Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-03-29

the many questions which | have suggested, as
connected with this subject, and on many OF
which / have never yet formed a DEFINITE Cpl
MON. No one can pay less regard to precedent
than / do. acting here in my representative and
deIiherative character, on legal or constitutional
Questions. but have felt from the beginning
the f1ll force ofthe distinction so sensibly taken
by the Senator from Virginia, [Mr. LEIGH; be
tween doing and undoing an act, ana winch ne
so strongly illustrated in the case or the purchase
ofLouisiana. The constitntionalIty OF thai act
was doubted by many at the time, and, among
others, by its author itself; yet he would be con,
sidered a mailman who, coming into poitlcal
life, at this late period, would now seriously.
take up the question of the constitutlonality or
the purchase, and, coming to the conclusion tlat
il was unconstitutional, should propose to re-
scind the act, and eject from the Union two Hou-
rishing States and a growing territory; nor
would it be an act Of much less madness thus TO
treat the question Of the currency, and under
take to suppress the system OF bank clrcuiatlon,
which has been growing up from the beginning
of the Government, which has penetrated INTO
and connected itself with every branch OF busl
ness and every department of the Government,
on the ground that the Constitution intended a
specie circulation; or who would treat the con-
stitutional question as one to be taken up de no
20, and decided upon elementary principles,
without reference to the imperious state oftacts.
But, in raising the question whether my frlends
of the State Rights party can consistently vote
for the measure which | have suggested, | rest
not on the ground thai their constitutional OPT
Mon, in reference to the bank, is erroneous. l
assume their opinion to be correct place the
argument, not on the constitutiOnality or uncon-
stitutionality, but on wholly different ground. l
Law it down, as an incontrovertible principle,
that, admitting an act to be unconstitutional,
but ofsuch a nature that it cannot be reversed
at once, or at least without involving such gross
- - - ,-. l-D1 ---l irtrnc RI fhn n N I'M
munity that it cannot be justified, we may, I'M
der such circumstances, vote for its temporary
continuance-fOr undoing gradually, as the on
ly practicable mode of terminating it, consist
entity with the ~strictest constitutional objection.
The act of the last session, adjusting the tarlf1,
furnishes an apt illustration. All of us believed
that measure to be unconstitutional and oppres-
sive, yet we voted for the act without supposing
we violated the Constitution in SO doing; al
though it allowed upward of eight years for the
termination of the system, on the ground that
to reverse it at once would spread desolatlon
and ruin over a large portion of the country.
| ask that the principle in that case be applied
to this. 1t is equally as impossible to terminate,
suddenly, the present system of paper currency,
without spreading a desOlation still wider and
deeper over the face Of the country. lift can be
reversed at all-if we can ever return to a me-
talIic currency, it must be by gradually undoing
what we have done, and to tolerate the system
while the process is going on. Thus, the mea-
sure which | have suggested, proposes, for the
period %oftwelve years, to be followed up by a
similar process, as far as a slow and cautious eX-
perience shall prove we may GO, consistently
with the public interest, even to its entire rever-
sal, if experience shall prove we may go so far,
which, however, | must say, J. for one, do not
anticipate; but the effort, fit should be honest
ly commenced and pursued, would present a
case every way parallel to the instance Of the
| totif IN yuhioh I ha uo o1roo6u rafnrro1 np
farther, and ask the question, Can you, consis-
tently with your obligation to the Constitution,
refuse to vote for a measure, if intended in
good faith, to effect the object already stated?
Would not a refusal to vote for the only means
of terminating it, consistently with justice, and
without involving the horror of revolution,
! amount, in fact, and in all its practical conse-
quences, to a vote to perpetuate a state ofthings
which all must acknowledge to be eminently
unconstitutional and highly dangerous to the
liberty ofthe c%ountry2
But | know that it will be objected, that the
Constitution ought to be amended and the pow
er conferred in express terms. | feel the full
force of the objection. | hold the position to be
sound, that when a constitutional question has
been agitated, involving the powers of the Go
vernment, which experience shall prove can
not be settled by reason; as is the case with the
bank question, those who claim the power ought
to abandon it, or obtain an express grant by an
amendment or the CONSTITUTIONS; and yet, even
with this impression, | would at the present time
feel much, if not insurperable objection, to vote
for an amendment, till an effort shall be fairly
made, in order to ascertain to what extent the
power might be dispensed with, as | have pro-
posed. | hold it a sound principle, that no more
power should be conferred upon the general Co.
vernment than is indispensable; and if expert
ence shall prove that the power of banking is
indispensable, as | believe it to be, in the actual
condition of the currency of this country and of
the world generally, | should even then think that
whatever power ought to be given, should be
given with such restrictions and limitations as
would limit it to the smallest amount necessary,
and guard it with the utmost care against abuse.
AS it is, without farther experience, we are at a
loss to determine how little or how much will be
required to correct a disease which must, if not
corrected, end in commissions and revolution
| consider the whole subject of banking and Gre
dit as undergoing at this time, throughout the
civilized world, a progressive change, of which
| think | perceive many indications. Among
the changes in progression, it appears to me-
there is a strong tendency in the banking sys,
tenn to resolve ltselfint two parts-one becom-
ing a bank of circulation and exchange, for the
nIIrpncn IF roo,,1of ,o 80 o~l ax.z1. -.