Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-27
Mn, W T. B 5 TIERS s P E E Z IL
c O n r n u T. D

This brings me, sir, to the second IN
quiry.
Is This measure. Mr. President, a jus'
exercise Of the powers of Congress, and
does It fulfil all our duties !
X. SIR. have so often discussed this point,
ID have SO constantly insisted, TOR several
wears past, on the constitutional obligation
of Congress to take care Of the currency.
tina, the Senate must be already tired OF
the sneaker, if not weary the topic; and
Vet, after all, this ia the great and para
mount question. Until this is settled, the
agitation can never be quoted IL we
have not the power, we mus leave the
whole subject in the hands Of those who
have it. or in no hands, but if we have the
power, we are bound to exercise 1t, and
every DAYS neglect is a violation OF duty.
therefore again insist. that we have the
power, and | again press its exercise on
the two Houses of Congress. | again
assert, that the regulation of the general
currencv-of the money Of the country,
whatever actually constitutes that money
-is one of our solemn duties.
The constitution confers on US. sir. the
exclusive power of coinage. This must,
have been done for the purpose of enabling
CONGRESS to establish ore uniform basis
for the whole money system. Congress.
therefore. and Congress alone. has power
over the foundation, the ground work, of
the currency and il would be strange and
anomalous, having this, if it had nothing
IA do with the structure, the edfice, to be
raised on this foundation Convertible
paper was already in circulation when the
constitution was framed, and must have
been expected to continue and to increase.
But the circulation of paper tends to dis
place coin; it may Danish it altogether:
at this yerv moment i: has banlshed 1t. IT.,
therefore. the power over the coin does
no, enable Congress to protect the CON
and to restrain anything which would
supersede it, and abolish its use, the whole
mower becomes nugatory. If others may
drive out the coin. and fill the country with
paper whfA does not represent CON- OF
VIVA, use i0eg 10 know. is that exclusive
poys-,,aver CONS and coinage which Is
ov.o ID Congress bv the constitution!
Gentlemen on he other side admit that
il is the tendency Of paper circulation to
cxne) coin; but then they say. that, for
tha, vety reason. they will withdraw from
all connection with the general currency,
and limit themselves to the single and mar.
row object of protecting the com. and
|. providing for payments to Government
This seems to me to be a very strange way
of reasoning. and very strange course of
political conduct. The coinage power was
o,ven to be used for the benefit Of the
whole country, and not merely to furnish
medium for the collection of revenue.
The object was to secure, for the general
use of the people. sound and safe clrcua'
limo medium. There can be no doubt OF
this intent. If any evil arises, threatening
10 destroy or endauger this medium or THIS
currency, our duty is 10 meet it, not to
retreat from it; to remedy it, not to let
it alone we are to control and correct the
mischief not 10 submit to 1t. Whenever
pane. is to circulate, as subsidiary to coin,
or as performing, in greater or less de-
gree. the function of coin, its regulation
naturally belongs to The hands which hold
the power over the coinage. This is an
admitted maxim by all writer's; it has been
admitted and acted upon, on all necessary
occasions. by our own Government
tbrouuhout its whole history. Why will
we now think ourselves wiser than all who
have gone before US!
This conviction of what was the duty o.
Government led to the establishment o
the bank in the administration of Genera
Washington. Mr.. Madison. again, ac,eC
unon the same conviction in 1916, ant
Congress- entirely agreed with hun. O.
former occasions, | have, referred the
Senate, more han once, to the clear ant
emphatic opinions and language of Mr.
Madison, 10 all his messages in 1915 ant
1916, and they ought to DO repeated agar
and again, and pressed upon the public
attention.
And now let me say, sir, that no man ir
our history has carried the doctrine farther
defended it with more ability, or actet
upon it with more decision and effect, thar
the honorable member from South Carolina
His speech upon the Bank bill, on the 26'I
of february, 1916, is strong, foil, and con
clusiye. He has heretofore said that some
nart or what he said on hat occasion doe:
not appear in his printed speech bu
whatever NAV have been left out by acci.
dent. that which is in the speech could no
have got in by accident. Such accidents
do not happen. A close, well conducted
and conclusive constitutional argument
M, the result of an accident or OF chance
and his argumen, on that occasion, as it
seems to me, was perfectly conclusive
He POUNDS the right of regulating the
paper currency directly on the coinage
hover. "The only object" he says, "the
trainers of the constitution could have in
view, in giving to Congress the power to
coin money, regulate the value thereof
and of foreign coin, must have been to give
s,oadipess and fixed value to the currency
of the United States" The state o
,,h;ogs, he insisted, existing at the time o
The adoption of the constitution AFFORDED AFFORDED