Memoir, Correspondence, And Miscellanies, From The Papers Of Thomas Jefferson, Volume 4

Perhaps, indeed, bank bills may be a more convenient vehicle than treasury orders. But a little difference in the degree of convenience, cannot constitute the necessity which the constitution makes the ground for assuming any non-enumerated power.

Besides; the existing banks will, without doubt, enter into arrangements for lending their agency, and the more favorable, as there will be a competition among them for it. Whereas, this bill delivers us up bound to the national bank, who are free to refuse all arrangements but on their own terms, and the public not free, on such refusal to employ any other bank. That of Philadelphia, I believe, now does this business by their post notes, which, by an arrangement with the treasury, are paid by any State collector to whom they are presented. This expedient alone, suffices to prevent the existence of that necessity which may justify the assumption of a non-enumerated power, as a means for carrying into effect an enumerated one. The thing may be done, and has been done, and well done, without this assumption; therefore, it does not stand on that degree of necessity which can honestly justify it.

It may be said, that a bank, whose bills would have a currency all over the States, would be more convenient than one whose currency is limited to a single State. So it would be still more convenient, that there should be a bank whose bills should have a currency all over the world. But it does not follow from this superior conveniency, that there exists any where a power to establish such a bank, or that the world may not go on very well without it. Can it be thought that the constitution intended, that for a shade or two of convenience, more or less, Congress should be authorized to break down the most ancient and fundamental laws of the several States, such as those against mortmain, the laws of alienage, the rules of descent, the acts of distribution, the laws of escheat and forfeiture, and the laws of monopoly. Nothing but a necessity invincible by any other means, can justify such a prostration of laws, which constitute the pillars of our whole system of jurisprudence. Will Congress be too strait-laced to carry the constitution into honest effect, unless they may pass over the foundation laws of the State governments, for the slightest convenience to theirs?

The negative of the President is the shield provided by the constitution, to protect against the invasions of the legislature, 1. the rights of the Executive; 2. of the Judiciary; 3. of the States and State legislatures. The present is the case of a right remaining exclusively with the States, and is, consequently, one of those intended by the constitution to be placed under his protection.

It must be added, however, that unless the President’s mind, on a view of every thing which is urged for and against this bill, is tolerably clear that it is unauthorized by the constitution, if the pro and the con hang so even as to balance his judgment, a just respect for the wisdom of the legislature would naturally decide the balance in favor of their opinion. It is chiefly for cases where they are clearly misled by error, ambition, or interest, that the constitution has placed a check in the negative of the President.

Th: Jefferson.

February 15, 1791.

1

November 8. It is now said that it did not take place on the 3rd, but will this day.

2

In the margin is written by the author, ‘La Fayette.‘

3

This letter is endorsed, ‘not sent.‘

4

The real cash or money necessary to carry on the circulation and barter of a State, is nearly one third part of all the annual rents of the proprietors of the said State; that is, one ninth of the whole produce of the land. Sir William Petty supposes one tenth part of the value of the whole produce sufficient. Postlethwayt, voce, Cash.

5

Within five months after this they were compelled, by the necessities of the war, to abandon the idea of emitting only an adequate circulation, and to make those necessities the sole measure of their emissions.

6

This is endorsed;’ not sent.‘

7

This letter was accidentally misplaced, and is now inserted out of its regular order.

8

The constitution controlling the common law in this particular.

9

That of Athanasius and the Council of Nicasa, anno 324

10

The clergy of the United States may probably be estimated at eight thousand. The residue of this society at four hundred; but if the former number be halved, the reasoning will be the same.

11

I found such an act, but not noting it at the time, I have not been able to find it again. But there is such an one.

12

These are the volumes containing the Ana to the time that the Author retired from the office of Secretary of State. The official opinions and documents referred to, being very voluminous, are for the most part omitted, to make room for the conversations which the same volumes comprise.

13

See conversation with General Washington, of October 1,1792,

14

There had been a previous consultation at the President’s (about the first week in November) on the expediency of suspending payments to France, under her present situation. I had admitted that the late constitution was dissolved by the dethronement of the King; and the management of affairs surviving to the National Assembly only, this was not an integral legislature, and therefore not competent to give a legitimate discharge for our payments: that I thought consequently, that none should be made till some legitimate body came into place; and that I should consider the National Convention, called, but not met as we had yet heard, to be a legitimate body. Hamilton doubted whether it would be a legitimate body, and whether, if the King should be re-established, he might not disallow such payments on good grounds. Knox, for once, dared to differ from Hamilton, and to express, very submissively, an opinion, that a convention named by the whole body of the nation, would be competent to do any thing. It ended by agreeing, that I should write to Gouverneur Morris to suspend payment generally, till further orders.

15

In the margin is written, by Mr. Jefferson; ‘Impossible as to Hamilton; he was far above that.

16

He said that Mr. Morris, taking a family dinner with him the other day, went largely, and of his own accord, into this subject; advised this appeal, and promised, if the President adopted it, that he would support it himself, and engage for all his connections. The President repeated this twice, and with an air of importance. Now Mr. Morris has no family connections; he engaged then for his political friends. This shows that the President has not confidence enough in the virtue and good sense of mankind, to confide in a government bottomed on them, and thinks other props necessary.

17

He observed, that eight or ten years ago he gave only fifty dollars to a common laborer for his farm, finding him food and lodging. Now he gives one hundred and fifty dollars, and even two hundred dollars to one.

18

Though the constitution controls the laws of Mortmain, so far as to permit Congress itself to hold lands for certain purposes, yet not so far as to permit them to communicate a similar right to other corporate bodies.