Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-04-10
between those states whose citizens had

illustriOus sages and patriots, who form
ed our constitution, no doubt thought they
had carefully provided against the evils
which would result from each state hav-
ing currency oil its own. But ours is
the age of invention 1t is found out to
certainty that we can issue paper on
the credit of the state, and by calling
this paper by the more pleasant name
Of bank notes, preserve our constitution
whole and entire: and we have good
reason to hope that in few years more,
some of our modern wiseacres, if encou-
ragged in their projects, will invent con-
stitutonal method Of coming money
The whimsical arguments used to prove
that the notes of the State Bank of Hi
nos are not bills of credit, nor made a
legal tender, hardly merit a serious an
swer. To prove the first, we are enter
tanned with chimerical definitions and
exp plantations of the word Bill, which Mr..
! Walker says is note, and in common
use, represents almost any thing that is
in the form ola scrap of paper, as me-
cbanic's bill, legislative bill, bill of
divorce, a bill of exchange, and even
bank bill. So much for names without
substance That these notes are found
ed on the credit Of the state, and will be
attended with all the evils which it was
the design of the convention to prevent,
will not, cannot be denied for were the
adjacent states to issue similar paper,
all commercial intercourse must imme
datey cease. Thus we find those sages
who wrote shortly after the formation of
the constitution, considered this prohi-
bIion as extending to all paper currency
put in circulation by the authority and
under the credit of a state. 1t is an old
observation that one blunder leads to
another. This paper in order to answer
our purposes, must be made legal ten
| der; final process must be prohibited
until it could get into general circula-
ton; and to complete the system, the
law must be made retrospective, by en-
bracing contracts, yea, and even Judge
menls that existed before its passage
Can you doubt for a moment that the
notes of the State Bank are made by law
a legal tender? Under our present law,
would not evidence that the defendant
in civil suit had rendered these notes,
be sufficient to support plea Of tender?
| What is the condition of the creditor,
whether OF this or an adjacent state, whose
debtor shelters under the protection Of
our wholesome ia7vS !? After inGulging as
long as necessity would permit, may
have commenced suit, perhaps obtained
judgement, and hoped soon to realize
their just dues; but alas the stop-law
nterleres: and even when that expires
nothing but trash can be obtained which
will not in many cases answer their de-
mands> The federal constitution guar
antees to the creditor gold and silver;
and our own state law formerly land Of
flce money; yet what does the creditor
now get who contracted or even obtain
ed judgement under that law What is
the value of paper founded on the credit
of government that can thus trifle with
constitutions, private contracts, and their
own faith publicly pledged Our legis-
lature have undoubtedly authorized the
emission of bills of credit have render
ed these bills legal tender; have pass
ed an expost facto law by embracing
cases that occurred under prc-existing
and different law; and have impaired
the obligation of contracts by compelling
the creditor to accept what he never
contracted for. These are the evils {:
What is the remedy?
Many, even of those who have not yet
lost all patriotic scnsibility, very grave
ly tell US, that none can be found, but
that we must submit and exercise pa
lience and fortitude. This if true would
be an indelible disgrace to our excellent