Alabama state intelligencer., 1831-01-26


 per currency, if there is any difference be tween the two, and that the committee hay . admitted as we shall presently see. And WI . further say the Bank has not, whateverit it ma hereafter do, in the language of the President established an uniform and sound currency, and that the State Banks can do it, with lik, advantages, to the same extent of the fedora institution.
 The committee had just before minated | if it was "submitted to them as an orgina question" and they were left to choose be tween the manifold facilities of Bank credit and Bank paper, and the ''distressng vicissi- tudes in trade incident to their use, they arc by no means prepared to say, that they would not give a decided preference to the more costly and cumbersome medium," Ia metallic currency, and here they admit the distinction between the two.) Now, this is concession made under that head of their Report which relates to the expediency of establishing the Bank. If there was any thing that would give decided preference to the more costly md cumbersome medium, this was the very season for welding it, when the expediency of the measure was immediately under debate. They surely forgot that they had just finished the constitutional point, and though they de- cded it in their own favor, yeti by no means settled its expediency. It does not follow that because it is constitutional it is therefore ex- pedicnt; with all defcrence to their better judgment, they had right when examining the utility of the measure, 10 choose between the "manif Id facilities and the distressing vcssitudes," and they might well have said in the better language of the poet.
 "Trade, it may help society extend;
 But lures the pirate, and corrupts the friend
 / It raises armies in nations aid
 But bribcs SENATE, aad the lands 5etrGy'd." The proper question is not to choose be- tween two kinds of paper currency, but whe- ther they can choose d paper currency at all. We say they cannot go the breadth ot a hair beyond what is expressly given ia, the Constitution. We have already shewn that two kinds of currency are not given in that instrument, and if they can use more than the one actually given, they can twenty, nay, any number they please. We presume every one will admit the inexpediency of any meas ure that violates the Constitution, and that there are no considerations which will justify it. To ''coin money and regulate its value, ' is all, and the only currency with which the General Government has any thing to do, and the committee have conceded that it is ve- " distinct enc from paper currency. Eve ry new power claimed for Congress, IS at the expense of the wisdom of the Convention, and that DOdY so nuCA Lnc tnGinG Ol euioSN, dild as it was thought, of such deathlessfam are destined to be construed out of their common sense, or into an assemblage of knavcs Does any man believe that they knew nothing of a haher credit, and that it was the representa- tive of the hrecious metals? Has every thing on that subject happened since the summer oi '87? And can it be believed, when settling the clause of the Constitution, which confer red the money making power, if they had irl- tended the currency should be any ether thar what was there expressed, and which all na- tons have used, they could not easily have SC declared, they could not have said, when the sspublic good'' may require it, Congress shall have power to substitute Bank bills for the precious metais? No, they had more true wisdom, they said to Congress, make gold and silver the foundation of your currency, and it will regulate and keep within proper bounds all the paper fabrics that may be rear cd upon it, and leave these to individuals But take the precious metals away, and it will | be Ike that man who''built his house upon the | sand,' '