Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-02-20

creditor any evidence OF that debt other !
wise the paper containing that evidence
will be bill IF credit, and therefore un-
constitutional.
The idea that the right to bank Is
common tagv right, is correct; but the
conclusions drawn from thence by the
Council are not conceived 10 be So
Here again we must resort TO FIRST princl-
pies. The Federal CONSTITUTION con-
fains nothing 6ut delegated ko7VerS.-
Every power not delegated to the United
States, nor inhibited to the states, are re-
tanned by states, or by .he people. We
have shewn that according to the legal
and obvious meaning Of the words bills
If credit, the exercise OF the right IN
question is not forbidden. But 1t this
construction should even be thought
doubtful. the right would, from the ma
ture Of our association, remain with the
states. In constituting the Federal Con-
stitution, every reasonable mtendment is
to be INDUCED i'll favor of state sovereign
ty. The Federal Government being
composed OF specified delegated powers,
il follows that such as are not expressly
delegated or given up by the states are
retained. The necessity and propriety
OF such rule viii appear obvious when
we reflect on the gradual but perscvering
efforts Of the Federal Government to
encroach by construction Oh State soye-
reignties.
Admitting then, that individual right
TO bank is a common kazO right, II proves
nothing. Individual right to bank, and
to issL c bills of credit at common law,
were the same; in Illinois these rights
are different. The right Of individuals
to issue bills of credit exists here IS at
common law, bui the right of individuals
to bank does not exist here. Our con-
stitution retrenches all RIGHT to bank ex
cept the corporate rights which existed
prior to its adoption, and the right she
has retained in herself to bank. The
constitution Of Illinois, and other consl-
tutions containing a recognition OF The
state right to bank, and cakhs that right
from individuals, have passed the ordeal
o! congressional northumberland is it
not strange that no great constitutional
lawyers were found there To dise yer
that these provisions cOnTaYened the
Feaera' Constitati9n? Where sleht the
FedeyaHat the 7rhile ? The truth is. the
authors of he Federalisi never thoUgbt
thai baDh notes were bills Of credit
They never supposed that tht states
were prohibited from issuing bank notes;
but that the prohibition only extended 10
parcr money. For it must always be re-
collected that bank notes are never con
sidered money, nor is any thing 81 con-
siderci but such Medium as is made
legal tender III the payment Of debts.
Yet in the FACE of our constitution, it
is by great eonstitnuonal favvyers con-
tended, tina, there exists no RICH, in the
state to bank. The fallacy Of the reason
ing to prove the nonexistcnce of the
right consists in assuming the major
proposition that bank bills are bills nf
credit. which should first be proven-
why Is ii bill Of credit Is it because in
specie paying bank the solvency otthe
bank gives credit to its notes 1t is ,rue
that the capacity of the bank to redeem
it, notes with gold and silver gives it
cresii' in society. So too, when the state
contracts debt which she has not cash
in the Treasury to pay, and gives her
sc~n.to The reaitur IS evidence 81 that
debt, with the undel standing that when
goll and silver reaches the Tre2snr. the
debt shall Be paid ; the fact that the state
has resources which will enable her q,
paw gives credit to the scrip ana il be-
comes an article OF valne ia the mart
Bat does il therefore follow that these
arp bills of credit? No--the same res-
soaiAa would prove that a common pro-
mss Try note is bill Of credit. The
soivency Of the maker Of the note gives
it p ut, and individuals receive II nnder
IL belle that it will be paid. Tie ar
gufoen,s o. the Council prove too much,
anfi fbereiore prove nothing. IL attri-
ba' to tbs bank notes, the scrip or pro-
mis- not, the qualities OF bill of
credit rightly I'm erstood, would be
per- rsion Of terms.
The Council SET out BY taking it 70,
granted that the act in question proposes
to i,sue large quantity Of haher money
W. aeprehend that the Council are at
JanH here. BY reference to the bill it
will be seen that it proposes no such
measure-it proposes to issue notes
which may be received or not, at plea
sure-which are not legal tender. and
therefore are to have none of the quail
ties of money. AS to the phrase !" ha-
1er money!" the committee would have
been gratfied if the Council had told us
what they meant by the term. They as
sert that it will violate the constitution