The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-05
CORRESPONDENTS.
SEpT. 80, 1887

,.
"If you have right to receive bank notes at ALTO
treat them money by receiving them in your Dues
paying them away to credtors-you have right to Gre
ate bank. Whatever the Government receives and
treats money, is money and if it he money, then
they have right under the constitution to regulate it, "
John c, Calhoun.
have seldom seen so many faacies crowded into so
brief space Before proceeding to point them out it
may be servIceable to define the word money Il is
used very often to and convey three distinct ideas
II is used to signify COM any piece Of metal
monty gold silver, copper, stamped by public authon
ty, and used the medium of commerce or, 2, bank
notes bills of credit issued by authority, and ex-
changeable for coin, redeemable or 3, ,cealth as
for instance in the last sense, Of nancy But it
is evident is used in the foregoing extract, the first
mentioned Specification else. it is wholly msspped
The fact that it is money, gives the Government right
to regulate it. that is, lis raie, says the extract Now
there is but kind Of money which the constitution
grants Congress the right to regulate the value Of
"The Congress shall have power to coin money, re-
guate the value thereof and Of foreign coin" The ex
tract claiming right, under The consultation, to regulate
the value Of its money, while the constitution gives the
Government power to regulate the value Of but the
kind Of money in using the word, must mean com. If
il intended in any other than that Of coin, it
claims for the Government right to regulate the value
Of that which it has granted power regulate the
value Of
Under this definition Of the word money used in the
extract the correctness Of which cannot be disputed,
the faaces in the extract manifest The Govern
ment, long time ago." created United States Bank
received its notes in payment Of Dues and paid them
away to creditors, and treated them money, a me-
dunn Of commerce" Still they were not money in the
in which that word is used in the extract " Long
time ago., the notes Of sPcciepayng State Banks
made receivable in payment Of dues and during Sc
ries Of years, the Government received and paid them
away, and treated them money Still they were not
money the sense in which that word is used in the
extract The long time ago" friends Of the late adj
mnistration rallied around the measure and vowed it
should be permanent but they strive to have
thing but money the in which that word is used
in the extract The Spartan band say NAY, and the
people say NEVER.
Besides, says the extract, if you have right to
ceive bank notes at ALL you have right to create
bank !" A clear non seguiiem. The constitution
grants the power Of borrowing money When It speaks
Of regulating the value of money, it specifies which
kind Of money it MEANS to wit, COIN When il
speaks Of borrowing money, it is indeteminate and
wholly omits to restrict the exercise Of the power to
any particular kind Of money "The Congress shall
have the power to borrow money on the credit of the
United States" Money (but not in the in which
it is used in the extracD does bank notes bills
Of credit exchangeabe into coin, There being other
moneys than coin, and the Government having the
power to borrow money, without being restricted to
any particular kind it follows that it has right TO re-
ceive other moneys than coin 1t would be solecism
to say that money may be borrowed which the borrow
er has no right Ito receive" 1t would be equally
soecstic and absurd to say that money may be "re-
ceved" which the receiver has right to pay away.