teen years remaining, whereas, when the stock of the late bank was at 50, eleven years had run out and only nine remained. This inflated price, therefore, was very little higher than the level stationary price of the stock of the late bank of the United calculated, I believe, if supported by the public, this most striking advantage, that not a year of its confidence, to be a blessing to this nation, in peace charter had expired, and there were above ninea bond of union, a sinew of strength in war. But what, at any given time, will be the price of its stock, I will not venture to predict. Have purchasers been injured? That depends upon what the price will come to hereafter. But, though I will not undertake to answer either of these ques- States. tions, nor hazard any opinion upon the value of It is not correct to say, that it "exploded and the stock, yet, in justice to the bank, I will venture fell"-(Report, page 11.) Allowing all reasonable to say, that, as far as my knowledge extends, there indulgence to the figure, it means, if I understand never was any great monied institution established, it, that the price was suddenly precipitated, when there never was any great monied operation com- the artificial means used for its elevation had ceased menced, that produced so little speculation. I do to operate, or ceased to produce any effect. It is not advance this hastily, and I do not wish it to be not correct. The table of price annexed to the assented to without full reflection. Speculation, report of the committee shows that its decline was stockjobbing, these are the substance of all the gradual, and that decline can be traced to other charges, or the coloring spread over them all. causes, which I will advert to presently. The Where is the instance of a new institution, in which price was highest in Angust, 1817; it began to fall, there was so much steadiness, so little extravagant but not materially, in September, 1817-and it had speculation? The maximum of the price of its not arrived at the lowest point of depression, (110) stock (see table among the documents) was in the what in the table is called "the lowest price," till latter part of August, 1817, when it had gradually November and December, 1818, more than a year reached 56 per cent. advance. Do gentlemen re- after the depression began. The table does not collect, or have they heard what happened when give us the intermediate prices, but we know, from the public debt was funded? One would suppose other sources, that the decline was not consider. that nothing could have been less fit to occasion able during the first part of that period. It may speculation. The amount was fixed, and could be dated, chiefly, from the summer of 1818, and not be exceeded; the rate of interest was fixed at may be traced to causes which not only had no the current rate of the country; the period and connection with artificial means, but are wholly manner of redemption were also fixed; every thing, inconsistent with their use. in short, was reduced to the greatest possible Again, sir, let us examine, in another point of certainty-yet the six per cent. stock rose to view, these charges against the loans upon stock. twenty six shillings and three pence. It after The price, on the 20th August, 1817, was from wards fell considerably below par, and did not 144 to 147, to which it had gradually attained. recover till, I think, after the year 1803. We have How could successive repeated advancements of another, and a much more striking, instance in the price be owing to a resolution adopted before the establishment of the late bank of the United States. organization of the bank, permanent in its nature, The scrip, for which ten dollars had been paid, and and operating uniformly from the first adoption? no more, rose to two hundred and seventy dollars. There is some confusion in the treatment of this Fortunes were made and lost. The roads between part of the subject. One would be led, by the the commercial cities are represented to have been language of the report, to suppose, that there were covered with expresses, conveying intelligence of successive measures brought forward from time to the fluctuations of the market, in order that they time, and calculated continually to stimulate the might be advantageously seized. The stock of market, which was stimulated accordingly. The that bank, I have been informed, but do not speak fact is not so; it was a system-the foundation was positively, afterwards fell below par. Sir, I have laid in the 4th by law, and the subsequent resolu seen many monied institutions established, and tions, all conformable to that by-law, were merely though I have had little to do with them, I have executive or ministerial, to carry it into effect. nevertheless had occasion to observe their usual The committee have themselves furnished the most progress. Their history is nearly the same. At conclusive evidence that the supposed facilities for first, their stock has an extravagant rise, then obtaining money were not so eagerly seized upon, succeeds an equally