Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-11-13

that shall bc acceptable upon the borders o the Issis
sppi river, and upon the shores of the Atlantic ocean
and in every town and village within hess vast lines,
pertains to the General Government and y to "conro
the ISSUES OF local Institutions We promptly accept
the chaenge-we take up the gage, and are ready TO
stake the fate of the Administration be it
victory or deatwe declare, in the faceM The people,
that the Constitution of these United Stare give to the
General Government no power theScuEency of the
country further than is contained in the language Of
that Consti,ution-"Congress shall have The power to
coin money and regulate the value thereof and of for
eign coin This the full extent of the glanted pow
err There no power 10 cngrave money, to make paper
current, and every attempt to enlarge but another
example OF that cenons construction which has dstn
gnished the uniform adyc.sares Of and Democrat
&c interpretation reference to the history of the for
nation of the Constitution will most proudly Justify the
Administration i'll their entire rejection Of the proposal
to create national paper currency. During the
fct of the revolution into which the country was pre-
cipated without any national revenue its xxi.
gences-a paper currency, based upon the pubic faith,
and not on actual property, was resorsd TO as an UNI
IFS inevitable tendencies.
When the conflict over, the most conspicuous and
pressing evil which dcsoated the land and cmbittered
the fruits Of victory, the unstable and fuctuatng
character of the paper currency and appeal to the
candor and historical learning OF the champion OF the
Wings if this question Of national paper currency did
not under the direct consideration OF The Conven
ton which formed he Constitution, and was rejected BY
Constitution presented TO the consideration Of Ike Con
vention, contained clause authorizing Congress to
"emt bills on the credit of the United States. This
clause followed that which authorized Congress sto CON
money and regulate the value thereof, and Of foreign
COIN This last clause unanimously accepted, and
constitutes the Only and fundamental power of Congress
over the currency. But when the Convention came to
the clause relating to paper money Gouverncur Morris
moved 10 strike out the clause, and the whole question:
as TO the policy of granting TO the United States the
power to create any other currency than gold and syer
or in any way 10 make paper promises substitute for
real money was fully discussed. II never At that time
occurred 10 these patrarchs Of our naton that nonnl
paner currency could be Devised based upon the capt.
al of bank of chiefly private stockholders, and d.
ected b. private individuals, selected By foreign capt
alists-much less that il would have entered into the
head of an, sane man 10 rally bitter and unrelcnng
opposon 10 the administration of the U. $, for the sin
Of "onssion in not furnishing such paper currency
The Convention composed OF men who had c1-
pcrenccd the insecurity and iucuatlon OF paper mo-
ney They know that it neither more or less than
tyranny 10 impose any thing on country rs cnrren
cy which was not itself property, and the several men,
hers thus cave expression TO Their convictions. Mr.
Morris said-"Thc monicd interest will oppose the
plan of government if paper emissions be not prohibit.
ed Mr. Ellsworth, who seemed to have appreciated
The danger said "rhis favorable moment to Shnt
and Lar the door against paper money Mt wilson
vev DISTINGUISHED member, said speaking of nation
while its mischcis are remembered, and rs long rs y
can be resorcd to il will be bar to other resources
Mr. Read remarked THAT II not struck out, the WORDS
would be alarming the mark Of the beast IN heve
ation" 1lr. Langdon stated, Z" lie had rather relecI
The whole plaza (of Constitution OF the United States
than retain the words, and emit bills, and when
the cucson was taken to strike out this power, the
following States voted in the affirmative: New lamp
shire Massachusetts, Connecticut, pennsylvania, De-
aware Virginia, n Carolina, > Carolina, and Georgia.
