Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-29

- d,. IN preserge sound currency OF uniform anu w"
,a,s,I character have heard great deal oil ths' u
| know tina, all this is INTENDED TO apply od
rancv emitted either by National Bank, or Govern.
,eni hank or b. the Government itself IN Tue nouns
~ ,b nauer money party, ali this signifies iahpharA
and r.rg and while agree with the III thal IT'S is
- fnrrpss 10 reauate the currency and 10 pcsei'e ~
r,encv vel totally differ from item III the appiica
r. toct,ine apply ii 10 the gold and silver men
a IN ihp Cons tliu.ion and which Is the Only cu'eh-
90 known 10 that instrument say II IS TINS cu''ehes
- WHICH the doctrine applies; that il is gold anc sSe'
,h;ch is 10 lie regulated and preserved lhai 10
Congress bound TO extend lis protecting care, ''.u
,,xal;on or stamp duty of The means oil pfo'ec'
mo cold and silver by SURPRISING The thing whch oe
srovs oold and silver. Being The duty oil congress "
project this currency, it may do so by the
Of its granted powers which viii produce 'ha' FL
fec, a stamp duty On bank paper will do Il; @x
~ s,ch nan,r will do il; and Of the two, | prefer
II. latter but shall Try the stamp If The tax ia'is-
surely Conpress can say that II Will require every
niece OF paper put into circulation as money 70 ..
s.amped before il is issued and 1t may say lha'
The duty shall be the same on al pieces - pIr''
or ,l,a, the minimum duty shall be So much-ioFiy-
6ny or one hundred cents; and so prevent the issue
of small notes All this Congress may do, and snile
bnr Of this il should do in discharge OF lis sacred du-
10 nreserye and project the currency OF the C'nsu
t,on agree, then, with those who say II Is tue un-
- ri Congress to regulate and preserve the curten
cy. meaning the currency OF the Constitution aho
no, lanpback and rags The protection OF the constr
,ional currency requires the suppression oil lis enc
my-small paper tnoney-and II IS not only the fisn'
bu, the duty Of Congress TO make the Suppression
The preservation Of requires the Suppression OF Tue
other and Congress may use any oil It's granted powers
which will accomplish the object.
| The amendment which propose does not undertake
10 suggest maximum for the tax 1t only proposes 10
begin at ten cents and 10 add ten cents annually, I'M
| al the tax attans I amount NY oes'sh = "
s,on NJ, point which is high enough 10 bear do"n
small notes, .hinpasters and change tickets, wiiho",
heinz high enough 10 affect the circulation OF those 'i
resoeclaJ!e size. Uniform tax Of the same amour.
for all sizes Of paper is what propose ne 'nP"s'
lion o! such tax would be something like placing
pound weight ON the backs Of all animals Tie large ahc
useful animal would carry without feeling IT. the We r
min word be killed BY it. The horse would carry lhe
mound with ease the flea would never give another h"T
after i, was laid his back. So OF large notes ah0
shinplasers the large would carry II, and ought u
carry il; the shnplasters would SINK undef IT. anu
! ought 10 sink.
This is nv plan-revenuc The otjtct, suppression o.