extravagant depression, and and for that very reason not calculated to produce afterwards it finds what may be termed its just or the effect imputed. The amount loaned upon natural level, that is, the level at or nearly to which sock, prior to the 30th of July, 1817, had been it rests, unless disturbed by some extraordinary $8,046,932 64. It was at that time only 5,221,267 60. occurrence, or moderately advanced by a gradual (Documents page 70.) Of course, 2,815.665 40 improvement. The stock of the late bank of the had then been redeemed and withdrawn volunUnited States may be considered as having settled tarily, as respects the borrowers, and against the at about 50 advance, after all speculation had policy and the true interests of the bank. The ceased. In the year 1802, the United States sold bank could not lend in this way as much as it might 2220 shares at 45 advance, and they soid to a per- prudently desire. This statement is what I allud. son who bought to sell again, and of course, to sell ed to, when I said some time ago that there was at a profit I have always understood that he did a continual tendency in the deposite to escape. sell at a profit. Individuals sold as high as 50 That the resolution of the 26th of August (for adadvance. (Seybert's Stat. An.) The permanent vancing $125) had no influence in raising the price, advance, therefore, was very little short of what is most evident. On that day it was at 150, nearly has been deemed the inflated or speculative price the maximum; it rose but very little in the next of the present bank. I am aware that it may be three or four days, and then, instead of rising, began said, and truly said, that the late bank had some to decline. advantages which the present does not possess. But this resolution is supposed by the report But, the existing bank has also some which were (page 11) "to have given equal facilities to the not possessed by the former. At the period we bankrupt, who had not credit enough to obtain an are speaking of, when its stock rose to 56, it had endorser, and to the capitalist. Stock could be and was purchased without the advance of a cent The members of the committee have referred to a by the purchaser, who had only to apply to the list of borrowers which has not been printed, and directors, or to the president and cashier, between they have differed from each other as to the true discount days, for a loan on the shares about to be purport of that list. The member from South bought, and, by what is termed a simultaneous Carolina, (Mr. Lowndes) one of the committee, operation, he obtained his discount, and, wITH IT, has stated that a large proportion of the borrowers paid for his stock. A rise in the market would were "merchants and traders" It is of no man. enable him to sell his shares, pocket the difference, ner of consequence, for it is not denied, but it is and commence operations anew." Nothing can be agreed that these loans were offered indiscri. more inaccurate, more strikingly inaccurate, than minately to all who could give the required se. the whole of this reasoning; and nothing more curity, that they were made with impartiality, and destitute of solid support than the basty condemna without favoritism; and that, in making them, the tion founded upon it. It fails entirely in point of directors did not regard the occupation of the bor. fact. For, in the first place, the price of stock, on rower, provided he offered good security. Was the 26th of August, 1817, was 150. A loan could not the security unexceptionably good, the best be obtained upon it of only 125. There remained, that could be offered? Suppose the same "speculatherefore, 25 dollars a share to be supplied from tors" had got discounts on funded debt, would the resources of the purchaser. Again: for the 25 there then be any complaint? Where then is the dollars excess beyond the par value of the share, point of this accusation? Do gentlemen mean to two approved names" were required.-(Documents establish a high moral standard, graduated not by 79) Thus the borrower was to find an "approved" the laws of the land, nor with any reference to the endorser, and was to furnish 25 dollars a share, in nature of the subject, by which the directors of addition to what the bank would lend him. How, the bank are to be governed in exercising a centhen, can it be affirmed, that this resolution "gave sorial authority over the lives and occupations of facilities to the bankrupt, who had not credit enough those who come to borrow, and by which they are to obtain an endorser ?" How, can it be said, that, themselves in turn to be tried and censured? We by means of it, stock could "be purchased without are all of us fond of power, and sufficiently inclined the advance of a cent?" Or that, with the money to abuse it. What power could be more dangerous, obtained from the bank, the purchaser "could pay what more liable to abuse, what more inevitably for his stock "" [Here Mr. Spencer rose to explain, tending to generate a tyrannical spirit in the heart and stated, that the reasoning quoted from