After some general remarks on the limitations of all political power, he took notice of the peculiar manner in which the Federal Government is limited. It is not a general grant, out of which particular powers are excepted; it is a grant of particular powers only, leaving the general mass in other hands. So it had been understood by its friends and its foes, and so it was to be interpreted.
As preliminaries to a right interpretation, he laid down the following rules:
An interpretation that destroys the very characteristic of the Government cannot be just.
Where a meaning is clear, the consequences, whatever they may be, are to be admitted—where doubtful, it is fairly triable by its consequences.
In controverted cases, the meaning of the parties to the instrument, if to be collected by reasonable evidence, is a proper guide.
Contemporary and concurrent expositions are a reasonable evidence of the meaning of the parties.
In admitting or rejecting a constructive authority, not only the degree of its incidentality to an express authority is to be regarded, but the degree of its importance also; since on this will depend the probability or improbability of its being left to construction.
Reviewing the constitution with an eye to these positions, it was not possible to discover in it the power to incorporate a bank. The only clauses under which such a power could be pretended, are either:
1. The power to lay and collect taxes to pay the debts, and provide for the common defence and general welfare; or,
2. The power to borrow money on the credit of the United States; or,