Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1837-07-04


notes. The national govern . iell BE-
at all times received for its dn.. 'ned q
| gold and silver, or conver,%1 the 7
notes. The very receipt Of ia% most
by the government for IFS m. SOW, q
them money so far as the ooss that
was concerned, and conseo,. novin
trOduced them as a part Of Il. lebrate
ting medium Of the COUNT. 4emPtI
| fostered by the government pecle
couraged by the commerce. sd 5al
the age and country, our bsDL, Ely &c
tenn had a rapid growth, - oss
notes soon formed the larger :. o o.
the currency. 1t was, howsr.s tlon,
ascertained by experience. tb,, lons
ton Of the federal governn.'e Mot
necessary in order TO give then =, 7
nifty, stability and safety. TEs -
ing arguments and many olhers
from the constitution and fn. ..
rience and from utility have ~ 's -,
by the advocates Of a nationy -
They commence by saying, 6srsl e
manifest, that just as cogeDt Io,,, s
operate in favor Of giving to c.sen e
a controlling influence over ty nnreI|
currency Of the country, as o,,irren;
part Of it which consists in CON nth =
if it be once granted that the T,ise n
government possesses the rghtf,e VIC
er of receiving bank notes for he the
it follows as a necessary conssoectiRe
that it must have the right Of res,Iire
their value. Admitting that # rather
intended by the constitution tEsr. II
ing but gold and silver coins soan be
money, yet, Just so soon as is aust b
Of government shall substitu cen
other material whether the p en-, VI
OF Ricardo, the iron money Gate CO
demon, or the sea-shelIs of saHords|
barious nations. it will, by rlode
reason, be bound to regulai1ls n pro-
of that material. In ordert-,ged 81
the value of a paper currel5, ,spinio
tional bank is considered ess-, nodeI
positive provision in the feder sempt
tuition, declares, that "ali des elite
ports and excuses shall be .ntere|
throughout the United States 5tker
cannot be, unless the bank psided
which they are paid, have a rened
value throug bout the union. TOT
eral government is therefore hereb
either absolutely to refuse bad l.
in payment for its dues, as tot the
uniformity of value to such as ted ,
receive. Ithaving been demo nc
by experience. that the note placl
state banks cannot be made OUT a
value Throughout the eountry i, ficier
fectly evident that the Gors mum
must then either refuse to tah coun
notes. absolutely and uncondiia duee
or else create abank to whose pear
can impart uniformity of value. VINO
contend that the blnking system non
| u. States, and national bankt.
as the regulator Of that system. s!ss1
the financial agent Of the govern IN 8
are indissolubIv united. and sue
stand or fall together. On The hal
hand, it has been contended BY t eau
ponents Of each and every instr ;,
that the power TO create opea Du
was expressly refused to Conga- -
the powers of the constitution r. -. 1
ventiOn; that among the argn -:
used by the friends Of nationaI. y,
at that time it was urged that IL Va
bea useful and convenienCagen
Letting and disbursing the rcyeB g.
the government; that for this O. &c
Congress ought TO possess the
to grant charters Of Incorporates
to assume power by constr -
which was not only, not cIearkl I.
in the constitution, but actually
by those who framed it, is in dir
olatlOn both of the letter and 81
the instrument; that TO constr. q
general power ITO pass all laws
sary, and proper, and unite a ~
the power In question, would paof q
powers in the hands of Congrex 3;
well as those reserved, as those q
ed, that the general clause WASH
ed (and must be so construed br d
what it plainly indicates, to VI i
passage of such laws, withoutbF d
age of which, the powers psus II
granted, could not be exercise
convenience and utility are On i
reasons why the convention mg 2
ought to have given the pOVa
are not arguments to prove thai
been given under this general q
that the words necessary and pr
and words of limitation and resin
in the clause under consideratio
must therefore be so construct
minorities, for whose projections
constitutions are always intended
every thing to fear, and nothingOl
from a broad and unlimited cons
ton of our constitution; that i bss
ways been a fundamental Prnc
with the old republican party, Ne
Jefferson, Madison and other,
when powers are at all doubtful
better to seek a grant of suchpOEs
an amendment, than run the risk
sumption by construction; that ~
admit that it has. at least, been