the re- of man, than such an authority-no matter by whom port was not meant to apply to the resolution of exercised-to become a censor and inquisitor of the 26th of August, but to the previous resolutions the thoughts and occupations and conduct of his authorising loans at par.] Sir, the reasoning im. fellow creatures; to judge them, not by the laws mediately follows the statement of the resolution of the land, not by any defined or established rule, of the 26th of August, and seems to be most but by an arbitrary and fanciful theory of his own especially, if not exclusively, applied to that re-creation? Sir, is it not enough that these loans solution. But I accept the chairman's explanation, were not prejudicial to the interests of the instituand will the reasoning be any better? Rather tion, that the security was unexceptionable, that worse, I think. Under the resolution of the 26th they were impartial and general? Is it not enough of August, the purchaser was to furnish 25 dollars that there were at least very plausible reasons, if a share, in money, and an endorser for 25 dollars not conclusive ones, for making them? Is it not more. Under the resolutions for loaning at par, he enough, that they were prohibited by no law, and would have to advance 50 dollars a share, which I that they were made by the directors under a suppose would be at least as difficult for "a bank discretion committed to them? That they are rupt," and quite as inconsistent with the idea of still safe and good? That they were made to perbuying without the advance of a cent, as advancing sons exercising occupations not forbidden by law, 25 dollars, and finding an endorser for 25 more. who were not prohibited from borrowing, and to While I am upon this part of the subject, I would whom it was not unlawful to lend? If they were take the liberty of asking a question of the chair- right in themselves, let us not engage in needless man of the select committee. The report, (page enquiries, that can do no possible good, and may 11,) says that "a rise in the market would enable do much mischief. him (the purchaser) to sell his shares, pocket the But the report expresses surprise "at finding so difference, and commence operations anew." little good business paper done at the bank and its should be glad to be informed, how many times a offices." How, in the course of such an examinaman must commence such operations anew, how tion, (completed in three weeks) it was ascertained many times he must buy and sell in a market "con- what quantity of "business paper," usually so stantly advancing," before he will make a profit? called, was done at the "bank and its offices," or If the market was "constantly advancing," as the what "good" business paper was done, or whether report states it was, it would seem to me very any was done that was bad, or whether any good difficult to understand how successive operations or bad was refused, and for what reasons, I am at could benefit the speculator. I should suppose, a loss to understand; especially, as there was no from a plain calculation, that the oftener he bought opportunity for explanation. I take it for granted, and sold, the less stock he would have, and, repeat- from other parts of the report, that this phrase is ing the "operation" a sufficient number of times, meant to apply, though applied inaccurately, to and a slight depression supervening, he would loans on stock, as contradistinguished from loans inevitably lose his whole capital. on personal security. In that sense, without ad The report, sir, goes on to charge that the loans mitting our right to regulate the business of diswere "unreasonable and excessive," were not made counts; in that sense, the surprise expressed ap. to merchants and traders," but "io a few persons, pears to be unwarranted. When the loans on perconsisting of directors, brokers, and speculators," sonal security were $20,000,000, the loans on stock and that very little "good business paper was done." were $5,000,000. When the loans on personal (Report 10, 11) Upon what foundation of fact security were $30,000,000, the loans on stock these charges rest, we are not precisely informed. were $11,000,000; and that proportion never was In Nov. 1818, it was reduced to The greatest amount loaned on was in March and April, 1818, In Nov. it was reduced to Reduction 3,328,940 38 The reduction on stock is beyond all proportion greater than on the personal security paper. Take another period-that given by the com mittee. In July, 1818, the loans on stock were November, 1818, Reduction In July, 1818, loans on personal November, 1818, Reduction 10,657,125 85 1,722,412 91 1,846,678 16 There is another period stated, (June and July,) which gives a result somewhat different, but still shows the stock loans to have been more than proportionably reduced. The first, however, is most fair, as it gives a reasonable range. exceeded. (See documents page 70, and table 43.) [at Charleston there was 25,986 shares subscribed, There is still another accusation, which I have more than either at New York or