Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1830-04-30


hS or"presorhe" the k5led that Congess hss the
power TO establish acanah MR. as post route, well
toaG koadS weic the ornar thaune eyance aud
the term was therefore. synonymous with 'rou;es
whatever might be the channel Transportation aud, in Ike
manner ICON, being ,he orty aud known form Of 4
circulating medium that term "a used asSynonynous with
currency.
An argument in favor OF the WV just taken may fairly
ted"ce from the fact, tina, the safes expressly prohibited
nm "coninG None, cut,i, bds OF Credit" aud hop
"naAng any thing but gold anciIve lawful tender paw.
ent oi debts 1hs s,Tnnsy orhnns the ca that the sub
ject OF regulating the circulating medium, whether consisting
e conoi OF the States, vested The ony depository Ia which
could be placed consistently h the obvious dcsgn of hay.
ing common measure OF vale throughput the Union
hut even IL It should be conceded, the grant mower
coin money and Tx the value hereof" dncs not terms
give Congress the power orega'ms other than the
ca currency OF the Union, nano the power at regulating
uoi uted Currency and especially which the prnessed
representative ofeou br ailylaned incidental rowcr
As an esseta ean OF carrg into effect the plain intention
oi the constitution IN cntn Congress with the principal
power This power grared the clause with that
w quite WsSns ana hheasui' ANA Tor snlIar easons-
he one designed uniform OF quantity
The former is decidedly Important aud belongs
rnnaly tn the General Government according 10 every Just
conception OF our system. orcncy OF uniform value
'en'iai TO what every viii Smt he nj cardinal import
ance me cquai action OF our eenue system upon the different
parts OF the Union The things which existed when
the bank s.as incorporated, furnished pregnant
taTy on this clause OF the constitution The the
country consisted of the paper local banks, varousy dpre
eaed ~ one of the principal ports the local currency
- per below par. NyS Al was la vain ion Cnn,r
TO regulate the value of com uhea the actual cuncncy mo
tossing to be ITS equivalent bote " fixed relation IT, This
point OF fact taken Congress- and exercised by sonc
hundreds OF irresponsible banking the strong
human motives TO abuse A. RecRsr rhcIr rnorr,,,s 80
resulted from the The power of LAYING and colrc,-
imposs aud excuses, is expressly subject the condition Thai
they shal be uniform thto,,hou, lie TInc S,,es,' al
Is also provided that mo preference shall be given Ivy anv re
gulaon OF commerce., or the ports State
culltus medium Of Baltimore 20 per below the value
o. the medium OF
ir,pos duty though nommay un firm would m eTsct 80
a discrimination favor of ;amofe propor,ion-d to the
depreciation Of the local currcucy' Congress therefore no,
only had the power but, the committee were
mai alpl,f
dnrered cuTency aud the Bank of the Uu-cd States was
not only appropriate for Accomplishment of TIA,
eud uut IN the opinion or the committee the only safe and
eiccua means that could have been used Thi, view of IN,
SUBJECTS in full accordance with the opinion Ar NIado"
SAYS he, "f0r the interest Of the community at LARGE as well
as for the purposes OF the Tna'ur essential that tli. ma
wherever may circulate. The constitution has entrusted
Congress eXcu ely wRh the power creating an
taken during last session, execution of the power Give
every promise OF The Bank of the United states
unlef the most favorable cannot fail 10 be mpor
Such the authorities and such the arguments which have
hou h the committee the conclusion, the power To n
corporate bink incidental to the powers of collecting aud
dhursns the public revenues of borrowing money ON lin.
Of King aud regulating the standard of value thereby en-,
sung at least so ilF - n@"h OF payments Concern!
'he ualQrG'!y and equality ofilxaiion
H. The next question proposed for consideration is The v
redcncy OF establishing incorporated bank with view
promote the great ends already inScated In discusnr the
constiuonaiy OF such measure, of the consideration.
which render il ueNpedient have slightly unolded Rr
these require full and complete deveopeuent while o.
theirs remain TO be presented.
It must be assumed the basis of all sound reasoning on
s subject mat the existence Of paper currency issued by
hanks deriving he charters from the State governments
not he prohibited by Congress indeed bank credit and
paper extensively interviewer with the commercial onr
r-'nu. NJ society, that Congress had the constitutional
power would be u.;oTy impossible 10 uroduce 81 s,
change the nUuelaTy Of the country as 10 abolish rho
agency of banks of discount without INVOLVING ,br
IN all the distressing ADVERTISEMENTS usually attendant on
great political revolutions, sVbveng titles To private r
perry Tue sudden withdrawal of some b,n,I,sd ',,P ~"
I'M its
and desp0C rdn<i= oil the One
uluuity 10 another to the extent probabv Of aIft,a
Whatever, therefore, may he the advantages Of pre e,a
lie currency and whatever objections circulating
partly composed of bank paper the committees conid ,h
they precuded by the existing Of things from ns,n
ting comparison Osweeu then with view any practical
result r
If they thus preclad.d aud it were subn,sd .,
them original question, whether the acknov crcd and
manifold facilities OF bank credit aud bank paper not more
than by the distressing vcissitdes IN t,,
Incident 10 their they by prepared TO
that they would not give decided preference more cost
Is and cumbersome medium.
But the question really presented Tor their determinations
not between metallic and paper currency, between
currency of uniform vslue and subject To the cor ~
tue only competsnt regulation and maze, ca,
ency OF varying aud Bnetua'ns value and subject o no com
adequate control whatever On this Ieon !, ,J
that there could scarcely exist difference OF opnion rr
that this is substantially question involved in considL
the cxpedency Of national bak will satisfactorily apnesr S
comparison Of the state Of the currency previous 10 lie esa
blshmen OF tie present bank aud condition for the last Ter
soon after the expiration Of the charter Of the first gart nj
the United States an immense number of banks ,prns
OF large amount OF bank credit as necessarily
from the winding up OF amount fino yer,
little short OF fifteen millions of dollars These hank bc
entirely free from the saluary control which the Bank OF the
States had recently exercised the local institutions eo
menced that system OF mpruden trading and excessive
which Speedily involved the country all the
Of dsordefed currency The extraordinary stimulus of !
heavy war expenditure, derived principally from loans and
corresponding multiplication OF local hanks chartered bv ,b
double in of the States hastencd the
which must have occurred, distant perod v,ito,t n.
extraordinary The last year Of the war preDed m
singular and melancholy spectacle Of nation abnundinp IN re-
soufcesa people ano"ndns IN self devo,ng patriotism and
government reduced 10 the very brink Of ayOwed
solely Tor the want Of national institution VIII ch AZ tbe
time that would have facilitated the government loans ar
treasury operations would have furnished n,od
Of general credit in every part Of the Union In tins ,ic
tive subject tie committee fully sustained by the opiDn
Mr. Dallas then Secretary Of the Treasury and by the con
curing aud almost unanimous opinion Of all parties in Con
gess: iOf whatever diversity OF opinion prevailed as IN T
proper basis aud organization o bank almost cycrv oe
greed that national bank, Of sort, was
necessary toIescue the country from greatest of financial Ca
Ianiues
The committee will present brief exposition Of I'M
state OF currency al the close of the war; the injury wine
resulted from It, as vel 10 the government 10 the couuu
Is, and their reasons for believing that could not have bee
restored TO sound condition, and cannot preserved
that condition without Tire agency o! such institution ma m