Southern telegraph., 1836-12-20

.ef, or pawcg not granted hy ihat ins.
mCnii andit was from c0nFic.UH ihftiep
power % distribute even q iempqrlrt |
plus Of revenue of tlat character, thal ll Naa
suggested only IN conncctioh Wifh ID ap'
peal 10 The source Of al legal power iH ial
Generals Government, the States which
have established ii. NJ snch Rnneai has
hccn taken, }Rd in my opinion disribaiian
Of the surplus reveBue l.y Congress. ether
10 the States or The peorie,zis to be eonsid.
cred as amoRg the prohibitions of tie eea-
s;iiution. rs already intimaied, nv views
have undergone a change. 80 farus Is IS
convinced lhatno alteration Of The canSits-
lion in this respect is wise o. expedlen
The influence uf on accumulated reFenua
upon the legislation Of the General Govern
ment and the States, its effects upon iha
credit system Of the country, proaaelna
dangerous extensions and nliH0as conlTlcs
tions, fluctuations in the price Of property,
rash speculation, idlenesS, extfafagsHra
and the deterioration oimnraIs, haYe saHahs
US the imPOrtOnt lesson, that any transient
mischief which may happen to atioad he
reduction Of our revenne to the wAn,s a
onr government, is TO be borne in preferences
to an Ove;hOwmg Treasury. -. Z ',s.
| beg leave to call vour attention 10 an
other subject Immediately associated wits
the preceding tne--the currency u gh0
country.
1t is aPpnreD', from the whole context
of the constitution, as we'll as the history nf
The times wbich have birth to it. il WIS tho
purpose of the convention 10 cshlllisha eaF-.
rCncy of the precious metals. These, fron
heir Tc""liar properties, whirh rendered
thcm the sIond2rG of yGlce in l.. = ..hes
countries, were adopted IL 'hi+, as we'll 10
ESTABLISH lis commercial standard in refer-
ence to foreign countries BY permanent
rlIc, as to exclude The use of a mutual mo-
dunn Of cXch,n,e, as of certain arriculnr.
al commodities, recoE:.;scd hv the statules
OF some $ a'es as tender FIR debts, or, the
still more pernicions cXpedicnt uf II paper
curr' nrv. The las, from the experiences
Of the evils orthe issues Of piper dnring tha
revolution, had become oirSty olnaxiolis.
as not only to suggest The clause in ihe con.
.stln'ion prohibiting The emission Of bills If
credit by the Safes brtai$o to produce thst
vote in the convention which nngatived lie
proposition to grant power to Congress IL
chdrcrcHrp rltl"ns--a proposition wen tfl-
'iersOod at the tmc, SIS Intended TO au,har-
Use the establishment Of national hank,
which was to issue n currency Of bank
notc', oNN UHt2l to be creqtod to me cxl
tent oatoF tHINtNhmcn. socks. Although
this proposition was refos,d by direct yuin
of the conw ion, !hc oAact WIS afterwards
in ctFes ,pHSancd by lis ingenious advo-
Gates tNr0hgh-a s'riined cons rtlclion Of the
con<titTi,n. The deb ; Of The rovohlG N
were founded, at prices Which formed no
equivalent cnparcl with the nominal h.
noun of the stock, aud under circumstances
which exp sed the motives Of $ me of lIn,se
who PARTICIPATED in the passage of tho act
10 distrlst. q
The facts that the value Of the stock was
greatly enhanced Iy the creation Of tho,
hank, that it was well understood that such
would be the case, and that some of tho adj.
vocatcs of the measure were largely bcme-
fired by il, belong 70 the history oftbc times,
anil arc well calculated o diminish tho r,er-
pcct which might Otherwise have been duo
to the oc'inn Of ,ho Congress who created
the cons'itl ii N.
On ;hc establishments Of NATIONAL bank it.
became the interest Of its creditors that gold
should be superseded by tho paper Of no
bauk as ii general currency. A value was
soon attached to HE gfAl coins which mado
their eXportatinn to foreign countries as a
mercantile coramodiy m.rc proftal lie than
their retention and use at home as money.
1t followed as matter Of course, il not de-
signed by those who established the bank +,
that the bank became in cllo2t substitute
for the mint Of the United States. ..... =,
Slch was the origin Of a national hank
clFrcncy, and such the beginning Of those
difficulties which now appear in tho exccs-
siyc issues Of the banks incorporated by the
various states.
Although it may not bo possible by any
legislative means within our power To-
change at oncethe systcm which has thds
been introduced, and has received the ac-
quiesconcc OF all portions Of the country, it
is certainly our duty TO do all that is con-
sistent with our constitutional obligations in
preventing the mischiefs which are threat
ened byits undue extension. lhatathc eff
forts olihc other branches of our govern
ment togard against it by conaiiiional pro-
vision were funded on an intini.te knowl-
edge of'he subject, has been frequently at
tested by the bitter experience Of the codn-
try. The same causes which led them To
refuse their sanction to power auihorising
the establishment ofincorporations orbank-
ing purposes, now oxiStin much stronger
degree to urge us to exert the utmost vigil
cnce in call:ng.intoaciion The means ncces-
sary-to correct the evils resulting from the
unfortunate exercise of the power and it is
! 10 he boned that tie opDorllinity for effect