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

7 subject from the party topics aud asapeatons uI me day, and guided by the impartial dictates oi con science and pntriotsln, will any man--caH any man contend that the money of the government, the pro- ceeds of the labor of the people, levied by taxa ion, deffay the expenses asd afford them the pro- tection of the government, shoud iy any policy, or under any system, be involved in the hazards of individual enterprise and speculation, or made und for bank loans or bank issuesl Will any one aver, after all that has occurred within our knowledge, that the individual appointed take care of the public money should be perutted-nay, encouraged-to employ it in, his private transacons' or m oans to othersl and, if not individuals, that banks should be permitted to enjoy privilege so dangerous 50 unjust, and uncunstit tiOnai!
 | Apart from the prejudices of party, which, unhaP- py, so often influence the conduct of men agaInst their judgments, do not believe there are those here sure that there Is no considerable portion or the of the people-who would sanction such doctrine. And yet sir, to deny to individuals and | banks this privilege, and to adopt the necessary guards for the protection ol the country from the con- sequences of its exercise, were amongs; the leading l purposes of the Independent Treasury system, and the strongest considerations that contributed to It's adoption. May we not hope that, when the violence of party strife subsidies, and reason resumes It's won ted swsy over the public mind, the advancing lnte- gence of the age, the increasing power of truth and justice, will rescue policy evidently just, from the prejudice and persecution which ambition, cu- eidty, and partizan fanatlcsm have engendered against it. To doubt it, would he to doubt the ult- mate triumph of moral virtue and free institutions.
 The financial polio, of the government is intimate l ly connected with the currency, or money Of the country; an it is from this connexion that the sub iect derives the very great and deep interest with which it seems to be universally regarded Let ns advert for moment, to the doctrines of the cOnsti tuition upsn thus interesting part of the subject
 The 9th clause of the 6th section of the list article | reads as follows:-
 ssThe Congress shall have power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures"
 1 was forcbly struck, few days since, by the in- depreciation pn upon this clause by gentleman from Virginia MT BOtts, in his speech upon the bill to establish the Fiscal Bank. From language intel
 gible. terms explicit, he deduced conclusions which, of all .abstraetions" have before heard or read, seem to to be the most absurd-the most supremely ridiculous. l quote from the re- marks made by him as follows:-
 'sBut pass on to the fifth clause, which the pow CT so coin money, and regulate the value thereof. and of foreign com Upon this power wish to dwell awhile and, first, desire to call attention to the peculiar phraseoogy of this clause: is stamp coin and egulate the value thereof; but 'o coin nty, and regulate thereof, and of foreign coin.'
 "I.et us, in tho first place. ascertain what money is I maintain that whatever receives the stamp or
 impress oi government as money, and Is received Tn payment of public dues, and passes from hand hand AS money.-wlatever composes the circulating medl- un of a country, money, to all ntents and purpo- ses; and upon this subject propose to introduce some authority.
 "In Rees's Eucyclopseda, it will be found that snone,, in commerce, is general term for con pa- per- any other measure Of yaue, representative of property that passes current from hand to hand as a circulating medium.'
 "Aaa,n; By real money is understood com, or any other ircml ting medium 'Se leca observes there was ancenily stamped money of isother 'rhe Holan- tiers, we know, says the work, 'coined great quantities of pasleboard in the year l574.'
 s.The Encycopedia Britannica says: 'The term naontv is used to designate whatever commodity the ipabjlans of any particular country either voluntarily or bs aonpusion, accept equivalent for their la bor, or for all the commodities they have to dispose of
 "Authorties on this subject could be multiplied to any extent. We have what money is and we have also that the of the verb 10 is applicable to other money than metals; and that no- ney is whatever constitutes the currency of country.
 ''Now let us see what Is meant by the power 10 coin; and wish particularly to call the attention of the committee the difference between the substan- tive coin, foreign coin,' spoken of in the stituton, and the verb 10 com The substanre 'coin' undoubtedly relates to metals but the ve6 has ve- ry different signifcaiion. Although it will apply to metals, it is by means confined to them. | "Webster says: 'To coin, is to stamp metal and convert it into money; to make, to forge, fabr- cate.' 'Coning, the act, art, practice of stamp ing money Then Congress has power to coin, to stamp, to make, 10 forge, to fabricate money, and regulate the value thereof; and what Congress is
 
 From the terms 'to coin money, and regulate the value thereof and of foreign con he deduces through the aid of learned defnitioas, unlimited power, on the part of this government to adopt and egaze any substance whatever, the money of the country. An impress stamp of the governments authority upon suc, substance all that is necessary to give it the character of, and make it pass as money. | Sir, to advocate a doctrine of this sort implies want of information, a degree of indifference to the history of the States in their colonial condition oc In ina finn md cation of the consttution and the palpable in | port of the constitution itself, truly astonishing 'spassing strange" Waving all other facts and alterations to be derived from these affecting | the question, does the gentleman not know that the constitution itself furnishes definition of the word ''money." of far higher authority, and more solemn sanction than all the encyclopedias exicosraphic compilations of ancient or modern times2
 The first clause of the 10th section of the lst art- cle of the constitution is in the.folowng language: "No State shall enter into any treaty, alliance, confederation; grant letters of marque and reprisal coin money; emit bills of credit; make any thing but | gold and silver coin tender in payment of debts pass any bill of attainder, ex post facto law, law impairing the obligation of contracs or grant any | title of nobility"
 "No Sfafe'' "shaH make any thing but gold and sii- ger coin fe,der is payment of debts" And pray, sir, what is the peculiar office, the purpose-the use of money? Confcssedly to serve medium tor the payments of debts, s,-debts contracted in the purchase | and sale of property; as medium to effect the ex- changes of property and by which all the transactions of trade, commerce and speculation are, greater | or less degree, conducted. The amount of debt is the amount of the value of the property bought or sold, measured in money-gold and silver money and no state can make or enforce any thing money, ora legal tender in payment of debt, but gold and s coin. Here, then, is clear, explicit and impera
 tive definition of money," furnishedby the highest of all authority with American statesnien-the consti- tuion. It is the gold and silver coin" of the gov ernment .eloas legalized to pay debts.
 | Can the federal government make any thing but gold and silver coin legal tender for the payment of debtsl It would not be at all surprising if the sonns oI the gentleman from Virginia upon the learned definitions quoted by him were to lead him to such conclusion Indeed, if the federal govern ment has the constitutional author ty to that stamped pieces of pasteboard, leather, shall be the money of the country, does It not follsw that the | power to maintain such currenoy-to enforce the | use of such substances money--must necessarily result; and that therefore the government fur- thefenaci that the payment of debt, tender in the payment of such stamped pieces of pasteboard leather shall entitle the debtor discharge from his obligaonl Can the gentleman avoid such a coaclu- si.n from the premises he has laid downl But will leave him in the labyrinth to grope his way out the | hest he can. .r.l7. eI.#..5
 The 10th article of amendments to the constitution | reads thus:
 |" Tho powers nol delegated to the United States by the constitution, prohibited by to the states reserved to tbe States respectivey,o to the peo | ple,'
 We have seen that the power to make any thing | .l-H f