The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-07
NO. 80.

| length" NOT SPECIE NOTE" For the tax laid on
such notes, there was to be no composition,
tatlon but Il to be specifically collected, every
single bill issued, until those who issued such bills
should announce to the Secretary Of the Treasury and
prove TO his satisfaction, that, after a day named in
the bill, all their notes would be paid in specie de-
| mand. ....
And now, how is possible, sir, for the author Of
such measure this to stand up and declare that the
power OF Congress over the currency limited TO the
mere regulation of the coin So much for authori-
ty, as It has heretofore been admitted and acknow
| lodged under the coinage power #at.-.
Nor, sir is the other Of power, in my opinion,
at all more questionable.
Congress has the supreme regulation Of commerce,
This gives It, necessarily superintendent all the
interests, agencies and instruments OF commerce. The
words are general and they confer the whole power
When the end is given, all the usual given,
Money is the chief instrument agent Of commerce;
there can, indeed, be without it, which de-
serves the name Congress must, therefore, regulate
It as regulates other indispensable commercial nte
rests II no means were TO be used 10 this end but such
as are particularly enumerated the whole authority would
be nugatory, because means particularly enume
rated We regulate ships their tonnage; their
surement; the shipping articles the medicine chest
and various other things belonging 10 them and for all
this we have no authority but the general power
| gulate commerce none Of these, other means
modes OF regulation are particularly and expressly
pointed out. ....a
But is ship important instrument of COM
merce than money! We protect policy Of insurance,
because It Is an important instrument OF ordinary
mercial contract; and our laws punish with death any
master Of vessel, others, who shall commit fraud
on the parties to this contract by casting away vessel
For all this we have express authority. We infer il
from the general power OF regulating commerce. and we
exercise the power in this case, because policy of in
surance is of the usual Instruments or means OF
commerce. But how uncomfortable and unmporant
is policy of insurance, the means of instrument
AIRED, yhalp cula
| OF country !!
Sir, the power granted to and granted without
any specification OF means and therefore may law
fully exercise all the usual means. need not parcu-
aze these MEANS state at present. what they are
or may be One Is, no doubt proper regulation OF re-
cepts at the ustom-houses and land Offices But this,
OF itself, Is not enough. Another is national bank,
which, ! fully believe would even now, answer all de-
sired purposes, and rensate the currency in ninety days
These, think, the be FIRST tired and if,
Notwithstanding these, edeemabe paper should over
whelm US, others be resorted TO- We have no d.
rect authority State banks but we have power
over the currency, and we must protect it, using, OF
course, always such means if they be found adequate,
as shall be most gentle and mild The great measure,
sir, is bank because bank is not only able TO re-
strain the excessive issues Of State banks but it is able
also TO furnish for the country currency OF universal
credit and OF uniform value This is the grand deside-
ratum. Until such currency is established depend
on It, SIR what Is necessary for the prosperity Of the
I
On the question OF power, sir, we have very i'm
porlant and striking precedent
The members OF the Senate, Mr.. President, will
recollect the controversy between New York and
her neighbor States fifteen or sixteen years ago,
upon the exclusive right of steam navigation New
York had granted an exclusive right OF such navi
cation over her waters 10 Mr.. Fulton and his aSso-
GATES and declared by law, that vessel propelled
by steam should navigate the North river or the
Sound, without license from these grantees, under
penalty Of cunfscatiun. f-~
To couneract this law, the Legislature of New
Jersey enacted that if any citizen OF hers should be
restrained injured, in person property, by any
party acting under the law of New York such citi-
zen should have remedy in her courts, if the offender
could be caught within her territory, and should be
entitled to treble damages and costs New Jersey
called this act a lar Of rctortoa and justified it on
! the general ground of rcpriSakS.
| On the other side, Connecticut took fire, and as
steamboat could come down the Sound from New
ork to Connecticut, or pass up from Conneclicuto
! New York, wHhont a Ncic York license she enacted
law, by which heavy penalties were imposed upon
all who should presume 10 come into her ports and
harbors hartng any such license.
Here, sir, was a very harmonious state of COM
things, indeed You could not get from New York
to New Haven by steam; nor could you go from
New York to New jersey, without ,ranshipment in
the bay. And now, sir, let me remind the country,
that this beigerant legislation of the States con-
| cerned was justified and defended, by exactly the
same arguments as those which We have heard in
this debate. Every thing which has been said here
to prove that the authority 10 regulate commerce
does not include power 10 regulate currency, was
said in that case TO prove that the same authority
did moi include an exclusive power over steamboats,
or other means OF navigation do not know rea-
son, a suggestion. an idea which has been used in
this debate, or which used in the debate in Sep
TENDER, to show that Congress has no power TO
control the currency of the country and make it uni
form, which was not used in this steamboat contro-
versy, to prove that the authority of this Government
did not reach the matter then in dispute Look to
the forensic discussions in New York. Look al the
argument in the court here You will find it every
| where urged that navigation does not come within
the general idea of regulating commerce; that
steamboats, are but vehicles and Instruments that
the power OF Congress is general and general only;
and that it does not extend TO agents and nstru-
mems.
And what, sir, put an end to this state of things2
What stopped these seizures and confscationsl-
Nothing in the world sir, but the exercise of the
constitutional power of This Government. Nothing
in the world but the decision OF the Supreme Court
that the power of Congress 10 regulate commerce
was paramount; that it overrued any interfering
State laws; and that these acts OF the States did in
terere with acts of Congress, enacted under its clear
constitutional authority.
As 10 the extent of the power of regulating com
merce, allow me 10 quote single sentence from The
opinion of one of the learned judges OF the Supreme
Court, delivered on that occasion Judge always
distinguished for the great care with which he
guarded State rights ! mean Mr. Justice Johnson.
And when have read it, sir then say, if does not
confirm every word and syllable which have ut
tered on this subject either now at the September
session. In the advancement of society,"" said the
Judge, labor, transportation intelligence, care, and
valious means of exchange, become commodities
and enter into commences aadh subject, the tehieIe
Tie agent and eSe rariouS 0perati0Hs bet0Rte The OBJ
jecis Of commercial regulati0n."
These Just sentiments prevailed. The decision Of
the Court quoted the dangerous controversy and
satisfied, and will add, gratfed, most highly gra-
tilted, The whole country.
/ Sir, may we not perceive at the present moment
without hninp SnSnecirl Of lnnlinp 18th rvnS hose