Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-09-11


,ha regulation Of their issues and each may wno
exclude from circulation within lis limits Inc ISSUES o
any or all the rest Sir repeat, that the great que
of reform in local banks and currency the efeat q
lion Of a tevjsa Of the whole system OF cofPoFetoh'
these grrs, question:, between Republican equay 1"o
Arisrocratic prvilege--belong to the States
aud any attempt the part OF Congress 70 se a;
regulate control settle State policy direc'y or "'.,
rse,iv ove,,Iv or clsndeslnely denounce as an IN
warrsn,obe exercise Of power Congress ought not 70
be permitted to divide with The States Inc glory OIL
achieving radical reformation IN iher own Pecu"a'
local institutions ought il 10 desire TO participate IN
The crime o uaiing existing abuses by inte'pos!ng
the rgis Of protection upon the false and sanoerous
suggestion that under the cloak of reform, the Demo
cracv concoai tie demon Of destruction Let the strug
es for reform of State policy be carried on, free from
all unjust ob,ruson and illegal interference on the part
o! this GovernEent
see with probation that the eminent individual to
whom is entrusted the Executive power, has adopted
this safe rule of conduct; and, in bis adherence to IT,
trust confidently that he will be triumphanty sustained
The States mays and doubtless will, improve their cur
rency; will cause 1t to approximate more nearly 10 '
constitutional standard; will make IT uniform, ana '9"
vaent to gold and silver within their own limits; ano
without must leave 10 depend upon its gooo
al home and the condition and wants OF business
will not doubt both the inclination and wisdom OF ''e
States accomplish, without Federal dctalioh or pre-
scrpton, the general reform so earnestly demanded oy
the state Of public opinion In the fuiness OF time II
will be accomplished is certain Stage IN The iegu
lar advancement of political truth, aud IN the gradual
progress of the great Democratic principle.
Mr. Chairman, let us briefly recapiuate the purposes
promises and designs, of this union of The Stale Banks
with the Federal Government.
It assumes the power to loan out the public money:
It converts the State banks into Farmers General Of
the revenue:
!, reduces the Government the necessity of making
acquisitions the banks for the Of its own revenues
1t efaces the line of partition between The two Go
yernmens: %
1t applies national capital raised b. taxation, and ul
tpled four fold to uclity and sustain national indus
try:
1t underakes to prescribe the denomination Of notes
10 be issued by the State banks:
II undertakes to restrain and regulate their issues
Ii addresses, motives of conduct their "hupes and
fears"
1, uses the public credit for "reward and punish
mcnt
promises to give uniformity to the whole local
rency:
f. makes odious Determinations, and aggravaes its
disparity:
proposes to '.existing materials, Estate in
sti,utions upon which TO build up system Of Federal
power:
To make the most of these for the convenience Of The
Government, well as for the general good:
To reform their abuses, correct their defects, and
adopt every prccaulion which may be necessary in
sure their fidelity and efficiency.
These are but nimperfect enumeration; and where,
since the days Of Hamilton, can it's parallel be fouud
call 10 mind none, except, perhaps, The eatraenganzaS
OF Richard Rush. in his first annual report, Secretary
OF the Treasury There appears to my nina s,ronga
Producing 20 the notice of the committee the enumera
ton Of the Legitimate objects of Federal legislation
tanned in that famous document:
80 give perfection 10 The industry Of country rich
IN the gifts OF Nature and blessed in The bcneiCence OF
lis Government; 10 draw out its obvious resources, and
seek constantly for new ones, ever ready to unfold
themselves 10 digent inquiry, urged Oh by adequate
motives; to augment the number and variety Of occu
patons for its inhabitants 10 hold gu, every degree
Of labor and to every modification of skill, its appro
pirate object and inducement-these rank amongst the
highest ends of legislation To organise the whole labor
OF country, TO entce into The widest ranges its
chanlcal and intellectual capabilities instead of suffer-
ing them TO suGiber 10 call forth, whenever bdden
latent ingenuity giving to effort activity, and cmula
ton ardor; 10 create emp 70. the greatest amount
OF numbers by adapting to the diversified faculties
propens,ies, and situations Of men, that every pa
Gle Of ability, every shade Of genius may come into re-
question: 49, in other WORDS to lit up the condition of
country, to increase its fiscal energy TO multiply the
means and sources of its opulence Undue i; with the
elements of general, as we'll lasting strength aud
prosperity
With avowal Of so many objects and purposes of
Federal legislation with State Institutions national
1.ed and drawn by consequence Of compacs and agree
mens, within the cOgnizance Of and subjected, If pos
sbe, TO the decision Of the Federal Judiciary cases
In law or equity, arising under the Constitution and laws
OF the States, what portion of the reserved rights Of
the States, may we hope, will ultimately be saved from
encroachment should these alarming doctrines obtain
Then the Republicans Of the preS day. did the Re.
politicians Of IS, will have too much 10 express
their deep regret, "tha spirit has been manifested by
the Federal Government 10 enlarge its powers by forced
constructions OF the constitutional charr, which defines
them.
In lieu Of this scheme, which has so lately failed with
most disastrous explosion, is proposed the bill be-
fore US, reported by the Committee OF Ways and Means
10 organize The Treasury according 10 The acquisitions OF
the Constitution My colleague (Mr Garland) has
.ddly admitted that there is constitutional objection
to the plan which We on our SIDE advocate whilst the
plan which he so zeaously defends is surrounded with
nsurmonnlaoe difficulties. | was glad that my col
league did not indulge in the usual of
bill with creating two currencies one for the Govern
men and another for the people. Sir it is utterly
tue that this bill creates any currency at all have
heretofore adverted 10 the anomalous condition Of the
u D on the SUBJECT OF currency and have shown that
whilst the Constitution requires metallic currency,
ana aulhorses no other the States respectively with OF
without constitutional right, have superseded paper
currency Neither Congress this b!sis at all respon
slbe tor the existence Of two currencies in the country
The coinage OF money, the regulation Of the value
thereof, and of foreign con is the imperative duty Of
Congress The existence Of metallic currency, there
fore, IS an indispensable constitutional requison There
is then, currency, under the Constitution, which is
necessary and unavoidable, and must perform its III
tended funclions aud those who are disposed 10
because there is another cu%rency, which cannot
answer all the same purposes ought 10 10 the
of its creation to vent their complaints and remonsran
and ought not to hur their indignation against
bill, which, in that particular at least is innocent
Our bill 10 based upon the principle that according TO
the Constitution in the payment Of all dues and debts
to the Government gold and silver ought To be required
and looks TO the ultimate esabshmen and general up
pcaton OF this principle. Although taxation, in its
broad sense, implies any species of contribution or i'm
post for the support of Government, presume that
it will not be contested denied that rates of taxes
duties, imposts and excses be laid and collected in
general medium, denominated money. We have seen
that The Constitution makes maney 10 conss, of gold
and silver and does authorize any other cnrrencv
this, therefore, must be the species OF money intended
to he employed IN Government poses by the trainers
of that instrument Money is only the standard or
measure OF value. Taxation is but the transfer Of
individual wealth, or value, 10 the Government for
it's consumption. The amount extent of value taken
from each citizen measured by this standard Entire
uniformity and exact equality in oil contributions and
exaGt'ons cannot be attained really well nomnaly