Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-28

the administration Of Gen, Washia2ton. Mr.
Msdisou, again, acted uPoo he same coavicsiea
On former occasions, l have referred The Sonats
more than once, to the clear and emphatic opin
ions, and language Of Mr.. Madison, in his mes
sages Of 1915 and 1916, aAd they ought 10 be re-
Peated, again and again, and pressed upon the
public attention.
history has carried the doctrine further, defended
1t with more ability, acted upon it with moro
decision and effect, than the honorable member
from South Carolina. His speech upon the hank
bill, the Goth Of February, 1885, strong, fall,
and conclusive. He has heretofore said, that
some part Of what he said o. that occasion does
not appear in the printed speech; but, whatsser
may have been left out BY accident, that which
is in the speech could net have got in by acct
dent. Such accidents do not happen. A close,
we'll conducted, and conclusive constitutional ar-
gument, is not the result Of an accident or Of
chance; and his argument on that occasion, Is 1t
seems me, was perfectly conclusive. He POUNDS
the right Of regulating the paper cusrescy direct
iy On the coinage power. THE only object, be
says, 'thc framess Of the constitutsoa could have
in view, in giving to COngrsss the power 10 coia
money, and to regulate the valuo thereof, and
of foreign, coin, must have been to give steadi-
ness and fixed value to the currency Of the U. 81
The state Of things, he insisted, existing At the
time Of the adoption Of the constitutions, afforded
an argument in support fthe construction. There
then existed, he said, deprecated paper curren-
cy, which could only be regulated and made uni
form by giving power, for that purpose to the
general government.
He proceeded to say, that, by . sort Of usder-
current, the power Of Congress 70 reGilate the
macy Of the country had caved in, and upon its
suia had sprung up those institutions which now
exercised the right Of making money Cor, and in
the U. 8. "For gcld and silver (hs insisted) arc
not tho only money; but whatever 10 The me-
iium Of purchase and sale; in which hank paper
alone was employed, and had. therefore, become
'he money Of country s4The right Of making
money!" he added, IAN attribute of sovereign |
,ower, . sacred and important right, was excs-
Used BY 26O hanks, scattered over every part Of
he U. States |
Certainly, SIR, nothing CT - clearer than this /
and acting vigorously upon principles
lsus plainly laid down, be Conducted the bank
I'LL, through the House Of Representatives. On
hat occasion, he was the champion o. the power
Congress over the currency, and others were
Wiling to follow his lead.
But tho Bank bill was not all. The honorable
enslemsn went much further. The Bank, it was
opea aud expected, would furnish good PAPER
urrency to the extent Of its own issues; but
here was = vast quantity Of bad paper in circu-
ltion, and it possible that the influence
the bank, and tho refusal 20 receive this had
'oney At tho Treasury, might not, both, be able
Danish it entirely from the country The hon
rable member meant TO make clean work. He
eant that neither Government nor people should {
,ffer tho evils Of irredeemable paper. There il
re, he brought in another bill, entitled "a bill {
the more effectual collection Of the public
nue.. By the provisions Of this bill, be proposed il
lay a direct stamp tax on the bills Of State s
INKS; and all notes Of nOn-sPecie paving banks .
ere, by this stamp, to be BRAIDED with the fol-
wing words, in distinct and legible characters c.
length, "aoe a specie soee."-For the tax laid Il
such notes, thcre was be no composition, no Il
mmutation; bua IL was to be specifically colsc- il
d, on every single bill issued, until those, who
'ued such bills should announce the Socrcta- Il
Of the Treasury aud prove to his satisfaction, u
at after day named in the bill, Ill their notes
,uld be paid in specie on demand. o.
And now, how - it possible. sir, for the author
such measure as this, to stand up and declare, Pt
At the power Of Congress over the currency 10 Of
nited to the mere regulation Of the coin? So CO
lch for authority, 1t has heretofore been ge
mitted and acknowledged, under the coinage Oh
wer.
Nor, sir, is the other source Of power, in my of
nion, At all more Questionable. IA
Congress has the supreme regulation Of COM "
rec. This gives il, necessarily, . fuPerinten-
nee over all the INTEREST," agencies aud instru- M
nts Of commerce. Tho words are general, ey
J they confer the whole power. When the end he
given. all the usual means are gwen. Money pa
tho chief instrument or ageht Of commerce; otl
re can, indeed, be 10 commerce without il, Of
ach deserves the name. Congress must, there rel
regulate il il regulates other indispeosa- d.
commercial Interests. II no means were to ali
used this end bat such ~ are particularly riy
,meraied, the whole authority would be nuga- an
=, because no means arc particularly enumefa- Gel
We regulate shiPs; their tonnage; their ve
asuremen.; the shipping articles; the machn" CO,
ct and various other things beloagiog to them; Do
for all this have authority but the gen in,
power to regulate commerce; none of these. no,
other means OF modes Of regulation are parti- sta
arly and expressly pointed out. 9th
But is . ship more important instrument Of
amerce than money! We protect . policy Of I 4
trance, because it IS IN important instrument thu
ordinary commercial contract; and eur laws cy
ish with death any master Of vessel, ~ 9TH cd,
who shall commit fraud a The parties 10 let
contract by casting away . vessel. For al ed;
We have no express authority. We ia(ss it the
n tn, general power Of regulating eo@osscs, eea
We exercise the power in this case, because The
olicy Of iasuranee - Of the usual instfu- pos
ATS, or means, Of commerce. But how incoo-
rsbie and uaimPo:tant 10 policy of insurance., i.
he means or IN instrument Of eoM0erce, CON- bill
I'd with the whele circulating papes Of . coun- &c,
fail
ir, the power II granted 10 us; snd granted orr
hout any specification of means; and therefore vol