was investigated with great labour, and being one
involving principles of the utmost importance to the United States, on
which the parties were divided, the subject was presented in all the
views of which it was susceptible. A perusal of the arguments used on
the occasion would certainly afford much gratification to the curious,
and their insertion at full length would perhaps be excused by those
who recollect the interest which at the time was taken in the measure
to which they related, and the use which was made of it by the
opponents of the then administration; but the limits prescribed for
this work will not permit the introduction of such voluminous papers.
It may, however, be expected that the outline of that train of
reasoning with which each opinion was supported, and on which the
judgment of the president was most probably formed, should be briefly
stated.

To prove that the measure was not sanctioned by the constitution, the
general principle was asserted, that the foundation of that instrument
was laid on this ground, "that all powers not delegated to the United
States by the constitution, nor prohibited by it to the states, are
reserved to the states or to the people." To take a single step beyond
the boundaries thus specially drawn around the powers of congress, is
to take possession of a boundless field of power, no longer
susceptible of definition.

The power in question was said not to be among those which were
specially enumerated, nor to be included within either of the general
phrases which are to be found in the constitution.

The article which contains this enumeration was reviewed; each
specified power was analyzed; and the creation of a corporate body was
declared to be distinct from either of them.

The general phrases are,

1st. To lay taxes to provide for the general welfare of the United
States. The power here conveyed, it was observed, was "to lay taxes,"
the purpose was "the general welfare." Congress could not lay taxes
_ad libitum_, but could only lay them for the general welfare; nor did
this clause authorize that body to provide for the general welfare
otherwise than by laying taxes for that purpose.

2dly. To make all laws which shall be necessary and proper for
carrying into execution the enumerated powers.

But they can all be carried into execution without a bank. A bank,
therefore, is not necessary, and consequently not authorized by this
phrase.

It had been much urged