Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-07-21
SPEECH

1 "
;, Delivered in the House of Representa-
!. tires, United States, May, 1888.
e Mr. Chairman: Although, sir, re-
gard the present as an occasion when, il
= ever in the history of this country, it would
i lbe ustifiable to resort TO the great conserv.
n alive principle of English liberty to with,
d hold supplies until there was a change oil
!. measures Rnd a redress ofgrievances,
am, nevertheless, willing to vote the ne
cessary supplies TO The Government. |
must, however, be allowed to choose the
mode Of raising the funds. cannot vote
for easurelike that proposed, which is,
in my deliberate judgement, violation of
the Constitution, and Of evil and danger
Gus tendency. Howsoever and by whom
Isoever administered, cannot forget that
it is still the Government OF my country,
and entitled to all just aids from me of mo-
ney, and of every thing else But will
not allow any exigency, however great
Iany pressure, however severe-to induce
line, in the slightest particular, to violate
the Constitution. The section from which
| come, is the weaker interest in the con-
Ifederacy; the Constitution is therefore 10
US literally the "ark of our covenant" and
should be as sacredly kept. Every con-
sideration of interest is superadded, to the
highest sanction under which men can
act, so to watch over and protect it. As
matter of conscience and of sworn duty
| cannot, as one of prudence and Of policy
would not, if | could in the slightest par
ticuar, violate that sacred instrument.
He looks but narrowly at this measure
who regards it simply as question of raj
| sing money for a present emergency
No, sir, it is a part, most important part
the very foundation of new fiscal, fl
financial, and commercial system, which 1t
is intended to erect upon the ruins of all
the salutary usages to which we have
been accustomed, of the Constitution itself,
and Of the property, prosperity, and hap
piness, of the people. A purpose, now no
longer doubtful, to suppress bank notes as
currency, and to substitute in their place
this Government currency. We have
been told from high quarter, one entl-
tied to all consideration, that "morta
conflict was now waging between bank
paper and metallic currency, and that one
or the other must perish;" that the BUSH
ness of discount and issuing currency are
incompatible and explicitly that banks
ought not to issue their paper as curren-
cy. These annunciations are distinct
enough and trust that twill not again be
denied that the purpose, mo doubt, most
honestly and patriotically entertained0 is
gradually to suppress bank notes as cur
rency; vet we are told at the same time
that it is not contemplated to bring the
country to currency exclusively metallic.
The currency then is to be in no part bank
paper, and not entirely metallic. What
theng Nothing has been proposed but
this Government currency. am no IN
discriminate advocate of the banking sys-
tenn, know the faults and vices of that
system, and would rejoice to see them re-
formed, yet prefer it with all these faults
to the terrible suffering and agony of pas
sing through the transition from that sys-
tenn to metallic currency. also prefer
bank currency to this Government curren-
cy which you now propose to issue:
/. Because think the issue Of such a
paper clearly unconstitutional
9. 1t is not so good currency as con-
yertible bank paper. /
3. Its tendency to excess, the great lault
of the banking system, is greater
4. It's more expensive.
5. Its political tendencies are more dan
gerous.
6. Its effects will be unequal and Sec
tonal, and specially injurious to the sec
ton from which come.
| submit, sir, that these Treasury Notes
are bills Of credit, and that this Govern
ment has no right to issue bills ofcredlt.
What is a bill of credit? In its largest
sense it means almost any evidence OF
debt. But, in the sense in which It is
used in the Constitution, it means such IS
sues OF paper upon the credit Of the pubic
faith as we're then in existence, and by
which the country had been 80 severely
scourged, now generally denominated con-
tinental money. That and nothing else
was intended by the general designation,
bills Of credit. We find the term ire
quently used ut that period in acts of ordl- I
nary legislation, and why should we at,
tach different meaning to it when found
in the constitution? One act directs that
"bills Of credit be received for postage
other acts forbid the receiving Of ''bills of {
credit" for publicdues. What are bills OF {
credit? The only bills Of credit then in
existsnce in the country we're those paper
issues Of the Federal and State Govern {
ments. That was what was meant by
bills Of credit, and nothing else The Con-
stitutiot was framed about the same time
~ l.. ...l. &c "a AAinnrtt .lnl.s.lAl.L.,, md