is to be perpetrated, if possible, in despite of the faith of these States pledged to abstain from the seizure of the public lands by the very compacts which admitted them into the Union. This is, indeed, the veritable cause of the President's veto on the bill. All the other causes, inconsistent with established principles and facts, so inconsistent that their assignment would be ridiculous, if it were not mischievous, are but tubs thrown to the whale-matters to give volume, not weight, to the message. The people of all the States feeling, palpably, the advantages of the public lands to them and their respective States, would never consent to reduce their price to a mere nominal value, nor to give them away. It was to prevent the great and practical value of these lands from becoming known, that the veto message was prepared; and prepared too, so far as internal evidence affords proof, by a senator from the south-west, distinguished by his repeated, urgent, but fruitless efforts, to divert this mine of wealth from its legitimate objects.

The nation, however, has not lost sight of this treasure; and we may predict, that, the hour is not far off, perhaps it is even now present, when in despite of vetoes and daring plans of injustice, it will derive all the benefits which it may, from this inexhaustible source of prosperity.

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CHAPTER XVI.

THE WAR ON THE BANK.

380. It was the object of the Constitution to consolidate the United States into one nation, so far as regards their foreign relations and some subjects of an internal character essential to their prosperity. Of these, the control over the monetary system, by which the currency of the country might be established, was among the most important.

381. Whatever commodity, may by law or general consent, be universally received in any country, in exchange of every other commodity and in payment of all debts, is the circulating medium or currency of such country-the common standard of the value of all commodities whatever; and that, which regulates the performance of all contracts not specially excepted. The most valuable and most desirable qualities of this standard are permanency and uniformity. The permanent value of the currency is essential to the safe and profitable conduct of business. Whilst it is permanent, the dealer may always calculate the result of his operations; but if it be variable, that must be uncertain and frequently perilous. Thus, if the dollar will, to-day and this day come year, purchase a bushel of wheat, it can be manufactured into flour at a certain and steady profit. But, if the value of that dollar vary, between the time of purchase and the time of sale, the manufacturer may be a loser or gainer, as that value shall be increased or diminished; and the success of his business will depend upon chance, or on principles which he cannot control.

In all countries, uniformity in the currency is desirable, both in regard to the facility and safety of business. Thus, if the dollar have the same value in London and York, the trader is saved much trouble, in the simplicity of his accounts, and the traveller the loss which might otherwise arise from difference in relative values. And where this uniformity prevails, variations in the value, being general, are less injurious; and such uniformity is common, where the same political power governs the whole country, and fixes the standard of value.

But in the United States, where twenty-four independent sovereignties might have possessed, each, the power of fixing

a standard of currency, such standard might have varied in every State. The holder of a silver dollar at Boston, in travelling through the country, to Charleston, might find himself enriched, nominally, as he progressed, and at the latter place, his dollar might be worth a dollar and one-fourth in the currency there established. In this case, he would be a gainer of twenty-five per centum; but if the journey were reversed, he would be the loser. The evils growing from this state of things, were susceptible of diminution, by due adaptation of the contracts of trade. But want of uniformity produces with us, from our political organization, oppressions to which individuals can apply no remedy. The Constitution provides: 1. That all duties, imposts and excises, shall be uniform throughout the United States: 2. That representatives and direct taxes shall be apportioned among the several States, according to their respective numbers, to be determined by the rule thereby specified; and that no capitation or other direct tax shall be laid, unless in proportion to the enumeration. Both these provisions are violated by non-uniformity in the currency; the tax payer, in Charleston, paying in the currency of his State, the nominal dollar required by the law, pays twenty-five per cent. less than the payer at Boston, whose silver dollar may be worth one dollar and twenty-five cents of paper. Fluctuation in the currency, local and general, is most common to paper money; but it is incident to every species of circulation. A metallic currency may vanish under the influence of political alarms, by the explosion of mercantile speculations, or the drain of an unfavourable course of trade. The evils of an unsettled currency would have been enormous and intolerable, had not the power *to regulate the currency been given to the United States. The confederacies of Germany and Holland, which had always been inundated with coins, often debased and varying, from State to State, in standard and denomination, having served as useful beacons.

