The Life of George Washington, Vol. 4: Commander in Chief of the American Forces During the War; which Established the Independence of his Country and First; President of the United StatesMarshall, John
History
The Life of George Washington, Vol. 4: Commander in Chief of the American Forces During the War; which Established the Independence of his Country and First; President of the United States
Marshall, John
Generals -- United States -- Biography; Presidents -- United States -- Biography; Washington, George, 1732-1799
Some days after the passage of this bill, another question was brought
forward, which was understood to involve principles of deep interest
to the government.
[Sidenote: On a national bank.]
The secretary of the treasury had been the uniform advocate of a
national bank. Believing that such an institution would be "of primary
importance to the prosperous administration of the finances; and of
the greatest utility in the operations connected with the support of
public credit," he had earnestly recommended its adoption in the first
general system which he presented to the view of congress; and, at the
present session, had repeated that recommendation in a special report,
containing a copious and perspicuous argument on the policy of the
measure. A bill conforming to the plan he suggested was sent down from
the senate, and was permitted to proceed, unmolested, in the house of
representatives, to the third reading. On the final question, a great,
and, it would seem, an unexpected opposition was made to its passage.
Mr. Madison, Mr. Giles, Mr. Jackson, and Mr. Stone spoke against it.
The general utility of banking systems was not admitted, and the
particular bill before the house was censured on its merits; but the
great strength of the argument was directed against the constitutional
authority of congress to pass an act for incorporating a national
bank.
The government of the United States, it was said, was limited; and the
powers which it might legitimately exercise were enumerated in the
constitution itself. In this enumeration, the power now contended for
was not to be found. Not being expressly given, it must be implied
from those which were given, or it could not be vested in the
government. The clauses under which it could be claimed were then
reviewed and critically examined; and it was contended that, on fair
construction, no one of these could be understood to imply so
important a power as that of creating a corporation.
The clause which enables congress to pass all laws necessary and
proper to execute the specified powers, must, according to the natural
and obvious force of the terms and the context, be limited to means
_necessary_ to the _end_ and _incident_ to the _nature_ of the
specified powers. The clause, it was said, was in fact merely
declaratory of what would have resulted by unavoidable implication, as
the appropriate, and as it were technical means of executing those
powers. Some gentlemen observed, that "the true exposition of a
necessary mean to produce a given end was that mean without which the
end could not be produced."
The bill was supported by Mr. Ames, Mr. Sedgwick, Mr. Smith, of South
Carolina, Mr. Lawrence, Mr. Boudinot, Mr. Gerry, and Mr. Vining.
Public-domain text, read in full here on John Shaqi.
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