Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-07-21
LIBERTY, ONLY SATURDAY, JULY q, 1885

pretence for saying that one thing wa
meant in these acts Of Congress by tn,
term bills Of credit, and another and dit
ferent thing by the same words when use'
in the Constitution. 1t was such a cur
rency that had caused SO much ruin in tn
country, and such currency which it wa
intended to prohibit. Is then the paper nov
proposed to be issued the same as the con
tnental money. answe9 yes, in every
particular, important and unlmportant. |
is a paper issued on the public credt, ant
intended 10 circulate as money! | can SCI
no single point Of difference but in the pa
per on which the two are printed. The
frugal habits Of our fathers made them use
ordinary paper; we use silk paper. 1t il
said that these bills drew interest, and tina
the continental money did not. This, az
is usual with these ardent theorists, is q
mistake in point of fact. Much ofthe cur.
rency issued by the States, and denomina.
ted "bills of credit" did bear interest
that Of new York for example. But sup
pose it had not; are gentlemen, who pro-
TESS themselves on all occasions the eXclu-
sive friends of strict construction, pre-
pared to palter with their consciences, to
evade to cheat the Constitution, by such
contemplate fraud as making these notes
draw one mill interest on an hundred dol
lars. The enlightened trainers Of the
Constitution (say they foresaw the evils
OF a Government paper, and forbade us to
issue such, and made us swear that we
would not do that or any other act in VIC
lation ofthe Constitution; but, by this pal
try trick, we will evade it, and thus in eff
feet do the very thing which we were
sworn not TO do. Shame! shame!
1t has been suggested that such pa
per may be issued in another form so as
to avoid the constitutional difficulty certif-
Gates receivable in payment oc public dues
and not promises to pay. This, like the
other, is an unworthy evasion Of the high
est obligations which can be imposed up
on men, and equally baseless. A large
portion Of the bills Of credit ofthe revolu-
ton were these receivable Certificates
But in a case, long since the revolution, the
case of Craig US. Missouri, ithas been deci-
ded, and the decision sustained by unan-
swerable argument that such certificates,
receivable for public dues, are bills offered
it, and therefore unconstitutional.
The State Of Missouri had issued certi-
ficates receivable in payment Of public
dues and without any promise whatever
to pay. They were decided to be bills of
credit and unconstitutional. Chief Justice
Marshall defines bill Of credit to be ga
paper issued by the sovereign authority
and intended to circulate as money!
Can any objection be made to the defni-
ton, or any other be giyen?--are these
not issued by the sovereign authority, and
are they not intended to circulate as mon
ey9 Let any man answer the question
and put his vote upon the answer. Judge
Thompson says, there being no means Of
payment, their credit depends
solely upon the faith and voluntary will Of
the State, and are therefore bills Of credit.
Is there any means of enforcing payment
ofTreasury notes? or have they any basis
ofcredit but the public faith? Judge Mar
shall says, that the great question is, are
hey intended to circulate as money, and
hat this is to be ascertained by the face Of
he paper. Are these notes intended to
circulate as money? Who will have the
to deny it? They are intended
o circulate as money, and that this is to
De ascertained by the face Of the paper.
Are these notes intended to circulate as
money? Who will have the hardihood to
leny it? They are intended TO circulate
Is money, an issue Of Government paper
Intended as money, and actually used as
money, and in no other way. One of my
colleagues tells us that this is loan and
s constitutional under the power to bor-
ow money. Is it sir, really and bona tide,
loan2 a loan at one mill per cent. per
lnnum. Is it by such tricks on the Con-
that he and | have been accus-
omed to construe it? We, sir, who have
n time past, staked our all, Of life, honor
nd character, in resisting a similar and
ess fragrant violation Of the Constitution,
a rtOIdtIon By PerUerSl0n which we we're
aught and believed was the most danger
us of all violations. No one denied the
over TO lay duties on imposts; but we did
eny the right to perverta power intended
My to raise revenue to power to protect
Which perversion is the
rossest--that or the perversion OF the
ower TO borrow money into one 10 issue
urrency? Ifthis is honestly intended as
loan and not as an issue Of currency,
Inv are not the certificates Of stock made
at the Treasury as hereto
ore, before the commissioner of loans,
nd not as is now proposed by the simple
CT Of delivery2
Is II in the common transactions OF lie
egarded as loan when ono man gives to
!, nthor HE nntn in nm vrannt Of an accOuntf