Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-05-30

would greatly increase the quantity produced.
Sach are the means which have occurred TO me-
There are members of this body far more competcn
to Judge of their practical operation than myself and
as my object is simply TO suggest them for tneir re-
hectlon and for that of others who are more faIiai
with this part of the subject will not az presen'
enerinto an enquiry as to their efficiency with view
of determining whether they fully adequate 10 ell
feet the object in view or not. There are douo'ess
others of similar description and perhaps more EN-,
caclous, that may occur TO the experlehceo' WHICH
freely embrace, as my object IS 70 ADOPT the oesI ara
most efficient Andn may he hoped that II on ex
perence should be found that neither these provl-
sions, nor any other in the power OF congress, arc
fully adequate 10 effect the important reform which
have proposed, the corporation OF the STATES may
be afforded at least the extent OF suppressing the
circulation of notes under five dollars, where such are
permitted 10 be issued under their authority.
drafted in the proper place TO state my reason for
suggesting twelve years as the term for the renewal
of The charter of the bank. II appears to that II Is
long enough to permi, the agitation and dstrac-
ton which dsturbs The country, to subslde, while
il is sufficiently short to enable TO avail ourselves
Of the full benefit Of the light ofexperience which may
be expected to be derived from the operation Of the
system under lts new provisions. But there 10 an
other reason which appears TO me to be entitled TO
great weight. The charter of the bank Of gland
has recently been renewed for the term OF ten years.
with very important changes, calculated to furnish
much experience upon The nature OF banking opera
tons and currency tits highly desirable, if the bank
charter should be renewed, or new bank creates,
that we should have the full benefit of that expert
ence before the expiration of the term which would be
effected by fixing the period for the time have desg
mated But my object in selecting the recharier OF
lhe bank of the United States was simply to enable
me TO present the suggestions / have made, IN the
clearcst form, and net to advocate the recharter
ahall omit TO indicate many limitations and provisions
which seem 10 me to be important TO be consldered
when the question of its permanent renewal present.
ed, SHOULD il ever be. Among others, entirely con-
in the suggestion of the senator from Georgia, o
fixing the of interest at five per GEMS sugges-
ton of the very highest Importance as having most
important bearing on the value of properly and the
the prosperity of the country in every branch OF It's
industry, and to which but one objection can, IN my
opinion, be presented mean the opposing interest
of existing state institutions, all OF which discount al
higher rates, and which may defeat any measure OF
which it constitutes part. In addition, will SIM
ply say, that for one, shall feel disposed 10 adopt
such provisions are best calculated TO secure the
government from any supposed influence on the part
ence on the part the government; which may be
necessary TO protect the rights or interests OF the
states.
Having now stated the measure necessary to apply
the remedy, am thus brought to the question-can
the measure succeed which brings up the inquiry of
how far it may be expected to receive the support
ofthe several parties which compose the senate, and
which shall next proceed to make a. few remarks
First, then, the state right party give 1t their
support-that partyo which am proud of being
member and for which entertain so strong an at
tachment-the stronger, because we are few among
many. In proposing this question: am not Ignorant
Of their long standing constitutional objection to the
bank on the ground that this intended 10 be,
it is usually expressed, hard money governmental
government whose circulating medium was intended
to consist OF the precious metals and for which object
the power OF coming money and regulating the value
thereof was expressly conferred by the constitution
know how long, and how sincerely this opinion has
been entertained and under how many diflicultesIt
| has been maintained. II is not myintenton 10 at
tempt TO change an opinion SO hrTniy hxsd, but
may be permitted to make few observations IN or
der TO present what appears 10 me TO be the true ques
ton in reference TO this constitutional pon-n order
taat we may fully comprehend the circumstances un-
der which we are placed in references TO IL. With tins
vew do not deem 1t necessary to inquire whether,
in conerring the power to coin money, and regu-
late the value thereof, the constitution intended to
limit the power strictly TO coming money and to re-
sulating its value, or wheth il intended 10 confer
more general power over the currency; nor do IN
tend to inquire whether tho word coin is limited SIM
ply TO the metals, may be extended t. other SUD-
stances, it through gradual change they may be-
come the medium of the general circulation OF the
world. / pass these points. Whatever opinion there
may be entertained in reference TO them We all must
agree, as fixed principle in our system of thinking
on constitutional questions, that the power under
consideration, like other political powers is trust
power, and that like all such powers must be SO
exercised effect the object of the far
may be practicable. Nsr can we disagree that the
object Of the power was to these statesa
safe uniform and stable currency. The nature OF
the power; the terms used TO convey IL; the history
of the times the necessity with the creation of
common government, Of having common and uni
| form circulating medium; and the power conferred
TO punish those who, by counlereitae, may attempt
| 10 dabase and degrade the coins Of the country-a
proclaim this to be the object.
II is not my purpose TO inquire whether admitting
this to be the object, Congress is not bound to use all
the in its power to give this safety this stab
ty, this uniformity to the currency, for which the
power was conferred-nor 10 inquire whether the
States arc not bound 10 abstain from on their
part Inconsistent with these obects-nor te inquire
whether the right of banking, the part of State
does not directly, and by immediate consequence in
juriosiy affect the currency-whelher the effect of
banking, is not to excel the specie currency, which
according to the assumption that hsis hard money
government il was the object of the Constitution to
furnish, in comforting the power to coin money; or
whether the effect of banking does not necessarily
tend to diminish the value OF a spscle currency, as
certainly clipping reducing its weight wosld
reduced the value Of the coins one half Nor do
intend to inquire whether Congress Is not bound to
abstain from all acts on its part calculated to af
the receiving of any thing but specie in iisdues, must
ty in circulation, and deprecaing the value of what
remains All these questions leave open-I decide
none Of them THERE'S one, however, that will de-
eide. II Congress has right to receive any thing
else than specie IN its Dues they have the right to re
quate its value; and have right, Of course TO adopt
all necessary and proper means, in the language OF
IL IL. .x.,t