Mobile daily commercial register and patriot., 1841-10-25


 pass all laws necessary I9 the protection, safety and promotion ol that coinmepce But the Ierins |" cur, reucy and exchanges" nowhere lO be found m the cOnstltution there any delegations ot authority respecting the saIne except such as hnse already been alluded tn. The Idea of the power ot the government to " regulate the currency" Is so prevalent throughout the country, that have often met with gentlemen, otherwise well informed, "ho really of opinion that the cunstitutInn contained n distinct clause, m many words, conferring up the government power regulate the currency. But sir, the word '' cHrrency is a term unknown to the constitutionan exotic term not found m any clause or part of that instrument The PoCd to regulate a pasteboard currency, a leather currency, or pa per currency, IS equally foreign to that instrument Nor it he deduced from any of it's terms, except through the astute abstraetions of " sky scrapng class of politicians, drawn from the antique denl- tions and learned synonymes of Seneca" anI"Web- ster," of Rees' Ency clopedia," or the Encyeo- peda Britannca," or such other authority, whose mention indicates of pedantty than Of sound constitutional doctrine, good sense, as hilnbly conceive. When, therefore, the power Of the federal government ' regulate the currency" is consider ed, tho term must be limited in it's sense to what may be justly called the constitutional currency-goid and silUer eoiH.
 readily admit And recognise the constitutional power--nay, sir, the constitutional duty of the gov ernment to regulate such currency; to pass all laws necessary and proper to guard it's soundness and to promote it's and circulation 10 degree co- extensive with the increasing demands of trade and commerce.. Such take to have been the character of the power exercised in the establishment of the Independent Treasury system, and such the purpose and tendency of it's practical operations. Rest an upon the power right of the states to employ all constitutional means for the encouragement and sup port of credit public private, constitutes part of the framework intendment of the system. So far credit aud currency concerned it's effect is simply to confne the federal government in the and exclusive ly to the ofgod and silver. The effect of an ex elusive use of the precious metals by the government in the collection and disbursement of It's revenue, necessaril, be increase the demand for those metals at home; to cause much greater proportion of them remain here after they are imported, in exchange for the productions of the labor of the coun try and find employment in the various channels of business; and thus enlarge and render solid and worthy of confidence, the basis of credit cur Iency and commerce.
 To maintain a gold and silver standard of value, and practically gold and silver medium for the pay ment of debts, far the effects and influence of the fiscal action of the government will tend to such a result, is in short, the purpose and m0dus ope- rand' of the Independent Treasury system. And, sir, who will deny that policy leading to such re- suits is rigidly enjoined upon the government by the whole spirit tenor and letter of the constitution A denial of the proposition k indeed matter of sur prise.
 Turn your attention for moment to the monetary condition of the country. What are the lactsl We have isdeed bst little money, of that which is a true representative of money in circulation in the try. We have currency consisting almost cxclu- svely of promissOry notes, or bills Of credit, issued by banking corporations, which employed in the business transactions of the country, to the cusion of the money of the constitution-its excu- sion not only from those business transactions, but even from local habtation in the country (To De continually