382. To this end, by the Constitution, Congress is empowered, to coin money, to regulate the value of the domestic and foreign coins in circulation, (and as a necessary implication from positive provisions) to emit bills of credit; whilst, by the same instrument, the individual States are forbidden to coin money or emit bills of credit, or make any thing but gold and silver a tender in payment of debts. The power thus given, it is the duty, not less than the right, of the United States to carry into effect. This duty has become the

more imperative, as the prohibition on the States to emit bills of credit, has become nugatory, by the emission of Bank notes, under the authority of the several States, and the consequent establishment of a special currency for each. The money of the United States, under this constitutional authority, has been established by law, and consists of coins made with gold, silver or copper. But, the power to emit bills of credit, has also been exercised in a limited and qualified manner. Thus the bills and notes of the Bank of the United States and Treasury notes issued during the late war, were made receivable in all payments to the United States.

383. The power of the General Government over the cur rency, is too clear to be denied. But the mode of its exercise, through the Bank of the United States, has been objected to, as unconstitutional and inexpedient. The question of constitutionality, ought to be at rest. Time, the acquiescence of the nation, reason, judicial authority, all, have confirmed it; and their influence has converted the most efficient objectors, of whom, Mr. Madison was chief. But it has suited the views of the Jackson administration to revive the question, and an exposition of the principles upon which it has hitherto been settled, becomes proper.

The power to establish the Bank is derived from the clause of the Constitution giving to Congress the power to make all laws, which shall be necessary and proper, for carrying into execution the powers given by the Constitution, and thereby vested in the Government of the United States, or in any department or office thereof." It is, therefore, requisite to determine the meaning of the words "necessary and proper," in the clause.

The word "necessary" must not be taken in its strict sense, as if it stood alone. It is connected with, and qualified by, the word "proper." This last word implies, that what is called necessary, may be proper or improper. Hence, the words, "laws necessary and proper," are not intended in the most limited sense, implying absolute impossibility of effecting the object without the law; but mean such laws as are fairly intended, and highly useful and important for that purpose.

That such is the fair and uniform construction, without which the Constitution could not be carried into effect, is apparent, from many laws; particularly, from the acts for laying and collecting duties on imports. These require from the importer or consignee, oaths establishing the quantity and quality specified in the invoice. Yet such oaths are not ab

solutely necessary; because the duties, as in France, might be efficiently collected without them, by means of the appraisement of the merchandise.

There may be several means of effecting any power, expressly given in the Constitution; no one of these can be strictly necessary, whilst any one may be used; and if we refuse each, as unnecessary, none can be employed. Thus, the restriction on the issues of the State Banks, indispensable to the regulation of the currency, may be, by a stamp duty, or by the influence of the Bank of the United States. But if these be the sole means, and we refuse both, because neither is indispensable, the object is unattainable.

To render such means necessary and proper, they should, be not only highly useful and essential, but tend clearly, and with good faith, to their averred object; not be colourably auxiliary to one object, when designed for another. The chief ground of objection to the first Bank was, the supposition, that it was designed to consolidate a monied aristocracy, and further party views. These errors have passed away; but they may have left impressions which still affect public opinion.

It is now universally admitted, that the use of Banks is indispensable to the Government. But against all experience, it is insisted, that the operations of the Treasury and the regulation of the currency may be effected with equal facility and safety, through the State Banks alone, as through a Bank of the United States; and on that ground the constitutionality of the latter is denied. To admit, however, that State Banks are necessary to the operations of the Government, is to abandon the question. To make and to use, or to make and to hire, must require the same power in this case, and be alike constitutional or unconstitutional. But every consideration of propriety, expediency and convenience, requires that Congress should make a Bank, which will suit its own purposes, and be subject to its own control, rather than use Banks not made nor suited to its purpose, and over which it has no su pervision. The power, in either case, to use a Bank, can be derived only from the fact, that it is necessary and proper for carrying into effect the powers granted by the Constitution.

But it is not on the useful agency of the Bank in treasury operations, that its constitutionality is now mainly placed. The States, though forbidden by the Constitution to issue bills of credit, have, to all intents and purposes, so done, through the agency of the Banks, and the notes of these