Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1842-02-24

Aud this - The radical dfhcully m tho while
msiSr OF the currency. Fos 1.-The States have The
power 80 10 issue bank o,ls orrrsdii. then the FED.
sral Government eanhoi Thy any direct lsgislstoa)
prevent their issue. and % eoGrse cannot Thy any
direct Legislation, apply = cure TO the inherent
I chronic dissa.e Jfthe paper circulation Of the Uni-
ted States. Whether e m ~ administer any indifset
remedy will be seru hereafter,
IL ~ the power arl duty n the Federxl Gov
eminent. in The Gnt place. 10 provide for itself a
safe anil suitable fiscal asenI 10 roceivo. keep shd
disbursS tho public mDNey-. This II does under the
tar power and oIaer powers ~ the ConxnsuNoH,
The Federal Govennen ha. In The second platr
ander more than enc clause OF The Constitution, Ger.
tam powers 10 exert and duties 10 dischause roucer
nIng the currency of the United States.
In what WY shall Congre,. exercise these pow.
srs and dfcharge tIeso dutissf
II the duty Of the Federal Government consisted
caly in doing what is absolutely necessary Cor itself.
in n fiscal POINT OF view and stopped thsrs. the
question might be more easily ans~ cred. But. m
the opinion OF the CBmniuee. the Federal Govern.
ment shonld consider. not only what is for the ron
venicnce OF itself. bni also. incidentally. what is
Cor the convenience and wrlIar, OF the People OF
the Uaiied States.
In the first place, then. what rannot ard whai
can The Federal Government At this time do. 10 re-
neiy aud relieve the currency difficulties Of The
United s,aiesl
IL cannot assume and pay that great mass Of in.
dividual indebtedness ct The People nj the United
States. Uhirh now weighs them down. and Is one
primary evil of their present euRditlon: debts con.
tracied when The currency wa. excessive. for things
nAS'ng a fhctitiou-lY large or wholly unreal value.
and the possession Of which BY the debio-, owing to
their present deprecated value. adJrds to him no
adequate means OF pawn mt. What alone Con-rcss
can directly 4, in this respect il has done by the
passage ofs bankrupt law. which. whether right
fol ~ not in lis provisions. yet enables the ms1i
vent debtor to settle those debts With such mcnIt
nf payment A. he possesses. FOR the rest, aud 80 FAR
a. tins indebtedness is n general evil affecting The
whole country ."ih~rsin The patient must minister TO
hinsslfi' The remedy. and Ihe only remedy IL In.
daslry. ecun-nny. and prudence, aud a reinrn 10 pr.
per principles Of trade; by means ofwhieh. aud with
the Immense aud various productive resources OF
The country, and ths prJiEctIye energy ct as people,
VIII ma ertraneOus cause of war or the like Ia waste
and exhaust Them, the speedy return 10 our aceus-
TUNED prosperity : as certain az any thing in human
affairs can be.
Il cannot. by any direct legislation. prevent un.
- iss extension Of credit in time Or amount. over
trading speculation, the excessive importation had
consumption at Eireign Injuries. and The con,equent
excess OF imports over exports. and d~isplacomenis of
coin In pay i0reign balances. What alone Il can do
in this respect. BESIDES itself setting an example of
integrity aud ~frugality in its own Affairs, is 10 regrl.
ate It's own system OF taxation and finance 40 as At
any rate not to Injure the domestic pnDduciion Of
The country AM. If II may, incidentally 10 foster it
impartially in all lis forms. aud dD equal jnsice
to The righiE and interests alike OF all paris OF ,hs
Union.
II cannot assume AMI pay the debts which The
individual States have contracted on their own nc
count. All that in this re'siion IL can assums to do
it has (wheIher r~ightully or noD done, by ceding
90 the States the annual ncu proceeds of the puhl.o
lands. For the rest. the People % the United States,
who arc also the People Of the Sales. have tho re.
msdy Tor This evil in their own hands ivy the heller
1 -. So, r tl-...-- - a -
Of taxes 10 pay the interest uf their public debt.
