The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1841-07-29

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irT he esllblIthnsnl q thsa great high
1aT. tsa SCI which bssls he tignsiuTs q
Mr. Jsasson as Pfesidens 81 me Unned
Sl.iSs.l The prssious asseal Of The three
Slales Of Maryland. Psnnsyisania snd
Virginia wss expressly seqaiEed 10 be civ.
sn @ lhs construction Of ne rssa Win
IN lhsir respective llnils. aad thar assent
was sctaally given BY separss and formal
acas Of he Lrgisls,nrss Of shose SAFES.
before . spsde or Plekrsxs wss displayed
apan Ihsir soil.
Bui There - more recent set 81 .
ehsrscier less qaesnonsd. Involving The
same PEinclpls, and in shIeh MANY Of
personally bore our pare. which | beg
leave 10 recall 10 The Iee0il. e.ion u The
Senate. lrefer 10 the Law passed by Con-
gress in 1886 fos dePosll,hg The surrlcs
resenge oil The United Slsies in The Tres-
suries Of the seyersl SAFES. ~iih The as
senl 81 the Slaiss 6rsi given 10 terms of
The drPasit BY aeis az lheH respective
lsglsisaarss. No geaIensn will contend
thai Congress e.uid hsse ebsruded the
keepiag 81 any posiioa of The national
.usasare upon The States. or any Of ,hen.
wilhouI lhsir sovereiga ascent. separately
and freely given. each ans sei'ng Tor H.
self; and yes wi d Iist assent thus given.
The legality snd eonsliiuiionalily oil The ar
rAng.meaI never has been. and never can
be questioned. The priuciFle II il is nh
sious. Congress. on lts part. possesses
The pouer 10 provide. aliis discretion. Err
the SAT keeping nflhe public money. The
States, an their pari, possess the poNer
10 accept The custody aud use of those
funds. II rendered. a. they may think 81
The concurrent sclioR olIhese iva sulho
rites, each exeriing i'selfI its GA sphere,
and without. IN any manner. adding 90
the ppwsr Of Ihe other in lie sphere. pro-
duces precisely that practical result, ~hich
Is contemplated in the resent case from
The sssen, of the s aies. 10 The establish.
msni. within their limi's. Of branches oi
an lnsIi,uIon creaIed by Congress with
in the District.
I might. ssid Mr.. Rivss. pursue hi.
subject much further; but ! forbesr. !
will only mention. in passing. far The edi
location IL those protested disciples ri
strict construction, who are in the hahil
oi lesning On the veheratsd name OF Mr..
jefferson, an instance in which that great
Republican statesman attributed 10 The in.
diSidual assen, Of The S,stes an efficacy.
in regard {, the distribution Of power be
tween the S sies aud The General Govern.
nenI. far beyond any thing that is con.
by The plan of,he Secretary Of
the Treasury. Believing that final and
adequ1is remedy could not be fousd for
The disorders II the currency. while the
SisIes possessed The power of creating
banking institutions. he proposed in ls,
Ter addressed by him. in June. 1919. 10
Nc. Eppes. then Chairman Of the Com.
mluee Of Ways and Means in The House
NJ Representatives. thst" the States should
be applied 10. 10 transfer The right of is
suing circulating paper 10 Congress ex
IN Psrpeiuum, il possible. but
during the war n least. with a saving Of
char,sr rights" That this transfer, &C
cord,ng 20 his plan. was 10 be made by
the States. not 10 The form Of eonslitu-
,ional amendment, requiring the concur.
renee oi ihree-fourihs, but by the separate
action OF e,eh stale for itself. 10 conclusive
" shown By subsequent, letter address
ed By him TO The same gentleman in Mo-
vember. 1919, in which he uses The fol-
lowing Language:
81 still believe tia, on proper repre-
sensations OF the subject, q great proper
ZION of the Safe Legislatures would ceje
10 Congress their poser Of establishing
Banks, saving the charter rights already
granted. And ibis should be asked, not
by way ofamendmrnttc The Constitution.
because until three fnurths sI:sll consent,
nothing could be done; bu, accepted from
them one by one. ,ingly, a. their consent
might be obtained."
| will moi undertake TO decide, said Mr..
RIves. how fsr this .uggestiun Of Mr.. JEFF
fsrson could be consiituIionslly carried IN
10 execution. lpresume his idea vas that
each State. being competent 10 impose q
voluntary limitsucn on The exercise offs
own sovereignty, might, by some 40, in
the aatnTe oI compact with the General
Government, agree to refrain from surho-
rzing the issue Of bank paper, leaving the
vacuum thus created in It's cmrulsi:on to
De supplied by treasury bills. This fsvo rite
tnrm oil paper currency ID be issued
BY Congress, 10 the exercise of . pnwer
already possessed by titus bringing
down the arrangement to simple renun-
cianon Of a poIIiun Of their power by The
States. wI,bunt a corresponding conces
sion OF any new power 10 Congress. And
Tor Ihis he may have supposed tina, there
was The warrant, Of some analogy al least.
IN those compacts of the new States. with
The General Government, By which they
agree 10 waive. for time. an important
branch Of their soyereignry-their taxing
power, in regard To lands held or sold by
the United States within their Inns. T3ul
whsieyer may have been The idea Of Mr..
q fferxnn anl M Ia tLa, an ell an, III fo.n,t.