Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-24
RUTLAND. TUESDAY, APRIL "a. 1898.

says the ffamers Il the constitution could have ia
view, 90 ering 10 Congress he power 10 ogin money,
regulate The value thereof sud 81 foreign com, aust
have brcn To- give sicsdness and fixed saiuc 10 the
currency Of the United States The stale Of thinFs,
lar ins'srd, casting u the time Of The adepilou q the
constitution allutoed an Argument 90 support a thr
construction There then existed, lac said, ldrPrsca-
ted paper currency which could only BE- regulated and
made uniform by giving power toT that purpose, %
the General Government
IL proee Grd 10 say, that BY sort Of under current
the power Of congress TO regulate the money of thF
country had caved and up its tuiu had sprung up
those ipsl which exercised the right of inak
ing money Tor and 30 tie United states. "Forgnld and
silver the insistedj not the only meary bat whai
ever ~ the medium % purchase and sale 10 which
bbUk psprE aone puy ed, and had therefore
become the money oi the country The night OF
making ~, be added, "an attribute Of sovereign
power, sacred and important right exercised by
two hundred and SIXTY banks, scsieIed over every part
4 Of this United States
Certainly sir, nothing cas- be clearer than this lsn.
gu1sc; and acting vigorously upon principles thus
plainly laid down he conducted the Bank bill through
the House OF Representatives. On that occasion, he
vac the champion Of The power Of Congress over the
currency, and others willing TO follow his lead
But the Bank bill was not all. The honorable gen
ucmau went much farther The Bank, II was hoped
md expected would furnish good paper currency TO
the extent Of ITS ISSUE bat there was vast guam
tiy Of bad paper 30 culat ond u WAS possible tina
.he mere Influence Of the bank and the refusal to
cclve tins bad money at the Treasury might not, both
be able 10 Danish entirely from the couutry. The hon
orablr mrmler meant to make clean WORK lie mean.
hll neIintf government nor people should sulrr The
evils Of rrcdeemable paper Therefore, he brought IN
another OIL entitled, a bill for the ecctual col.
lection Of the public revenue. BY the provisions Ct
this bill. be proposed olay direct stamp tax on the
bill! OF state banks and all notes of specie paying
hanks were by hs stamp, 10 be branded with thc fol-
lowing words, N distinct and legble chafeciess, at
length-"Sor sPEcIE note. For the tax laid on such
notes, there to be no composition, no communication;
but It was to be specifically collected, every singh
bill issued, until those who issued such bills should
nounce 20 the Secretary Of the Treasury, and prove 10
his satisfaction, that, after day named in the bill, all
their notes would he paid in specie on demand.
And now, bow is II possible, SIR for the author OF
such measure as this to stand up and declare that the
power of Congress tie currency is limited 10 the
mere regulation OF the coin So much for huihor.
y, as It has heretofore been admitted and acknowledge
ed under the coinage power.
Nor, SIR is the other Of power 10 my opinion
Al all more questionable
Congress has The supreme regulation OF commerce
Ihs gives II, necessarily, superintendent over al
the interests, agencies end instruments Of commerce
The words are general and they confer the who!, pow
ef when the end is gwen, all the usual means are
gwen Money is the chief instrument or agent Of com
Herce there can, indeed be- no commerce without IL
which deserves the name Congress must, therefore
regulate it Ms regulates other indispensable CONNER
ca Interests. II no means were TO Ice Gscd 10 tins enc
but such as particularly enumerated. The whole au
thorIty would be nugaiorv, because means par
tculaty enumerated We regulate ships ihelT ton
mage their measurement, the shipping articles, toe
medcins chest and various other things belonging 70
them; and for all tais have no authority but the
general power 10 regulate commerce none of these OF
other modes OF regulation particularly anC
. expressly pointed out
Bot is'a shin more important instrument Of com
merre than money We protect policy Of insurance
because IT is an important instrument of ordinary com
m-rcal contract and laws punish with death any
master ct vessel, or others, "lo shall commit irau
the parties to this contract by casting away vessel
For all Ais sc have no express authority. We infer }
from the general power Of regulating commerce, an
exercise the power m tins case because policy o
insurance of the usual instruments, or means o
commerce. Blu, how inconsiderabe and unlinporian
isa policy of insurance, the means or an instrumen
Of commerce. compared with the whole circulating pa
per a a country
e sir, the power granted to aad granted withou
any spccihcst Of means and therefore may law
fully exercise all the usual means. need not paricu
atze these means state al present. hat they are
or may be. One ~, doubt, proper regulation q
d receipts nj the custom houses and land Offices. b.
r. this Of itself, is not enough Another asa nations
d bank, which, fully believe, would, even now, ans"t
al desired purposes and reiusaic tho currency % niue
o I! days
These. / think tho means 70 De FIST trod. and
notwithstanding these. iirgdeema1ie paper should ose
IS whelm u.s. others Iusi be rcsorted ioNc have uy d
% Iect authority over state Banks bat have p0wt
= over tle currency, RnG must protect Il, using
course alN3 such means, ID they be- found odequa
% shI' Ice Wosi geuiir and mid Tie great measure
. sIf, bank because bank o. not only able 20 o.
stain %" excessive issues Of state banks but 1t is adj
also o. furnish Tor the country currency OF uuFcfs
credit, aud 81 uniform value Iha De- The grand ocsl'
De tIatam Iuui such currency ~ established, Deepen
on d. rr, what is Necessary for the prosperity OF va
20 county can never o. accomplish q.
d pHtHc question Of power. 81, We have very imp9
T. fant end striking precedent.
The member, OF ,ie Senate SIr President w., Feeo
b. Jet h~ controversy between NcW Old and Der ur
boz STATES, G,en sixteen yeas ago, upon toe eHc!
li eve -Ai ~ saem navigation Nra lciA tad gan
cd Do exclusive fizht o navigation ogrr her sa'rFa
~ hir lutDn ana hs associate aud declared aJ 4a i
% no vessel propelled by steam should navigate e Nor
10 river thc sound, without license from the gia-iet
y under penalty 90 coadscs'4an.
is 10 couuier4lt tits iaw. doe Legislature ol Ncs j.
o. b.. III Cd Of Irr e.