Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-04-18

| IN which 10 receive the national tnes. as n
would he 10 depend on state authorities for
the l'aNneht OF thssC dne, Experience has
produce a. au SbdudO U:tui Of the latter a. N
Z. of u do ot thS ioirVr c0utsc There j. O
"a St'ion hut that thc France. Of the federal
'omtiiuilnn Intended thai Congress shouid
regulate the cuttCury a. GU ceuuI,N s.
thar Instrument tir hover of eoigiS.y ,uogc,
i Eidnt'o 10 ton f",>. but prohibited Ia the
states which prD!;jui;iou jiciuurS also the
emission OF BITS 81 credit r. 90 ibe iimr The
federal constitution VAS adopted uctaiic
currency prevailed thtGu"huut lie tuitcd
states, aud Il was itCmpd tArtdi-nt to vest
iu Cp'g eSS the CNciu,iv.. Iight o. coiainv mo
"sy, and reg slatiaC ne raiue titTSrf and az To-
ft'gh com ~ l. isIf 90 conclude that, il an pX-
c!Ai &C II IA m tal!ic tor paret currency bad
DC" contemplated. tie regulation oi the lat
yer nd have hrcH rntru>ted 10 the same
no'it that was to r"uiTDi he iutmcr.
~ ~ b. coriFrd"d hat Congress have no
powHt or authority, under ths federal cOnSti-
lnloH TO iniFoduVe paper circulation ihrn'
va medinm az \ national bank may II npi he
coni' ndtd. Hith equally rs much or more
ptop'ietN. that the states have not right to
d" 20 ihi cm% the medium ~ state banks 49,.
80 pow. 81 cotHiRS money OF emitting bJiiS ~
crttd 'i'. ~ limited a. the STATES If theN
cave tie iIshi 90 effect the enc bv ,hC agency
OF cc'poiattaus created Nv Themselves in
witch they have q common interest, and over
w'llti theN have e complete crnii al, Wi,N d,T Y
ihem tite right, ihIou-h the same ayprcN NJ
the Assumption ny the state at onc OF theSe
powers. can bc atitiuUtstl ia no niher source
'San It's unlversah,N What would h. said OF
act OF state tegisiaiu,e creating Coz 40 =
iatlon WIN power 10 coin nancy! 10, answer
woH'u equally "fily 80 IAN acj creating Il cot
luiati"h, with I'cvrT O emit hilS of crCaiF 49,.
III one be uucou>tiaii nal so atsu 3. the other
rs 'hiS discussion about the rtati,, JovJTs
o. we seNfEai ard Stale governments, i tik ely
l" prove an unpr' fi:abie one. let Us settle The
question, ~ cAHiiining or an"rt'iug the tCGS
SiaI constitution, 50 as 10 inhibit The states
f'oin Ia King. aHdic xiv. the general govt ru-
meat the power OF establishing independent
bauk' III the different states, with their assent.
the controlo OF the general government over
all these institutions would secure ~ thpir nd
niIni.tTatlcn an unity OF action, aud -. ulu-
foimliS OF accountability, which cculd never
I've erected ny tvtHtN two distinct aud indie
pendeni state SoVrtcIgnfies. This control. ~
connection Win the interest in these iusIiiu-
tiOiS, winch wou'd be possessed Ia common
ny Tue general ana stale governments. would
produce d genera rUnffeNce in their StlbiliIv,
: an" give currency 10 thcl, pap"s which could
never attach TO NiatP banks O. iheiY i.Nucs
Their notes would circulate as extensively as
the notes OF the present United States Bank.
which, are redr,mable only where they ar.
emitted. The common interest Possessed nv
the general and state goyetumtuis ~ these IN
siiiutiOns, would furthermore tcud to cement
our nnIO" ihc closer, 10 remove hcart-huTnings
and dh'mosi{cS and 10 substitute, IN the riare
"fJcai onSN md competition mutual confidence
ana Hninat erdeaVDrs L. promote the general
'fG"re, amt secure tie blessings of Hberty 10 our
Seircs and our poStcrity.
AAlpHYCTION