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

III lllC oOtC ~
cessary to protect the rights or the Interests OF
the States.
Having now stated the measure necessary 10
apply the remedy,1 am thus prought ~ uie CUES
ton: can the measure succeedE Wnlcn brings
up the inquiry of how far may De expected
ta race;ye tbe support of the parties which
compose the Senate, and on whichl snail heAt
proceed to make a few remarks. :.
Eirst then. can the State rights party give 1t
their slnnort-that party of which | am proud
of being a member, and for which l entertain
so strong an attachment-the stronger because
we are few among many. In pfoposihS .hlS
ouestion. | am not ignorant Of their long STAND
mo constitutional objection to the bank, on the.
ground that this was intended to be, as II Is
usually expressed, a hard money Government
a Government whose circulating medium was
intended to consist Of the precious metals, and
for which object the power OF coming money,
and regulating the value thereof, was express
w conferred by the constitution. know how
long, and how sincerely this opinion has been
entertained, and under how many difficulties 1t
has been maintained. 1t is not my intention to
attempt to change an opinion so firmly fixed
but | may be permitted to make a few observa-
tons, in order to present, what appears 10 me 10
be the true question in reference to this constltu-
tional point, in order that we may fully compre-
bend the circumstances under which we are
placed in reference to it. With this view, l DO
not deem it necessary to inquire whether, IN
comforting the power to coin money, ana 10 re-
gulate the value thereofthe constitution intended
to limit the power strictly to coming money ana
regulating its value, or whether, IT intended 10
confer a more general power over the currency;
nor do Intend to inquire whether the WORD coin
is limited simply to the metals, or may be eX-
tended to other substances, if through a gradual
change they may become the medium OF the
general circulation of the world. ! pass these
points. Whatever opinion there may be en-
tertained in reference to them, we all must
agree as a fixed principle IN our system or
thinking on constitutional questions that the pow
err unueI consideration, like other political pow
ers. is a trust power, and that like all such pow
ers, it must be exercised as to effect the object
of the trust as far as it may be practicable. Nor
can we disagree, that the object of the power
was to secure to these States a safe, uniform, and
stable currency. The nature of the powers the
terms used to convey it; the history OF the
times; the necessity, of the creation OF a COM
mon Government; of having a common and
uniform circulating medium, and the power
conferred to punish those who, by counterfeit
ing, may attempt to debase and degrade the
coins Of the country, all proclaim this to be the
object.
1t is not my purpose to inquire, whether adj
hitting this to be the object, Congress is not
bound to use all the means in its power TO
give this safety, this stability, this uniformity to
the currency, for which the power was confer
red-nor to inquire whether the States are not
bound to abstain from acts on their part, lncon-
sistent with these objects; nor to inquire whether
the right of banking. on the part of a State,
does not directly and by immediate consequence,
injuriously affect the currency-Whether the Ell
feet of banking, is not to eXpel the specie cur
rem cy, which, according to the assumption, that
this is a hard money government. it was the OBJ
ject of the Constitution to furnish, in confer
ring the power to coin money; or whether
the effect Of banking does not necessarily
tend to diminish the value Of d specie curren-
cy, as certainly as clipping or reducing its
weight would; and whether it has not, in fact,
since its introduction, reduced the value of the
coins one half. Nor do | intend to inquire
whether Congress is not bound to abstain from
all acts on its part, calculated to affect lnJuri-
ously the specie circulation, and whether the
receiving of any thing but specie, in its dues,
must not necessarily SO affects by diminishing
the quantity in circulation, and depreciatlng the
value of what remains.
All these questions | leave open; l decide none
of them. There is one, however, that | will de-
eide. If Congress has a right to receive any
thing else than specie in its dues, they have the
right to regulate its value; and have a right, of
course, to adopt all necessary and proper means,
in the language ofthe Constitution, to effect the
object. 1t matters not what they receive, tobac-
CO or any thing else, this right must attach to it.
| do not affirm the right of receiving, but | do
hold it to be incontrovertible that, if Congress
were to order the dues of the Government to be
paid, for instance, in tobacco, they would have
the right-they would be bound to to use all ne
cessary and proper means to give it a uniform
and stable value; inspections, appraisement, de-
signation Of qualities, and whatever else would
be necessary to that object. So, on the sam
principle, if they receive bank notes, they are
equally bound to use all means necessary and
proper, according to the peculiar nature Of the
subject, to give them uniformity, stability, and
safety. The very receipt of bank notes on the
part ofthe Government, in its dues, would, it is
conceded, make them money, and by a neces-
sary consequence, would make them, to a great
extent, the currency of the country. | say no.
thing of the positive provisions in the Constitu-
ton which declare that all duties, imports, and
excuses, shall be uniform throughout the United
States" which cannot be, unless that in which
they are paid should also have, as nearly as
practicable, a uniform value throughout the
country. To effect this, where bank notes are
received, the banking power is necessary and
proper within the meaning of the Constitution;
and consequently, if the Government has the
right to receive bank notes in its dues, the pow
er becomes constitutional. Here lies, said Mr..
c.. the real constitutional OueStiOn-has the