The Arkansas advocate., 1836-12-30

lion with an amendment ofthe constitution. No tempo rarv inconvenience justify tine exercise of prohibit od no,0ar ar power not granted by that instrument and was from conviction that the power to distribute even temporary surplus revenue IS ot that character that was suggested only Tn connection with an appeal to the source Of all legal power in the general govern nent the states which have established It. No such appeal has been taken, and nay oplion distribution of the surplus by Congress, either to the states or the people, is to bs considered as among the proho- tions of the constitution. As already lntnaged, my views have undergone change fur to be conync- ed that no alteration Of the constitution n is respect is wise or expedent. The influence of an accumulated surplus upon the legislation ot the general government and the States it's effects upon the credit system of the colntrv predaeing dangerous extensions and runous contactons fluctuations n the price ol property rash specuation dIeness extrayaglnce, and the deerora- ton of morals have taught a tae important iesse taat any transient mischief which may attend the reduction of our revenue the wants of government be borne in preference to an ogeraowing treasury.
 beg leave to call your attention to another subject immediately associated with the preceding one--the currency of the country.
 It is apparent from the whole context of the constitu- tion we'll the history of the times which gave birth to it. 1t was the purpose of the convention to establish currency of the precious metals fhese from their pe- cuar properties which rendered them the standard of value in all other countries were adopted n this we'll to establish it's commercial standard III reference to for egn countries, by permanent rule, to exclude the of mutual medium of exchange, of certain agri- cultural commodities recognized by the statutes of some States tender for debts, the still pernieous expedent of paper currency. The last from the ex- perence the evils of the issues of paper during the youton, had become justly obnoxious not only to suggest the elluss in tue constitution, orbidding the emission of bills of credit by the states but also pro- duce that vote III the convention which negatiyed the proposition to grant power to Congress to charter pofationsa proposition well understood ut the time intended to authorize the establishment of national bank which to issue currency of bank notes on capital to be created to some extent out ot government stocks Although this proposition was refused by di- rect vote of the conyenton the object afterwards in effect obtained by it's ingenious advocates, through strained construction of the constitution. The debts the revolution funded, at prices which formed equivalent compared with the nominal of the stock, and under circumstances which exposed the tives of some of those who participated in the passage the act to distrust.
 The facts that the value of the stock was greatly en- hanced by the creation of the bank, that It well derstood that such would be the case and that the advocates of the largely benefited by it, belong to the history of the times, and well caic lated to diminish the respect which might otherwise hays been due to the action of the Congress who created the institutions.
 On the establishment of a national bank 1t became the interest of it's creditors that gold should be supefsed ed by the paper of the bank general currency. value was attached to the gold coins which made theIr exportaton to foreign countries mercantile commodity profitable thAn their retention and use at home money. It followed matter of course il not designed by those who established the bank the bank become i'll effect substitute for the mint o the United States.
 Such the origin of q national bank currency and such the beginning of those difficulties which now appear in the excessive issues of the banks incorporated by h various states.
 Although 1t may not be possible by any Legislative means without power change at the system which has thus been ntfodueod and has received th acquiescence of a portions of the country 1t certain ly duty to do all that is consistent with consttu tional obligations in preventing the mischeb which threatened by its undue extension. That the efforts the authors of our government to guard against b constitutional provision found intimate knowl edge of the subject has bsen Frequently atesed by thu bitter experience ofthe country. Fha same wct led them to refuse their sanction power authorizing the establishment oi interpretations for banking purposes exist in much stronger degree to urge to exert the utmost vigilance tn calling into action the means necessary correct the evils resulting from the unoru- nate exercise of the power and 1t IS to be hoped that the opportunity for eectng this great good, will he m- proved before tho country witnesses scenes of e- barrassment ana distress.
 Nariabeness be the characteristic of cur. rency, of which tine precious metals not the chie ingredient, which can be expanded or contracted without regard to the principles that regulate the va of those metals standard the general trade of the world With bank issues constitute such currency and must do until they made dependent on those just proportions of gold and silver, circulating mediu which experience has proved to ha necessary not only in this but in all other commercial Where those proportions not infused into the creu iation and do not control it. it is manifest that prices must vary according to the tide of bank issues and h value or property exposed to all aAcef tainty which attends the administration of institutions that constantly liable temptation of inter distinct from that of the community in which shey are established.
 The progress of an expansion rather depreciation of the currency by excessive bank issues, always tended by loss to the laboring classes. This portion of the community have neither time opportunity watch the ebbs and flows of the money market. Engag ed from day to day their useful ois they do not per ceivo that although their wages nonaly the same or even somewhat higher, they greatly reduced n fact by the rapid increase of spurious currency which as 1t appears make money abound, they ut first inclined to consider blessing. It is not So with ths speculaor by whom tas operation better uadefstoot and is made to contrt89se to hs advaatage 1t is no