nftS PUBLISHED WEDNESDAYS AND SATURDAYS BY JOHN FFNNO. *•-. 69, HL,H STREET, BETWEEN SECOND AND THIRD STREETS, PHILADELPHIA, [No. 89, of Vol. ll.] CONGRESS. HOUSE OF REPRESENTATIVES FRIDAY, Feb. 4. I'he BANK BILL under conjideration. MR. SEDGWICK said lie would cndeavournot to fatigue the patience of the house 111 the observations he fliould make on the important fubjeJt now under consideration. Without en tering into the difcuflion on a scale so extensive as had been indulged by some gentlemen—he •would dwell only on a few important principles, and fucb confeqtiences as were conclufiytly de ducible from thein, which had made a ltrongiin preilion on his own mind. The opposition to the bill had called in queltion theconftituLional pow ers of Congress, to eitablifh the proposed corpor ation, and the utility of Banks, neither of which till within a few days, did hefuppofe was doubt ed by any intelligent man in America ; and had charged the present system with holding out un equal terms against the government tothofewho should subscribe to the proposed flock. With regard to the question of constitutionali ty much had been said, which in his opinion, had not an intimate relation to the fubjetft nosv before the house. "We have with great earnestness been warned of the dai ger of grasping power, by conftruc f tion and implication ; and this warn ing has been given, in very animated language, by the gentleman from Virginia, (Mr. M.) Ido not wilh to deprive that member of the honor of consistency ; but I well remeinber_the-time. when the energy of his reaC.nnrg. imprefied 011 the miirds of a majority of this house, a cpnvitftion, that the power of removal from offices, liolden at will, was by conftrutfiion and implication, veil ed, by the .constitution, in the President—so there could be no pretence that it was expressly granted to him." He said he would only observe in answer to every thing which had been said of the danger of extending conftrudUon and implication, That the whole business of legislation, was a practical conftruc r tion of the powers ofthe legislature ; and that probably no instrument, for the delegation of power, could be drawn with such p. ecilion and accuracy, as to leave nothing to neccjfary implica tion. That all the different legiflacures in the United States had, and this in his opinion indis pensably mult, conltrue the powers which had been granted to them, and they mult aflume such auxiliary powers, as are neceflarily implied in those which are expressly granted. In doing which,it was 110 doubt their duty, to be careful not to exceed those limits within which it was in tended they should be reftridied. By any other limitation, said he, the government would be f>; {hackled, that it would be incapable of operating any ofthe effects which were intended by itsin ftiturion, He übferved, that on almost all the great and important measures which come under the deli beration of Cotigrefs, there were immense dilTi cnlties to be surmounted. "If we attempt," said he, " to proceed in one direction, our ears are allailed v\iih the exclamation of the confiitution is in danger ; if we attempt to attain our objects, by pursuing a different course, we are told the pals is guarded by the /tern spirit of democracy.— Did I concur with gentlemen in opinion on this subjeCt, Ifnould think it my duty to go home to my constituents, and honestly declare to them, that by their jealouly of power, they had so res trained the operations of ihe government, that we have not the means of effecting any of the great purposes for which the onftitution was de ftgned—without attempting, what perhaps would be found impracticable, to fix by general rules, the nice point within which Congress would be authorised to assume powers by con ft ru eft ion and implication, and beyond which they may be justly considered as usurpers." He wished gentlemen to reflecfi, what effect a lingle principle, universally acknowledged, would have, in determining tlie question now under consideration. It is universally agreed, That ■whtrs'jer a power is delegated, for express purposes, Saturday. March 5, 1791. ill the known and ttfua mjaus for the attainment oj he obj.-lls exprcjfcd, are conceded also. 1 hat to de -ide what influence (bis acknowledged principle would have, on the fukjetfl before the house, it would be neceilary to i eflect on tile powers with which Cotigrefs are 'tprsfsly invelted. Pie then epeited that Coiigrefs was authorised, to lay and collect taxes, to borrow money on the credit of lie United Stares, to raif? ■ and support armies, provide and maintain navies, to regulate foreign and domestic trade, and to make all laws neceilary :nd proper to carry these and the other cnume ated powers into effect ; they were, in fine, en t: ufted with the exercise of all those powers, >vhich the people of America thought neceilary, .o secure their fame and happiness, against the attacks of internal violence, and external inva lion, and in the exercise of those powers the le j;i/lature was authorised, agreeably to the princi ple which he had mentioned, to employ all the ki/ovj/i and usual means, nectjfary and preptr> toes fectuatethe ends which are exprefled. I: might be of life to determine with arecifion, what was the meaning of the words nectary and proper : — They do not reftrid: the powrrofthe legislature, to enacting such laws only, as are indifpenfible : Such a confirmation would bf infinitely too nar row and limned—and to apply the meaning ftritfl ly, it would prove, perhaps that all the laws, which had been palled, wer? unconltirurional ; for few, if any of them, could be proved indif penfible to the exirtenceof tJiegovermnent. The conduct of Congress had a con It ruction on those words more rational, and consistent with common sense, and the purposes for which the government was instituted ; which he conceived to be, that the laws should be eftablifherl on such principles and such an agency, in the known and usual means, employed in the execution of them, as to effecft the ends expreflediti the confHtution, with the great eft poflible degree of public utility. If Banßs were among the known and usual means, to efFec'luare or facilitate the-»«<4»-Thictr had been uiemiomnl—to enable the government with the greatest ease, and least burden to the people, to collect taxes, borrow money, regulate commerce, raise and fu]>port armies, provide and maintain fleets, he thought the argument irref agable and conclusive to prove the conllitution lity of the bill. Pursuing farther the fame idea, he alked, for what purposes were Banksindituted and pa tronized by governments, which were unreitri&- ed by conltitutional limitations ? Were