niue ~ Jersey and Maryland. alone voted aye Here
them we have the solemn resolve Of the trainers OF the
Constitutions unanimously comforting Congress the
mower TO "con money and regulate The value thereof
a.i L 40 rWllen."s vote TO d"
nv to il auy power to create paper currency and yet
MIR Webster calls on the people TO dlsplace the Admi
nstration for the objectionable sin OF omsson, IN MOI
furnishing the country with this prohibited "currency
II was felt by the Convention that no paper could con
stitute currency, from the very nature OF the thing
unless it was made tender in payment of debts The
mower to prescribe what should be tender, resided
ORIGINALLY and essentially in the States, and they were
careful never to surrender it, and the u 5 at this mo-
mcnt has no power TO make any currency tender IL
strictly State right reserved to the States, ana so y
recognized by the judicial authorities But as II 70
"make dcuby sure aud lake Dond OIL late'
so STRONGLY impressed the patriarchs of our Go
yernment of the evils of iiucuutng currency, that
they prohibited the States, TO whom alone appearance
the over the subject of tender, to "con money
emit bills of credit make any thing but gold or s
yer n tender in payment OF debts linus the charter o.
the MON has most scdul3usly guarded Us against bill:
If crcd;t either based on the faith OF the Union the
States. One would think these provisions sufficiently
indicative of the intention of the Consttuton-tha
the currency Of the Union was liked, and that paper
having national stamp, was strictly prohibited, ana
that the paramount object was to bring back the Nation
nj currency which had been inundated with Hredeem
be noner 10 the standard Of the currency Of the world
Let ms pursue the history step further. Wher
tho Constitution went into operation, and revenue
was re lured pay the public debt aud provide Tor n
vcnrly expenses law was passed Tor us collection u
ESQ and the third section provides: "Tha the dniie
and fees to be collected by virtue Of this act, shall b
received in god md sircr coin oniy at the toown;
,,cs that is to say-the gold coins of France, England
Spain and Portugal, and all other gold coins OF eqna
6neness al 50 cents for every pennyweght the hexi
can dollar at 100 cents; the Of France at Il
the crown of England at 81 III; and all silver CONS
equal fnencss, at 81 ii per ounce
This act both recognizes the true currency, and III
mower of Congress to regulate the value thereof II
the very specie clause, against which the wings nav
raiseG such fearful lamentations, and they call on TN
oood people of the Union, with one accord TO ur iron
ce Martin Van Buren, and his associates in lniquity
for re.enactinr the identical law which was passed. o.
Tho 6rs CONGRESS composed of the very trainers OF t
Constitution and signed and approved by Washington
who was president of the Convention, and knew Inc n
extent and meaning Of the Constitution mere Tue "
nons snece clause which is the very head and front
The obnoxious Sub.rcasury law. Here it stands, with
it's sins upon lis head emanatng from the patriot states
men Of 1889 and sanctioned BY the father oths country
And il is because the present Administration resolved
abandon every device and continuance which involve
tho public revenue with speculation and banking, an
return 10 the simplicity and purity Of constitutions
currency, that they pursued with unreentng Jury
overwhelmed with obloquy. and prosecuted by msTe
presenlation-held up offering one currency LOT u
Goycrnmcnt and another for the people, diminishin
the price Of wages and impeding the current OF trade
But Mr. Webster insists, (and he is fertile IN exped
cnts that although Congress has not The power TO EN-
hills on the credit Of the u S. still is bound to proyd
national paper currency; and in tie true spirit oil
ira Federalism he derives that duty from the power
repnlate commerce between the States, and lniers
construction power and duty 10 furnish medium
exchange il would be sufficient TO reply, that Cor
sress has performed that duty, when coined money an
regulated the value thereof and of foreign COINS but u
unanswerable objection to the argument IS ound IN "
clause ITSELF which provides that Congress sha nav
power "to regulate commerce with oreign nations an
among the several States" thus distinctly DENIM !
what Sort of regulation was intended, and even wh'
will not pretend that Congress can prescribe what
merchant engaged in foreign commerce shall receive
nav in exchange or that Congress IS bound to PROVE
any other currency for foreign commerce tnan u
o.-onov &c tho whole civilized Horld-god and sVe