“But if they have other power to regulate the currency, it was conferred to be exercised by themselves, and not to be transferred to a corporation.”

—  Andrew Jackson

Veto Message Regarding the Bank of the United States http://avalon.law.yale.edu/19th_century/ajveto01.asp (10 July 1832)
Often paraphrased as: If Congress has the right under the constitution to issue paper money, it was given them to be used by themselves, not to be delegated to individuals or corporations.
1830s
Context: It is maintained by some that the bank is a means of executing the constitutional power “to coin money and regulate the value thereof.” Congress have established a mint to coin money and passed laws to regulate the value thereof. The money so coined, with its value so regulated, and such foreign coins as Congress may adopt are the only currency known to the Constitution. But if they have other power to regulate the currency, it was conferred to be exercised by themselves, and not to be transferred to a corporation. If the bank be established for that purpose, with a charter unalterable without its consent, Congress have parted with their power for a term of years, during which the Constitution is a dead letter. It is neither necessary nor proper to transfer its legislative power to such a bank, and therefore unconstitutional.

Adopted from Wikiquote. Last update April 7, 2022. History

Help us to complete the source, original and additional information

Do you have more details about the quote "But if they have other power to regulate the currency, it was conferred to be exercised by themselves, and not to be tr…" by Andrew Jackson?
Andrew Jackson photo
Andrew Jackson 41
American general and politician, 7th president of the Unite… 1767–1845

Related quotes

John Marshall photo

“It is never the end for which other powers are exercised, but a means by which other objects are accomplished. No contributions are made to charity for the sake of an incorporation, but a corporation is created to administer the charity; no seminary of learning is instituted in order to be incorporated, but the corporate character is conferred to subserve the purposes of education. No city was ever built with the sole object of being incorporated, but is incorporated as affording the best means of being well governed. The power of creating a corporation is never used for its own sake, but for the purpose of effecting something else. No sufficient reason is therefore perceived why it may not pass as incidental to those powers which are expressly given if it be a direct mode of executing them.”

John Marshall (1755–1835) fourth Chief Justice of the United States

17 U.S. (4 Wheaton) 316, 409-411
McCulloch v. Maryland (1819)
Context: [T]he power of creating a corporation is one appertaining to sovereignty, and is not expressly conferred on Congress. This is true. But all legislative powers appertain to sovereignty. The original power of giving the law on any subject whatever is a sovereign power, and if the Government of the Union is restrained from creating a corporation as a means for performing its functions, on the single reason that the creation of a corporation is an act of sovereignty, if the sufficiency of this reason be acknowledged, there would be some difficulty in sustaining the authority of Congress to pass other laws for the accomplishment of the same objects. The Government which has a right to do an act and has imposed on it the duty of performing that act must, according to the dictates of reason, be allowed to select the means, and those who contend that it may not select any appropriate means that one particular mode of effecting the object is excepted take upon themselves the burden of establishing that exception. [... ] The power of creating a corporation, though appertaining to sovereignty, is not, like the power of making war or levying taxes or of regulating commerce, a great substantive and independent power which cannot be implied as incidental to other powers or used as a means of executing them. It is never the end for which other powers are exercised, but a means by which other objects are accomplished. No contributions are made to charity for the sake of an incorporation, but a corporation is created to administer the charity; no seminary of learning is instituted in order to be incorporated, but the corporate character is conferred to subserve the purposes of education. No city was ever built with the sole object of being incorporated, but is incorporated as affording the best means of being well governed. The power of creating a corporation is never used for its own sake, but for the purpose of effecting something else. No sufficient reason is therefore perceived why it may not pass as incidental to those powers which are expressly given if it be a direct mode of executing them.

“Paper currency, guarded by proper regulations and restrictions, is the life of commerce.”

William Henry Ashurst (judge) (1725–1807) English judge

Jordaine v. Lashbrooke (1798), 7 T. R. 605.

Adolf A. Berle photo

“The rise of the modern corporation has brought a concentration of economic power which can compete on equal terms with the modern state - economic power versus political power, each strong in its own field. The state seeks in some aspects to regulate the corporation, while the corporation, steadily becoming more powerful, makes every effort to avoid such regulation… The future may see the economic organism, now typified by the corporation, not only on an equal plane with the state, but possibly even superseding it as the dominant form of social organization. The law of corporations, accordingly, might well be considered as a potential constitutional law for the new economic state, while business practice is increasingly assuming the aspect of economic statesmanship.”