they not employed as the means, and the mod ufeful en gines to facilitate the collection of taxes, borrow ing money, anAthe other enumerated powers ? Besides, he was to be observed, that the con dilution expressly declared the ends of legislation ; but in almolt eveiy inttance had left ihe means to the honest and lober discretion of the legislature. From the nature of things this must everbe the cafe ; for otherwise, the conlti rution mult contain, not only all the necefl'ary laws under the exiltingcircumftatices of the com munity, but also a code so extensive, as to adapt itfelf to all future pofli'ule contingencies. By our conllitution, Congress has power to lay and coiled taxes, but every thing subordinate to that end, such as the objei'ts, the means, the instruments, and the purposes are left to the honest and sober Jifcretion of the legislature. The power of bor rowing money was expressly granted ; hut all he known andufual means totharend were lefi in silence. The fame observations might with truth be made refpecfiing the other delegated powers. The great ends to be obtained, as means ro effectuate the ultimate end—the public good, and general welfare, are capable, under general erms, of conltitutional fpecification ; but the subordinate means are so numerous, and capable of such infinite variation, as to render an enume ration impracticable, and innft t here fore be left to c nflrufiicn, and ncc Jjary implication. He said 01 .his ground he was willing to Jeave the general argument —it was simple—intelligible, and he hoped would be thought conclusive. He said the conftirutionalitv hud been attack ed from another quarter. It was said we could not give commercial advantages to one port above another. Theconftitutional provision which had been quoted, was undoubtedly intended to pre vent a partial regulation of commerce ; if ex tended to the cafe under confederation, it would much more ftro:i«ly prove, that Congrefi ough not to reside in any commercial ciiy ; sot he verily believed, that the commercial advantages of Phi ladelphia were incomparably greater, from the 769- ttft&o [Whole No. 195.] i-efidence, than they could befuppofed from the initiation of a National Bank. Indeed, it was his opinion, that considering that this city had a Bank, the capital of which was adequate to all her commercial exigencies, that Ihe could enlarge that capital as her necetfity Ihould require, and that her Bank will, if this bill Ihall be rejeifted, receive the benefit of national operations, that the measure will not advance her individual in- tereft With regard to the utility of Banks, he obser ved, that he would not attempt todifplaya know ledge of the fubjeft, by repeating all lie had read and heard in relation to it, nor fatigue the house by a detail of his own reflections and reasoning upon it ; the causes were unnCcedary to be ex plained— the effetfis had been such, in all coun tries where Banks had been instituted, as to pro duce an unanimous opinion, that ihey were alike ufeful for all the great purposes of government, and to promote the general liappinelS ofihe peo* pie. Nor was our own experience wanting to the fame purpose. .At a time when our public re sources were almost annihilated, our credit pros trate, our government imbecile, and its patron age inconsiderable, a Bank, of small capital, was among the most operative causes, which produ ced that firft dawn that ultimately terminated in meridian splendor, by the ellabliftiment of peace, independence and freedom. There were two ciicumftances which he would take theliberty to mention, which would render Banks of more importance in this country, than in any where they are at prefent'in use. The firft, the com mercial enterprise of our merchants compared with the (niallnefs of their capitals, which, as we had no large manufacturing capitals, 1 whereby the precious metals would be retained in circu lation, would ft equently, by their exportation, greatly dillrefs the people; the other originated from a measure of the government—Congress, from a laudable intention of accommodating their condiments, instituted treafories in all the Stares : In some ofthefe there would be, in the ordinary course of events, a deficiency, and in others a redundency. To keep them in equiii brio by the transportation of the pi ecious metals, or by the purchase of bills in the market, would be not only inconvenient andexpenfive, but would keep out of circulation a confiuerable part of the medium of the country. Gentlemen, he said, had been pleased to consi der the proposed terms as giving an undue ad vantage to the Hock-holders. He would leave this part of the fubjecft to gentlemen who better un derltood it—only observing, that as government tnuftrely principally on merchants to obtain the proposed stock, ir would be neceflary to afford to thein fufficient motives to withdraw from their commercial put suits, a part of their capitals. He said he would attempt an answer to some of those desultory objections which had been made—and in doing this, he would omit to ans wer such as had been in his opinion already refu ted. He observed, that it had been said, that granting charters of incorporation was a high, pterogative ofgovernment. He supposed it was not intended that it was, in the nature of things, too tranfeendant a power to beexercifed by a na tional government ; but that the exercile of it (hould only be in consequence of express delegal - Let this objection be compared with the conduc't of Congress on another fubjetft, in all i efpetfts at lead as important. There is not by the constitution any power expressly delegated to mortgage our revenues, and yet without any qi eftion being made on the constitutionality of the measure, we have mortgaged them to an im mense amount—From whence he asked, do we acquire the authority to exercise this power ?— Not from express grants, but being empowered to borrow money on the credit of the United Mates. We have very properly considered the , pledging funds as among the known and vfual means, nectary and piopcr to be em ployed for the attainment of the end expressly delegated. It had been said, that the bill auhorifed the (lock-holders to purcliafe real estate. He consi dered the provision in the bill in that regard,, not a grant, but a limitation of power. Any man or body of men, might, by theexifling laws, pur diafe, in their private capacities, real eltaie to nny amount. Tiiis 1 ight was limited asitief pected the proposed corporation. It is said there are banks already, and therefore the proposed ii.corporation is unneceflary. To this he anfwercd, that if the government fliould
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