The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16

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saEemeni: the shipping ARTICLES; The me-
dieine chest; and ssriaBs nsher things be-
longing 10 them; end for al this &c have
m auGhorisy bsI Ihs graeral power 70 re-
vuiale eommercs; none Of lhese, or other
means or modes of regulation. are parsieu-
Isrly and expressly pointed ous.
/ Bot Is ship . more imp0riant instru-
menl Of commerce Than money! We
protect . policy Of insurance, because u
Is an important instrument OF ordinary
commercial contract; and our lass pu-
nish with death any master Of vessel. OF
others, WIN shall commit . fraud on the
parties 10 This contract BY casting away
vessel. For al this we have no express
authority. We infer IL from the general
power Of regulating commerce, and We
exercise the power in this case. because
q policy ol insurance Is one OF the usual
instruments, or means Of commerce.
Bot how inconsiderable and unimportsni
lis a policy Of insurance. as the means or
an instrument Of commerce, compared
with the whole circulating paper OF a
couniryl
Sir. the power 10 granted 10 rs; and
granted without any specification Of
mesns: and therefore we may lawfully
exercise all the usual means. Ineed not
pariiculsfize these means, nor state, al
present. what they are, or may be. One
is. M daubt. q proper regulation Of re-
ceipls al the custom houses and land OIL
ces. But this, OF itself, is not enough.
Another is = national bank, which fully
believe. would. even now, answer all de
sired purposes. and reinsIste the curren-
cy in ninety days. These. ! think. are
the means TO be first tried; and il, not
withslanding these. irredeemable paper
should overwhelm Us. Others INST be re.
sorted 10. We have no direct authority
over state banks: but we have authority
over the currency. and we must protect
il. using Of course. always. such means.
if they be found adequate. as shall be
mos, gentle and mild. The grea. mea-
sure, sir, il bank; because bank is not
only able to restrain the excessive issues
Of state banks. but il is able also TO FUR
nish for the country currency oil uni
versal credit. and Of uniform value. This
is the grand desideratum. Until such a
currency is established. depend on il. sir.
what is necessary for The prosperity Of
the country can never be accomplished.
On the question Of power. sir. We have
a very important and striking precedent.
! The members Of The Senate, Mr.. Pre-
sident. will recollect the controversy be
tween New York and her neighbour states,
fifteen or sixteen years ago, upon the ex-
elusive right Of steam navigation. New
York had granted an exclusive right Of
such navigation over her waters 10 M.
Fulton and his associates; and declared,
by law, that no vessel propelled by steam
should navigate the North river or the
Sound, without license from these gran.
tees. under penalty Of conf.calion.
To counterfeit this law, The Legislature
Of New Jersey enacted. that If any citi-
gen of hers should be restrained, or in.
Iured. in person or property. by any par
" acting under the law Of New York,
: such cilizens should have remedy in her
courts, If the offender could be caught
within her territory. and should be emil.
. lied to treble damages and cos,s. New
= Jersey called this act lac Of reiorfion;
and justified il on the general ground oI
reprisais.
On the other side, Connecticut took
, Ere. and az no Steamboat could come
down the Sonnd from New York 10 Con.
necticui. or pass up from Connecticut Ia
, New York. riihom n Nehp York license
E she enacted law. by which heavy Pc
: nallies we're imposed on all who should
2 presume to come into her ports and har'
: bnrs. haUing any such license.
: Here, sir. was very harmunious state
, Of commercial intercourse! very pro-
= missing condition Of things. indeed! You
could moi get from New York TO New
r Haven by steam; nor could you go iron
: New York to New Jersey. without trans
\ shipment in the bay. And now. SIT. lie
e me remind the country, that this helIige
: ran, legislation Of The states concerned
p was justified and defended, by exactly
e The same arguments as those which W
: have heard in this debate. Every thin,
). which has been said here, To prove tina
!. the authority TO regulate commerce doe
!, not include power TO regulate currency
@ was said in that case TO prove that ih
e same authority did not include an exciu
!, sive power over steamboats, or o,hP
9 means Of navigation. | do not know
i reason, suggestion, an idea, which Ia
= been used in This debate. or which wa
: used in the debate in September, to SHOW
e that Congress has no power 10 control ih
: currency uf the country aud make it uni
firm, which was not used in this steam
r. boat controversy, 10 prove that the an
. thori,y Of this government, did no. reacl
4 The matter then in dispute. lnnk TO th,
q forensic discussions in New York! Lool
h to the argument in the court here! f"l
e will fad il every where urged that mari
+ yafion does not come within The genera