, 1840-02-01
HoMLIxG-GREEN.uo. SATURDAY, RAfRUARY 1, lsAo.

- Aclt ALTGhAA SASt
REEN,luo. sATUR RAfR
ted by it,osn con,u,u;.o,.
n, p%rIgisipa.iG the C ,%,>e:n'i"1 A"'toH'
I'll S~lit..npr. 81 lar ~ ika Nv ~ 'istl y!
i.r,t,5i. in N State co1si'iuusa, t,++f"o'
,;1.t,. l...;.iitlr. ufa Site irI"e,aIac'
Ing l.a,,. "r nisia, f'ni. eiih.r I'm
~ ,be,li E.ery State has tie P' ("
i.ryia, ~ icste;ii,. taxes. direct q aail
rect. ii al kilI., sx:.p, tot re.G.1 Y
rs:,,.. 4 ties on goo Is anil mTro'a."
rptt-i. :iit- p.wer b ..'n,iny e|,.s"f- "
+ Ca yes. bv tbs can TtitulrD1. Tar pEss'
.f tx ,fisi il ex-rcis-d ny sars Se.sv NJ
,iiu ,lty m c Instantly, &C Ring t'itslp1n
d,.c,e,in. aai the .sis.nc ""t if's1e
T m.n'.
Tni.i. the gen Al tisry e,
~!~.Ss4a5latSfS.raN
mcrct. Ani 4, the C a .,ituti5f~
nitel Suites C ,ntsinsn, prohibition or Tea
trIinl "a State Legislatures IN regard TO MI
kin. lni,I. an a. n State cIn stitutiol. SD
far ~ kn,sa to me. coniain, any such pro-
hi5i,i,a, it v clear thai, in THE respect. these
L,.i,Iaturc, are loft in the full ppS,r.sinn Of
thi, p,Ner, ~ an oriin,:y AMI usual poHer
Of Government.
1hlvs sean I sly :~.s;ion. .'iit s:a., IONS
must bs reg ,rdc1 a. uacon,titu.i mai ini H.
Legal, in ,sm Ich rs tn. contribution VI the u.
intel Sites MS declared TINT ~ state shall
emi bill, Of credit. II il certain that the
CO Iss:ufiaa af the Un.ted St,tes does con
tn, t,is "s,lr,irv prohibi;i m; bat whit j, a
bill If credit! Il has nv rese nhlance what
ever Ia a bal. The term BILL Of CfcTiil"
is familiar in oIr political history, and its
msInin. well ascer,ained AMI settled not on.
ly by TIN, hi.,"ry, bI, by ju i'ci Il interpret
tinns AL i-ci,ioIt IRON tbs highest source.
For IN. purpose 81 th's opinion. IL nay De
sufficient 10 say. thu, bills of credit. the sub
iect "f H.: prp'nbi.t,n IN the constitution Of
n. Y ate! States, wore essentially paper
money. They were paper issues. INTENDED
.for circulation, AMI for receip, into the Treas
ury a. cash. and were sometimes male a ten
der in plyment for debts.
T., pat IN enl at onc., AMI for ever, I,
evil, of this sort, and To dtnIcrs from this
source. the c,nSiith,i,a al th, initial Sia'e'
his decl irel, In II "a, state shall e""t bills
.! credit, n IT make anv thin but ghd AMI
,i!ve 4 tea Ter in ptyn mt at debts, nor p1sI
any law which shall implir the Obligation q!
contracts" All this. however. proves. no:
that state, cln cnn,rac, debts. bu, that. when
contracted, they must pty them m cola, &c.
corti1y 10 thsr s,ipil i,io1.. The several
'srIres rTss-&-tin TWerTnhsras ~ "sr&
~ fr their nxn internal OCCASIONS Of expen-
irture. ~ fa'ly ~ C ,ngrcs, possesses the pow
er I. borrow in b.aalf nf the United States.
Tor the pa -. Of raisiay armies, %equipPi,g
n tvie<, nr perf,r,ninI any other Of its con
sritu,ionll dh,ies. |, m,v he added. thit
Con,re-, itself iuliy recognize, this power in
the states, ~ I'll 4, authorize the Investment
Of lir,. fun u which IL hs'.i m trust FOR very
inn .rfart purposes in certificates Of state
s.r.ks.
Ta- security frc state 10 ms IL I'll. piiShteJ
ruth of IN. state. az pp'itici con munity.
|, rest, IN n. s,n. b,sis as oIhar contracts
with established g,vernments--thc same ba.
s;., for example, ~ Ioins made to tho United
States u1I.r the an,h ,ci,y of c n,ress; that
Ii,t,stv. II, g,,l fiIii, of the government
ulliar the Dan, AMI rs ability {" fulfil ii|
en- - .rfnan,I. These state Loans. ~itisknnwn,
h I'VE been cp,,r,c'e,i principally f'f the rur
p,se of N KIN railroads AMI en- ,ls; AMI. IN
.s,n- casas. al,h ugh ! know M. how gener.
ally. th.incoms or revenue expected Ia he
derived from these works. is directly and
specific l,lr pledged i"r the payment OF the
interest a, | the I'D enp,ion of the debt, IN
alIri,n tn the obi ,ttinn If public fu'h. In
several s,i,es nihe- branches Of revenue
h I'VE hsea specifically pledged, and in Others
va,I,ble tracts ofllnl. 1t cannot be doubt.
q that IL, y.a.rd results of ttese works 81
internal iuoruvem-nt h IS been. AMI viii he
To- cnh ,ncr the wealth and ability III the
states.
II IN. b.cu nd 1T the states cInnot be
suel on these bonds. Bat neither could the
UarteI States be sud. nor, rs ! suppose, tho
crown Of England in a like case. Mr. would
the power of-suin:. p-oblblv. give the cffd
itor any s~ubsiantiLl aIiltion Al s,cT,Tfy. The
solemn obiga'ion Of n govern ncnt, arising
on its own acknowledged bond. would not he
enhanced by a juignen, rendered on su;h
bond, II il either could not. or would not
m Ike provision fr paying the bond, Il IL no
pr,b,h!e ,hlt il could. or would. mike pro
vision far satisfying the judgment.
The states cann"t rid themselves o! then