Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-30

INTO one system, as the means OF giving the unlivrh
ton intends to confer The very act of so assocating
or Incorporating them into one, by whatever name
called or by whatever department performed, would
be In fact an act Of incorporation.
But said Mr.. Calhoun, my object, as have stated,
is discuss the constitutional questions, nor 10
determine whether the bank be constitutional or not
Ii is, repeat, show where the difficulty les--a
difficulty which have felt from the time first came
into the public service. ! found them as now, the
currency OF the country consisting almost entirely OF
bank notes. found the government intimately con
nected with the system, receiving bank notes IN It's
dues and paying them away under It's appropriations
! as cash. The fact was beyond my control; 1t existed
| long before my time and without my agency and
was compelled TO act on the fact as 1t existed without
| deciding on the many questions which have sug-
gesed, as connected with this subject, and on many
of which, have never yet formed definite opinion.
No one can pay less regard TO precedent than do,
acting here in my representative and delberative cha.
racter, on legal constitutional questions but
have felt from the beginning the full force OF the dis
tnction so sensbly taken by the Senatoffrom Vir-
sinia Mr.. Leigh between doing and undolng an act,
and which he strongly illustrated in the case OF the
purchase of Louisiana. The constutionaity OF that
act was doubted by many al the time, and among
others by its author hiMself; yet he would be cons
dered mailman who, coming into political life at thls
late period would seriously take up the question
Of the constituonaty of the purchase, and, coming
to the conclusion that it was unconstitutional should
propose to rescnd the act and eject from the Union
i
would it be an act Of much less madness thus to
treat the question Of the currency, and undertaketo
suppress the system Of bank circulation, which has
been growing up from the beginning OF the govern
ment which has penetrated into and connected IT.
self with every branch Of business and every depart
ment of the government on the ground that the con-
situation intended specie circuation or who would
treat the constitutional question as one to be taken
up de nOro and decided upon elementary principles
without reference TO the imperious state of facts.
But in raising the question whether my friends ofthe
| State Right party consistently vote for the mea-
which have suggested, rest not on the ground
that their constitutional opinion, in reference to the
bank, is erroneous. assume their opinion to be cor
rec-l place the argument not on the constltutonali-
| ty or unconstitutonality but on wholly different
ground. lay down as an ncontrovertlble principle,
that admitting an act TO be unconstitutional, bat OF
such nature that it cannot be reversed at once at
least without involving such gross injustice to lndl-
viduals and distress to the community that il cannot
be justified; we may under such circumstances, vote
for its temporary continuance-for undong gradually
as the only practical mode Of terminating it, conss
tently with the srlctest constitutional objection The
act OF the last session, adjusting the tariff furnishes
an apt illustration. All ofus believed that measure
To be unconstitutional and oppressive yet we voted
for the without supposing violated the consti-
tuition in doing; although allowed upward ofeight
years for the termination of the SYSTEM the ground
that to reverse AT once would spread desoaton and
ruin over a large portion Of the country. ask that
the principle in that be applied to this. 1t is
equally as impossible to terminate suddenly the pre-
sent system OF paper currency without spreading
desolation still wider and deeper over the face of the
country. If can be reversed at all-we can ever
return to metallic cerrency, it must be by gradually
undong what we have done, aud to tolerate the sys-
tenn while the process ID going on THIS, the mea-
sure which have suggested, propos for the period
Of twelve years. tobe followed up by asmilar process
as far slow and cautious experience shall prove
may CO. consistently with the public interest, even
TO its entire reversal If experience shall prove may
go so far, which, however. | must say, J. for one
do not anticipate but the effort if should be honest
ly commenced and pursued, would present case
every way parallel 10 the instance of the tariff, TO
which have already referred. go farther and ask
the question, can YOU consistently with your oblga
ton TO the constitution, refuse TO vote for measure,
if intended in good faith to effect the object already
stated Would not a refusal to vote for the only
means of terminating il, consistently with justice md
without involving the horror of revouon, amount in
fact and in all its practical consequences to vote to
Perpetuats state of things, which all must acknow
ledge TO be emincntly unconstitutional and highly
dangerous to the liberty of the country.
But know that il will be objected, that the cons.
tuition ought to be amended and the power conferred
i'm express terms. feel the full force af the objection
hold the position to be sound that when a constts
tonal question has been agated involving the powers
of the government, which experience shall prove can
not be settled by reason, in the case of the bank
question, those who claim the power ought 10 aban
don il, or obtain express grant by an amendment
OF the constitution; and yet, even with this impress
sion, would the present time feel much II not IN
superable objections, TO vote for amendment till
effort shall be fairly made in order to ascertain to
what extent the power might be dispensed with, as /
have proposed. hold il sound principle, that no
more power should be conferred upon the general gov
eminent than is Indispensable; and il experience
shall prove that the power Of banking is ndispensa
ble as believe IL 10 be- in the actual condition Of the
currency of this country and OF the world generally
should even then think that whatever power ought 10
be given, should be given with such restrictions and
limitations as would limit it 10 the smallest amount
necessary, and guard it with the utmost against
| abuse As it is, without farther experience,
M loss TO determine how little or how much will be
required TO correct disease which must, il not
rected end in commissions and revolution. | consider
the whole subject of banking and credit as undergoing
| nj this time throughout the civilized world pro.
gressive change of which think perceive many ind-
! cations Among the changes in progression, II APP
pefs TO me, there is strong tendency in the banking
system TO resolve itself INTO two pars-one becoming
bank of circulation and exchange for the purpose Of
regulating and equaIizng the circulating medium, and
the Understanding more the character ofprivate bank
ing, of which separation there indications in the
tendency of the English system, particularly percep-
tble IN the late notifications of the charter OF the
bank Of England. In the mean time, il would be
wise i'm us 10 avail ourselves of the experience of the
| next few years, before any change be made in the
| constitution, particularly the course which, il
seems TO me, il would bo advisable pursue, would
be the same, whether the power be expressly con-
4 ferred or not.
/ l next address myself to the members of the oppo
siiion who principally represent the commercial and
i manufacturing portons the country. where the