The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-24

TegUTltIOH
hold the power the coinage. This is an al,
mted maxim by all writer's; IL has been admi'leo
and acted upon, on all necessary occasions, ny our
own Government, throughout its whole history.
Why will we now think ourselves wiser thu" VII
who have gone before us?
This conviction of what was tho duty OF govern"
ment led to the establishment OF the pank ~ ',,e
administration OF General Washington. mr. M S,n
son, again acted on the same CONVICTION III ioio
congress entirely agreed with him. On former occa
sions, / have referred the senate, more man ohce
of the clear and emphatic opinions and language o,
Madison in bis message in 1915; and 1910; ana
they ought to be repeated, again ana uSa"' ""N
| pre- ssed upon the public attention. -.
And now let me saw sir, that no man IN our ms
tory has carried the doctrine farther defended II WIN
more ability, acted upon II WIN more oeS SI
and effect, than the honorable member ron ron, ooutn
Carolina His speech upon the Bank bl', on me
26h of February, 1885, is strong, full, and cohclu-
siye He has heretofore said that some part OF what
he said on that occasion does not appear III '"e
speech but whatever may have been ieit OUT ny
accident that which in the speech could not nave
GOT in by accident Such accidents do not happen
close we-conducted, and conclusive constitution
al argument. He POUNDS the right OF reguia'ing lhe
paper currency directly on the coinage power
The only object" he says the trainers OF me con-
stimtion could have in view, in giving to Congress
The powe 10 coin money regulate the Vaiue theie-
of, and Of foreign coin. must have peeh 10 give
steadDcss and fixed value TO the currency OF Inc
United States" The state of things lie insisted,
existing al the time of The adoption OF the c"nsttu-
ton afforded an argument in support OF Inc con-
structon There then existed, lie said, depre-
ualed paper currency, which could only be regula-
ted and made uniform by giving power, lot that
purpose to the General Government
He proceeded 10 say, that by sort OF under-cur'
rent, the power of Congress to regulate the money
of the country had caved in, aud upon It's rum mao
sprung up those institutions which now eAGToisea
the right of making money for and in the Unlied
States sFor gold and silver (he insIsted) are uol
the only money ; but Whatever is the medium OF
purchase and sale in which bank paper alone was
now employed, and had, therefore; become ihe
money" he added San attribute to sovereign pow
err, sacred and important right, was exercised by
two hundred and sixty hunks, scattered over every
part Of the United States
Certainly sir nothing can be clearer than inns
language and acting vigorously upon principles
thus plainly laid down, he condcted the Bank bilI,
throu gh the House of Representatives. On that &C.
cason, he tho champion OF The power OF Con
gress over the currency, and others were "lilhs 10
follow his lead.
But the Bank bill not all. The honorable
gentleman went much farther. The bank II was
hoped and expected, would furnish GOOD paper
currency to the extent of its own issues hut there
was vast quantity of bad paper i'll circulation, and
it was possible that the mere influence oil the bank,
and the refusal TO receive tins bad money "a. inc
Treasury might not, both he able to Danish II en-
trely from the country. The honorable member
meant to make clean work He meant that neither
Government nur people should suffer the evils of
irredcemable paper, Therefore, he brought in an
other bill, entitled GA bill for the more efecunl
IONS of this BILL he proposed to lay direct stamp
tax on the bills Of state banks and all notes OF non
specie paying bnnks were, by this stamp to be bran
ded with the following words, in distinct aud legi.
bic characters, at length-"Nor SPECIE NOTE.
For the tax lain sucn notes; there were to be no
composition, no communication but 1t was to be spe.
officially collected, every single bill issued, until
those who issued such bills should announce to the
Ia an,
ton, that, after day named in tho bill, all their
notes would be paid in specie on demand
And now, how is it possible, sir, for the author
of such a measure this, to stand up and declare,
that the power Of Congress over the currency is
limited to the mere regulation of the coin !? So
much for authority, as it has heretofore been
admitted and acknowledged, under the coinage
power
Nor, sir, is the other ofpower, in my opin-
ion, at all more questionable.
Congress has the supreme regulation ofcommerce.
This gives it, necessarily, suPerntendence over
all the Interests, of agencies and instruments OF
commerce. The words are general, and they con-
fer the whole powerr When the end is given, all
the usual means & wen. Money If the chic in
strument or agent of commerce there can indeed
be no commerce without it which deserves the
name. Congress must, therefore, regulate it rs il
regulates other indispensable commercial interests.
| If no means where To be used to this end but such
as particularly enumerated, tho whole authority
would be nugatory, because no means are particu-
| larry enumerated we FeSu'ate snipsj NeH ton-
mage 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 power to regulate commerce; none of
these, or other means or modes of regulation are
particularly and expressly pointed out.
But is shipa more important instrument of
commerce than money? We protect policy of in
suance, because it is important instrument of
binary commercial contract; and our laws punish
with death any master of vessel, others who
shall commit fraud the parties TO this contract
by casting away vessel. For all this we have
express authority We infer it from the general
power Of lating commerce, and we exercies the
power in this case because policy of insurance is
one Of the usual instruments, or means, of COM
merce. But how nconsiderabe and unimpor-
tant is policy Of insurance, as the means of in
strument Of commerce, compared with the whole
circulating paper of a country.
Sir, the power IS granted to us; and granted with.
out any specifications of means; aud therefore we
may lawfully exercise all the usual means I need
not parcularize these means, state, Mt present
what they are, may be. One Is, no doubt,
proper regulation of receipts at the custom houses
and land Offices. But this of itself, is not enough
4 Another is a national bank, which fully beieV g
| all cd