Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-04

! III efedt, u II be wantony pushed; upon mat ol
taxation, the resistance OF the people taxed but.
upon the assumed rnwero III cmirtlug bills oi credit
there Is no restraint resulting from the nature ot
lhngs. The will or the wantonness Of Govern
ment rcsc,Ibcs their own bounds~honnds that
| never have, aud will be asceftalned, but
III the utter exhaustion Ola totally deprecated cur
| teneN.
Bni the argument against the power does not
resi- exclusively upon the application oi these obvi-
ons rules oil construction but derives great strength
from The proceedings oi the Convention upon the
subject o bills OF credit and Which places the oh
lecton upon grounds which must. ut least. be con
elusive 10 all who hold II United States Bank to be
unconstitutional.
The den'al of the eonstluonaliry of that inslitu-
ton rests mainly upon these two grounds lst.--
That no grant Of power 10 create bank found IN
the Constitution. And, ID. That, IN convention,
the proposition 10 cndnw tins Government with the
power to create corporations was neEafHcd. Both
objections lac against bills of credit. The PROPOSE
ton granting such a power To Congress exp,css-
" made to the Convention hS the report Of a com.
mittee; IT WAS fully discussed, and rejected. l.u-
thei Martin reports the various views taken. lie
himself was IN ltor al the ptopusitleu, aud eonsd
ed the proceeding otthc Convention, IN denying tins
power, IA an un"lse ,esilelion upon the powers ol
Congress. RETAIN, Nh. President, from pushing
tbs argument INT" my inlthe' detail the ground
las already been fully AL ably occupied by dis
/ llngnishrd member ifom South Carolina, IN the
Other House to whose views | could add nothing.
lie and nay most worth, republican trend, the ven
eahle Senator from Tennessee, have preceded aud
gwen me the sanction al their authority tof tins 20
sitlan. Although my colleague considers this bill
As by no means \ borrowing ol money! gentlemen
WHO act with him contend that it IS. IN effect aud
substance, mode al making aloln. II that be so
s II Is not the less unconstitutional luf II has the
Torn and scmblantc oi bulls of credit And at
though bills of credit may be- IN effect aud sub
slancc, u l1an they NOT the less uncnnstinlon-
al Ion the Constitution plrscrbrs the form and
y dhheT OF raising money. 1t allows dfsctC-
ton as to the tom aud nanner II Iils be snhsran-
lallN a loan, borfoe the MONEY, the Constitution
directs WOW.
But Is objected that borrowing money il dan
eeions cNpcdlcnt, masmneh as creates a national
debt, and therefore that bulls of credit arc better
Snuonght not the Convention aud, tor my pntt
Though have no ianty for n national debt) |
would rather cnconntefn thAn be w1se beyond the
Constitution. Whether the issuing 81 bulls u cIc.
dl does not create Il dtbt equally wuh the borrow
ing OF money, shall inquire iv and bv. tul the
present, have iosay that greatly prefer the plan
o borrowing, not only because II is prescribed IN
tie constitution, tilNaNs suite .cut Lon me- hut
because IT brings YOU ianiy before The People,
dag you from Soul lurking places, rules your
pleas ~ abatement, aud puts you At the bar oi your
country. Yes, Nh. President, 70 10 the People
The fruldc whose mnntN you have sqnaadelCd
whose commerce sou have broken down, whose
riches YOU have destroyed, o and ask H,ea. IN the
constitutional modes winch they have prescribed
lof more money. II You desire to avoid any ding
hn The Al prMance o 4 national debt, advance bold
y 10 the People aud ask II money. Send onl your
Tx collectors. Abandonlhis pdlliy suhtclfupe. and
come up openly 10 your object aud with all your
purposes avowed and aelel upon. Send the tax
collector with your demands Tor H,aHeg-iof hafR
money, MI President should be glad 10 see You
send your tax saihelets though the country with
then lenlhcrn bags green purses demanding 10
have them filled with hard money. Tins would
brlng your theories IL the test. This would decide
the question AS to what medium You should be paid
IN. Demand gold OF the hard handed farmer, who
has returned lton market with the proceeds OF ms
produce, and when he offers you what the policy of
ms State has placed him under the aceessity oil ia
King tell him tlgt You seotn his dirty trash, that
precious metal alone IS ior you. Hold tins Ian
Ruage TO lIim aud 10 his family aud then, II you
come back here with yom wild schemes, do So
aud IN Ike the nosl oi them. should most heartily
rejoice to see your system. lor short lne, brought
practically into operation bya ducct tax demanded
from the people IN gold and silver. II was the great
fraud OF the tdIl system that lis operation upon the
taX-payhg community cIiCuituus and involv-
cd as 10 be difficult oi clear or, ut least OF sue
cinct exposition. The process admitted of cavll
and nystlhcation So, too, IN the system of mea-
sules now recommended, aud especially IN the bill
now before us. GU disguise and conceal The uIri-
mate effect, by throwing II upon future time, when
II will be mixed up with other matters, IN the CON
fusion of which you may hnd an argument make
a snbcrugc. dety, dare, the Administration to
come out frankly with Then projects, so rs 10 sub
mt them practically 10 the People. Demand your
! depastes itom the States OF openly borrow money
wine You have 50 much on depoHrc or, having
{ dfed up the revenue from imports, by destroying
1 commerce order a dnect lax to be paid IN specie.
Some Senators approve nl the proposed issue Of
/ Treasury notes, because they say they will not
/ agree to create national debt. ! can perceive
no difference III effect between the obligation 10 pay
these bills when presented, aud an, othcl obligation
.l.I.,