Boston. At heard here and elsewhere, and which, for that rea- Richmond, 16,987 shares; at Washington 12,708; son, I have been at some pains to examine. The and at Lexington, Ky. 9,587, nearly half as many "curtailment" (says the report, page 11) "fell, in as at New-York. I would remark, further, with almost all cases, upon the business paper;" by regard to the loans on stock at Philadelphia, that which is here meant the paper for loans on personal they were not confined to stockholders in Philadel security. The table 43 furnishes a most conclusive phia, but a considerable part of them was for peranswer to this allegation. sons residing in different parts of the union, who, The greatest amount loaned on stock appears to from some cause or other, found it most convenient have been in January and February, 1818, to get their loans there. This is a fact well known 11,244,514 19 to all the committee, from whom I have derived it. 8,934,712 94 But the heaviest charge of all, in the estimation of the report, that which pervades and gives a color 2,309,801 25 to the whole, at the same time that it is of no manpersonal security, ner of importance in the present enquiry, is the 30,318,932 50 charge of speculation-made against individual 26,989,992 12 directors and officers of the institution. How far it may be justifiable or proper thus to scrutinize the private transactions of men, in order to fasten upon them, by what is termed an exparte enquiry, the imputation of an undefined and undefinable of fence to hold them up to public odium, under the authoritative sanction of a committee of this house-it would be useless now to enquire. Speculation and speculators, sir, are terms of very vague import, and of every extensive application. There are speculators of many kinds-there are speculators in lands-there are speculators in merchandise -there are speculators in manufactures-there are speculators in stocks; the variety is infinite, and in no country upon earth greater than in this. Every thing about us invites to speculation. Such are the resources, such the youthful energy of our happy country, that a man can scarcely apply his labor or his money amiss; wherever he employs them he is sure of a liberal and rapid increase. Not an axe sounds in the forest, without adding to the sum of national wealth. I should like, then, I have gone into these details, sir, not for the to know, in what the discrimination consists, which mere purpose of differing from the committee, or makes one kind of speculation offensive, and anopointing out inaccuracies in the report, but to avoid ther innocent, if both are permitted by law, and hasty results, from a superficial examination. The neither unfairly or fraudulently conducted. What conclusion, so far as we have gone, is that the is the difference between speculating in land, and inferences are not warranted. Every measure is speculating in merchandise, or the stocks? Sir, fairly accounted for, provided you examine it upon the charter does not prohibit dealing in the stocks, its own merits, free from the prejudice of extrinsic either to directors, or to the officers of the institu considerations. I shall trouble you no more with tion; it is, therefore, not unlawful or criminal. particulars that must, necessarily, be tedious and The omission, with respect to the officers, cannot uninteresting. There is one allegation of the re- have been casual, or accidental. If my recollection port, however, which the chairman has voluntarily be accurate-I do not speak positively—it was corrected, admitting that the language is broader prohibited, as well as every other kind of trading, than he meant it to be. It is the assertion, in page to the officers of the late bank of the United States. 10, that "the principal business of the bank cer-I know it is prohibited by law in most of the state tainly has been to discount on notes secured by a institutions. It is impossible that it should have pledge of stock;" an assertion which, as it stands in escaped the attention of congress. But let us the report, did certainly occasion some astonish-examine this matter, and not be carried away by ment. It is now explained to be meant only of the general denunciation. That a man might subscribe, operations at Philadelphia. We have no table that and yet be a director, is not to be questioned; none shows how much of each kind of paper was done but a subscriber could be a director. Every subat Philadelphia, and, therefore, cannot fix with any scription had a view to profit or advantage, and was precision what is to be understood by this vague so far a speculation. Every large subscription had expression, "the principal business." But, is it a view to profit by selling, and the larger the subnot easy to account, and to account fairly, too, for scription, the greater speculator was the subscriber, the fact, supposing it to be as stated? The largest and the more was he interested in advancing the loans on stock would naturally be where the largest value and price of the stock. Was he, on that acquantity of stock was held, and