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Updated: May 2, 2025
But the Upper House, called the Legislative Council, composed of wealthy men, who had been elected by the wealthier part of the community, thought, after careful decision, that any such plan would ruin the commerce of the colony without much benefiting its industries. They therefore rejected the proposed bill. M'Culloch tried to persuade them to pass it, but they were obstinate.
State rights sentiment was freely expressed by men, both Southern and Northern, whose views commanded respect; and in more than one State notably in Ohio and Georgia bold actions proclaimed this sentiment to be no mere matter of academic opinion. Ohio in 1819 forcibly collected a tax on the United States Bank in defiance of the Supreme Court's decision in the case of M'Culloch vs.
But there remained a large number without any visible means of support, and not particularly inclined to go out of their way to find any. What to do with this large class of 'electors' became the question of the day, until in 1865 Sir James M'Culloch introduced a scheme for making work for them.
A council was formed at the end of 1825, and after various difficulties a sum of £160,000 was raised, and the university started in Gower Street in 1828. Among the first body of professors were John Austin and M'Culloch, both of them sound Utilitarians. The old difficulty, however, made itself felt. In order to secure the unsectarian character of the university, religious teaching was omitted.
"That is no reason why you should also be profane," said the Countess severely. "I did not speak to you," retorted the Baron, and again a constrained silence fell on the room. The Baron was the first to break it. "Ha!" he cried. "I hear a step." "Thank God!" exclaimed the Countess devoutly. In the blaze of a stable lantern there entered to them Dugald M'Culloch, jailor.
M'Culloch's, who says, with regard to this passage, "it would really seem that in this, as in some other things, the universality and intensity of belief has been directly as the folly and falsehood of the thing believed." It was in his examination in 1825, before a Parliamentary Committee, that Mr. M'Culloch put forward his views on Irish Absenteeism.
According to his disciple, M'Culloch, Ricardo's great merit was that he 'laid down the fundamental theorem of the science of value. He thus cleared up what had before been an 'impenetrable mystery, and showed the true relations of profit, wages, and prices. Ricardo's theory of value, again, was a starting-point of the chief modern Socialist theories.
Does the English bourgeoisie reflect upon this contingency? On the contrary; its favourite economist, M'Culloch, teaches from his student's desk, that a country so young as America, which is not even properly populated, cannot carry on manufacture successfully or dream of competing with an old manufacturing country like England.
But even granting that Congress did have the right to charter the Bank, still that fact would not exempt the institution from taxation by any State within which it held property. "The exercise of the one sovereign power cannot be controlled by the exercise of the other." * M'Culloch vs. Maryland , 4 Wheaton, 316. On the other side, Pinkney made the chief argument in behalf of the Bank. "Mr.
M'Culloch, "who consume nothing in their families but what is brought from abroad are quite as good, as useful, and as meritorious subjects as they could be if they consume nothing but what is produced at home." The important exception to this theorem arising from the nature of the commodities exported and imported has been already dealt with. Let us examine the vital principle of the theorem.
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