Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-29

tunl currency Of the country has it any
thing to do beyond the regulation of the
gold and silver coin' In that state of
mixed currency which existed when the
Constitution was formed. and which has
existed ever since, is it or is it not a part
of the duty of the Government TO exercise
a supervisory care and concern over that
winch constitutes by far the create: part
Of that currency
In other words. may this Government
abandon to the States and to he local
banks, without control or supervision, the
unres'ralncd issue Of paper for circulation.
without any attempt.on its own part to es
tabsh paper medium which shall be
equivalent to specie, and universally ac-
credited all over the country? Or, Mr..
President, to put the question in still 9th
err words, since this Government has the
regulation Of trade, not only between the
United States and foreign States, but be
tween the several States, themselves, has
it nevertheless no power over that which
is the mos, important and essential agent
or instrument of,radc. The actual circula
ting medium Now, Mr.. President, on
these questions, rs already said. enter.
tain sentiments wholly different from those
which the Message expresses.
1t is, [said Mr.. W.. in my view. an i'm.
peralive duty imposed upon this Govern
ment nv the Constitution, to exercise q
supervisory care and control over oil that
is in the county assuming the nature Of a
currency, whether metal or paper; all the
coinage Of the country is placed in The
mower Of the Federal Cover nment; no
Safe, by its stamp. can give tvalue to a
brass tarlhng. The power regulate
trade aud commerce between the United
States ard foreign or ludIan nations, and
also BET ween the respective States them-
selves, is expressly conferred by the Con-
siitntion upon the General Government -
, Now, it is clear that the power to regulate
} commerce between the States carries with
it, not implicitly, but necessarily and direct.
", full power of regulating the essential
r element OF commerce, VIZ. the currency
of the country, the money, which consli.
tu,es the life and soul of commerce. We
, live in an ago when paper money is an es'
q. sental element in all trade between the
o States its use is inseparably connected
with all commerc al transactions. That 1t
is so, is now evident, since by the suspon.
q sion of those institutions from which this
kind of money emanates, al. business j:
: comparatively n, a stand. Now. sir, sat
: Mr.. w. what | maintain is simply this
q, that it surely is the duty of some body tc
(, take care of the currency Of the country: il
is duty imposed upon some power in this
country, as is done in every other civilized
nation IN the world.
: repeat, sir, tina, it is the duty of some
e Government or other to supervise the cur
e rcncy. Surely if we have paper medium
= in the country. it ought only to exist under
the sanction and supervision Of the Gov
c eminent Of the country. Now, sir, if the
c General Government does not exercise
!. this supervision, who else, | should like It
know, is to do it t.? Who supposes that j
belongs to any OF the Stale Governments
c for example, to provide for or regulate 'h'
If currency between New Orleans and New
York?
The idea has been thrown out that il il
no, the duty of the Government to make
o provision for domestic exchanges, and The
:, practice of other Governments has beer
q referred to but, think, in this particula
great mistake has been committed.
I is certainly far otherwise ia England: sht
: provides for them most admirably, thougl
! by means not perhaps altogether in GU
power she and other nations, however
provide for them ana it is plain and obvlou,
that If we are to have paper medium o
general credit IN this country, It must b.
; under the SANCTION and superb sion of th'
: government. Such CIrrcncv il itself
d proper PROVISION tor exchanges. II there
be paper medium always equivalent L
II coin aud Of equal credit in every part o
j. the country, this itself becomes q most i'm
porlant instrument of exchange. Curren
e cy and exchange thus become united il
e providing for one, Government provide
n for the other. If the Government will d,
Re its duty on the great subject of the curren
u cy. the mercantile and industrious casse
viii feel the benefit through all the opera
t. tons of exchange. No doubt some mode
'e of stabllshlng such a currency may b.
he more favorable 10 exchange than others
A but by whatever mode esl ablished, such
y, currency mus, be useful to great extent
ar The question, therefore, comes to this
~ whether we are TO have such a medium
ID understand there are genllem who ar
OF opposed to all paper money, who woul
n have no medium Whatever in clrcula'lo
M but gold and silver; now this, at all events
ST is an intellgbe propositions bot "a I
v those who cay that there may be a pape
he medium. and yet that there shall be n
n, such medium universally receivable, an
". of general credit however honest the pur
an poses of such gentlemen may be, ! canine
re perceive the sanity of such views; | can
h not comprehend the utility of their inten
n tons; ! can have no faith, sir, in any sue
a. systems. Now, ] would osk this plai
| question, whether any one imagines tina
be all the duty of Government, in respect I
on the currency is Comprs ed in merely TAX in