The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-07-06
mo. 4O5.
PASSAGE AT ARMS y

We promised, 10 the last Vlrginisn, to
copy discussion between Messrs. Calhoun
and Preston, CD the Treasury Note Bill
IN which the former was completely tioored
and manacled. We uow suhloiu II; aud
after reading II, no one viii be astonisbed
that Mr.. Calhoun's organ, the Washington
Chronicle, after giving Mr.. Calhouu's re-
marks III erfenso, was afraid to publish the
overwhelming reply Of Mr.. Preston. There
certainly vas discretion, If not justice, 10 its
course - Vuginidn.
Mr.. Calhoun SAID that his colleague had
made an objection against the constitution
allty of this bill, which be deemed II prop.
er 10 notice. Ii was rule with bun, where
the Constitution is supposed TO b. involved,
10 bestow his serious consideration before
he acted, aud, if he saw reasons TO doubt,
not to give his assent. He had complied
with the rule IN this case, and the result
was clear conviction that the bill was con-
stltu,lonal. The RICH, had been exercised
from the commencement Of the Govern.
ment without being before questioned and,
according to his conception, came within
The powers expressly granted to Congress,
TO borrow money, which meant neither more
nor less than to raise supplies on the pub.
he credit. Interest uas not essential To Dor.
rowing aud 1t would be ridiculous to sup.
pose that the trainers Of the Constitution in
tended TO authorize the raising supplies with
interest, and TO prohibit II without it. But
VIZ are told that Treasury notes are bills Of
credit, and the Constitution does not au.
ihorse Congress 10 issue bills OF credit.
He did not deem It necessary TO 90 into a
turma discussion on either point. He de-
MED that they were bills of credit, 10 any
proper sense Of those terms. They were
intended to raise supplies to meet tempo
rary deficit 10 the reasury, aud were. 10
fact, nothing more than means Of autici2a.
ting the revenue.
But he would not pursue the argument.
He would bring It 10 short and decisive is.
sue with his colleague. His colleague is the
strenuous advocate Of the lulnt resolution
Of 1916, which authoriZes the collection of
the public dues IN the notes that do not
pay specie. Now, no one VII deny that 10
auIhnrl2a receipt Of bank n0ies In the pay.
tIittlt vi tue GutS VI obNt ID VIZ
luaIly to endorse on each note that il shall
be received IN lbe public dues; or that #
the Government had the right To do the
one, II had the right TO do the other. Nor
will il be denied, that If the Government
has the righ, 10 write on the back of bank
nete thai 1t will be received IN the public
dues, II has an equal right 10 write the same
90 blank piece of paper, or, which is the
same thing 10 make Treasury note. The
truth is, that TO authurtz bank notes to be
received 10 the pubic dues Is neither more
nor less than TO make them, Ia that extent,
Treasury notes, aud Is, pro tanto, as much
the making and issuing such note as #
done on separate piece oi paper. II the
one be unconstitutional the other Is clearly
so. Now, he would make thus bargain with
his colleague and other advocates Of the
connexlon with the banks Il they will glye
up the USE of bank paper to the Govern
ment, he would give up the use Of Treasury
notes and If they will deny the conS'tu-
lonality of receiving bank notes he would
not lnslS. en- the consutuiionahty Of fteas.
ury notes; and, IN so dong, be should
make a very good bargain for the country.
But he was utterly unwilling 10 admit cen.
struction, which, while 1t denied to the Co.
yernment the use of its credit, would give
monopoly of II to the banks.
Mr.. Preston. beg leave to say word
or two BY way of rejoInder TO my colleagues
reply to the constitutional objection hich
urged when first spoke.
In the first place he states that the right
to issue Treasury notes has been exercised
from the foundation Of the Government.
So has the right to establish bank. So
has the RICH, TO receive bank paper IN pub.
lie dues, the denial of which right under
the Constitution, is the foundation of my
colleagues new theory of finance.
2dly. He SAYS II is expressly granted in
the power to borrow money, under which
this is included and yet he says that he
never will, IN war or III peace, borrow mo.
nev, or IN any wise create national debt.
But the Constitution makes a distinction
between bills Of credit and borrowing mo-
ney; for the issuing Of the former is pro-
h,blled to the States, while 40 one doubts
that they may borrow money.
He saws it would be ridiculous to sup.
pose that the trainers of the Constitution
intended to authorize the raising of sup.
plies with interest aud not without 1t: and
vet, BY Luther Martins report of the pro.
ceedlngs of the Convention, 1t appears that
that body. after much warm discussion, de.
MED TO Congress the power 10 issue bills OF
credit, and granted the power To borrow mo.