The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-26
FOR THE MADIsoSIAN.
TREASURY NOTES.
NO. ".

Can the friends Of the late administration,
who warrcd "to the knife" against United
States Bank, give their sanction to the crea-
ton Of paper money in any shape or under
any name Treasury notes, as low as twen-
ty dollars, intended for circulation, payable to
bearer-transferrabl by delivery only! Pa
per--pr promises TO pay, created, by Congress,
to constitute circulating medium! Confess
eddy, without a specie fund to redeem them
with! Will il be contended this may be done
by those who deny the power TO the General
Government to create corporation clothed
with authority to do substantially the same
thing? That the government may do by itself,
what it cannot do by another! If this be the
sum and substance OF their scrapies about a U.
States Bank on the score Of its constitution
atty, it is only necessary, in order to over
come and quiet those scruples, TO select the
officers Of United States Bank from among
the officers of the United States Government,
permitting them, at the same time, to continue
to hold their Offices in the government
Congress pass law, and the executive
carry It into effect, authorizing the issue OF
such Treasury notes; and yet the govern
ment denied the power to create corpora
ton to issue bank notes intended for circnla-
ton! Where will the advocates of the new
expedient, denying the old one, find war
rant for the new one What clause of the
constitution confers it on them! Let us see
If they can find it in the lst clause of the 9th
section of the LIST article Of the federal con-
stitution 1t is as follows:
"The Congress shall have power TO lay and collect
taxes &c. to pay the debts and provide for the COM
defence and general welfare of the United States"
Does the bill Of the Committee on Finance,
to authorize an issue of Treasury notes, fall,
within the scope of that power conferred by
the constitution, on the Congress? Most
clearly it does not. Itlays no tax to pay the
] debts Of the government, or to provide for the
general welfare of the country. 1t lays no
tax whatever. 1t is altogether foreign to the
subject. .aa gF
No argument can be drawn from the terms
"common defence and general welfare" The
power, as to these general purposes, is limited
to acts laying taxes for them; and the general
purposes themselves are limited and explain
ed by the particular enumerations subjoined.
The power " to issue Treasury notes" is not
to be found among the particular enumerations
of power contained in the constitution. ~
then, it exist at all, it must be classed among
the incidental powers necessary and proper
for carrying into execution" some one or more
Of the particularly enumerated powers. And
can the advocates of the bill, to authorize an
issue Of Treasury notes, find warrant Tor
the passage Of the bill in the 18th clause 9th
section LIST article Of the federal constitution
1t is as follows:
aThe Congress shall have power to make all laws
which shall be necessary and proper for carrying INTO
execution the foregoing powers, and all other powers
vested by this constitution in the government OF the
United States in any department or officer thereof
Is an issue of Treasury notes necessary to
raise and support armies = or "to provide
and maintain a navy" or :" to establish post
Offices and post-roads 7" To execute these
and all other expressly granted powers of
similar character, the Congress is clothed
with the particularly enumerated powers Ito
coin money" and "to pay the debts" incurred
in executing them. Having the powers /" to
coin money" and "to pay the debts Of the
United States" if the revenue be not abund-
ant, or be not available, to pay the debts in
Cured in executing the enumerated powers,
the Congress has the expressly granted pow
ers "to lay and to collect taxes" wherewith
to pay the debts" Being clothed with the
power TO create and to levy aspecifed means,
and to regulate its current value, with which
to pay the debts Of the United States, can the
exertion Of a power to issue Treasury notes,
thereby creating another, besides the speci-
fed means to pay the debts with, be fairly
taken, under the constitution, to be necessary
in executing the enumerated powersl Clear
ly not. II the specified means be not suffi-
cient in executing the enumerated powers,
the power to create and use other means must
be first conferred. The essential character
istic Of the government, as composed Of IL
mitcd and enumerated powers, would be de-
stroyed, if, instead of specified means, any
means could be used, which, las in the case
of Treasury notes. might be considered con-
ducive to the successful conducting Oh 'ne
finances, or might be conceived to fena 10
give fdciLty to the obtaining OF loans OF 'ne
paying Of debts.
Do the advocates Of the bill to authorize
an issue of Treasury notes, find their warrant