ter the bank. But this is altogether supererogatory; for all his reasoning is but a reply to GENERAL HAMILTON'S REPORT; a feeble and insufficient reply, acknowledged to be so by Mr. Madison himself, at a time when more enlarged experience had given him new lights on the subject. It is remarkable, that Mr. Madison in this speech places the greatest emphasis upon the inutility of the bank to the government and to the public! In 1791, this argument, without an experience of its benefits, might have been thought sound-but in 1831, no man, in a sane state of intellect, would maintain so absurd an idea. On the contrary, as Mr. Madison rested his argument mainly on the point of utility, it shows an admission that its usefulness to government and the public, would form a feature in justification of its establishment! This extensive and great usefulness, is now universally admitted, and according to the principle of Mr. Madison's speech itself, the Bank of the United States, in point of constitutional right, is fully established! When we add to this theoretical admission of a point of logic, the practical admission of the same great statesman, what more can ignorance, malevolence, ambition, intrigue, or power require? Surely to persist in the longer assertion of the opinions of Mr. Madison, so far back as 1791, being an authority against the bank, would evince as much want of principle and candour, as of understanding and sagacity. If ever any question of constitutional right is to be settled, this of the government to incorporate the bank is settled, beyond the power of political charlatanry to destroy, or impair it. Let the decree of the SUPREME COURT be superadded to the practice, of Mr. Madison, pre-eminently the most rigid, and exact of all the republican interpreters of the letter and spirit of the Constitution, and let us see who, possessing character for wisdom, or patriotism, will peril its loss, by impugning its legal sanction, by the highest of all authorities, judicial, legal, political and just ! Properly viewed, therefore, the speech of Mr. Madison in 1791, taken in connection with his subsequent conduct, is doubly corroborative of the constitutionality of the bank, and doubly demonstrates his wisdom and patriotism, which could renounce heresies formed at a period inauspicious to correct views and a sound judgment; and embrace principles consonant to the genius of our ever advancing government, as well as the true spirit of philosophy and statesmanship, which so eminently distinguish the only surviving Revolutionary Sage of Virginia. FINIS. ALL BOOKS MAY BE RECALLED AFTER 7 DAYS 1-month loans may be renewed by calling 642-3405 6-month loans may be recharged by bringing books to Circulation Renewals and recharges may be made 4 days prior to due date JUL 1 8 1979 SANTA BARBARA INTERLIBRARY LOAN REC. CIR SEP 4" 1979 APR 221011 REC. CIR. MAR 1 2 3 LIBRARY USE ONLY MAY 3 0 2003 CIRCULATION DEPT. UNIVERSITY OF CALIFORNIA, BERKELEY BERKELEY, CA 94720 FORM NO. DD6, 40m, 3/78 |