The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-12-07
COMMUNICATIONS.
ron THE MADIsoSrAs
No. XIII.
THE CURRENCY,

IS he
cause those who speak and write on the subject in
stead OF striving TO simplify, embarrass its discus
sion with irrelevant matters and irrespective Of The
constitutional provisions properly belonging 10 II
that il is not generally well understood Mos, Of the
speeches and reatises on the subject are ilmumbled
masses of inappicabie matters. II is not 50 be-
cause many, very many Of those who undertake
and attempt to enlighten the public mind are not
well informed; but II is so, because they aim more
al display, than at simple truth. And, feeling pity
or contempt for the vast number who bend and per-
vert their views to the composing of party ends
make these reflections In ausion to those who are
evidently animated by benevolent patriotism
These, even these take up the subject in all public
discussions Of IT, and treat with manifestly greater
anxiety (of which their efforts bear witness) to win
triumph over the adverse party of the hour, than
TO give the general opinion the right direction in
serene stability. deem 1t unnecessary 10 be more
enlarged or particular in these reflections
All agree that the currency is deranged and the
paper part Of it deprecated. Will il avail any
thing Of real good, in tracing the causes, TO aunt
those who may have been instrumental in producing
the mischiefl Judge not, lest We be Judged -
Could the mischief be undeniably traced to the man
and the act that have produced il, what would il
avail to heap curses on them? This has been al.
ready done and as avishly as though the man and
the act were undeniably ascertained What good
has il done z Rather, what evil has il not brought
upon the country2 Then, let the contest no longer
be, who can fling, and who best repel the
shrewdest taunt Let it BE-, who, in the simplest
manner, can point out the way to the end of these
| troubles.
II occurs to me, (but shall quarrel with no man
for not agreeing with me,) that the main question
involved in the existing arrangement of the curren-
Cyl is, whether the power to correct and rectfy it,
properly belongs TO the General Government, or to
the State Governments. The arrangement, or de-
precaton of the paper part of the currency is that
refer TO- All agree that " the coinage power" is
not only explicitly granted to the Congress by the
Federal Constitution, but explicitly prohibited by
it to the States. All agree also that wherever the
power to regulate the paper part of the currency
sides ii now urgently bshooves the holder of it to
exercise it with decisive and manifest energy.
Is the power in the General Government? All
agree that this isa Government of expressly granted
powers, defined by written Constitution. The ex-
isting powers do not determine the nature of the
Constitution The Constitution creates the powers
that exist in the Government. This characteristic
of our Governments is the chief and peculiar glory
Of American politics Then, they who would lay
hold the power Of regulating the paper part of the
currency of this country, as belonging to Congress,
must find the grant and definition of it in the Con-
stitution; or else, they must desist from its
cise else, they will incur the charge of usurpa
ton. l have just read the Constitution from the
| beginning to the end. In il, no grant Of the power
is TO be found. Were it not inquisitive and impor-
| tunate, might ask that they who lay hold on the
| power as being in the General Government do that
which so many during more than half century,
have tried in vain to do, to wit Search the Consti
tuition find the grant of the power, and let the peo
pie see it in the unambiguous terms which the fra
mers of the Constitution employed This done, the
contest will be over. Incapable of being done, in
proof of which is the fact that it has not yet been
DONE every reasonable should say, the contest is
orcr-the federal chalmers of the power must desist
But no; they resort to the never-failing source of
powers" incidental, /" or resulting powers-pow-
ers necessary and proper" for carrying into effect
the granted powers. They claim this power
cessary and proper for executing the granted powers
ito collect taxes, duties and imposts," to regulate
commerce." &c. &c. They wish TO exercise this
power of regulating the paper part of the currency,
by Incorporating National Bank. If incorporated,
what would be the main purposes of III To aid in
carrying the granted powers into effect To aid
in regulating commerce, and in collecting the
venue9 Clearly not. The facility resulting from
it to the regulation of commerce and the collection
of the revenue, would only be incidental effect;
while the main purposes Of the incorporated banking
company would be to create stock for the profit of
the stockholders, and credit for the convenience of
individual dealers. Thus, while they would exer-
else the power of regulating the paper part of the
currency by incorporating National Bank claim
ing it to be necessary" for executing the granted
| they wan Mi Sh her nh
jects clearly and undeniably foreign to and wholly
unconnected with any of the grants of power emu
merated in the Constitution. Admitting, then. for
arguments sake, that the incidental effect resulting
from the incorporation Of a National Bank and in
aid of the execution of the granted powers to regu
late commerce and to collect the revenue is within
the limits of fair Interpretation or legitimate con-
structon Of the Constitution, and still the question
recurs whence comes the power-where is it found
from which express grant inferred" to create a
stock for the profit Of stockholders and credit for
| the accommodation of individual dealers?" Ipause
for a reply.
Where then does the power 10 regulate the paper
part of the currency resided For long train OF
years the State Legislatures have exercised it, with
out interruption, without dispute, and with abundant
benefcent results II is not to be expected they will
abandon it, ever. SILL they now looking to the
Congress for relief Looking in a supplicains at
tude. Until they cease TO look there, they will get
permanent and expansive relief in their existing
troubles, from no quarter They must look within
themselves and rely upon their own resources All
they rightly demand Of the General Government, is,
that it shall throw obstacles in the way-that it
will do nothing to repress their energies and battle
their efforts to regain convertible paper currency
Those energies they must display and efforts make,
in such manner and measure as will secure return
by their (State) banks to redemption of their notes
with specie. In this arduous undertaking. ordnon',
on account of the great number of their banks and