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wealth and influence at the metropolis.

 He thought the plan liable to other objections It did not make so good bargain for the public, due to it's interests. The charter to the Bank of England had been granted for eleven years only, and was paid for by loan to the Government on terms better than could be elsewhere got. Every renewal of the charter had, in like manner, been purchased in some instances at very high price. The same had been done by the Banks of Genoa. Naples, and other like Banks of circulation. The plan was une- qua to the public credilors-it gave an undue pre- ference the holders of particular denomination of the public debt and to those at and within reach of the seat of Government If the subscriptions should be rapid the distant holders of paper would be cluded altogether.

 In making hese remarks on he merits of the bill, he had reSerped to himself he sad the right to deny the authority cf Congress to pass Il. He had entertained MiS Op,Hion from the date of he Consultation. His impression might, perhaps, De the stronger, BECAUSE HE WELL REooLLEoTED, that pOtcer 10 grant char- ters c incorporation had been proposed general ucntiOn, and rejected.

 Is the power of establishing an incorporated Bank among the powers vested by the Constitution in the Legislature of the United Statesl This is the ques- ton to be unexamined. After some general remarks on the limitations of all political power, he took tice of the peculiar manner in which the Federal Government is limited. It is not general grant out of which particular powers are excepted. It is a grant of particular powers only, leaving the general other hands, So had been understood by its friends and it's foes, and it was to be interpreted

 As preminaries to right interpretation, he laid down the following rules:

 An interpretation that destroys the very character isc of the Government, cannot be just

 Where meaning is clear, the consequences, whatever they may be, are to be admitted. Where doubtful, it is fairly triable by its consequences.

 In controverted cases, the meaning of the parties to the instrument, if to be collected by reasonable evidence is proper guide.

 Contemporary and concurrent expositions are a reasonable evidence of the meaning of the parties

 In admitting rejecting a constructive authority, not only the degree of its incidentally to express authority is to be regarded butthe degree of impor- tance also; since this will depend the probability or lmprobability of its being left to construction.

 Reviewing the Constitution with an eye to these positions, was not possible to discover in it the pow CT to incorporate Bank. The only clauses under which such power could be pretendcd, are either

 1st, The power to lay and collect taxes, to pay the debts and provide for the common defence and gene ral welfare; or,

 2d, The power to borrow money on the credit of the United States or,

 Sd, The power to pass all laws necessary and pro- per to carry into execution those powers.

 The bill did not come within the first power. It laid no tax to pay the debts provide for the gene ral welfare It laid no tax whatever. It was alto- gether foreign to the subject.

 No argument could be drawn from the terms conn mon defcnce and general are!fare. The power, to these general purposes, was limited to acts laying taxes for them and the general purposes themselves were limited and explained by the particular enume- ration suboined. To understand these terms in any sense that would justify the power in question, would give to Congress an unlimited power-would render nugaory the enumeration of particular pow ers-woud supersede all the powers reserved to the State governments. These terms are copied from the articles ofconfederaton. Had it ever been pre- tended that they to be understood otherwise than here explained? It had been said that gene- raj acelfare" meant cases in which general power might be exercised by Congress, without interfering with the powers of the States; and that the esta- blishment of National Bank of this sort. There were he sad several answers to this novel doctrine.

 1st. The proposed Bank aoould interfere indi- rectiy to dcfeat q State Bank at the same place.

 2d ioould directly inteJere scith the rights of he States to prohibit, sueU as to establish Banks and the circulation of Bank notes. He mentioned law of Virginia actually prohibiting the circulation of notes payable to bearer.

 Sd. Interference with the power of the States was constitutional criterion of the power of Congress. 1.-the power was not given, Congress could not exer- else it; if given, they might exercise it, although it should interfere with the laws even the constitu- ton of the States.

 4th. IfCongress could incorporate Bank, merely because the act would leave the States free to esa- bish Banks also, any other interpretations might be made by Congress. They ac0uid incorporate cOmpa- mes O manuacurers, companies tor cutting canals religions societies. iearng similar incorpora- tions by the States like State Banks to emselres Congress might euen establish re gious teachers in cre ry parrish, and pay them out ofhe Treasury ef the U- ncd States iearing other teachers unOlested in their functions. The inadmissible consequences con- demned the controverted principle. The case ofthe Bank established by the former Congress, had been cited as precedent. This kno,on, he said, to hare beca the chid of necessity Hnerer could be jus ;Eod tion Congress betrayed consciousness o his in commenting to the States to incorporate the Bank aiso THey did attempt to protect the Baak notes by pen aies against counereits These reserued arhOl ly to the authority cf he States

 1he second clause to be examined is that aohich en- pO,rers Congress 10 b0rr0s0 money.

 |, this bill to borrow money? It does not borrow shilling! Is there any fair construction by which the bill can be deemed exercise of the power to borrow money? The obvious meaning of the power to borrow money IS that of accepting it from, and sti pulating payment to those who are able and riAing to lend. To say that the power to borroD, involves power of creating thc ability, where there may be the will to lend, is not only establishing dangerous principle, will be immediately shewn, but is as forced construction to say, that it involves the power of compelling the will, where there may be the ability to lend.

 The third clause is that achich giues the po,oer to au iacs necessary and proper to e1ecue the speci fed porers.

 Whatever meaning this clause may have, none can be admitted, that would give an unlimited dis erection to Congress- Its meaning must, according to the natural and obvious force of the terms and the context be limited to necessary to the end and incident to the return oft the special powers.

 The clause is in fact, merely declaratory of what would have resulted by unavoidable implication as the appropriate and, it were. technical means of executing those powers. In this sense it had been explained by the friends ofthe Constitution, and ra- tifed by the State Governments.

 The essential characteristic of the Government, as composed of limited and enumerated powers, would be destroyed, if, instead of direct and incidental Sny GTuo % pc h aseG b wncn a ine h an ceiyed he conductive tn the successful cnnduclno