The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-04-16

to be attained is, that the paper should always
be equal TO gold or silver, that is, it should al
ways be exchangeable for gold or silver. Such
a currency is perfect, uniting the convenience
of portable material with the safety ola meta
lie medium. Now il cannot be doubted that
throughout this whole country, the circulating
bank notes are equal to specie, and convertible
into specie; -
Accordingly, the fact is, that the ge-
neral credit Of the banks is good, and that
| their paper is always convertible into gold and
silver, and for all local purposes for local
currency equivalent to gold aud silver. There
is however, superadded TO this currency gen
eral currency more known, more trusted, and
more valuable than the local currency, which
is employed in the exchanges between differ
ent parts olthe country. These are the notes
of the national bank. These notes are receiv-
able for the Government, by the 5000 Teceiv-
ers, scattered throughout every part of the
country. They are tn fact, in the course Of
business, paid in gold or S,Lver, though they
are not legally, or necessarily so paid, by the
branches 0fthe banks in euery section Of the
Union. In all commercial places they are re-
ceived, in all transactions, without any reduc
ton in the value, and never under any crcum
stances, does the paper, from the remotest
branches, vary beyond a quarter of one per
cent in its actual exchange for silver. Here
then, is currency as safe as silver; more con-
venient, and more valuable shan silver which,
through the whole Western and Southern, and
interior parts of the Union, is eagerly sought
in exchange for silver, which in those sections
often bears premium paid in silver, which is
throughout the Union equal to silver.
Now, sir, want no more conclusive testi-
mony in support of The premises laid down
than the very able and conclusive document
just read. II establishes, beyond doubt, all
that we contend for; and it only remains for us
to point out the present ruinous and disastrous
condition ofthe currency of this country, and
compare that condition with the stale of things
that prevailed at the time Gen. Jackson ascen-
ded the chair of the State, to convince the
candid OF all parties that "there is something
rotten in the State of Denmark" That this
better currency, so far from proving panacea
for all the disorders and arrangements in the
commercial, agricultural and manufacturing
concerns of the nation, has spread confusion
and dismay through every branch o! industry,
and parayZed every thing like enterprise
The late administration, Mr.. Chairman, COM
menced its war upon the currency by first at
lacking the Bank Of the United States. need
not recapituate 10 you, sir, the commencement
matter of history; and it is needless for me
to detain the committee by giving proix &C.
count of this most disastrous transaction. The
constitutionalty of that bank has this day
been questioned, and dwell upon at great
length by the gentleman from Baltimore City,
Mr.. LeGrand. We have been gravely told
that the power to create such an institution NJ
where exists in the Constitution of the United
States; that the banks that have existed should
never have been chartered: that it was gross
usurpaton ofpower on the part of Congress
to have created them. Now, sir, said Mr.. P,
discam all ability 10 discuss grave constitu-
tional questions. profess not 10 attempt a
critical analysis Of the provisions ofthe consti-
tuition upon this subject; but from the high
sanction which has been given TO the constitu-
tionality of a bank of the United States, can
not for one moment doubt that such power
does exist within the strict pervlew ofthe con-
sttution. Need tell you that this power was
acknowledged and acted upon by the very fra
mers Oft the constitution themselves-by those
patriots and statesmen of 76-by Washing
ton, Hamilton, Jefferson and the elder Adams.
and Madison. 1T is true that this power
was at one time doubted by Mr.. Madison;
but he lived long enough to see and retract his
error Again, sir, this power was acknowledged
DIV NlOUTOt anu tllt NOuu1Cl IhudHio, dHu CNCi
G m. Jackson hi,nselfno where declares, mex
press terms, that the Bank ofthe United States
i, unconstitutional. Need !, Mr.. Chairman,
adduce other testimony in support of the doc
trine which here advocate? Is it necessary
sir, to refer YOU to the decisions Ofthe supreme
judiciary Of the country, to tell you that ahe
conslitutionality Of the United States Bank was
tested and determined by Chief Justice Mar
shall and his associates, and that this doctrine
has been sustained by the decision of every
State Judiciary in this Union Whilst am
supported and sustained in the opinions which
have here advanced, by such high and accu-
mulated authority as above referred 10, feel
that my feet are. placed upon arock; and al
though the turbid waters of party strife and
party rancor may dash their spray around me
feel regardless of their fury and their power.
Truth, sir, is immutable and will ever defy all
opposition. The elements themselves may
conspire, but she proudly stands secure in her
own conscious rectitude. The bank, in spite
of all these authorities, Mr.. Chairman, was !
scarcely need tell you, conquered by the con-
queror Of Packenham. She fell, sir, by the
hands fparty strife and party rancor. What
was the next grand manevre towards furnish
ing better currency. II was to remove the
funds of government, and place, them in The
vaults of State Banks, Commonly known by
the cognomen Of Pet Banks,) and this was
s.t