Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-03-22

to receivo and treat bank notes as n;oney
in its dues, would be in direct conflict, in
its effect. With the important power con-
ferred expressly on Congress Of coming
n,oney aud regulating the value thereof:
but as this will come in with more propriety
III answer to all argument advanced by the
Senator from Massachusetts, (N1r. Web
ster,) l shall now state his argument and
reply TO it.
He asserted again and again, both now
and at the extra session, that it is the duty
of tho Government not only to regulate but
to furnish sound currency. Indeed i, is
tho principle argument relied OH by the
Senator in the opposition TO the bill, which
he says abandons this great duty. Now.
if by currency be meant gold and silver
coins, there will be but little difference be-
tween him and myself. To that extent the
Government has n clear and unqucs,iona-
bic right by express grant; bur If hr goes
farther, and intends to assert that the Gov
crnmcnt has the right to make bank notes
currency, which it is bound to regulate,
then his proposition is identical in effect,
though differently expressed, with tina, of
the Senator from Virginia, (Mr. Rivcs.)
and all the arguments have urged against
1t are equally applicable to his. hold, on
my part, that the power Of tho Government
on this subject is limited 10 coming money
aud regulating its value, and furnishing the
countcrtcitinS of the public coins; that is, of
tho coins made current by law, the only
money known to the Constitution. 1t is
time TO make Il distinction between money,
or currency, it you Plcasc-bctwccn that
which will legally pay debts, and mere cir
culation, which has its value from its prom
lsc to be paid in the former: aud under
ri Ill
bills or promisory notes of individuals, fall
Those are all i'll their nature private and
local, and cannot be elevated to the level of
currency. or money, i'll the fiscal tiansac-
tons OF the Government, without coming
INTO conflict, more or less, with the obicc,
| OF the Constitution III vcsiing the very pow
or III Congress, which | shall now proceed
| to show.
1t will hardly he questioned, that the oh
jcc: was to fix Il Standard in order to furnish
to the union currency of uniform aud stead
y value, and was therefore united in the
same scnlcuCe with the relative power, to
fix the standard Of weights and mcasurcs-
The objects being similar. Now,if our cx-
pcricncc l!aS proved any thing. it has amply
shown that SO long n the Government is
connected with the banks, and their notes
received in its transactions, as money. So
long it is impossible to give any thing like
stability TO the standard Of value; anil that
the power Of coming, and regulating the
CONS, becomes in great measure a mere
| nnllity. Every dollar ISSUED in bank notes
when it is made the substitute for money.
drives out of circulation more or less of the
precious metals; anil when tho issue be.
comes cxorhtaut. gold and silver almost
entirely disappears, as our experience ut
this time proves. The effects are anaio
Sous to alloyinS or clipping the coin as FAR
rs stability of standard is concerned: and il
would be not less rational to suppose, tha,
such power on the part of individuals.
would he consistent with uniform and
stable currency, than to suppose the rccciv-
ing and treating bank notes as Il substitute
lor money by the Government, would be-
TO their proper share, 10 circulate in com
mon with bills of exchange or other private
aud local paper, for the convenience of hut
slncss and trade. So far from such a course
operating injurously y ON the people, or from
being liable to the charge of forming one
currency for The people and another for the
Government, rs has been so often and with
such effect rcpcatcd--it is The .veuv reverse.
Government by refusing to receive hank
notes, asst Is Bound to do, would in fact fur
'hfsh choice To the people. to take either
money or notes at their pleasure. The dc.
mand of the Government, will always keen
a plentiful supply Of the former in the coun-
try, so as TO afford The people choice,
while The opposite would cxpcl the money
and leave no option TO them but To take
bank notes or worse rs n present.
have now shawn how it is proposed to
form the league OF bauks.& have presented
the constitutional impe,liIncnts that stand
IN the way. These arc numerous and
strong; SO much so, that they uugh, 10 bc
Irresistible with all. except the Iatitudinous
i'll construction; but cannot expect they
VIII produce their fall effect. know too
well the force of long entertained impress
sions. however crroncons, To be sangunc;
knew how strong the mind rebels against
The expulsion of the old and the admission
of new opinions. Yet, in this case, where
we clearly see how gradually and silently
error crcpt in under the disguise of fwOr,ls.
applied TO new and totally different i,lras, |
without exciting notice or alarm aul when
VIC have experienced such deep disasters in
consequence of pairing from the plain in
tent and meaning of the Constitution, | !
cannot but hope that all " no believe ,ha,
the success Of the Government depends on
rigid adherence to the Constitution, will
lay aside all previous impressions, taken up
without reflection. and give to the ohjcc-
tiops their due weight.
(Io bc ConfinueH)
From the Correspondence cfthr Charleston Courier.