Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-10-26
( TWENTY-FIFTH CONGRESS.
FIRST SESSION
In SENATE.
Speech Of .IEr. Bessfess.
(Con.alnued.l

These are the objections which the Sem
alor from Massachusetts takes to the Ex-
.ccutive recommendation. They are Of
"A two-fold character: first; to the consti-
tutional power Of Congress TO pass bank
ru2t law, confined to nonied corporations
and bankers, and with view cooperate
upon the paper currency; secondly, TO the
consistency Of the President in having
made such a recommendation.
! take up the second of these objections
first, because it creates prejudice against
the whole recommendation of the Presi-
dent. The imputation Of inconsistency
creates prejudice: and it is necessary 10
remove that prejudice before the recon-
mendation could be fairly considered
The inconsistency imputed, lies in the
supposed disclaimer Of the President Of
ali federal authority over the currency,
and then, an assumption Of power TO reg
&!atc that currency, and to reglate it by
an unauthorized exercise Of the power to
pass bankrupt laws. This is the point o.
tho imputed consistency. 1t all turnsup
on this word currency; and now, what
currency does the Senator from Massa
chusctts mean? Certainly moi the cur>
rency Of the Constitution; for the Presi-
dent recictcs the power TO coin that cur
rency, and to regulate its value. 1t must
be the paper currchcy-t!o local bank
notes and the shin-p'asters-which are
4 intended; and, if SO, have to remark
that tho President very explicitly dis
Gains both the authority and the expedi-
ency, OF having recourse to national
} bank ,tolrogulato thet species of currency.
He disclaims that instrument OF regula
tAion; and in doing so, he stands upon the
.onstltution, which disowns its existence;
npon the fact, which shows its impoten-
E; and upon the ground which the au-
I gIhors Of the FIRST national bank occupied,
Xnad to whom The regulation of currency
and Of exchanges was wholly unknown
as among the reasons for its creation
These reasons are Of modern conception
and recent date. They are an after
thought Of the subsequent supporters of a
second national bank. The President
Jisclaims also a power to suppress the
local banking, institutions by federal le,
gisIation; but he no where oiscIaims the
authority to prevent their paper issues
from superceding and expollipg the hard
money currency of the Constitution. -
On the contrary, he claims that power,
and points to the sources of its righltnl
exercise in the incidental effects of fede-
raj legislation in favor of hard money as
necessarily improving the condition OF
paper currency; and then he points to
the bankrupt power as furnishing the
> direct means Of checking the issues OF
non specie paying banks, and giving a
remedy to the holders Of their unpaid
notes. This is what the President docs;
:, and nothing can be further from his word
Athan a disclaimer Of all authority over the
Regulation of the currency. And here
"A me remark upon systematic error
ITO which some Senators necessarily fall;
Eley always speak Of the federal au,horl.
~. and the federal duties over ''tbe cur
Hsncy," meaning all the while, net go'd
and silver, but bank notes and shin p'as'
y ters. Now, Sir, repeat, for about the
thousandih. time, that the word currency
is not in the Constitution, nor any wore
whatsc ever which can mean what these
speakers intend by it. The nearest ap
proach to the term which the Constitution
contains, is the word current, and that is
coupled with the word coin; SO that the
thing which gentlemen have constantly IL
their minds, and which they use an equiv
ocal term to express, exists no where IN
the Constitution, and is not in any way
known to that instrument, either ny ex
.nression or intcndment. think 1t right
Z IN this accession, thus TO allude 10 the G.
= suiyocal use Of this phrase; for upon tbs
,eouiyocation, there is built up, in these
United States, an immensity Of erroneous
.sneaking, erroneous writing, and errone-
aus legislation. Vast is the number ol
persons who are mystefied by the use o'
an eouiyocal term; and in nothing does
the rhetorician show tho perfection OF his
vart, in higher degree, than in making
= debate turn upon one of them
81. The Senator from Massachusetts, n
4 taking his objections, declared that he
would not do intentional injustice TO the
1 Message or its author; but it is the same
4 thing to the Message and TO the author,
iniustice had been done without intention
!. and this | apprehend to have been tn
sasS The Message says nething abou
.on6Ming the bankrupt law TO corpora
ions and bankers alone; it. says. nothing
,boszt excluding merchants and trader
j 4 .om ,ile -opsraiisl Of the Jaw; and II pre-
= u. ,,,r.ath;nu efse 70 result from III