where there was count, incapacitated to be a director? On the most of that kind of security to offer. The largest contrary, was it not thought, and with some aploans were accordingly at Philadelphia and Balti-pearance, at least, of reason, that the greater his more. The list of subscriptions to the bank (No. stake in the institution, the more he would feel 47) gives us the following: At Philadelphia 88,529 interested in its prosperity? Again-the comshares; at Baltimore 40,141; at New-York 20,012;mittee, adopting a distinction I do not very well at Boston 24,023. It is worth remarking, though understand, find no fault with a director for buynot directly applicable to the present purpose, that ing, or for selling. And yet, is it not most obvious, Did that the one operation would make it his interest, law. But, there is a plain practical rule upon this to depress, and the other to raise the price; that in subject, safe and sure in its application. Has all the one case he might buy as cheap, and in the this imputed speculation affected prejudicially the other sell as dear as possible? The whole censure interests and management of the bank? If the of the report is directed against those who bought trust has been betrayed, if the bank has been misand sold-who dealt in the stock. It would be managed towards the public, and the property of very difficult to make out that one who thus dealt the stockholders sacrificed to subserve the purin buying and selling was more likely to be affected poses of speculation, let condemnation fall with its by it in his conduct as a director, than one who heaviest weight upon those who have abused the only sold. On the contrary, as his interest would confidence reposed in them. This is the question, be sometimes on one side, and sometimes on the if we are to discuss any question respecting the other, he would be less likely to be permanently management of the bank. To this question I have influenced, or influenced at all. But this is, itself, endeavored to draw the attention of the house; and more matter of speculation, and speculation of the if the views I have presented be at all correct, I most dangerous sort; because it subjects the con- think it has been fully and satisfactorily answered. duct of men to speculative examination, and to Justice to those who have had the direction of speculative conviction. It is a speculation upon the bank requires a few words more. character, where there ought to be, and where there it seems to me, the strongest positive evidence of You have, is, a plain practical rule that will be sure to guide the sincerity of the directors, and of their conus to a safe result. Upon this part of the subject |fidence in the administration of the bank. Did I wish to be clearly understood. The rule a man they sell out before the fall of price took place ? may think proper to lay down for the government With one only exception, I believe-any member of his own conduct, is one thing; the rule he will of the committee can correct me, if I am in error-adopt in judging the conduct of others, is another. with one single exception, the directors, who are If he choose to fix a standard for his own govern- charged with speculation, held and continued to ment, no matter how high he may raise it-if he hold at that very time quite as large if not a aim at all the perfections contained in the table of larger quantity of stock than they had held at any the illustrious Franklin, so much the better. If he antecedent period; thus, resting their own hopes should fail, as he assuredly will, of reaching the and fortunes upon the stability of their measures. highest point, he will nevertheless be rewarded for Again; the fall of price itself was owing to their his pains. He will promote his own happiness, and, own acts of management-acts that were necessary from the difficulties he has to struggle with, he and proper, but which they must have foreseen will learn a lesson of charity towards others; which would unavoidably depress the market. We know increased contentment with himself, at every step full well that it is the rate of dividend that chiefly of his progress, will every day more and more regulates the permanent price of every stock. qualify him to practice. But when a man comes they ever make an unjustifiable dividend? It is to judge the conduct of others, let him beware how not pretended. The first serious impression made he applies to it a severer rule than the law of the upon the market, was by the reduced dividend of land and the law of their peculiar conditon has laid three and a half per cent. in July last. I say reduced, down. Sir, I know nothing, by experience, of spe- in comparison with the former dividends, which culation. I have never dealt in the stock of this had been four per cent. That affected the stock. bank. I have never bought a share, nor sold a Then came the change in the charter of the branch share, nor been interested in the purchase or sale notes, which occasioned some uneasiness, and much of a share. I have never borrowed a dollar from unfounded clamor. At