The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1838-05-16

:. a rircuIsie, - subsidiary
:. rsrf..rming in = erra'ef OF
Is.. dtsrse. he fans'i'a q ga - 80 -
-. n,,ur,IIy bslaaFs n ne h-nos . -, :
80 - Oossr aver The coinage: ihls
80. =. :. .s,n,,,sI maxia by al wniers; y
- .5ni,,ed and sessd upon. an ell
n.re,.,ry ocessioas. By 90, osa o" ,.,
-, throughout IL ~h"ls history why
- ~ no, ,hink ourselves wiser Than
!. 10 L,sr gore bTfaFr ns!
rs .,n.,r,,an Il Nhai Vas The duiy
,ca-.,n-s,,. lrd Is Ihe establishment
- r. hsnk in il,e administration al 6rn-
Ell w.,hinrlon. Mr.. Madison. .ga,r.
s.a ',D,O lie sane eanEiesi"n IN 1916.
- coosrrss enaIrely agreed with h'm.
a. former seeasl"hs. have referred me
s.. NOR. Than once. 10 The clear and
snol,,;e opinians and language 81 Mr.:
Aiaf,son, IN his messages IN 1919 and
ISIS. and lhey aught 10 be repeated sssln
al again. and pressed upon the public
srentian- a
I, our history has carried The doctrine
farther. defended il with more ability or
acted upan il with more decision ana
.tsr, han The honorable member from
son,h Carolina. HIS speech upon The
Raj nm. on the 26lh of FEBRUARY. 1916.
i .,rons. full. and conclusive. He has
h.,s,of,re said. that some pari OF what
h. sad an ,hs. occasion does not appear
i tbe printed speech; bu. Whatever may
h,y, been Iell out by accident. that which
is in the speech could not have got IN BY
...;asn, Sueh accidents do n"I happen.
A close. well conducted. and conclusive
constitutional argument. Is not The result
ar an ,cciden, or OF chance; and his argu-
n.n, an tha, ocession, as il seems tn NE.
w,s perfec,ly conclusive. lie funds the
risb. Of regulating the paper currency
directly on The coinage power. The
onIy object" he saws. &" the trainers OF
the constitution could have in view, in
giving 10 Congress the power TO coin
money. regulate The value thereof. and OF
foreiso coin. must have been 10 give .
s,eadinsss and fixed value TO The currency
NJ The q. States" The state nf things.
he insisted. existing al the time 81 the
adoption Of the constitution, Afforded
an arrumea, in support Of The consiruc-
lion. There then existed. he said, de-
preeiaied paper currency. which could
only be regulated and made uniform By
giving a power, for that PurPnse, TO the
General Government.
lie proceeded to say that. by a snrt OF
under-cureni. the power Of Congress 10
regulate the money Of the country had
eaved in, and upon its ruia had sprung
mn those institutions which now exercis-
ed The right If making money for and in
the United States. g For gold and sll-
yer Ihe insisiedl are No, the only money:
but whatever is The medium Of purchase
and sale; in which bank paper alone was
now empl1ysd. and had therefore become
the money of .he Country" 1.-The right
nf making Money" he added, " an atlri-
bu,e Of sovereign power, a sacreI and
important righf, was exercised By two
hundred and sixty banks. scattered over
every par, Of the Uni'ed SIaies."
Ccri.inly, sir. nothing can be clearer
Than this language; and, acting vigorous.
" upon principles thus plainly laid down.
he conducted the bank bill through the
House Of Representatives. On that oc-
casion he vas the champion Of the pow.
er Of Congress over the currency, and
others wire willing To follow his lead.
But the bank bill was not all. The
honorable gentleman went much farther.
The bunk. II was hnped and expected.
would furnish good paper currency to
the extent OF its own issues; but there
was vast quantity Of bad paper in cir
euls,ion. and it was possible tina, the
mere influence ~ the hank, AID the refu'
sal to ieceive this bad money a, the Trea'
sury, nigh, moi. both, be able IN Danish
u entirely from the country. The h0n0
rsble msaher meant 20 make clean work
He meant that neither government noi
people should suffer the evils Of irredeem'
able paper. Therefore, he brought IN
smother bill. entitled =. A bill for The more
saeeiusl collection Of The public reve
nue." BY the provisions Of this bill, hi
proposed 10 Law direct stamp tax on tic
bills Of state banks: aud all notes Of non
specie-paying banks we're, by this stamp
TO be branded with the following words
IN distinct and legible characters, a
leug'h-"not a specie note" For tn
iax laid on such notes, there was 10 b.
no composition. no cnmmuta,ion; bu,
was 10 be specifically collected, on every
single bill issued. until those who issue,
snch bills shuuld announce TO the secre
tary OF the treasury, and prove 10 his ss
i'slaeuOn. that, sf'er a dsy named in lh,
bill. a! their notes would be paid in spe
Gle on demand.
And now. how is IL possible. sir, 10
The author Of such measure a. Ihis, /.
stand up and declare. that the power o
congress over the currency is limited Il
me mere regulation Of coin! So mucl
lor our authority, as il has heretofnr,
been admitted and acknowledued, unde