ΑΝ ADDRESS ΟΝ ΤΗΕ BANK OF NORTH AMERICA. THE Bank of North America was established in the year 1781, chiefly under the direction of ROBERT MORRIS, then Superintendent of Finance. It was at that time incorporated by an ordinance of Congress. On the application of the President and Directors of the Bank, the Assembly of Pennsylvania likewise passed a State act of incorporation, April 1st, 1782. This continued till 1785, when a proposition was brought into the Assembly to abolish the charter. While the subject was in agitation, the following ADDRESS to the Representatives in the Assembly was written by GOUVERNEUR MORRIS, against the abolition of the charter, and in defence of the Bank, answering all the objections advanced in opposition to it by a lucid statement of facts and a very able train of reasoning. GENTLEMEN, Whether the Bank shall be abolished or established, is one of those important questions, which will in course attract your notice. The heat of disputation will then give birth to many arguments. But disputants do not always convey information. There is, no doubt, a great majority of members, who will vote according to their dispassionate judgment; and such inen will naturally wish to form opinions on plain reasons plainly deliver ed. To them, therefore, this paper is addressed. And, in order that we may have a clear view of the object, let us consider, first, whether admitting the institution of the Bank to have been pernicious, a law to abolish it would be wise; and, secondly, whether it is really a pernicious institution. First, then, admitting the institution of the Bank to have been pernicious, would a law to abolish it be wise? The answer to this question depends on two points. First, whether such a law would be effectual; and secondly, whether it would be prudent. An inquiry whether the law would be effectual involves a doubt of your power, and may, therefore, offend the weak or illiberal, but wise representatives of free citizens will listen with candor and form a dispassionate judgment. They know that the boasted omnipotence of legislative authority is but a jingle of words. In the literal meaning it is impious. And whatever interpretation lawyers may give, freemen must feel it to be absurd and unconstitutional. Absurd, because laws cannot alter the nature of things; unconstitutional, because the Constitution is no more, if it can be changed by the Legislature. A law was once passed in New Jersey, which the judges pronounced to be unconstitutional, and therefore void. Surely no good citizen can wish to see this point decided in the tribunals of Pennsylvania. Such power in judges is dangerous; but unless it somewhere exists, the time employed in framing a bill of rights and form of government was merely thrown away. The doubt which arises on this occasion, as to the extent of your authority, is not founded on the charter granted by Congress; but supposing the incorporation of the Bank to have been the same in its origin as that of a church, we ask whether the existence and the rights acquired by law can be destroyed by law. Negroes have by law acquired the right of citizens; would a subsequent law take that right away? It is not true that the right to give involves the right to take. father, for instance, has no power over the life of his child, nor can a felon or traitor, pardoned by act of grace, be by re peal of that act condemned and executed. Should an act be passed to cancel the public debts, would that act be valid? Where an estate has been granted by law, can it be revoked by a subsequent law? Could the lands forfeited and sold be resumed and conveyed to the original owners? Many such questions might be put, and a judicial decision, either affirmative or negative, would be inconvenient and dangerous. Look then to the end ere you commence the labor. Secondly, admitting your power, ought it, in prudence, to be exercised. You will certainly consider, that, as a violation of private property, it must sully the reputation of the State. Good men are careful of their own reputation, and protect that of their country, from sentiment. Wise men are confirmed in this sentiment, by reflection and information. Facts are sometimes better than arguments. It is then a fact, that applications made by citizens of Pennsylvania to borrow money in Holland have been defeated by those attacks already made on the Bank. It is also a fact, that the credit of our merchants has been greatly injured, in foreign countries, from the same cause. This is the argument which foreigners use. If your government so little respects the property of their own citizens, as to overturn an institution like the Bank, how can our property be safe among you? It will not be easy to answer that question, and you know, gentlemen, that your merchants cannot give credit, unless they can get credit; and you know also how important credit is to the frontier inhabitants, at least, if not to those of the more settled country. Deeply, therefore, are we interested in preserving unsullied fame. But if this consideration has not sufficient weight, reflect on the domestic consequences of abolishing charters. What is practice today becomes precedent tomorrow. And sure it is worth some serious thought, whether this dangerous practice shall be introduced. Every man is interested in the establishment of such precedent, as a member of some religious society, or of particular corporations for the promotion of science, or the purposes of humanity. Attention to the chang |