Adolf A. Berle (1895–1971) American diplomat

Source: The Modern Corporation and Private Property. 1932/1967, p. 357 (1967, p. 313)

Nathaniel Lindley, Baron Lindley photo

“It appears to me wrong in principle for any Court or Judge to impose fetters on the exercise by themselves or others of powers which are left by law to their discretion in each case as it arises.”

Nathaniel Lindley, Baron Lindley (1828–1921) English judge

Saunders v. Saunders (1897), L. R. Prob. D. [1897], p. 95.

Adam Roberts photo

“Death is the currency of power.”

Adam Roberts book Jack Glass: The Story of a Murderer

Part 3, Chapter 8, “The Wrath of Diana” (p. 337).
Jack Glass (2012)

Alexander Maclaren photo

“We are only asking you to give to Christ that which you give to others, to transfer the old emotions, the blessed emotions, the exercise of which makes gladness in the life here below, to transfer them to Him, and to rest safe in the Lord. Faith is trust.”

Alexander Maclaren (1826–1910) British minister

Source: Dictionary of Burning Words of Brilliant Writers (1895), P. 590.

Theodore Roosevelt photo

“The large corporations, commonly called trusts, though organized in one State, always do business in many States, often doing very little business in the State where they are incorporated. There is utter lack of uniformity in the State laws about them; and as no State has any exclusive interest in or power over their acts, it has in practice proved impossible to get adequate regulation through State action. Therefore, in the interest of the whole people, the Nation should, without interfering with the power of the States in the matter itself, also assume power of supervision and regulation over all corporations doing an interstate business. This is especially true where the corporation derives a portion of its wealth from the existence of some monopolistic element or tendency in its business. There would be no hardship in such supervision; banks are subject to it, and in their case it is now accepted as a simple matter of course. Indeed, it is probable that supervision of corporations by the National Government need not go so far as is now the case with the supervision exercised over them by so conservative a State as Massachusetts, in order to produce excellent results. When the Constitution was adopted, at the end of the eighteenth century, no human wisdom could foretell the sweeping changes, alike in industrial and political conditions, which were to take place by the beginning of the twentieth century. At that time it was accepted as a matter of course that the several States were the proper authorities to regulate, so far as was then necessary, the comparatively insignificant and strictly localized corporate bodies of the day. The conditions are now wholly different and wholly different action is called for. I believe that a law can be framed which will enable the National Government to exercise control along the lines above indicated; profiting by the experience gained through the passage and administration of the Interstate-Commerce Act. If, however, the judgment of the Congress is that it lacks the constitutional power to pass such an act, then a constitutional amendment should be submitted to confer the power.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

1900s, First Annual Message to Congress (1901)

Thomas Jefferson photo

“Some are whigs, liberals, democrats, call them what you please. Others are tories, serviles, aristocrats, &c. The latter fear the people, and wish to transfer all power to the higher classes of society; the former consider the people as the safest depository of power in the last resort; they cherish them therefore, and wish to leave in them all the powers to the exercise of which they are competent.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to William Short http://www.monticello.org/site/jefferson/when-government-fears-people-there-libertyquotation (1825)
1820s

Rajendra Prasad photo

“The executive power of the Union is vested in the President and shall be exercised by him either directly or through officers subordinate to him in accordance with the Constitution. The Supreme Command of the Defence forces of the Union is also vested in him and the exercise thereof shall be regulated by law.”

Rajendra Prasad (1884–1963) Indian political leader

From his speech given on 28 November 1960 at laying the foundation-stone of the building of the Law Institute of India, in: p. 15
Presidents of India, 1950-2003

Phyllis Chesler photo

“Women … do not have to forsake the "wisdom of the heart" and become men. They need only transfer the primary force of their supportiveness to themselves and to each other—but never to the point of self-sacrifice.”

Phyllis Chesler (1940) Psychotherapist, college professor, and author

Women and Madness (2005), p. 348, and see Women and Madness (1972), p. 301 (similar text).
Women and Madness (1972, 2005)

Related topics