Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-07-21
VOL. 3.-NO. 30.

authority 10 government, 10 which they
, were lavishing the most unlimited powers
{ of taxation, and to the mercy Of which
: they we're willing blindly to trust the lib
erty and property of the citizens of every
State in the Union; and they erased that
clause from the system"
Now, sir, here is the cotemporaneous
testimony Of an illustrious member of the
convention, that it was intended in 'no
possible emergency" that the Government
should have power to make a paper ennis
sion. This statement was uncontradicted
lat the time, and is as authoritative as if
tho debates in full were published, and it
should be found that it was put by all the
speakers on the subject on the ground that
it would be dangerous to grant such
power and by no single one on the ground
that the power might be exerted as an i'm
piled power. If such rules Of construc-
ton are adopted, to what point will it not
carry us? The sum Of the argument is
a power not granted, but specifically pro-
posed and rejected, is to be assumed, al
though demonstrably not necessary; and
would here remark, that the only instan-
ces in which it has heretofore been exerci4
sed, was in period of war when money
could not be borrowed, and when it was
the only resource left; not only then con-
yenient, but absolutely necessary to the
very existence of the Government.
trust that it will not be contended, at
least, that it will not by any state rights
man, that the power is prohibited to the
States, but not TO this Government, and
that therefore it may be exerted. That
the dangerous doctrine will not be avowed,
that this Government may do whatever is
not prohibited By such construction what
may it not do? Is bank prohibited? Is
internal improvement, or protective tar
! if? None fthem. How few powers are
prohibited? Not dozen. 1t was neces-
sary to prohibit this power to the States:
because without such prohibition, they
possessed it. 1t was not necessary eX-
pressly to prohibit it to the General Gov
eminent; because they could not exer-
else it unless granted by the Constitu-
| ton.
Cd. 1t is not so good currency as bank
paper. 1t is the currency of revolutona-
ry governments, and never has maintain
ed par value, and never will, except in
periods of great pressure, and in small
amounts. 1t is even now below par, when
every circumstance of the condition of the
country is most suspicious to it; and when
added to its quality of currency it has that
of stock bearing interest. But it is said
that if it does depreciate the loss falls OH
the Government, not on the people. Mr..
Chairman, where are we, and on what
times have we fallen? Is it in this re-
publican land where the Governments the
mere trust, the mere agency of the people,
that we are told that the loss of the Gov
eminent is not the loss of the people
Suppose one hundred millions in your
treasury and uses and demands for it, and
it is consumed by fire. This too, sup
pose, would be the loss OF Government, not
of the people; no concern whatever of
theirs.
Sd. That its tendency to excess will be
greater than bank currency, | do not
doubt; and that is the great vice of the
banking system. Can there be a more
striking proof of this than the present
state of things With an exhausted Trea-
sury, an emaciated and suffering people,
the Government alone is unaffected by the
universal pressure, and is seen careering
along in a course of unexampled extrava-
gance. Yes. sir, an administration which
came into power with the watchwords re- h
trenchment and economy eternally on 4
their lips, proposing to expend in the pre-
sent year more than forty millions. Thir-
teen millions being the highest amount ex-
pended under the administrators which
they denounced as running the country by
it's extravaganza. How, and why, IS all
this? Why, sir, for the simple reason that
the more money that is appropriated, the
more Treasury notes will be issued, and
the greater the present relief to the coun-
try. No such currency ever has been re-
sorted to, which has not run into wild ex-
cess.
4th. 1t is more expensive. Bank cur
rency costs the country nothing. Moth
ing at all sir, and until recently, no such
idea has ever been advanced. This Gov
ernment currency costs directly six per
cent upon the whole amount in circua-
lion.
9Th. As to its political tendencies. |
sir, am republican Of the state rights
school, not ofsome ten or Twelve years
standing, have always bean 50. | was
born one. was born in the midst Of the
black cockade contest, and have no drop Of
blood that flows from any one who ever
wore one; and confess that am amazed,
am almost disposed TO doubt my own
IDENTIFY, when / hear gentlemen Of the
;trictest sect, declaring that this power Of