Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-11-09

where State eurrcn,es were Unprecedented and rontl1
| mental po,ry was drrrcclntsd also. Delseotid wst
! be paul aud there was 10 value 10 properly Fion
the close OF tie war the tune az ihs aopt,on Of
this Constitution, as verify believe. the Peopseshi-
tered .siurh, exrchl 10 the loss ot lie, from The DIS
ordered of the currency aud lle rrosirailon 81
commerce aud busineas, us they suffered dtHpss thu
war All ON history si,owslc disasiers aud aAc-
lions which, sprlug lrnm these ;and u world
BE- waste of time 70 INTO de- nilrdfrelta vfilfe,
For tie remedy OF lrs evils NJ its great OH
ieols aud gteat as any one, tie Constitution as
formed and adopted.
nov, ST. by this Constitution tougress Is auihoriz-
cal 10 coin money 10 REGULATE hessalne thereof and
OF orrien cuins;n aud all The States are rruhlbiisd
from toinng money. alld from making any tlrlns tut
gold aud silver ,ons d tender la payipm Of debis.-
Suppose the Colslituliuilu,i stopped here IA wond
stll have established ths a important poit pi u uit-
foam money system by this provision Congress N
10 furnish coin. regulate conn for all tie Sates--
here Is % be- lut nionFy standard Tor the eont-
t,y. Aud ie standard al value to be established ny
Congress is 10 lie currency. and noi bullion merely;
because Nc dnd II is 10 be thai Is, II Is 10 he y g
or the other Of the tceions metals, heating ~ au-
fhenle stamp Of ,aloc and passing therefore b, 'ald
That ito BIZ the standard oi value, Asia''ard OF
value, therefore and money ter circulation, were
thus eNlnr sly provided or Aud II Hcilna else had
becu dpac would it not have been u reasonable aud
necessary Inference from this power, thai ongfe.s
hadnutlDry Ia regulate and pns regulate and eou-
troll any aud ~ paper, which cel Suites ndisid-
10 represent this oou and To take it, place IN tie iiscs
of trade and conrnel II Is very evident that Tie
t'oasjnuijou intended sometime more tia. 70 prs
plde u medium Ter the Payment Of drhts 10 Governs
ucnl. The object wnsa uaetm tnrftnc, l'r tito
insect the whole ruple, in II the Oh lir
aud II was m0utcstiy the iHteu of The Constitutions.
that the power to nalhtan such currency should
be ei.ru 10 ConaltAs Bnrii Would make the system
inronarnulf asd lHrourlrtc; II would be DENYING to
tna4fes3 the mclns necessary tn accomplish ends
ulf l. it
Nhalr prov SION IN cteat measure llratoiy, WHOM
Congress lad established coin for cnleley and en-
'ulhon, II should have nopower 10 naiiItan II us An
aetal elreuatlo1, NOR to-tc2ulate nf cotel paper
omissions designed to occupy lis place, and pefiim
the same moctaas thai II would onlhc coinage pow
81 alone and Tar aad Just, aud leasal.able IL
Inference from II, therefore. should be Of opin, u
thu GougressNa authorized, and was bound, To pr
tect tie community against all evils wNIeh might
neatea from deluge Of currency e anotlief Kind,
hliue up, ia poat Of face, all The chnlbeis Of eifcu
tun. Aud ftsaupuIou ls not new. Il has often Lten
expressed beloie and WAS eo9cAy urged 10y Mtai al
La. the Secretary oi the Treasury, ia his report
lelj. He says .Hshruovye the emergency ,ecur,
thai dca'als change 81 sSs,eni il s,eGis netessat
y IL ludlow, thai The authority which was alone con.-
petrnt 10 establish the national coin, IS alone eoinpo-
ten 10 create juaioual subslitutc.9
Rui HE Constitution does not atop With this giant
al he coinage power 10 Congress. II eSpres,, pro-
hlhne tbc Slmcs from issuing hills n credit. What
abllut credit Is, there can be no difficulty IN uder-
sonduR, hy auy Que acqualn ed wpli the history VI
the country. They bad been issilri different
fines. and IN yatVas t0rms, the STATE Gaveru-
mruts. The Object Of them 10 create "A paper
elricuariou; and any paper issued ,he credit OF
HE State. and intended tor circulation from hand 10
hand, is Il hl of credit Wheeler made tender ior
9rbt or not, OF ~heiher Carrying interest OF not. Is
Il ISSUED with lIlnn that il shall circulate from
band TO band, money and with intent thai il shall
so cncub,tr o1 tie ciedli Of the State IL 1t is.
il Is bail oI redil. he States, Therefore, pro-
lbted tioni issuing paper Tor ritcul9ion. On HEIR
own cteIit and this provision FURNISHES additional
aud strong proof iat a circulation. whether OF eoiu
OF paper, nIrued 10 be snbjectto The rec uaiion
aud contirl u Congress Indeed the very uhjeci ii
establish hing commerce for all the Siles, AID
one money for all the States. woald otherwise
be liable 10 be completely dueaed. IL has becn
suppused. Brscttb Clcss thai this piulllb ton tie
States has II tfcsuainra tlpnlr from granting to iDJn
luals To private corporations, thepO@er OF issuing
noos I0r circulation, uu thtir nwn credit. TIL.
power has long bern exercised, aud is admitted 10
rNist lui could Il be reasonably naiutaneh look
M oly 10 lhcsr WE provisions, tpu say 10 tho
coma = IpNcr, which Is vested exclusively III Con-
gte,s and 10 the Prohibition The States against Ia
sung the1 own Paper for cfeulaion,l that Congress
could noi protect rs own power. and secure 10 the
People ihc h1l benefits nieLded b, aud for them
against eylis and a'sehie!s II they should arse OF
TIN teu - arse. rot FROM paper issued BY States.
hu l,on paptri,sneib by individuals or private
lolalors Il ds BE- 50, then The coinasc power
evidently ialS o a afrnt part d rs lpiended eject;
ud ibt sg5ls, intended 10 be prevented " til. ltol
baioia oHfle tstef, may all arse. ard become IN
,'-,sb !e ~ 4 overwhelming IN atutl,er arm.
But the Message iHtilaatcs doubt whether this
power oYr lie com was gwen 10 Congress 10 preserve
the People from the evils Of paper money, or only
given TO protect the Government Itself. | cannot but
think this very remarkable aud very strange. The
language OF The President Is, there can be no doubt
lha those who framed and adopted the Constitu ln,
having in immediate view the deprecated paper the
l,,.t .ft..,Y l,,ll