The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-20

precious metals now avaiable Tor these objects
y inadequate 90 answer those demands, Whereby II
became Indispensable TO adopt an auxiliary represent
alive of value coexteDsive with the increased and IN
creasng demand and susceptible Of such regulations
as may approximate the neares, possible TO all the ad-
santages OF its immediate specie basis and at the same
time supply much practicable the ncon yeniences
Of the bulk and weight of that basis for the purposes
OF ready trans portaton TO, and equalIzng the ex-
changes between, d siaat places. Nay il may De de-
monstrated that the adoption Of such an auxiliary cur
rensy, 90 meet the increasing demands OF thrifty
COMMUNITY is inperious duty fits Government,
as that OF issuing and regulating the value OF com
ITSELF II indeed II be not an Indispensable means OF
fulfilling thar attribute of national sovereignty, when
exao,s her unwearied and watchu supervision oil the
essentials of seLfPreserraton and progressive i'm
But ii the institution Of coinage and the obligation
Of contracts, were important inventions TO give new
life and vigor TO the business of production and the
afIording of al supplies and il the deficiencies or
nadequacy Of these Inventions to keep pace with the
eaigenc.s of the productive and commercial improve
mens which they have stimulated into activity, have
heiess given rise to the necessity for the further
facilities Of auxiliary currency additional guarnn-
ties regulations, &c, the SYSTEM OF all the
expedients resorted to, has been found to afford the
best promise of in these particulars being
new evidence by the by, Of the progressive march Of
human improvement, SO liable TO encounter the oppo
sition Of the ignorant and the preiudced, who
lag behind the age of Improvement Having brought
10 the aid Of those hating derices OF exclusive metallic
currency and verbose bond with penalty annexed its
WINGED ISSUES aud bills of exchange, which impar
the almost mage powers Of expansion rapidly, uni
formity, universally and certainty ope
ratons, which the hating devices of the infant stages
OF invention were inadequate TO supply. The bank
ing system illustrates the two fold paradox, Of ncreas
ing the currency by the issue OF proinssory notes. ~
the same time that it wlthdraws great portion Of the
coin from circulation and yet redeems de-
mand in specie; while it affords the additional aci
ties TO the Government, the members Of the eonfede
rncy corporate bodies and individual citizens by
Of their credit with the bank, of conducting their va
rous enterprises and paying their dues in cashcnsh
that IS, oitnes constructed not upon the actual but
hypoheticated on the imaginary unreal basis of the
credit of future production wher by that production is
ingeneral guaranteed shah be made, which o herwise
never would be made, at best so sowly and mpeI
eciy as TO amount to failure And such anticpa-
tons OF Important achievements, without other means
than the credit facilities Of banking frequently
among the most valuable effects of those beneficial IN
stu,"ns Moreover, the greater convenience Of this
auxiliary currency renders more acceptable for ge
neral circulation than specie and thereby sufficiently
d,mnshes the demand for specie 10 enable the Bank 10
issue three or four for of its specie capital, and
yet guarantees the payment of those issues specie
whenever the demand is made, without the hazard of
suspension, SO long such institution be conducted
with that honesty and ability which ever maintains
public confidence il subject 10 the demands
of private depositors. But il such Bank based
on the public credit and the public deposits of pow
capital, without The privilege OF receiving private de-
posts which, subject to the panic OF those depos
tors the stability of public confidence in its solyency
would be mpregnabe.
But il is said by some that sthe constitutionality Of
Bank ofthe United States is well questioned !" while
others yield tho question: only the power within
the District Of Columbia" should say that a mode
rate degree Of sagaciiy and insight on the rights and
attributes of sovereign States, independent of the
powers literally expressed or necessarily resulting
'front.' osa eed in tho mi wnutd
the advocates OF these limitations of national
sovereignty that whatever essential TO the preserva
ton and well being OF a sovereign State inures to It
as an inherent right of power whether expressed or
not.
What is sovereign state I and what are its inhe
rent rights in this regard
Vatiel, says--"EveIy nation tina. governs itself I'M
der what form soever, without any dependence on 10
reign power, is sovereign state;" p. So. And that
It's rights are nationally the same those Of any
other state = p SO.
Again, he says-"A nation has right to every
thing necessary 70 its preservation I; and that il has
right to avoid every thing that might occasion its
destruction; ps. b0, 0l.
Also that "a nation is obliged to preserve and per-
feet itself and its members; !" Chap. /, p GO.
In the next place, If Vattei, and host Of other
writers national law be not sufficient authority for
those restrconss and cipplers Of our national
reigny LEI invite their attention to the concluding
passage of tho Declaration Of independence that
tuna nnous tclaration OF the thirteen tied States
Of America 10 Congress assembled, July 4th, l716."
After an enumeration of grievances, &c, il con-
cudcs:
I've, therefore the representatives ofthe United
States of America in General Congress assembled APP
pealing 10 the Supreme Judge of the world for the
titude of our intentions, do in the name and by the
authority OF The good people of these Colonies, solemn
ly publish and declare that these United Colonies are
and Of right ought to be- free and independent States;
that tdey absoved from all allegiance the British
Grown, and that all political connexion between them
and the State OF Great Britain is, and ought 10 be, TO-
tally dissolved; and that free and independent
States, they hare fuH poner to lepy 1rar, conclude
peace contract alliances establish rec, and 10
do al other acts and things ,rhich Independent States
may Of right do. And tor the support of this deca-
ration, &c, mutually pl, dye to each other our
lives, fortunes, and our sacred honor"
Here, let it he remarked, is the declaration of the
sovereignty and Independence of the United States
collectively, nation, Ivy their representatives in
General Congress, with iull power do all the acts
which sovereign States nations may of right do
but not he several capacities othose States composing
the United STATES Such declarations ofther several
and separate Independence made. nor even
attempted much less recognised and acknow lodged
by any foreign power. Nor indeed can they ever
maintain such separate existence whatever may be the
visionary notions Of inflated nufers But the arti-
Giles of peace subsequently agreed upon between the
commissioners Of his Britannia Majesty the one
part, and the commissioners of the United States
the other part, expressly recognise the independence
OF the United STATES in the aggregate, sovereign
Stale nation; for ii was treaty with the commits
soners Of the United States nation and not with
the several States, and not only has no Government
treated with them severally but ever could
they have had separate existence that would
authorize such thing, having transferred their ale
giance, without interval, from the British Government
to their Federal compact which made them free
State Nay, sensible they of their weakness
for separate existence that their first Measures of Re-
voiuilunary hostility were entered into a common
cause, and they conducted throughout the
war
Let us suppose, then, that it had been prctermtted
by the trainers Of the federal national constitution
to say that the President and Congress shall have