The United States of America, Part 1: 1783-1830Sparks, Edwin Erle
History
The United States of America, Part 1: 1783-1830
Sparks, Edwin Erle
United States -- History
In the House, the right of the Federal Government to found a bank was
attacked by Madison, who here parted from Hamilton, with whom he had
laboured in getting the Constitution adopted. The line-up of parties
had begun. Madison found himself opposed to the way in which the
Government was being perverted by Hamilton under the Constitution. His
speech is the first extensive exposition of the doctrine of strict
construction of the written instrument; that the central power must
be held strictly to the powers numerated in the document. Strict
construction exhibits the vice of a written Constitution--the
impossibility of growth or even continued life within the bonds of the
written word. Stagnation and death must result from binding the limbs
of the body politic. Loosening by interpretation is the remedy. Madison
was correct in saying that the right to incorporate bodies was proposed
in the Philadelphia Convention and abandoned; that the power to
incorporate a bank was nowhere given in the Constitution to the Federal
Government; that banking was presumed to be a matter for State control;
that in all the debates and papers written on the Constitution it was
understood that "the powers not given were retained; and that those
given were not to be extended by remote implications."
In reply, Boudinot did not deny that all powers, vested heretofore in
any individual State, and not granted by this instrument, were still
retained by the people of such State and could not be exercised by
Congress. But he then showed that the power to incorporate the bank
was "drawn by necessary implication" from those expressed. The preamble
declared in general terms the objects of the Constitution; one of the
expressed functions under it was "to borrow money"; and the circle was
completed by the liberal clause to "make all laws necessary and proper
for carrying into execution the foregoing powers." Now to provide for
the general welfare it might be necessary to borrow money; a bank was
essential to the borrowing of money in adequate sums; therefore the
power to establish a bank was deduced by the strongest and most decisive
implication.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account