The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-03

as have been specifically delegated 10 H. Now what
are those powers In regard 10 the question OF the
currency The Senator from Massachusetts, Mr..
Webster) argued, the other day, as II the consitu-
ZION had given To Congress Substantive and plenary
power 10 regulate the currency 60 HoniHe and IN
ferred from thence the power TO establish National
Bank 10 regulate the issues OF the Stale Banks,
which form the actual currency OF the country But,
in The first place the constitution has mol Delegated
10 Congress any general or substantive power 70
regulate ne currency" has IL any where, either
by express grant, or necessary impica ion gwen 70
Congress the power 10 create banking corporation.
What then are the powers IL has vested IN Congress,
ON the subject OF the cnrrencyl In the hrs, place.
gives TO Congress ethe power to coin money and re-
gulaie the value thereof" But since the precious
metals form small part of the actual circulation
of the country this power however important IN IL
self can exert no controlling influence on the general
currency. We then find that the constitution gives
10 Congress the power to lay and collect taxes du-
ties &c. to pay the debs &C.. Of the United States
From the large amount of the receipts and disbuIse-
menls of the Government, this power Is susceptible
of an extensive and important bearing ON the gene
raj currency Of the country In the exercise oil II,
ii Is incumbent on Congress 10 make II instrumental
to securing the whole country, as far as possible,
the benefits of sound and equal currency equiva-
lent every where to specie II may be SO managed,
by receiving the paper and employing the agency oil
the State Banks In the fiscal operations OF the Go
vernment, under certain saiutary restrictions ana
conditions as to impa TO the issues of those banks
forming the actual currency of the country some Of
the most essential qualities OF sound, stable, and
equal circulating medium. But il, on the other
hand this incidental control, through The revenue
power of the Government, over The actual currency
of the country is TO be Abandoned and that curren-
CIV be Telegaed exclusively as is now proposed, to
the separate and conflicting Legislation OF the indi-
vidua states, our whole monetary system, affecting
so widely and deeply the interests of society," must
run into wild disorder and confusion and one OF the
highest objects of the constitution be nullifed and
defeated.
This sir, was the doctrine steadily maintained by
the late administration. From the removal Of the
Deposites from the Bank OF the United States down
TO the close of that administration it was constantly
put FORTH in bold relief in the Messages of the Pre-
sdent and the Reports of the Secretary OF the Irea-
sury well in the Speeches OF its leading friends
in this and the other branch Of Congress The obli
CATION of the General Government TO watch over the
general currency and to secure TO the whole country
as far as possible the benefit of circulating me-
dunn that should be sound and of equal value, was
distinctly recognized and admitted; and II was con-
tended that this object could be efecually accom-
plished through the State Banks as by the agency OF
any national Incorporation The management OF
the revenue through those institutions was 10 be the
instrument by which the end was to be accomplished
and the particular means relied on was TO make
suppression of the small notes. and some other re-
forms in the currency, the conditions OF deposite OF
the public funds in the banks, and OF the rcceiyabiy
Of their notes in payment Of the public dues BY the
employment of these means, the late President in his
last annual Message but one, TO Congress, said, 1--WE
should gain in place of the Bank of the United
States, practical reform in the whole paper system
of the country" and looking forward to the ultimate
suppression OF all bank notes bcioc ttrcnty dollars as
the result of this policy he hailed it, with enthusiast
tic patriotism, as forming an era in the history OF
our country, which would be dwell upon with de-
light by every true friend of its liberty and indie
pendence." The present Chief Magistrate in his
celebrated letter TO member of the other House,
speaking of this same policy, said, nothing but
faithful prosecution Of il by the General Government
and the States is necessary TO place US on footing
of equality with other nations" enjoying, in the
highest degree, the advantages of stable and uni
form currency To all this was sincere convert,
and am still still believe that il is the duty Of this
Governments duty from which it cannot free it
self without belraying one of the highest objects of
the Union-to exercise superintendent, in all
constitutional NODES over the general currency, so
as to secure to the rhote country, sound stable and
as nearly as may be, uniform medium Of exchange !;
and TO the language of the late President Of the
United States, that the management of the public
revenues through the State Institutions, may and
ought to be made auxiliary" to the accomplishment
of this great end
! (To be concladed.) \.