Gazette Of The United States

FOR THE GAZETTE OF THE UNITED STATES.

MR. FENNO,

The Bill depending before Congress for establishing a National Bank, is certainly constitutional—for the State Governments being by the Constitution divested of the power of making money, either of paper, or gold and silver, it plainly follows, that as a circulating medium is necessary, Congress alone is competent to creating this medium. It is said that authors and inventors alone, are by the Constitution entitled to exclusive privileges; but the establishment of a National Bank, it is said, connects with it exclusive privileges: This discovery however seems not to extend to State Banks no exclusive rights being mentioned as appertaining to them! Perhaps it is not considered as contravening the Constitution, for the particular States to incorporate companies with the most extensive privileges, as these privileges are confined to the State! So is the circulation of the Bank Paper of every particular State; it can scarcely be passed out of the cities in which the Banks are fixed—consequently can never answer, in any considerable degree, the purposes of money—and as to a general currency, it can not have that quality attached to it, without a manifest violation of the Constitution—which says, that no State shall issue paper money. It is said that the States are in the habit of granting Charters: we presume that Congress will not abridge this power in the States: But it is to be remembered, that the Constitution, and the laws enacted pursuant thereto, are paramount to all state legislation—and if a State should incorporate for purposes to operate beyond the limits of their particular jurisdiction, the act would be null and void—nor could Congress consistently delegate a power for such a purpose.

Every general regulation may interfere for a season with the interest of some individuals; but if this inconvenience should be sufficient to prevent the operations of the general government, the business of legislation must stand still.

The Institution of a National Bank has reference to the public at large: Circumstances may connect with the original establishment some advantages in relation to the place where the bank may be situated; but to suspend the institution till no objection of this kind exists, is to postpone a question of the greatest importance to be immediately decided, in die.

CIVIS.