Page:Joseph Story, Commentaries on the Constitution of the United States (1st ed, 1833, vol III).djvu/149

power of incorporations generally. Some, again, allege, that it was disagreed to, because it was thought improper to vest in congress a power of erecting corporations;

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prescribe regulations for buying and selling. This is making the regulation of commerce to consist in prescribing rules for buying and selling. This, indeed, is a species of regulation of trade, but it is one, which falls more aptly within the province of the local jurisdictions, than within that of the general government, whose care they must have presumed to have been intended to be directed to those general political arrangements concerning trade, on which its aggregate interests depend, rather than to the details of buying and selling. Accordingly, such only are the regulations to be found in the laws of the United States; whose objects are to give encouragement to the enterprise of our own merchants, and to advance our navigation and manufactures. And it is in reference to these general relations of commerce, that an establishment, which furnishes facilities to circulation, and a convenient medium of exchange and alienation, is to be regarded as a regulation of trade.
"The secretary of state further urges, that if this was a regulation of commerce, it would be void, as extending as much to the internal part of every state, as to its external. But what regulation of commerce does not extend to the internal commerce of every state? What are all the duties upon imported articles, amounting, in some cases, to prohibitions, but so many bounties upon domestic manufactures, affecting the interest, of different classes of citizens in different ways? What are all the provisions in the coasting act, which relate to the trade between district and district of the same state? In short, what regulation of trade between the states, but must affect the internal trade of each state? what can operate upon the whole, but must extend to every part? The relation of a bank to the execution of the powers, that concern the common defence, has been anticipated. It has been noted, that at this very moment, the aid of such an institution is essential to the measure to be pursued for the protection of our frontiers.
"It now remains to show, that the incorporation of a bank is within the operation of the provision, which authorizes congress to make all needful rules and regulations concerning the property of the United States. But it is previously necessary to advert to a distinction, which has been taken up by the attorney-general. He admits, that the word property may signify personal property, however acquired; and yet asserts, that it cannot signify money arising from the sources of revenue pointed out in the constitution, 'because,' says he, 'the disposal and regulation of money is the final cause for raising it by taxes.' But it would be more accurate, to say, that the object to which money is intended to be applied, is the final cause for raising it, than that the dis-