small notes tickets aud shnplaslers, the ineident-
Both the object and the incident are equally desirable
to u.s. The Government deeds revenue and must nave
il, the country is weary Of The pes,ience Of small pa
per money and must gel clear OF IT. and here are the
neans-cicar, constitutional, adequate, and efficient
means to accomplish both object. TAR tax would
doubtless Weld large and, at the same time,
operate the suppression Of all small paper money
Up to what mark the suppression should be effected
/ IL
persons Few could be for less than the English mi
nimum, f5, (about $3.50 | am myselfior the French
minimum, 800 francs, (near SlU0)
Taken in conjunction with the bankrupt act, and
this taxing power gives 10 Congress all the means of
control over the money corporations The two rene
dies are concurrent though of different natures; the
work together TO accomplish the same object, although
they work deren, ends of the row-one at the be-
ginning the other at the end Of the row The taxing
process prercniona and goes 10 prevent the occur
renee of the disease the bankrupt process Is eerare
and gees 10 remove il after has happened Both are
rood but prevention is better than cure taken together
both as preventative and curative medicine, and the
meGy is complete The taxing power wall prevent the
issuance Of the small paper which banshes specie, and
for want of which specie after 1t IS banshed the banks
suspend the bankrupt process viii seze upon the sus
pended banks like shepherd would seize upon sheep
in The rot and put Of the flock before con;anina
ted the rest Either remedy worth great deal within
itself taken together, they are complete, sovereign
and infalb!e Let Congress adopt them, and restore
The independent Treasury, by which the l. S. Tfea
sury is 10 be the keeper Of his money, and let
thing but gold and silver come into that Ircasuryie
Congress adopt these three things, and we shall be
done with the cry oG Distress whether real or Fictitious
we shall be done with The distress which the money
ed corporations have created since 1872 and done with
the remedies, SO much worse than the disease, which
ore proposed for il. Give us tax on bank ssues-a
BANKRUPT act against bankrupt bankshard money pay
men,s to and from the Federal Government, and ever
lastinr divorce from Bank and Stae-giye us these
three things and shall hear no more al deprecated
currency and ruined exchanges, and National Banks
or Exchequcr Banks 10 remedy the evh.
REMARKS OF Mn. CALHOUN, OF S. c.
In Senate FRIDAY, January 81 le42-On the propo
sitlon Of Mr.. Benton to tax bank notes
1 MIR. CALHOUN said that lie had not intended to
saw word on this amendment, till the yeas and nays
were ordered; but, being called 10 record his vote
he would, in few words assign his reasons for voting
against il. If the mover intended his proposition as
tile commencement OF system, all he would say
der that aspect Of the subject was, that he had antc
pa,ed but for short time, what would be forced on
those in power if the scheme OF eStravagant eXpeud
lures which formed part Of their system OF measures
should be carried out. He would tell them that, ai
| they were going on loans and Treasury notes would
soon fail them, and that it would be impossible fol
then TO extort from commerce the Of meeting
the demands the Treasury.
But he did not understand that the mover, in pro
posing the amendment, intended it exclusively as
measure ofrevenue. One, at least Of his objects,
avowed by HIMSELF is to arrange the proposed tax
on notes as suppress those OF small denomination
According to his (Mr. c. opinion, this would be a
dangerous and unconstitutional Of the taxing pow
er. He held that all the powers delegated by the Con
st,uton were trust p0reTS, and that ike all other pow
ers of ike description, they were tmittd IN their az
plication 10 the nature ad ottct Of The trust. TO ex
tend them beyond TO other Objects would be ptrrdr
sion Of the powerhc most dangerous Of all the mode
of violating the Constitution, because the most nsidl
Gus, and easily and safely pcrpetrated.
Entertaining this view, lie held that, the exclusive
object of the taxing power rcncnne, TO il 70
any other purpose-as, in this case, 10 suppress Ger
tain description of bank notes-was perversion of thu
power and ofcoursc not warranted BY The Constitution
1t was, fact, TO change the taxing into penal powe
two powers, however alike in form and appearance
that wholly different in their nature and intention
The object Of The penal pocer IS to PIT d0cn DESTROY an
suppress that against rhich is directed; II is directly
hostile 10 IL while on the contrary, the taxing power, al
though il may have extent the effect, doe
not 'cW ii; md so far from seeking that suppression
destruction its object, that roid be aiat 10 lis reade
sign rere"e just, as in this case, the suppression
small notes would be loss of the revenue from thu
source.
Now, he held, as he had already stated, such per
version-the changing, under the speciouy retention
the name, the taxing into another and hostile power
The penal-,o be highly dangerous and unconstitutional
Once admitted, and there would be limitation of tht
powers of this Government There is not single
power reserved 10 the States that might be over
all "a I,,.t ,-ll, r