Litchfield enquirer., 1837-08-17


 are sill entertained, it is supposed, by the administration which has succeeded General Jackson. Upon this ground, the late admin istration surrendered all the control which the general government had over the curren- cy of the country, to the State Banks m a quit claim assignment to them and theIr as signs forever, saying that they could furnlsfl as good currency us was then enJoyed' and | perhaps better.
 But there is another set of opinions upon this subject. There is class of political
 men who hold that the superintendence ol the currency belongs to Congress-that 1t is the appropriate constitutional duty of the general government to regulate the currency | -that the State governments cannot satisfac- torily perform this duty-that 1t is an indis' pensable part of the commercial regulation of the country, which is an express power ot Congress charged upon that body by the constitution. by precept upon precept, and line upon line-and that Congress, by Ma tional Bank, or some other means, was bound to take proper care ofthe currency, to main. tain sound, uniform measure, of value and medium of exchange. This was his opinion, always entertained and often expressed by him. He had urged it with all the power he could command, upon Congress and upon the country in 1882, and upon divers subsequent occasions. This opinion, certainly, was strengthened and confirmed by recent events. We have been sadly taught that there must be a general regulator of the currency, which can give uniform rate of Exchange between Nova Scotia and the extreme South. It IS for this purpose, among others, that the Con stitution has made us one people and who- ever undertakes to maintain that we can throw this power back upon the States, strikes out one great link in our chain ot Union. That is my opinion.
 We all know, fellow citizens, the motives which induced the organization of this gov- ernment. We know that there was none which operated stronger upon the minds ot the statesmen and patriots of that day, than the desire to regulate the commerce between the different States. This power they gave to Congress. It can regulate commerce be- tween the States. But how can it do this un- less it has the power to regulate the great agent and instrument of ommerce-money! None say that the different States have pow CT to declare war, form treaties or despatch ambassadors. Yet it would be just as req sonable to say that they have such power, as that they have either the power or ability to regulate the great instrument of commerce. money. They cannot do it-there is no au- thority to confer such power upon them.- That belongs to the General Government.- It is the duty of Congress to make that which regulates the value of property in New York, regulate it's value in Massachusetts or Mis- sissppi. What created such confusion in the old confederacy? Was it not the inabil- ity of the government to regulate the curren- cy? The currency of that day was necessa- rily and unavoidably totally deranged.- Why, if a man started upon journey, on slow horse, he couldn't breakfast and dine on the same money. It was to get out of this difficulty that the Constitution gave the power to Congress to regulate Commerce between the States. This was the object of it.
 Now this is the question to which we have come at last: Is the power to regulate the currency with Congress, and shall it be exer- cised by Congress? or is it with the States, and the fifteen hundred State Banks, and shall it be exercised by them! This is the question, and the time has come when it must be settled one way or the other.
 The administration in 1882 decided in fa- vor of the latter, and abandoned the whole subject of the currency to its fate. They openly and avowedly relinquished it to the States and to the State banks. In pursuing this policy I do not impugn their motives :; but that they erred is my opinion. so told them at the time and from that day to this have been denounced as Bank agent and an aristocrat, who had no regard for the interests the commonpeople. But I should have been unworthy of the kind regards you have shown me, fellow citizens, had I not held these denunciations in silent contempt.
 In the course which have pursued, have acted in the light of the Constitution. nev- CT wish to consider myself wiser than that sacred instrument. I never wish to put the business and prosperity of the country at hazard, or to leopard the daily bread of the poor laborer, by my presumptuous arrogance in trying experiments.
 Men in public life have discussed this question, and made up their minds. Their oPlnlons are formed. But it is a question which none but the whole people can decide, ana he desired nothing more than that after a calm examination and the benefits of inc light of experience, they should decide it. In favor of the opinion which he entertained. he had the authority of forty of the forty. eight years which the government had ex. isted. His opinion was, that Congress had the power to regulate the currency of the country. This was the opinion of Washing. ton. In the second and third years of his administration, he and his associates under. took to make the currency of the country uniform. To forward this undertaking a U States Bank was discussed; and although there was contrariety of opinions, yet a bank was established in '9l. It had per. feet effect. The currency was regulated and commerce flourished. This bank lasted twenty years. During these twenty years State banks grew up, and there were men then as now, who maintained that State banks were sufficient to regulate the currency o1 the country. There were, at the time when the first bank charter expired, eighty-eigh, State banks. The arguments of those in fa. vor of testing the power of State banks pre-. vailed, and the U. s. Bank was not rechar. 1 tered ANhnf 4hc ..oc,lAl