Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-27

the medium of purchase and sDlc 10 which
bank paper alone was now employed, and
had. therefore. become The money OF the
country" "Thc right ot making money"
he added IAN attrlbn'r of sovereign power,
a sacred and important right. was exercised
by two hundred and sixty banks. and scat
tered over every part 81 tho Unued 5 ates.'
Certainly, sir, nothing can be clearer
than this language; and, acting vigorously
upon principles thus plainly la,d down, he
conducted the Bank bill, through the
II use of Represent On that coca.
sion, he was he champion Of the power OF
Congress over the currency. and others
were willing to follow his lead,
| But the Bank bill was not all. The
honorable gentleman went much farther.
The bank, 1t was hoped aud expected,
would furnish good paper currency to the
extent of its own issues; but there was
vast quantity Of bad paper in circulation,
and it was possible that the mere influence
of the bank, and the refusal to receive this
bad money at the Treasury, might not.
both, be able 10 Danish it entirely from the
country. The honorable member meant to
make clean work. He meant that neither
Government nor people should suffer the
evils of irredeemable paper. Therefore,
he brought 10 another bill, entitled, "a
! bill for the more effec,ual collection of the
public revenue" By the provisions of this
bill, he proposed TO lay direct stamp tax
on the bills of State banks and all notes
Of non specie paying banks were, by this
stamp, to be branded with the following
words, in distinct and legibe characters,
at length-"NoT A SPECIE NOTE" For
the tax laid on such notes, there was to be
no composition. no Communication but il
was to be specifically collected, on every
single bill issued. until those who issued
such bills should announce to the Secretary
of the Treasury. and prove to his sa'Isfac
ton, that, after day named in the bill, ali
their notes would be paid in specie on de.
mand.
And now, how is it possible, sir, for the
author of such a measure as this, to stand
up and declare, that the power OF Congress
over the country is limited to the mere
regulation of the coin So much for our
authority, As it has re,oforc been admit
ted and acknowIed ged, under The coinage
power.
Nor, sir. is the other source of power,
! in my opinion, at all more questionable.
Congress has the supreme regulation of
! commerce. THIS gives it, necessarily, a
supernl Evidence over all the Interests,
agencies, and instruments of Commerce.
The words are general, and they confer
the whole power. When the end Is gwen,
| all the usual means are given. Money Is
the Chief instrument or agent of commerce;
there can, indeed. be no commerce wlthou,
it, which deserves the name. Congress
must, therefore, regulate 1t as 1t regulates
other indispensable commercial interests.
If no means were to be used to this end
but such as are particularly enumerated,
the whole authority would be nugatory,
because no means are particularly enumer
ated. We regulate ships; their tonnage;
their measurement the Shipping articles;
the medicine chest; and various other
things belonging to them; and for all this
we have no authority but the general pow
er to regulate commerce; none of these.
or other means or modes Of regulation are
particularly and expressly pointed out.
But is ship more important instru-
ment of commerce than money? We pro-
tect q policy of insurance, because 1t is an
important instrument of ordinary CONNER.
cial contract and our laws punish with
death anv master of vessel, or Oihets,
who shall commit fraud on the parties to
This contract by casting away a vessel.
For ali this we have no express authority.
We infer it from the general power Of
regulating commerce, aud we exercise the
power in this case, because policy of
b, ,nl
or means, of commerce. But how neon
siderable and un,mporant Is policy Of
insurance, as he means or an lHstruluo At
of commerce. compaIed with the whole
circulating paper of country!
Sir, the power is granted to us, and
ed without any specification of means;
and, therefore, we may lawfully exercise
all the usual means. | need no, parlcn-
lariZe these means, nor state, al present,
what they are or may be. One is, no
doubt. u proper regulation OF receipts at
the custom houses and land offices. But
this, of itself, Is not enough. Another Is
a national bank, which, fully believe,
would, even now, answer all desired por-
poses, and relnsrale the currency IN ninety
days These, think, are the means to
be- first tried; and if, w'hstand'ng
these, lrredeemabe paper should over
whelm US, others must be resorIed to: we
have no direct authority over State banks;
but we have power over the currency anu
we must protect 1t, using, of course always
such means, if they be found adequate as
shall be most gentle and mid. the s,eal
measure, sir, is a bank; because oa"k Is
no. only able to restrain the excessive
issues of State banks, bu, it is able also TO
furnish for the country a currency OF UNI
versa credit, and of uniform value. rms
is the grand des,deratuu. Unt'l such q
currency is established. depend on 1t. slr'
what is necessary for the prosperity OF the