The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-03-13


less, the power Of controlling and the duty OF regu-
latng the currency, involves the power and duty Of
prortdiHg il by such institutions as uay be necessary
as the former agency cannot be separated fIom the
latter.
The principle Of uniformity.
Il will be observed by an examination Of the 9Th
section of Art l.. that the principle of uniformity in
the monetary system and commercial operations of
the country is made very prominent and empha-
tic, Il is guarded as sacred, and secured beyond
evasion and then the last clause ito make all laws
necessary and proper to carry these provisions into
execution comes in TO seal and sanction the whole
"All duties, imposts, and excuses shall be uniform
throughout the United States" How can thew be
uniform, without uniform currency7 II is impossi-
bic, and the inequality is immense Il is. moreover
direct violation of the Constitution imposed and sane
toned by the action Of the Federal authorities as
heavy and oppressive burden in such state of things
When it is evident that National Bank is necessary
TO secure this uniformity, denial of the tight to esta
blish such an institution, brings the Constitution into
collision with itself
The Constitution requires a uniform rule of ma
turalization, and uniform laws on the subject of bank
ruptcy and uniform standard of weights and
measures principle ofunif for these and
other objects throughout the United States" applies
with equal, yes, even far greater force to uniform
currency and such, undoubtedly, was the design of
the Constitution
"To coin money, regulate the value thereof and of
foreign coin and to fix the standard of weights and
measures" Here it ia all in the same cIause-ulni-
tormity of the monetary system and of the various
- M
not measure, is certainly representative of value,
and more important to be regulated into uniformity,
than vessels of capacity yard sticks, scales &C. And
cannot be denied, that such was the design of the
Constitution. "All laws" therefore necessary and
proper carry into execution" this object are clearly
and by the express language of the Constitution,
within the power of Congress to enact. And who
will deny, from past experience that National
Bank is necessary? Not man in the land if left
free to express his honest convictions.
But the uniformity principle is especially important
In application to national currency. II would be no
more disturbing and fatal to the interests of the coun
try, to mar and break up the uniform action of the
Federal Government, than it is not to have uniform
currency and the latter is entirely political and
national structure, the Government of the Union
lSee Nos l. and H. 1t is of necessity national un-
der the action and control of the constitutional tender
and every agency, whether originating in the States
or elsewhere which withdraws the currency from
this control, destroying its uniformity is at war with
the Constitution
That the action of the States on the subject of
banking has contributed greatly to such result is
manifest Since, therefore, the States, whose title to
authorize banking institutions, is least question:
BILE, have brought into action unconstitutional in
fuence, wrestling the control and regulation of the
currency from the Federal authorities, and throwing
it into confusion, the only remedy now is for the Fe
deral Government whose title to such action is un-
questionable to erect national institution to coun-
tervail and correct these evils
Reason rhy the Constitutional right of the States
to erect Banking institutions questionable so long
as there is no National Bank.
1t will not be denied that the design of the Const
tuition was that the Federal Government should have
power to maintain the Constitutional tender. This
however, as experience has proved, it cannot do,
without Ia National Bank, while the States go into
banking Having no check, no balance of power,
from the independent action of National institution
the States may, they actually have DONE since the
destruction of the last National Bank rush into the
and incapactate the Federal Government to maintain
the Constitutional tender. Such is the effect whene-
the banks suspend specie payments 1t forces the
whole country TO stop payment by forcing on it
unconstitutional tender The fundamental law, that
"no State shall make any thing but gold and silver
coin tender in payment of debts" Frustrated by this
action of State authorities, and the Federal Govern
ment in this most important function, is rendered ut
terly poweress Because the path this end is ildi-
rect is it therefore less responsible less unconsttu-
tional The States have originated and sanctioned
measures the second stage of which has led the
suit of an unconstitutional tender, and thus violated
the Constitution-prostrated of the most sacred
bulwarks Of that instrument, let forth deluge of
evil upon the land the of which boldly lash the
sides and shake the foundations of the great Federal
edfce, while the keepers thereof have power to le
sst.
The only remedy for this evil is a National Bank,
under Federal CONTROL the principles of which shall
be such maintain the Constitutional tender and
thus put check on this destructive not to say, un-
constitutional action of the States.
The prerogatipe of National Sovereignty in relation
to this question
Since, therefore, there is nothing in the Constu-
ton to prohibit National Bank and much to
show, that the door is not only open, but that is
duty incumbent the Federal authorities to preside
over the currency of the country control and regu
late it, it is not enough to say, that National Bank
rests in the bosom Of national sovereignty, to have or
not to have it but that higher considerations of duty
in the present state of the country prompt and urge
the Federal Government to take the matter in hand
and do that which is necessary re-estabsh credit
and restore the prosperity of the republic.
JUNIUS
+ FOR THE MADIsoNlAN
Mr.. EDITOR As matters connected with an inter-
minabe Indian in Florida will doubtless come in
for due portion of that reform promised and expected