Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1830-04-30

10 establish canal, well
road: Roads the Ordinary channels Of
The term was therefore, used as synonymous with roues
ish' 1e the channel OF transportation, and IN like
ahei coin being the ordinary aud most known form OF a
circulating medium iha, term used synonymous will,
arguien, in favor fthe view just taken, may be fairly
eouce rnn the fact that the States expressly prohibited
rom conins money, emitting bills of credit" aud from
any hps but gold and silver lawful tender IN pay
uen OF deots This strongly confirms the idea, that the sub
ect OF regulating the circulating medium whether consisting
I com or paper was at the same time that taken from
e control OF the States vested the only depository which
could be placed consistently with the obvious design
ing common measure of value throughout the Union
Hut even if should be conceded that grant power
coir money and fix the value ;ereo does not TERMS
give congress the power Regulating other than the con
ear currency of Unon may power ofregua,ing
substituted currency and especially which the professed
representative OF CON, be fairly Claimed incidental power,
as an essential means of carrying eject the plain nenton
OF the constitution in clothing Congress with the principal
power ihis power was granted in the clause with
10 regulate weights and aud for similar
The one was designed uniform of quantity
ne former IS decidedly the most important aud belongs
sentay 10 the General Govennent according every Jst
conception of our currency of uniform value
sena to what every one will admit TO he of cardinal import
ance: the equal action of system upon different
parts of the Union The things existed when
ary this clause constitution currency of the
country consisted of the paper local banks
oaea one OF the principal sea ports the local currency
TO regulate the value OF coin when the currency no
ess to be It's equivalent bore fixed relation TO IT, bs
great and essential power 6xng the standard of value
m point ct fact taken from Congress- aud by some
OF irresponsible banking corporations with strong
est human motives enormous pro1s
resulted from the abuse The power laying and collecting
and excuses is expressly subject the condition that
they 'shall be uniform throughout the Uued States' and It
Is aso provided that nc preference shall given by any re-
those of another" Now, when it is known that gov
culaing medium of Baltimore 30 per co,r &c CT
OF the circulating medium of Bos;n- IS II nor ,.c value
mpost duty though non'ra!y un;form would IN s a ai
"a al of Baltimore propor,ioned IN tic
uePfee.sci local currency? Cousress ,hse6 VI.
oiu mad the power but, the committees were
under the most solemn constitutional obligations 10 restore h
disorcred currency: and the Bank of he IImeJ ns
end but IN the opinion of the committee the only safe and
eiec.uai means na could have been used This view of the
subject in full accordance with the opinion OF MIR N,dsn
as expressed in his message of December 1916 I'm,
says ne tor the interest of the community large as wen
as Tor the purposes oil the Iearury is that the ma
non should possess currency of equal value credit and use
wherever may circulate The constitution entrusted
Congress exclusively with the and
currency ut that description and the measures which
every promise The Bank of the United Saw
Under auspices the most favorable, be an mpor
auxiliary" 'i''
Such the authorities and such the arguments ri,
bru hi the committee TO the conclusion, the power m in
corporate incidental to the powers of coi IN,
disbursng the public of money on the
of the United Siaie Of paying the public debit and above All
OF fixing and regulating the standard of value and thereby
al cs' 90 a As he meaum OF payment concerned
the uniformity and equality oftaxation
IT, Ihe next qnes'n proposed for consideration is the ex
pediency OF establishing an Incorporated bank with view tn
promote the great ENDS already inacaed In DISCUSSING the
of ssh measure of the
which rener II nexpeden. have been slightly unfoIded
these require ail and complete deyeionenen,
theirs remain to be presented. WING o.
IL must be assumedas the bs.s of all so,,L .
this subject that the xisence of paper c,,rrepcv Oh
banks deriving he,char,ers fom the State
no De Prohoed byCongress Indeed, credit and bank
paper are SO extensively the Commercial
Ta;ons Of society," that Congress had the
power IL wou De utterly impossible produce so entire
change in the monetary system country as 10 abolish H.
agency Of banks of discount without involving the
III all me distressing embarrasmenis usually attendant on
ssbyer.n the titles private pro
bank credit would equivalent It's sfeo 10 the mlons
ana oespnSc transer OF the property portion of the
nlunty another, the extent probably Of @
Of
tic currency and whatever objections a crcuaripp me;
partly composed of bank paper The committee conde nun
they precode by existing state of things o una
ing comparison between them, with view to any racca
result - t'''e'
If they thus precuded and it were snb;,,od ,
them as an original question: whether the
manifold facilities bank credit and bank na,er an
than counterbalaueed by the dsessine or o' NOR
Incident to their use, they by means prepa.d tn
BOT the question really presented their determination
paper currency of uniform value and subject ~ b
the only power competent 10 its regulation and n,,a ~
rency varying aud hucuang yal9e and n; paper cur
mon or adequate control whatever On this
seem that there could scarcely exist difference NJ on;no
that this substantially the question nuolcd Pon an'
tue expectancy OF national bank, will satisfactorlv
comparison of the Of currency prevos 70 M ~
nsnent OF the present BANK aud condition for the
Soon after the expiration of the charter of tho fire, p,
e Onea oa'es, an Immense number of local banks snr,n
u uhei the peciniary eXIgences produced the
OF SO large an amount Of bank credit as necessariIv % a
i'ile short OF hfeen millions of dollars These banks hs
entirely free from the salaary which the Bank Of the
states mad recently exercised the local nstiutons
menced that system OF imprudent trading excessive
winch sPeedY involved the country all
oil disordered currency The extraordinary stimns If
heavy war expenditure, derived principally from loans and
pondbs naturalization Of local banks chartered bu ~,
double score in some Of the States, mastered The casroph
which must have occurred distant period without is
extraordinary causes The last year of the war s
singular and melancholy spectacle of aoundins in re
SOURCES people Astounding self devoting patr;os ard
m reduced 10 the brink aSovved
soieS iof me want OF national institution which az lie
.ime mat would have facilitated government, Ioan.
treasury operations would have furnished crcuIa ,;ns
OF general credit IN every part of the Union In ibs v
e SUBJECT ,he committee are fully by the opnon
VII men secretary of the Treasury and BY the con
curing and almost unanimous Opinion of al, ,artss ~ ~;
ses: io, whatever diversity Of opinion prevailed as to Ib
proper OASIS ana organization of bank almost evcr o .
green uat NATIONAL bank, of sort was =,
lanities. ~ ~ ' estoi hiancIai ca
NC SoH''"ee VIII now present brief exposition of ,h,
currency al the close of war of the i;,,yy
- @ ,o IL as wen TO the government the commn;
GU 1easons Tor believing that could not have beer
10 SOUND condition, and now be oreserve r.
Back of the United States. " """i DIS INT
e caeh appended TO this report will exhibit scale
eSPieO'duon III tue local CURRENCY ipo ,,rn,.