Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1839-06-27
POLITICAL.

concerning The RcM0tat o. inc DepoStteS,
nnd occurrences connected thcrelcih:
PHILADELPHIA, Nov. ), 1883
need not for my general purpose, stop
here 10 consider, whether the U. >. bank
really was a regulator of this paper cur
reucy; and yet, will briefly consider that
noipI. To Show. that il never did restrain
The issue of paper as money, all ilai IS
needfuIis. 10 state undisputed facIs; that, in
1871. there were bu, three hanks; but there
are now upwards of six hundred; and them
during forty of the intervening ior'y-siS
years. The u. S. bank was in opcra'Ion.-
The proposition, that the U. 5. bank was
an efficient regulator, is, therefore, Gro
neous. II may have KEEP: oul OF clrcuia
ton, as much paper of other banks as ITS
own amounted TO; but that portion was III
significant, when compared with The mass
Besides. the U. s. bank had no such pa
trio,ic design as has been attributed TO IT,
Iriteycluied local bank paper, il was not
because that paper iniurlousIy aiiec'en Inc
public. but because its circulation lnlerier-
cd with its ownTmfits. lHslrad OF inter-
rup,inr the mischievous issue OF local BANK
paper as money, il added I" The volume
nf ihe current, which ultimately swept US
on the breakers, where we now are.
NV design. however, is nol to discuss me
poiut. desire to keep your attention llSrd
upon more important one' nameI!-'na', :.
according to the statement OF the iIien"s "i
the u. S. bank themselves the original anu
true source Of existing evils. was The unfe'
strained issue Of paper money ana now
let me ask, who are accountable ior ms
state Of things! We all profess to revere
them and their labours! Loud are our
boasts of attachment to the cons'!'u''"h;-
Let US see; whether we really Know "hal
the labours of the trainers oT the 'onstiln
linn were, and whether we have not most
shamcfully neglected both prceep' and eS-
ample. ,-,,
The trainers of the constitution declared
their object 10 be, 80 promote The gener-
al welfare" We're they wise and sklI'Il.
rs we'll as virluous? Or, were they III
competent 10 execute what they under
took 10 perform? Aticr lahourIn= at oar
public ediiice, did they leave it unfinished!
Did they suppose, lha, il would tumble
down, unless supported by the props ct
chartered banks? Did they consider :
bankwircel necessary, to keep in motion
the machinery which they had made an:
that without il, The machinery w"aih
stand still! Did they suppose, that con
gross would be compelled, 10 sell raf' ~
the sovereign power over the currency. I"
private and irresponsible persons, aud I"
give them the public money TO trade upon.
in order 10 keep that money safely!
If such is the true character of "urPG''ii
cal cdiice. aud flour public aSen;$ are such
knaves. that the public money cannot l'r
safely lcli, for short time. in Their hnn':s'
The world has been sadly imposed upon;
and, ours cannot be a "modcl republic.
Rut those, who built lha, cdilicc were skill
ful as well as honest worImcn; and 'c'
none of the consequent shame resi- upon
them, if their successors, in the publ" ser
vice. are not as honest as themselves. The
trainers of our constitution, repeat. were
wise. They we'll knew, how human hap
piuess could he promoted. and they did all,
that it was possible for them 10 do. 10 IN
sure its duration. They were aware, that
the soil, lahour and money were clements
of riches, or oflhosc things whlrh cunIr-
butte to human we!Iare-that those things
are increased, i'll proportion the facilities
of exchanges & exchanges arc multiplied,
according 10 The confidence, that; for produr-
lions, money may be had on demand, They
were acquainted with the mighty resources
oflheir counlry,aud with The importance Of
the use of the precious metals. for their
development. They knew that all wise
states, by the regulation Of commerce aud
by treaties. soush, to keep in circulation
an abundance Of coin; anA they had every
reason to suppose, that The metals III CIR
culalion Throughout the world wonld be
adequate to all lcsimatc wants Thrt
knew, that system of commercial credit,
prevailed in Europe, which, without The
aid of paper of banks Of circulation. an
swered all The purposes OF trade. They
knew, that bank paper. issaed as loans. is a
fictitious capital: that i, sweI!s the crcu-
lstins medium beyond the true wants of
,rade-enhances the price of commnditIes
and drives coin out OF circulation. In
short. they had had sad experience OF me
mschiets Of a.papcr currency; and did all
that they could do, to secure to PosterIty
something more than mere promise OF an
equivalent.
With this view. and possessed Of This
knowledge, the trainers of Our constitution
conferred upon congress the power 10 reg
u!ate commerce, and prohibit any taxupon
exports. To insure the presence and pu-
rity of coin, they forbade The several states
to issue bills Of credit, coin money, or
make any thing bul GOLD ana silver a le-
cal fendcr. To maintain metallic cur
rcncy, and to protect the users of it, con-
sress alone was authorized to coin money.
regulate its value, and punish counterfeit
ins: They also provided THAT all duties, i'm