This Assembly doth explicitly and peremptorily declare, that it views the powers of the federal government, as resulting from the compact, to which the states are parties, as limited by the plain sense and intention of the instrument constituting the compact; as no further valid than they are authorized by the grants enumerated in that compact; and that in case of deliberate, palpable, and dangerous exercise of other powers, not granted by the said compact, the states who are parties thereto, have the right, and are in duty bound, to interpose, for arresting the progress of the evil, and for maintaining within their respective limits, the authorities, rights and liberties appertaining to them.
James MadisonRelated topics
assembly authorities bound case compact duty evil federal government interpose limited maintaining plain right sense StatesRelated quotes
[The] Bank of the United States... is one of the most deadly hostility existing, against the principles and form of our Constitution... An institution like this, penetrating by its branches every part of the Union, acting by command and in phalanx, may, in a critical moment, upset the government. I deem no government safe which is under the vassalage of any self-constituted authorities, or any other authority than that of the nation, or its regular functionaries. What an obstruction could not this bank of the United States, with all its branch banks, be in time of war! It might dictate to us the peace we should accept, or withdraw its aids. Ought we then to give further growth to an institution so powerful, so hostile?
Thomas Jefferson
Should Congress, in the execution of its powers, adopt measures which are prohibited by the constitution; or should Congress, under the pretext of executing its powers, pass laws for the accomplishment of objects not entrusted to the government; it would become the painful duty of this tribunal, should a case requiring such a decision come before it, to say that such an act was not the law of the land. But where the law is not prohibited, and is really calculated to effect any of the objects entrusted to the government, to undertake here to inquire into the degree of its necessity, would be to pass the line which circumscribes the judicial department, and to tread on legislative ground. This court disclaims all pretensions to such a power.
John Marshall
It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.
Ben Bernanke
Progress in these policies can only be brought about if a considerable degree of consensus exists within our country. I have heard some doubt expressed as to what consensus means...Consensus means deliberately setting out to achieve the widest possible measure of agreement about our national policies, in this particular case about our economic activities, in the pursuit of a better standard of living for our people and a happier and more prosperous country. If there be any doubt about the desirability of working towards such a consensus let us recognize that every successful industrialized country in the modern world has been working on such a basis.
Edward Heath
As long as the bourgeois parliament remains a means of duping the workers, and phrases about "democracy” are used to cover up financial swindling and every kind of bribery (the particularly "subtle” brand of bribery the bourgeoisie practise with regard to writers, N. P. s, lawyers, and others is nowhere to be seen on so wide a scale as in the bourgeois parliament), we Communists are in duty bound to be in this very institution (which is supposed to express the people's will but actually covers up the deception of the people by the wealthy) to untiringly expose this deception, and expose each and every case of the Renners and Co.'s desertion to the capitalists, against the workers.
Vladimir Lenin