the same time there was the bank. But I claim no credit for forbearance. a rapid reduction of discounts, which had the When I am not here, endeavoring to serve my con- double effect of lessening the prospect of dividends, stituents according to the humble measure of my and of diminishing the quantity of money in cir abilities, I am engaged in the labors of a profession culation: both calculated to lower the price of which do not consist with engagements in trade, or stock. These were measures necessary and prodealing, or speculating, or borrowing. These are per for the security and safety of the institution, no part of my business, and whether I abstain from now approved by every one: but they were all them because I think it prudent, or because I think measures most obviousiy unfavorable to the mar it right-from motives of policy, or from motives ket. They were adopted, and persevered in by of a higher nature-is altogether indifferent. I the directors, because they were necessary and choose to abstain from them, and no one has any proper, who thus gave to the public and the stockright to enquire why I do so. I acknowledge that holders the surest pledge of their fidelity to the I should be wanting in consistency of character, trust, and of their determination to give it a preand might be justly exposed to suspicion, if, upon ference to any interest of their own. becoming a bank director, I were to abandon my Of the officers of the institution, it would be former habits and occupations, and become a dealer sufficient to say, that neither the law nor the stockin money and in stock. But, if you make directors holders restrained them from trading, and there is of men whose daily business and occupation it is no reason to believe that they have in any instance to trade, to buy and to sell, to deal in stocks and neglected or betrayed their duty. In what I have in money-and such men are not proscribed; they heretofore submitted to the house, I have founded are indeed the very men who are deemed best myself almost exclusively upon the documents qualified to be directors-do you expect them furnished by the committee. Will the house perthenceforth to give up their occupations, to purify mit me to say one word from my own personal themselves from the love and desire of gain in order knowledge? Sir, I have had full opportunity to that they may be qualified for the due performance observe the conduct of the late president, (Mr. of the trust, or escape the charge of being specula. Jones,) and I can assure the house that I believe tors and stockjobbers? It is idle to talk of it.-no institution ever had a more honest, zealous, and Nobody expects it, nor do I know that it is to be devoted officer. He has sacrificed his health in its wished. If there is any evil experienced, the stock. service, by incessant and laborious exertions to holders have power to correct it by election or by promote its prosperity, which seemed, indeed, to be the only object of his thoughts and cares.-I, bank received all the constitutional sanctions, wa know not who may be hereafter placed at the head promulgated to the country and to foreigners as a of the bank, nor will I pretend to enter into any constitutional law, and has now been two years in comparison of other qualifications; but I am sure force. Great interests are connected with its that I wish no bad wish for the institution, when I existence, incalculable mischiefs, public and priexpress a hope that all its future presidents may be vate, will follow its repeal, and among them not as faithful, as honest, as industrious, and devoted, the least considerable will be the wound inflicted as Mr. Jones upon the character and credit of the nation. How shall we stand in the estimation of foreigners? 1 am afraid to follow out the enquiry. Let every one reflect for himself, and, as he values the national reputation, so let him decide. I cannot, however, at all understand the grounds upon which gentle. men who have constitutional objections can vote for a scire facias. That proceeding distinctly admits the legal existence of the bank, and sends it to the judiciary to be tried for its life, to determine whe ther it has not forfeited its right to continue longer to exist; an admission wholly inconsistent with the opinion alluded to. But, of this, every member must judge for himself. It is time to come to a conclusion of what relates to the management of the bank. Can I ask more to sum up the evidence of its fidelity, than the statement of the gentleman from Virginia, (Mr. Tyler,) that if dissolved it is now able to pay dollar for dollar? That there have been some errors cannot be doubted, but they have been mere errors, such as will happen, and they have always been on the right side. Among them, however, I do not consider the practice of selling drafts to be one. It is the right of the bank, admitted to be so in the report, (page 5.) It is perfectly fair, and one of the most legitimate sources of profit, inasmuch as it is ex- If congress had a power to incorporate a bank, pressly indicated in the