II cannot Command and compel rhe State Lcgis
laiures 10 cease To authprizs The suspension Of cash
payments by their banks, nor prevent thuse banks
irm i.Suing bills of credit To accommodate the pc
sent wants and Pusip,ne the final ply day Of midi.
Niiual debtors or OF the States. Il cannot. 10y its
own direei at, retire firm circulation their dcprr-
rIaied hil's. The cnrrenry-sf Which Z. thr grcai-,t
evil Rs Ia tmes But il can act on the tubiect Haat.
ter BY the refHsal To receive or use any thizg but
coin or equivalent paper IN is own dealings. aud
if IL receive bauk bills. 10y sIsoIing payment Of
them al frequent specified periods. AID in Inc opin
ion OF many, WIN urR cunvers,nt with the suhieci,
and whus' experience and Judgment are entitled to-
consideration. II can. To SOM degree. remedy the
disorders IF the currency. by applying 10 tho legal
or artificial persnns the same laws Tor Ihe Immediate
distribution Of rheir asseis and discharge Of their
debts. which apply to natural persons.
Ittannot give TO The country a paper currency in
lAe DIS oi an incorporated Jpi0l slOCk bank OF pt-
ate siockhold r.; for the constitutional opinions o
the Pr-'Idenr. and Of a considerable part Of the mem.
ber az The two Houses. and ofIhe People at large
constitute NJ presen an insuperabls impeachment to
tho Incorporation ofa national hanki and IL n could
be incorporated, IL would be impoS ible. and if pos.
sible. would aggraVais rather than tighten existing
evils. 60 collocI the sIoek OF such an institution. Il
can. however, provide a national paper currency Of
an adequate quantity, aud Of betIer quality, by OH
ef means.
IL cannot equalize the exchanges throughout the
con nfry, 80 long ~ the currency Of most paris oft
consists Of Unreasonable bank bills in various degre
and stages Of Interpretation, and The business OF by.
ing aud selliHg is transacted la one par Of The coun.
try by means Of spscie values. and in another by
paper yalue-. Most Of The existing rate Of exchange
between different paris OF the country is not The d.
f5renco inprire between legal coin ia one place and
legal coin in anoiher. or Of the rosi Of tran spouins
il to settle balances. but the difference between the
priceUf the euin currency and ofIhe paper currency
al The same place. This Congress cannot prevent
But it may provide 4 safe and economical medium
OF exchanges. correspondent to the true value Of eI
change as regulated by the course Of business. &C
~csrdingly to supply and demauI, Ia a specie medi
um Of pa ment.
1t cannot by any nsI Of its own whatever pro
coed Immediately 10 al. Tho channels Of commerce
with a paper currency squal in rae Of value :,
5 gold and silver, neither by means ola national bank
NH 49, 80
same reason that in the market Of a deprecated cur
rency. coin cannot be kept w circulation but he
comes n once article Of merchandise and - Dough
up as suck and disappears. just 30 will II 1lwayl
be with = specie yslne paper currency alongside
Of a deprecia;ed paper currency. Until Stale Gov
smments coase 10 authorize The issue oi Ir sdeeml
BILE notes IN n given community. Dot TIC Federal
Government can adopt the means 10 furnish n p1
. per currency Of pr value 10 bc ready 10 take N,
place OF tho depreciliod paper currency, SO soon n
{ that shall be driven or Withdrawn frum circuln III
by the direct action of he Stale Governments, o
10 by The indirect action Of the Federal Government
What, 'heu. shall Congress dol What onght IL e
j. DOT To reach The answer Ia Ihose questions. let u
: consider The advantages and disadvantages of th,
plans heretofore used IN lho fiscal busintts of tri
y Treasury.
Leavsng cut Of the case III debaisablc constiiu
o tiunal questions involved in u, md regarding II n
C a PRACTICAL matter only. the considerations allegs,
IN favor OF a national bank are
T. 80. H. ~ L--..