The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-10-13

Joiced Al The clear shape which the qnes-
ton has al last assumed. Nov. he that
runs may read; there are none but can see
what the question is: Is there any duty
incumbent on this Government 10 super
intend the actual currency oflhe country!
has u any thing 10 do beyond the regula-
lion Ut ne ga.j and silver cnin! Ia that
-'ate ri mixed currency which existed
whea the Constitution was burned, and
which has existed ever since. is IL or is
Il not parl nj the duty ri The Govern
meni 10 exercise a supervisory care aud
concern over that which constitutes by
far The grca,sr parl Of that currency! In
other words. nav this Government aban-
don 10 the states and tn the local banks,
without caE.r0l or supervision, the unfe-
strained issue Of paper Tor circulation.
NiihnuI any attempt on its own part
/ u establish paper medium which shall
+, b. equivalent 90 specie; and universally
accrejisea all over the rouniryi Or, Mr..
Presidra', tn put the question in still
, other words, SINE this Government has
! the regulation ri trade. rot only between
the United States and foreign siates, but
between the several States themselves.
has IT nevertheless M puwer over that
which Is The mast important and essential
, agent or instrument, ii trade, the actual
circulating medium! Now, Mr Presi-
deaf, on these questions, A. already said,
| entertain sentiments walll5 different
frum those which the Message express
ses.
Il rs lssid Mr.. W. in my view. an i'm
Pera,ise duty imlns.d upon this Govern
menI by the ConsttasioB. 60 exercise
supervisory cafe ana control user all that
Is IN tine counry assuming the nature OF
currency, whether u be metal ~ whether
It he paper; all the coinage Vi the country
Is placed ai the power III the Federal Co
vernmenI: n0 state. by lis stamp, ear give
value to = brass farlhiag. The power To
regulate trade and commerce between
the UaIied States aud foreign or Indian
nations, and also between the respective
states themselves, Is expressly conferred
by the constitution upon the General Co
yeInmenI Now. il is clear that the
power to regulate commerce between the
states carries with II, not implicitly, but
necessarily and directly. full power af
regulating the essential element Of COM
merce. VIZ. the curreacy 0i the country,
the money which constitutes the life and
soul Of commerce. We live in an age
when paper money is all essential ele-
men, IN all trade between The states; It's
use IL lnseparaby connected with all
commercial transact ,aS. THAT IL is so,
is now evident, sue Il? a. ,u,~tpone-
meat nf lhnse inslItut 'us ir''n "hich this
kind at munev emenlirs. a'I hn$tnrss Is
cnmp1-auv, iy at stand. Nav, sir,
Esald Mr.. w. what MAINTAIN /, SIMPLY
this. that il surely IL the duty Of some
body Ia take care Ol the currency Of The
country; it is duty imposed upon some
power ~ thus country. As is done IN eVe-
~ other civilized nation in the world.
repeat, sir. tina, IL IS the duty Of some
G. ,vprnmcnt nr other 10 supervise the
currency. Surely il we have a paper
medium IN the country. il ought only 10
exist under the sanction and supervision
ol the Go, eminent Of the country. Now
SIR. II the General Government does not
exercise tnls sup, rvislon, who else. |
would like TO know, - w 10 1T! VINO
, suppr- = that It beorg> % any nj the
, Sac G"y. rnm uIs, f"r example. TO pro-
vide :,.r or resa'a'e tie currency between
New ~ .leans and New York!
The idea has been thrown ou' that il
- not lur dniy of jlre Government TO
m1k" PROVISION I.,g domestic exchanges,
,r+. tre pr,rure al other Governments
. hl> 5vrn referred 10; huI, inlnk, ~ this
! ,.i,t,uia- a grra, ,n'Stlke has been COM
:.-N"d. l. Is certainty lar otherwise IN
i Er,.Jni; she crowd lnr them most
al njsablv, in1nsl nv means not perhaps
altogether IN our power: she and other
nallons, however. provide for them, and
, IT IS plan aud n1rrbns that II we are 10
, have paper medium of general credit IN
;hts country. il must he under the sane
lion and supervision Of the Government.
Such currency is itself proper provi-
sion for exchanges. II there be a paper
mediam always equlvaen, to coin, and
oil equa eredi. in every part of the
| country. this itself becomes most i'm
purtant instrument of exchange. Cur
rencv and exchange thus become united;
in providing for one. Government pro-
vdes for the other. Ii the Government
will do its duty on the great subject of
the currency, the mercantile and indus.
trious classes will feel the benefit through
all the operations ofexchange. No doubt
some modes of establishing such cur
rencv he more favorable to exchange
than others; but by whatever mode esta-
blIsln '. such currency must be useful
10 great extent. The question there