The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-11-07

~ S ths'clre Of Congress and the Enumeration Of
Them Is followed BY general suggestion, that Con-
srsss VIZ adop, sneh further Inease Ts; as may pro
meraion il Is obvious, Is confined 10 the wants and
| convenience OF the Government itself
And now, sir, let ON what grounds 1t is that
/ the Message refrains from recommending measures
OF general relief The President says:
~ was not designed b. the Constitution that the
/ Government should assume the management OF do
nestle or foreign exchange. l. Is, indeed aulhoriz-
ed 70 regulate by law, the commerce between the
i States and TO provide general standard OF value or
| medium Of exchange In gold and silver; but IL Is
moi its province 10 and individuals IN The transfer u
their funds otherwise than through the iacilit'es al
| forded BY the Post Office Department. AS Justly
might bs called on to provide Tor the transportation
| of their merchandise"
And again
"If, therefore, refrain from suggesting to Con-
gress any specific plan for regulating the exchanges
OF The country, relieving mercantile EMBELLISHMENTS,
or interfering with the ordinary operations OF foreign
/ or domestic commerce. II is from convection that
such measures are not within the constitutional pro-
vince Of the General Government and that their
adoption would not promote the real and permanent
welfare of those they might be designed TO aid"
The President, then, sir, declines to recommend
any measure for the relief Of commerce. for the
storation Of the currency or for the benefit of
changes the avowed ground that, in his opinion,
such measures are not within the constitutionalpow-
err OF Congress. He Is distinct and explicit, and so
far entitled to credit He Denies broadly and fatty,
that there is any authority in this Government to re-
gulate the currency and the exchanges, beyond the
care of the coin The question, then, is fairly stated.
Il II cannot BE- misunderstood; and we are now TO see
i how Congress- and, what is much more important,
4 how the country will settle 1t.
Il Mr. President il in May last, when specie pay
ments were suspended, the President Of one Of the
thanks had called his council Of directors together,
informed them that their affairs were threatened
with danger that they could not collect their debts
in specie and might not BE- able to pay their credi-
tors in specie, and recommended such measures as
he thought their interest required his policy, In all
this would have been no more exclusively confined
to the interests Of the corporation than the policy OF
the message Is confined to the interests of this great
corporation Of Government. Both in practice there
administration abandons the currency TO its fate It
surrenders all care over II, declines all concern
about IT. and denies that il has any duty connected
with it.
Of the great powers Of the Constitution power
senlial to it, on any Just plan or theory of Govern
ment a power which has been exercised from the
beginning, power absolutely necessary and indis-
pesable to the proper regulation Of the commerce of
the country, be now surrendered and abandoned for
ever1 To this point we have come, sir, after pur-
suing the experiment" of the late administration
for ivey years. And from this point lam persuaded,
the country will move, and move strongly, in one d.
rection or another We shall either go over to the
gentleman from Missouri, and suffer him to embrace
us in his gold and silver arms, and hug us to his
hard-money breast or we shall return to the long
the Government
As to the employment of the State banks for the
purpose of maintaining the currency and carrying
on the operations of exchange, certainly never
had any confidence in that system, and have none
now.
think the State banks can never furnish medi-
um for circulation, which shall have universal
credit, and be of equal value every where.
think they have no powers, or faculties, which
can enable them to restrain excessive issues Of
paper
: think their respective spheres of action are
limited and their currencies SO local. that they can
never accomplish what is desired in relation to ex-
changes.
Still, I prefer the employment Of State banks to
the project before us; because it is less OF project
because il is less dangerous and chiefly because it
does not surrender, efectually and in terms great
power of the Constitution.
In every respect, this project is Objectionable. 1t
is bat another experiments" and those who recon-
mend it zealousy, werehe authors of the last and
equally full OF confidence and assurance in re-
| gard to that.
who invite us to try this experiment. What
voices do we hear raised in its Recommendation
Are they not the we known voices which we heard
so often when the late experiment" was begun
We know Of but one accession. The voice Of the
honorable member from South Carolina is heard, it
is true now mingling with the general strain and
that is all. Where, then, is the ground for conf
dence in this experiment. more than there was for il
in the last
This scheme, too is against all our usages and all
bars, from the time Of collection to the time of dis
bursement. Our practice has been otherwise and it
has been useful practice In 1888, the Secretaryof
the Treasury admonshed the deposite banks, since
they had Obtained the custody Of the public funds TO
accommodate the public, to loan freely, especially to
importing merchants And now, system is propo-
sed 10 u.s. according to which, any use Of the public
funds, by way of loan accommodation to the pub
lie, is made criminal offence, and to be prosecut-
ed by indictment! Admirable admirable consist
ency
But the great objection to the measure, that which
so much diminishes the importance of all other OBJ
jections is It's abandonment of the duty Of Govern
ment The character Of this project Is, severance
of the Government from the people This like the
mark Of Cain, is branded on its forehead. Govern
ment separates itself not from the banks merely, but
from the community. 1t withdraws its care il denies
its protection, it renounces its own high duties.
am against the project therefore, in principle and in
detail; | am for no new experiments; but am for
sound currency for the country. And Imean by this
convertible currency, SO far as consists of paper
| differ altogether, in this respect from the gentle
man from South Carolina. Mere Government pa
per- payable otherwise than by being received for
taxes has nopre,encet TO be called currency. After
all that be said about IT. such paper is merely pa
per money 1t is nothing but bills of credit 1t al
ways has BEEN and always will be, deprecated Sir,
we want specie. and we want paper Of universal ere.
dit and which is convertible into specie at the will Of
the holder. That system Of currency, the experience
of the world and our own experience, have both full
ly approved
maintain, sir, that the People of this country are
entitled at the hand of this government to sound,
safe, and uniform currency. Ifthey agree with me,
they will themselves say so. They will say, iii
our right we have enjoyed it forty years. II is practi-
cable 1t is necessary to prosperity it is the duty
of Government to furnish it we ought TO have tive
can have ii, and we will have it,
The language of the Administration, on the other
hand is "Good masters you are mistaken. You
have such right You are entitled to such thing
from us The Constitution has been misunderstood.
We have suddenly found out its true meaning. A
new light has flashed upon us. II is no business of