-V.. v'-.. '
Iinu vounirj. tyiiaiairu at - ine : paper ui t Jiicr touin avaiteijr, cibi uineiencv' j.'- ;;
local .. banks.-variously ,v depreciated .j of opinion; atid that this 'UJttl8lBtiate";;;';,.''
At ne of. the 'nriticinaf ; sea norts the tv theauestioii involved Iri ' cotMiderin-t3 Hki. v
locat currency. waa t) per. centi belvw the expediency tf a national bank, willJ".-.,'v; .'.
par; --Now it was in vain iW Congress satisfactorily, appear, by .ac'ompariaotiwf.'
ti regulat the yalue'of. coin when ,the tof the .sie of theurrency previnuV to h X ;
actual turrencyi.'ni'olessipg to be, i,ts v the establishment of the- nycseaTt' bankii--.
QUIvaieui. ume i uu-u i pi Jnwo m 41., l ap iia uvuutuMu iih iue isai tcii rri.i m r- , ,.
This great and essential; po vyetljUxing ' Boon afir.'th sxpiralitt ol tlir? c har- v;.,; ;,
the standard of taluewas,;f1n pt)ititlif te'r pfthe,;firitBarjK; of '-theXUpnectIrt''':':
fact, -rtaken Vfrom- Cori4resr.aQd .exer-: Statct. .an ; immerise- nuniW.of local SS'.
cised bv some hupdmls if ihespvnat-i banks tprung-p lnderMh,pt'cunittr'yt
. i.i.i.. v 1. :.u - ..I Jjc I .: l .1. .. :u .1... I . A
Strongesi numttiuves w aouso ii, oi o,iarpe: an araouui j uuok rreou,.'- . ,s
because; 4heir,enurruou"a pr9fits resulted as nef essarily'resietf fVom ; theitid-s U5" i '.'
from the abuse.- jTne. powero laying tng up pf'itarconcenfvnm tal-v"ii.
aud : cojlecting inipusts j ubd ex'cj.ae.a,, iing very little5 shorf f fifitt miUiwis
is expressly v subject, to tUv ondition of dollaraTbese b;iik being entirely 'J,
thit- that .shall- ba fttnlAii'ilt'.'ilirtMich l free from-; the safutartt Coptrtd .yvliittL i
i . i J i'. i ' a ii ' . a I . a a: vflfc..a ' tf a m . i ' - --;. :
out the- United atawai;? and it is.aisp i the arK..r. tne junuca etatea natt re- - ,
. . ' .. i . -..t' r : . . .i...;I . . h . j .i-.i . .-'?....
lVefl Oy Bfljsvuuiaiiuujui uimurit,rt i iiuun, vuiiiuiciucu mai rjBiciu ui tuipi u- .- .
- ' ii. v.i.. ..I. - !iiv I J -.Li:. ..J !.,.!.' " AT.-.
Of feVtuUtt io timpui.va ui woe u- i uotuihuiiie i.utvonc1uuv, w nii ii :
.' . r'ii.il . H ' XT.-..' .U-'L li i.' I : J?l i I. ...I L .' .... . 'f i . tl .L.. JB : '
ver those Ol anoinvr.-.-. y aow, wneu n,i tpeetniy loyoiveii ine counirj o ait tije 4.7. . j.
IS known' inui-.inw uawJK meuiuin i.eiuuarrBnavenia vi n uisuiuercu vvr ien.
i. ' '. ... ..At l:i I . ..'tv. . . ... !!: ,. .:i..l..j..p-
of Ualtimore was-u per cent,, oeiow i cy a ane extrauruiiiBrj, pumuius; 01 a,...
the value of the.-circulating medium of heavy war expenditure, rjerived pnnci; o;
Dnalnn Id it tidt 'ttnniif p h t lliSt in im. t hillv from' limns . lnd. A corresnondinfr. ,
SJWVllfll, r I . - " . , , I J. 7- - - "P. . ...
. . ...... i. . 1 .1 ir r. . niintin. , , w iiniii.rrn m 11 1 1 in ifl.iinn iu hit. a man H . n.ri.r.n .. . ,
p(yg'. j y jf , iin.ai. iivHiiu.iiy (,h u. , iiiiiivh.,vii v. . . .
in favor. oflBaJtinoreK. proportioned to States Jiastend the catastrophe whicli' ; '. -
ine QcDrcvlttllUai anvj ivt oi VMi 1 cs.iv j t umai'iiavB wvuaa va asr wtBtniia uv , t ;
Congress, (therefore, not only, had lha nod,without -.these extraordinary cau-f ; 5
Doweri but. as it seems to the commit- sea;ViThe last year of the war presen- . - ; -
tee.- were under tne moss, solemn con-1 tea me singular ana roeiuncnoij ipecv-i
stitutional; obiigationa .to restore - tnei tacieoi a nation - aoounning m.reaonrrv-..--: ,
disorded currency;; arid the Bank of the I ises, a people abounding in self de.voting 'i
United States ws not only an appro , patriotism, and a Governmentreduced ; i
priate means: for she accomplishment to the very farinlc of avowed bankrupt-? 4 ?V;,
of that end, but; in the opinion of the! cy. aolely for the want of a national in- Cf 'i
committee, the only Sale and eaectuai itifution, wincn.ar the same time, twit r, -
.. .. ,'u 1 ....j . tl . . ... ..1.1 . r..:i:.i.i iu. r?... - .v
means tnaicouio nave oeeu ueu.-v, aiiis i ii, whuiu; iibc ; nvnmicu uie- uuici u;.. ... ,
..: r V .i.V.t-t lain fnll .fiirilnnrA Inv.nt Insna and ftiViprcTrpaaur: nncrl. J5.i". -'
WHO tne OOintoa Ol lir. .-visuiivni, ns I nous, woii .imK iuwnsiirii i iuun- ; - ,
. . . . .1 ;n km MdHubAA r, F nrun,K.r I i r r rr.aTinm ff fri'TIP, rrult' in vrv - '..
t.yitnovu ... ..-(. . r - . J
lOlO., JLJUi, Bja jici.jur.uiv iuwi ;o j yai v ui iiH v ! mif itir v. iu , .
I ....II . B l-..l.:....ft.A Anmm.llAa .n ,, l - .n..' . .
circulating medium. Coin" was re
gaxded, at the period
.4
OV IIIC VOIIIUIUMMJ "I ma "V"'f Ju'Jflfii" lv .,v -.ui-.-.
for the purposesbf the Treasury, it is tuined by the opinion .'of .Air. '; Dallas
- ' : .. i iL.t 4.1. eiairnn tv Attit r.Acaoca I tii nt-h Nn"rataii fir rn I raaa irv ft nil n-r . - a '
BWUHB III ini mil KiaLlUlB BIIUU1U tjua.iv.aj 1 11IVII WWWIVl r vt .inv v. m i-i 1 t a "- j pt.. .
ft Mi-.p.nt Af nnn. viiliip-''rriiHif ""ariiJ Ithc r.oRcurHne and almost uuaiiiiiious y . -
use, wherever it ay circulate. .. rhej opinion of all parties in Congress: W,!..',
ConatUulionVhas fntrusted'Congreia, Iwhateirer diversily of opiniun prevailed,.
id 'f ffuniog thxchutel with.-.tjie power, of -creating f;Xtvi-:i r-l.;:
.
I
1. . w "
.A V
til..
'.: -'--S