Econlib

The Library

Other Sites

Front Page arrow Titles (by Subject) arrow CCLIX.: Thomas Jefferson: on the Constitutionality of a National Bank. 1 - The Records of the Federal Convention of 1787, vol. 3

Return to Title Page for The Records of the Federal Convention of 1787, vol. 3

Search this Title:

Also in the Library:

Subject Area: Political Theory
Subject Area: History
Topic: The American Revolution and Constitution

CCLIX.: Thomas Jefferson: on the Constitutionality of a National Bank. 1 - Max Farrand, The Records of the Federal Convention of 1787, vol. 3 [1911]

Edition used:

The Records of the Federal Convention of 1787, ed. Max Farrand (New Haven: Yale University Press, 1911). Vol. 3.

Part of: The Records of the Federal Convention of 1787, 3 vols.

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


CCLIX.

Thomas Jefferson: on the Constitutionality of a National Bank.1

It is an established rule of construction where a phrase will bear either of two meanings, to give it that which will allow some meaning to the other parts of the instrument, and not that which would render all the others useless. Certainly no such universal power was meant to be given them. It was intended to lace them up straitly within the enumerated powers, and those without which, as means, these powers could not be carried into effect. It is known that the very power now proposed as a means was rejected as an end by the Convention which formed the Constitution. A proposition was made to them to authorize Congress to open canals, and an amendatory one to empower them to incorporate. But the whole was rejected, and one of the reasons for rejection urged in debate was, that then they would have a power to erect a bank, which would render the great cities, where there were prejudices and jealousies on the subject, adverse to the reception of the Constitution.

[1 ]P. L. Ford, Writings of Thomas Jefferson, V, 286-287.