Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-05-22

it is the tendency of paper circulation to
expel the coin; but then they say, that
for that very reason, they will withdraw
from all connexion with the general cur
rency, and limit themselves to the single
and narrow object Of protecting the coin
and providing for payments to Govern
ment. This seems to me to be a very
strange way of reasoning, and very
strange course of political conduct. The
coinage-power was given to be usel for the
benefit of the whole country, and no
merely to furnish medium for the colec
ton Of revenue. The object was to Sc
cure, for the general use of the people, {
sound and safe circulating medium. There
can be NO doubt of this intent. If any
evil arises, threatening to destroy or en-.
danger this medium or this currency, our
duty is to meet it: not to retreat from it
to remedy it, not to let it alone; we are &c
control and correct the mischief not to
submit to it. Wherever paper is to
circulate, as subsidiary to coin, or as
performing, in a 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 writers; it has
been admitted and acted upon, on all ne
cessary occasions, by our own Govern
ment, Throughout its whole history. Why
will we now think ourselves wiser than all
who have gone before us 1? This convic.
ton of what was the duty Of Government
led to the establishment of the bank in the
administration of Gen, Washington. Mr..
Madison, again, acted upon the same con-
viction in 1916, and Congress entirely a.
greed with him. On former occasions,
have referred the Senate, more than once,
to the clear and emphatic opinions and
language of Mr.. Madison, in his mes.
sages in 1915 and 1916, and they ought to
be repeated again and again, and pressed
upon the public attention.
And now let me say, sir, that no man in
our history has carried the doctrine fur
Their, defended it with more ability, or ac-
ted upon it with more decision and effect,
than the honorable member from South
Carolina His speech upon the Bank bill
on the Goth Of February, 1916, is strong,
full, and conclusive. He has heretofore
SAID that some part of what he said on that
occasion does not appear in the printed
speech; but whatever may have been lefi
out by accident, that which is in the speech
could not have got in by accident. Such
accidents do not happen. A close, wei.
conducted, and conclusive constitutional
argument, is not the result of an accident
or of chance; and his argument on that
occasion, as it seems to me, was perfect.
| ly conclusive. He POUNDS the right O
regulating the paper currency, directly Oh
the coinage power. The only object, y
he says, g the trainers of the constitution
could have in view, IN giving to Congress
the power to coin money, regulate the val
ue thereof, and of foreign coin, must have
been to give a steadiness and fixed value tc
the currency of the United States" The
state of things, he insisted existing at tht
time of the adoption of the constitution
afforded an argument in support Of the
construction. There then existed, he said
a deprecated paper currency, which coult
only be regulated and made uniform by
giving power, for that purpose, to The
General Government.
He proceeded to say that, by a sort o
under current, the power Of Congress t.
regulate the money of the country hat
caved in, and upon its ruin had sprung u
those institutions which now exercised thu
right of making money for and in the U
States. For gold and silver Che insis
lted) are not the only money but whateve
is the medium of purchase and sale; il
which bank paper alone was now EN-
lployed, and, had, therefore; become thu
money of the country" The right o
making money!" he added, "an attribut
of sovereign power, sacred an impor
tant right, was exercised by two hundre
and sixty banks, scattered over every par
of the United States.
Certainly, sir, nothing can be cleare
than this language; and, acting vigorous
II ly upon principles thus plainly laid dowr
i he conducted the Bank bill, through tn
House of Representatives. On that oc
casion, he was the champion Of the pow
| er of Congress over the currency, an
others were willing to follow his lead.
} But the Bank bill was not all. TIL
: honorable gentleman went much farther
) The bank, it was hoped, and expected
, would furnish a good paper currency
the extent of its own issues; but there wa
| a vast quantity Of bad paper in circulation
. and it was possible that the mere inhuenc
J of the bank, and the refusal to receive til
/ bad money at the Treasury, might no
both, be able to Danish it entirely from Il
: country. The honorable member NEAR
, to make clean work. He meant that ne
! Their Government or the people shout
suffer the evils Of irredeenable paper
) Therefore, he brought IN another bill, Ell
titled A bill for the more effectual co
: lection of the public revenue. By IL
q provisions Of this bill, he proposed to lay
: direct stamp tax on the bills Of state bank
$ and al notes Of non-specie- paying banl
Z were, BY this stamp, to be branded wit
E the following words, IN distinct and leglb
t characters, at Length NOT 4 sPEcl
e ENoTE. For the tax laid On such note
!! there was 70 be no composition, no con
: mutation but t was to be specifically CO
|, llected, on every single bill issued, I'M
E those who issued such bills should a
j. nounce to the Secretary Dc the Treasur
4 and prove to his satisfaction, that alter
s day named ii tie Bin, al their notes Won
Z Be paid III specie 81 demand. And no.
: how IS Il possible, siF, ior the author
3 such measure as this, 70 stand up a
S declare, that tie power Of Congress oY
!. tie currency Ii lilniied q The mere regul
II ton sc the com SIS much iof our q