charter. Upon what prin- and have exercised that power according to the ciple, then, is it, that what an individual may do constitution, no argument can be necessary to prove without reproach, is not to be done by the bank? that we have no right to repeal the charter. This Why, having a fair marketable commodity to dis. is a settled, established principle, founded in the pose of, shall it not sell at the fair market price? nature of the power, and almost universally concedWhy should it not in this respect be put upon an ed. Chartered rights are sacred things; they are equal footing with individuals? Until these ques- the rights of individuals, guaranteed to them by tions are answered, it is unnecessary to say any the public authority, and of which no lawful authing further. A premium or advance is an in-thority can deprive them but that which the char demnity for the remittance of funds, varying a little, ter itself presoribes, or which is implied from its according to circumstances. Ought the bank to nature to be exercised in the manner pointed out remit the funds of individuals at its own expense? by the charter, and according to the law of the It would be unjust as respects the bank; it would be objectionable as regards the community; for it would open the door for favoritism and partiality. A fixed rate (which the report, page 5, thinks ought always to be observed,) is plainly impracticable. But of this I need say no more. It is now settled upon its just foundation; it is the right of the bank, and does no wrong to any one, as no man is obliged to buy from the bank, or sell to the bank, but makes the bargain voluntarily and for his own convenience. I am confident, however, that what the report says in page 5, of the fluctuation from 1 to 5 per cent. is incorrect. It must be a mistake. I forbear to trespass further on the patience of the committee upon this part of the subject, and proceed at once to the second general ground of e quiry. land. Any other mode, of proceeding to deprive this legal being of existence, would be an act of lawless, unjust violence, as much forbidden as to legislate away the life of a natural being. That we have a right to send this corporation to the judiciary, there to undergo its trial and receive its judgment, no one can deny, for so the charter has expressly provided. It is equally clear, I think, that we are to exercise a sound discretion. If we are satisfied that the charter has been so violated as to work a forfeiture, still the question of expediency is open. We may deem it for the public interest to continue its existence, without altera. tion, to reorganize if its organization has been impaired, to propose changes in its structure, or to let it go down, and, if needful, raise up a new institution. We are not bound, even in that case, in Has the charter been violated so as to work a the case of a clear and unequivocal forfeiture, to forfeiture? This single question would afford send it to trial and condemnation. Is it not equally materials for a very copious discussion, much more plain, that we ought not to send it to trial, if we copious than I am disposed to undertake, after are satisfied that there has been no forfeiture? having already taken up so much of your time. I Why expose ourselves to the certain consequence would address myself first to those gentlemen who of a failure? It will assuredly not increase the hold the opinion that congress have no constitu- public respect for our conduct. We may lose some tional power to charter a bank. Such an opinion, what in the public estimation. Why subject the I know, admits of no compromise, but certainly bank to the destructive effect of a protracted there is a great difference between the question criminal proceeding, when no offence known to the that arises when it is proposed to establish a bank, law has been committed? A gentleman from Virand that which presents itself when it is proposed ginia (Mr. Tyler) calculating that such a proceed. to pull down and destroy an established institu- ing would not be terminated in less than eighteen tion. The very repeal of a law admits its constitu- months, says, it would give time to wind up the tional validity, for, if it is unconstitutional it is concerns of the corporation, which, be thinks, void of itself; and therefore a vote for a repeal can might be done most advantageously for the stockscarcely be regarded as the expression of an opinion holders. He takes it for granted, then that the that the law is unconstitutional. I lay no stress corporation would be condemned: that a scire facias at this time upon the repeated recognitions, which and conviction are the same thing. But, the officers must now be considered as having definitively of the corporation will not so consider it; they are settled the construction of the constitution. Every one can give it its due weight. But, I would ask gentlemen to remember that the charter of this not at liberty so to consider it; they must go an and discharge their ordinary functions in the ordinary way, until its doom shall be finally pro |