Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-06-03

be concerned and by Necessary consequence, would
mako them, to great extent the currency Of the coun-
Try say nothing OF the positive provisions In the Con-
siituon which declare, that sa duties Imports and x
eises, shall be uniform throughout the United States
which cannot be, unless that in which they are paid,
should also have, nearly practicable, uniform value
throughout the country To effect this where bank notes
received the banking power Is necessary and proper
within the meaning OF the Constitution; and consc qneny
The Government has the right TO receive bank
rs dues, the power becomes constitutional. Here le
sail MIR Co. the real constitutional que son-has the
vernment right 10 receive bank notes or not The
Question Is not upon the mere power OF Incorporating
bnk as II has been commonly argued though, evsn in
thai view, there would be rs great constitutional ohee
ton TO any act on the part oil the Executive, other
banch OF the Government, which should unite any
citation oil State banks into system, means
giving the onoi nifty and stability to the currency which
The Consi.uo intends confer The very act OF so as
soeaing Incorporating them into one, by whatever
name called or by whatever department perowed would
be in Tact an act OF incorporation.
hut, said Mr. Calhoun, my object. a. have stated, is
not to discuss the constitutional questions,
whether the bank be constitutional not. ls repeat
10 show where the difficulty hes-a difficulty which
have isli from the n,c r.i the public service
found then, now the currency Of the country con-
stng almost entirely Of bank notes found The Govern
ment Intimately connected with the system, receiving
bank notes Ia its dues and paying them away under APP
preparations cash. The TACT yond my control; il
existed long before my ne and without my agency; aud
was compelled TO act the tact as existed wi hout de-
Gliding on the many questions which have suggested.
connected with this subject, and many winch, have
yet formed de finite opinion. can pa,
gard dent than 10, acting here in my representa-
tive aud delterave character, legal or
questions; but have fe from the beginning the Iu ce
oil The distinction sensiby taken by the Senator Yir.
ginia, (Mr Lsigh) between doing aud unoing act,
and which lie so strongly illustrated in the of The
purchase OF Louisiana The consuionaty OF that act
was doubted by many at the time, and among others by
its author himself; yet he would be considered nadms
who, coming into political life. this late period would
now seriously take up The question of the
OF tie purchase and, coming 10 the conclusion that il
unconstitutional, should propose rescind the act, and
eject from the Union two lou shng States and grow
| ter T. IL -. r.
ness thus 10 treat the question OF the currency, and
undertake 10 suppress the system OF bank circula.
uon which has Irsn growing up from the heginnng-ot
the Government which has penetrated into and
ed itself with every branch OF business every dep.rt-
ment OF the Government, on the ground that The Consii-
tuition intended specie circulation who would treat
The constitutional question "a be taken up moro
and deried upon elementary principles, without refer.
ence TO the mpeIious state oil iscis.
But ia raising The question whether my friends Of the
Slate Rights party can consistently for the measure
which have suggested, rest not the ground that
their constitutional opnion. in reference 20 the bank is
erroneous assume their opinion 10 be conect-t place
the argument, not the constutionay on unconsiitu.
onslity, but wholly different ground. lay down
iuconiroyer,ihe principle that admitting an act TO
be Unconstitutional, but OF such that IL cannot
reversed at at least without involving such gross
Ju-tice 10 individuals and distress 10 the community that
ii cannot be justified; may, under such
vote Tor its temporary continuance-ior undoing gradual
ly as the only practicable mode of Terminating it, con-
'lstenly with the srieiest constitutional objection. The
act oil The last session, adjusting the arin, furnishes
an apt illustration. All OF us believed that measure TO
be unconstitutional and oppressive, yet voted for The
act without surprising we violated the Constitution in
doing; although il allowed pwards of eight wears
Tor the termination Of the system the ground that 10
verse ii at once, would spread de'oaion aud ruin over
large portion OF the country. ask that the principle
in that case he applied TO this Ii equally impossible
10 terminate, suddenly, the present system OF paper cur
rency without spreading desoAiion sill wider ard deep
er over Tie lace oil the country. If it DO at
aili we can ever return 10 metallic currency. il
be by gradually uniong what done and 10 tole
the system while The proc 9ss is going on Thus The
have stlv ed far
OF tw'i I've years. be followed up by similar process
lar as slow and cautious experience shall prove
CO. consistently with the public interest, to s entire
reversal II experience shall prove may go lar
which, however must say L. for one do not aniici.
pate; but the effort, ii il should be honestly commenced
aud pursued, would present every way paral-
lei 10 the Instance OF the tariff which have alrea.
dy referred 70 father, and ask the question: ran YOU
consistently with Your obligation TO the Constitution,
se 10 vote Tor neasure II intended in good faith ell
feet the object already slated? Would not refusal TO
vote for The only means of terminating it, consistently with
justice and without Involving the horror OF revolution
amount ia hct and in all ts practical consequences TO
vote 10 perpeusie state OF things, which all mus.
knowledge TO be em'nenily unconstitutional and highly
dangerous to the liberty vi the country?
Bat know that ii will be objected that the Constitution
ought 10 be amended, and the power conferred in express
terms. feel The full force OF the objection. hold the
position 10 be sound, that when constitutional question
has been aga'ed. involving the powers of the Govern
men' which experience shall prove be settled by
reason, as is the case OF the bank question: those
eiaim the power ought TO abandon ill., obtain express
grant by an amendment oil the Consu ion; yet, even
with this Impression would al the present lime feel
much, not n.nperahe objection, to vote for amend
men ill effort shall be fairly made, order 10 ascer
tain 10 What extent The power might be dispensed WITH
| have proposed hold il sound principle, ha; no
more power should be conferred upon the General
ment Than is Indispensable; and il experience shall
prove that The power of banking is indispensable, as
believe II 10 te in the actual condition OF the cur
rency oil this country and of the world generally should
even then think that whatever power ought to be given
should be given with such restrictions aud limitations as
would limit 10 the smallest necessary, aud guard
II with the utmost care against abuse. As il it, without
arlher experience, at loss to de how liz
tie or how much will be required 10 correct a disease
Which must, not corrected, end ia couvu.ons
voution. consider tie whole subject Of banking and cre-
dit undergoing at this time, througho the civilized
world, progressive change, OF which think perceive
many Indications Among The changes in progression, il
sPpcaTs 10 me, there is strong tendency in the banking
system to resolve itself into two pars-one becoming
bsuk oil circulation aud exchange for The purI
gUlaiiDg and equalizDg the circulating medium and the
o'her assuming the character of private banking Of
which separation there indications in the tendency of
the English aystem, particularly psrceptible in tie late
modicaons OF the charter Of the Bank OF England In
The meantime, II would he wise in to avail ourselves
the experience Of the few years, before any change
be made in the Constitution, particularly The course
which IL seems 10 me, IL would be Advisable pursue
would be the whether the power be expressly con-
TERED or not.
next address myself TO the members Of The Opposition
who principally represent the commercial and nannf1c.
turing portions OF the country, where the banking system
has been the iahest extended and where larger por.
ton OF the property exists in She shape OF yredt than in
any other seeon and 10 whom sound stable curren
cy Is most necessary, and the opposite most dangerous
You have constitutional biecuono you il il mere
question Of expedeneS; viewed in this light can you yote
Or the proposed measured designed 10 arrest
The approach OF events which have demonstrated, must,