Du Buque visitor. [volume] (Dubuque, Lead Mines, Wisconsin Territory) 1836-1837, 1837-01-04

n a Z .stribution Of the surplus reven- l. e
, ~ congress, either to the states or
,c people, isto beconsidered asamong
Ne prohibitions Of the constitution. I,
Is already intimated, my views have
Undergone change, SO far asto becon
,inc.d that no alteration Of the censti- /
ution in this respect is wise or exped'-
mt The influence of an accumulatlng
surplus upon the legislation OF the gov
eminent and the states, its effect upon
The credi, system Of the country pro-
lucing dangerous extension and ruin
Gus contractions, fluctuations in the
price Of property, rash speculatlons' Id
lcness, extravaganza, and deterlora-
ton OF morals, have taught us the I'M
nortant lesson, that any transient mis-
chief which may attend the reduction
Of our revenue to the wants OF our
government, is TO be borne in prefer
encc to an ovcracwing treasury.
beg leaveto call your attention to
another subject intimately associated
with the preceding one--the curren-
CIV OF the country.
II is apparent, from the whole con-
text of The constitution, as well as the
history Of the times which gave birth
TO it, that it was ta- -,'urposs " me
convention 10 establish ccrrencv co.:
sisting of the precious metals These,
from their peculiar properties, which
rendered. them the standard Of value
in all other countries, were adopted in
this, as well to establish its CONNER.
ciai standard in reference to foreign
countries bya pertinent rule, as to e..
clude the use Of a mutable medium Of
exchange, such as Of certain agricul.
tufal commodities, recognised by the
statutes of some states as tender fol
debts, or the still more pernicious ex'
pedient Of paper currency. The last
from the experience of the evils Of tho
issues of the paper during the rcvolu
ton, had become SO justly obnoxious
as not only to suggest the clause in the
constitution forbidding the emission o.
bills OF credit by the states, but also tc
product ::!h:sst vote in the convention
which ncgatived the proposition to
grant power to congress to charter
corporations-a proposition well un-
dcrstood at the time, as intended to au.
ti1orizc the establishment OF a national
bank, which was to issue currency
Of bank notes, on capital to be crea-
ted to some extent out Of government
stocks. Although this proposition was
refused by direct vote Of the conven.
ton, the ohjectwas afterwards in effect
c,,aincd, by its ingenious advocates,
through strained Construction Of the
constitution. hedebts ofthc revolution
were funded, at prices which formed
no equivalent compared with the nomi-
nal amount Of the stock, and under cir.
cum Stances which exposed The motive.
of some Of those who participated in
the passage Of the act to distrust.
The fact that the value Of the stock
!, was greatly enhanced by the creation
Of the bank, that it was well understood
that such would be the case, and thai
some ofthc advocates Of the measure
were largely benefited by it, belong
to the history Of the tines, & are wei
calculated to diminish the respec
which might otherwise have been du,
to the action Of the congress whichcr
atcd the institution.
i On the establishment Of nationa
bank, it became the interest Of it
creditors, that gold should be supcrse
ded by the paper of the bank, as gen
, eral currency. A value was soon at
tached to gold coins, which made tllei
expectation to foreign countries, as
mercantile commodity, more profita
, bic than their retention and use at HON
as money. 1t followed, as a matter Q
, course, if not designed by those VIII
established the bank, that the bank be
, came, in effect, a substitute for tn
mint ef the U. States.
}. Suc!, was the origin Of the nation:
bank currency, and such the beginnin
Of those difficulties which now appea
I in the excessive issues Of the banks il
corporatcd by the various states.
l Although it may not be possible, b
any legislative means within our pow
er, to change at once the system whic
has thus been introduced, and has r,
+ ccived the acquicscence of all portion
Of the country, it is certainly our dut
i to do all that is consistent with o,
constitutional obligations in proven
ing the mischiefs which are threatcne
by lis undue extensions. That the e
forts Of the fathers Of our governmc,
i toguard against it by constitution
! provision were founded on an int
. mate knowledge Of the subject, h,