Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-18

Fiscal Bank Of the Uoited States" delivered 1
the House OF Representatives, in Committee
the whole on the state of the Union, on Wee
nesday, August 4.h, 1871.
MIR. Bolts said: The bill now under discus
Jon presents two questions for the consideration o
he committee. The first is, whether Congress ha
he constitutional power to incorporate bank; and
leeondly, If tho power exists, whether It is expo
pediont and proper to exercise the power at thu
ime.
| shall take up these questions, Mr. Chairman, it
he order have presented them and endcavor tC
how that Congress does possess the power, an
l.hen, that Il is not only cSpedlcni, but incumbent
lind obligatory this particular Congress to estOb
ish bank taking care TO avoid rs FAR rs possible
he ground occupied by those who have preceded
ne In this debate.
In looking for authority upon this point, | shall
FIRST look to the Constitution ITSELF furnishing the
highest possible authority that can be referred 20. IL
sill be there found that IN tho first clause Of the sgh
secIIon of the first article It is declared
"Tho Congress shall have power to lay and col.
ect taxes, duties, mposs, and excuses, to pay the
iebS, sc; but all duties impos', and excuses shall
be uniform throughout the United States"
III Here them is the power given 10 Congress to lay
hnd collect taxes, duties, imposls, and excuses,
(which necessarily carries along with It the power
bake OF the taxes after they are collected; but
lthe means by which they shall DC collected kept,
transferred, and dlsbursed is not specified, and is,
Therefore, left to the discretion and wisdom of Con-
Igross.
Three modes have been suggested for this pur-
pose, to witt the Bank OF the United States, The
State Banks, aud the Sub treasury. The TWO first
have been fairly tried and the thitd denounced and
i condemned, as an unfit, unsound, dangerous, and
limprIctcl ble experiment, without q trial.
III The Bank OF the United States has been m ope-
ration for forty years, since the Government went
|lsnto operation, and found every pur-
|lpose for which It designed; regulating the ex-
fchanges, furnishing sound and uniform currency,
hiding the prosperity ana industry OF the country m
every branch OF It's business, performing the duties
lot fiscal ogen; OF the Government, transmitting us
ivast revenues from point TO point, without charge,
land without the loss OF sIag,e dollar: but wicked
linen came into power, and ITS usefulness Was de.
siroyed The State Banks have been used as fiscal
Il ngen's OF the Government tor some eight or nine
u yeATs-fom the expiration OF the charter Of the first
Il bank in ISL up 10 1916; and again from 1886 up
Ito $40; and they have been found so Inefficient and
L ruInous, that most very OF every party has
! denounced and iorsaken them, utterly ucompe-
! tent TO answer the purposes OF the Government or
/ OF the people.
| The rext power vested in Congress is 'to borrow
! monev the credit OF the United Statesn will
not stop here TO enquire whether Congress has the
! power or not 10 create the means by which loans
al times be effected, in the event OF emcrscn
+ cies. That ground, however, was taken and ably
sustained by some OF the wise men who assisted IN
pereciIug the Constitution when first bank was
established In 1874.
ne mex, IS 20 regulate commerce win foreign
nations anu among TIE several States, and with the
Indian tribes" Al, | believe, conccde, that com
meTcs cannot be properly regulated without sound
and uniform curgeacg that will 5eIr an equa value
or as near as may uc, at every commercial point;
and all c0ncede thGl q uniform currency has neyc.
been furnished, except through the fundamentally
of q Nauona, Bank.
But pass on TO tue fifth, which gives the power
'tO coin money, and regulate tue value thereof, and
OF foreign lin" Upon this power wish to dwell
and rs 10 Pn. 1Fss tI.a
pecunr phraseoosy VI this clause: 1t Is not 10
stamp coin, and regulate the value thereof, hut 10
coin money, and regulate the value thereof, and OF
foreign COM
Let U.s. in the first place, ascelt4in what money
IS. maintain that whatever receives the stamp or
impress Of Government as money and is received IN
payment OF public dues, and passes from hand 10
hand as money; whatever compOscs the circulating
medium OF country, Is money TO al. n;cu.s and pU,
poses; and upon this subject propose TO introduce
some authority.
10 Rees' Encyclopedia it will be found that emo
ney, IN commerce, Is general term for eyiH, paper
any other measure OF value, or representative OF
property, that passes current from hand 10 hand as
circulating medium"
Again: "By real money is understood CON- or
any other circulating medium"
"Seneca observes there was ancienuy stamped
money Of Lediher." "The Holanders, We know"
says The work, "e0iHsd great uanltes Of paste
board in the year 1874 "
The Encycope lil Britannica says: "The term
money is used 10 designate whatever commodity the
inhabitants OF any particular country, either vo,un
tary or by compulsIon, accepted as an cquIya' ent
for their LABOR o. for al. the commodities they have
10 dispose Of"
Authorities on this suJisc, could b, multiplied 70
my extent. We have now seen what money is /
and we have also that the term the verb 10 1
coin, app. cable 10 other money than metals and
that money is whatever constitutes tie currency Of
i country.
Nor let US sec what is meant by the power to /
coin; and wish particularly to cal tho attention O
the committee % the difference between the subsran-
tive coin, foreign CON- spoken Of IN the Con-
s,i,u'I1n and the verb 10 CON- The substantive coin
undoubtedly relates 20 metals, but the verb has a .
very different sgnfca,ion. Although % viii apply
TO metals, 10 is by no means confined tor.
Webster says: go coin IS TO stamp metal and /
convert it INTO money; 70 make, 10 forge, 10 f,br-
cate" "COIn.ug, "tHC act AT or practice ofS,1mp-
ing money" Then Congress has power % coin, 10
ssam0, 10 make, 70 forge, 10 tabTca,e money and
regulate the value thereof and what Consrcss is
authorized % 90 % can empower an agent 90 90.
In cohnCx.Jn with this subject, and 10 confirm.
ton Of Ibis opinion let me give you the authority Of
n gentleman whose ilshtest word Is conhrmuoa |
strong, with portion, though perhaps small pOr-
lion, Of this committee mean the honorable Sen. !
aior from South Carolina, (Mr CahOgn.)
~ a speech delivered by that gentleman in the /
year 1884, upon the removal OF the depOslcs and /
which rCd CTS more credit upon him, m my judy !
men', thrn any speech he has ever delivered since
his entrance upon the pub &c stage after taking % /
himself infinite credit for the establishment, Of the I
late Ulnk--although he slys he thinks now, as be /
has always thought, the Bank Of the United States
unconstitutional, and has given notice Of his rc1di.
ness to repeal ms solemn compact Gtler 10 shall have
been entered Iu'O-hc sBys: 81 might say will
tru;I that tic bank owes as much 20 the Us 10 any
other ind vIgu1. u tho country; and / nigh. even
ADJ, that had o. nj been for my efforts IL would not
have been chartered" This IS the language 0f the /
consistent gentleman who now s1ys hc has sIways /
|.ar fIf .HHFau I.#ff he