The Life and Public Services of James Buchanan, President of the United States; Including His Inaugural Address, and the Most Important of His State Papers
The Life and Public Services of James Buchanan, President of the United States; Including His Inaugural Address, and the Most Important of His State Papers
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1857 Excerpt: ...previous to the date of the Constitution. Its framers took the subject up as they found it, and acting upon the existing state of things, they authorized Congress to regulate, or to prescribe rules for conducting this commerce in all future times. To infer, therefore, from this simple power of regulating commerce, that ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1857 Excerpt: ...previous to the date of the Constitution. Its framers took the subject up as they found it, and acting upon the existing state of things, they authorized Congress to regulate, or to prescribe rules for conducting this commerce in all future times. To infer, therefore, from this simple power of regulating commerce, that of creating and issuing a supply of paper money for the country, strikes me as one of the most extraordinary propositions which has ever been presented to the Senate." It cannot be denied that the above plain, common sense views of the power of Congress to establish a national bank is so plainly and so palpably correct, that no arguments renowned as the senator from Massachusetts was for his logical abilities, could overthrow them. Mr. Buchanan, in closing this part of his speech, presented the following very clear statement of the difference between the political parties of our country. He said: " Two political schools have existed in this country from the time the Constitution was adopted. The one favored a strict, the other a liberal, construction of that instrument. The one has been jealous of State rights, the other the advocate of federal power. The senator from Massachusetts, if we may judge by his argument upon the present occasion, is far in advance of those who have hitherto gone the farthest in support of federal power. He has made large strides towards consolidation or conservatism. I use these terms with no offensive meaning." Mr. Buchanan's speech theu goes into a discussion as to whether the public deposits ought to be restored to the State banks, and shows that they ought not, because these banks were not and never had been safe depositories of the public money. More than all that, it gave them a capital upon wh...
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