Richmond palladium. [volume] (Richmond, Wayne County, Ind.) 1831-1837, 1836-12-24

ssss, either 70 shs States q ths pecpls,' = toll
b constitutions. ~ already intimated, my l.
iews have undssgoas q change, % Ear a. 70,
= convinced that no alteration Of The eonsts.
usioa n this respect = wise Or e1fedient.
The influence Of IN accommodating surpluS
non .hs teRisistiou Ct the Ge6eSd Govern-Is
nent and the States, its effects upon the cred 1
{ system Of the -country. predicting danger
Nus extensions and ruinous eontractions, due 4
uations in the price Of property. rash speeo- I
alton, idleness, extr4vagance, aud deterso' /
ration Of morals, have taught u the imPor- (
Iant lesson. that any transient mischief which |
nav attend the reduction Of our revenus to-
Inc wants Of our government, - 70 Be borne 1
il preference TO an overlooking Treasury.
1beg leave 10 call your attention to anoth- !
er subject intimately associated with the pre-
ceding one-the currency OF the country. !
1t IS apparent, from the whole context Of
the constitutions, n we'll as the history Ut the
tunes which gave birth to it, that II was the
purpose Of the convention 70 establish cur
rency consisting Of the precious metals
These, from their peculiar properties, which
lother countries, we're adopted in this. a. well
TO establish it. commercial standard in refer
|ence - foreiga countries BY . permanent
rule, a. to exclude the use Of mutabie 'ne.
ldiu,n Of exchange, such ~ Of certain agricuI-
lturai commodities, recognized by the statutes
Of some States as q tender for debts, or the
still more pernicious expedient Of q paper
icurreucy. The last, from the experience Of
the evils Of the issues Of paper during the rev.
nhs~,
not only TO suggest the clause in the c"nsti-
tuition, forbidding the emission Of bills Of
credi, by the States. but ais" to produce that
.ote in the convention which negatived the
proposition To grant power to congress to
charter cOFpOratiOns-a proposition well UNI
derst0od at the time. as intended &, authorize
the establishment "f q national bank. which
was to issue currency Of bank mites, on a
capital to be created to sone extent .,ut Of
government stocks. Although this PROPOSE
ton was refused BY q direct vote Of the con-
vention, the object was afterwards in effect
obtained, by its ingenious advocates, through
q strained construction "f the constiiu tion.-
| Tie debts Of the revolution were funded. At
prices which formed no equivalent compared
with the nominal amount Of the stock, and
under circumstances which exposed the mo-
tives Of some OF those who participated in the
! passage Of the act to distrust.
II U9 IWCVS UU8S VIC V0bO0 ~ tue BtOC0 WOS
lgreatly enhanced by the creation Of the bank,
That Il was well un .erstood that such would
\ be the case, and that some Of the advocates
lof the measure were largely benefited by it,
}! bel.,u9 70 the history Of the times, and are
J, veil calculated to diminish the respe:t which,
might otherwise hsve been due - the action
! of the Congress which created the institution.
:. On :he establishment Of nation Il bank, i,
became the interest of iss creditors that gold
49, -. A>A ,fsA>
plas general currency. A value was scon
attached to the gold coins, which made thei'
!, deportation TO foreign countries No u mercan.
. tile commodity, more profitable than theis
? |SetentiOn and use % home - money. II fo
: lowed - . matter Of cOurse, IL a"s designed
. BY th"se WIN established the bank. that the
, bank became. IN effect, . substitute for tte
. mint Of the United States.
: Such was the origin Of national bant
, tdi&culties which now appear in the exces
sive Issues of the tanks Incorporated BY the
various States.
. Although 10 msy ooe b possible, BY any
i, Legislative means within our power,to change
. 90 once, the system which has thus been IN.
: troduced, sad has received che acquiescence
? of all portions Of the country, il 10 certainly
! our duty 10 do Ill that 10 consistent with OUT
I constisutional obligntiOns. in preventing the
I m;schiefs which are threatened by lie undue
!. extensioa. That the efforts Of the fathers 81
: our government 10 guard against il by con.
ssitutioaal provision were founded ON an init.
; mate knowledge Of the subject. has Oeen ire.
: iquently attessed by the bitter experience vi
the country. Toe same causes which led
d them TO refuse their sanction to . power au
thorising the establishment Of interpretations
d for banking purposes, now exist in . much
) stronger degree TO urge ~ to exert the Ut
J most violence IN calling into action the
,mea3s necessary 20 correct the evils result.
ing from the unfortunate exercise Of the DOW.
Ter, and il 10 to b hoped that the opportunity
f"r efiscting this great good. will Be improved
before the country Witnesses new scenes of