gn authority.

It is true that the power to create corporations is not granted in
terms. Neither is the power to pass any particular law, nor to employ
any of the means by which the ends of the government are to be
attained. It is not expressly given in cases in which its existence is
not controverted. For by the grant of a power to exercise exclusive
legislation in the territory which may be ceded by the states to the
United States, it is admitted to pass; and in the power "to make all
needful rules and regulations respecting the territory or other
property of the United States," it is acknowledged to be implied. In
virtue of this clause, has been implied the right to create a
government; that is, to create a body politic or corporation of the
highest nature; one that, in its maturity, will be able itself to
create other corporations. Thus has the constitution itself refuted
the argument which contends that, had it been designed to grant so
important a power as that of erecting corporations, it would have been
mentioned. But this argument is founded on an exaggerated and
erroneous conception of the nature of the power. It is not of so
transcendent a kind as the reasoning supposes. Viewed in a just light,
it is a _mean_ which ought to have been left to implication, rather
than an _end_ which ought to have been expressly granted.

The power of the government then to create corporations in certain
cases being shown, it remained to inquire into the right to
incorporate a banking company, in order to enable it the more
effectually to accomplish _ends_ which were in themselves lawful.

To establish such a right it would be necessary to show the relation
of such an institution to one or more of the specified powers of
government.

It was then affirmed to have a relation more or less direct to the
power of collecting taxes, to that of borrowing money, to that of
regulating trade between the states, to those of raising, supporting,
and maintaining fleets and armies; and in the last place to that which
authorizes the making of all needful rules and regulations concerning
the property of the United States, as the same had been practised upon
by the government.

The secretary of the treasury next proceeded, by a great variety of
arguments and illustrations, to prove the position that the measure in
question was a proper mean for the execution of the several powers
which were enumerated, and also contended that the right to e