Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-04-29
For the Spectator.
THE CURRENCY.

that as long as the same continues to exist.
the same consequences will flow from it,
would seem equally obvious. 1t is, then,
questioned momentous Importance, how this |
source OF so much evil shall be removed. In
matters OF government, experiences the only |
teacher that can be relied on; and he who, |
In contempt of her lessons, would theorise |
and experiment on the interest of a nation,
an interest Of so vital character
as that OF the currency, deserves to be regard |
ed and treated as a fool or mailman. Look |
ing, then, to that only safe guide,w do we |
learn on the subject of the currency. Does
not experience tell us, that, in all the time
we had United States Bank, the depository
oil the national treasure, the regulator of the
currency, and the fiscal agent of the govern
ment, that that agency was performed with
the utmost facility? The national revenues
received and disbursed without the charge or
loss OF one cent to the country that we had
currency Consisting ofspecie and of bank
notes convertible into specie, at the pleasure
OF the holder,) more equal in value than spe-
Gle itself, because capable Of distant transport
tation atless hazard and expense, and there
fore not unfrequently commanding premium
In specie; that in all the same time with the
exception Of so much oft as was required,
with the use OF the best means, to overcome
| the arrangement, depression and distress con-
sequent upon the war of 1912, and the refu-
sal to recharter the first United States Bank)
our country was in highly flourishing con-
diuon, and that at the time when we ceased
to have such an institution (that is when Gen.
jackson withdrew the government deposites
from the United States Bank and discontinue
ed 1t as the fiscal agent of the government, J
we were perhaps the most prosperous nation
upon earth, and in possession Of the best cur
| ,NfA l.~.
| experience, inform us that, i'm all the tim
that we have been without such a National
Bank, the fiscal affairs of the government have
been managed with much difficulty, expense,
and loss-the currency has been unequal,
ana eranged,-eXchanges Unequal, uncer.
tain, and ruinously high-that expansion,
speculation, overtrading, contraction, and re-
vulsion have followed each other in rapid
succession-and that, in consequence of this
miserable state of things, thousands upon
thousands of individuals and families have
been reduced from afiluence to utter ruin, and
the whole nation at length placed in its pre-
sent deplorable conditionl If these things
be so, (and that they are so, cannot be contro-
verted') do they not prove beyond the shad-
ow of doubt the expediency Of having u
nited States Bank-the perfect adaptation of
such an Institution to the use of the govern
ment as fiscal agent, and to afford the nation
sound, well regulated, and equal currency,
as the foundation of prosperity to industry in
all its branches!
Inc same wise teacher, experience, has so
Strengthened the arguments at first advanced
In favour of the constitutionality of such an
institution, that it would seem hardly posi-
BILE that any unbiased mind could now en-
terrain doubt, that, though it is not among
the specific powers of the constitution to in
ntn vta,. g. Al
| influence of that clause which grants to con-
gress the power of passing all laws necessa-
ry and proper to carry into effect those speci-
nc powers. BY necessary and proper laws
are here doubtless meant laws providing
means the best adapted to the ends proposed,
VIZ: to the carrying into effect the powers
specifically granted--among those specifi-
cally granted powers arc the following:
l. TO lay and collect taxes, duties, excl
ses and imports, to pay the debts, &c. of the
| United States.
End: 10 borrow money on the credit of the
United Safes.
3rd. 10 regulate commerce foreign and do
mestic.
4th. To coin money and regulate the value
thereof.
Now experience has proved beyond all
question that United States Bank is amean
perfectly adapted to carry into effect every
one OF these powers, and that all other means
yet tried have most sgnally failed to do so.
Ii the argument in favour ola United States
Bank stood in need of such aid, certainly
none was everbetter supported by authority.
The first United States Bank was charter
ed while the federal party was in power, by
congress of which most of the great men of
the convention which formed the constitution
were members, and sanctioned, upon the
most mature deliberation, by the great father
OF his country, the president of that conven-
ton, GEORGE WASHINGTON, of whose vast
and powerful mind the distinguishing trait
was judgment. This Bank went out of exis-
tence, by the expiration of its charter, i'm 1911.
In 1916, the second United States Bank was
chartered, by republican congress, upon a
thorough conviction of the indispensable ne
cessity of such an institution to the manage
ment of the affairs of the government, and to
the restoration of prosperity to the country,
then in deep state of depression produced,
as was believed, lin great degree, by the
want of such an institution; the members
voting for it being in the proportion of four
republicans to one federalist. The question
of its constitutionality was afterwards unani-
mously decided in the affirmative by the Su-
preme Court of the United States. The o.
pinion of the court was drawn up and deliy-
cred by Chief Justice JOHN MARSHALL, the
man whom all men loved for his virtues
and admired for his prominent legal abilities.
That opinion has often been assaulted by men,
some fthem of great talents; but Ito borrow
a figure of John Randolph, not half SO appro-
priately applied by himsolD with about as
much effect as battery of popguns might be
supposed to have on the fortress of Gibralter.
When the term Of its charter was about to ex-
pire, congress passed bill for the recharter
OF this bank, which was vetoed by General
Jackson, not because he objected to bank