Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1843-11-24

N rnerce, bot, forsisn and domestic, I cannot con- ,
cave. But tn. Constitution was not to he trlfle,l with.
Lnc country, l believe, by. a great majority, is OF opin.
ION mat TINS duty does belong 10 Government, aud
ought to be exercised. All the new eSpoandcrs have
1t been nole TO erase this general power over Com.
,nefce; iheir fate. ~ tins respect, is like that Of hun
N ancient story. While endeavcring 10 tear up, nnd
render nsunder the Constitution its strong fh,rcs have
fecoiled and caugh, them in the c'cft. They cspc-
rionce
"Milc's fearful end
Wcdged in the timber which they strove TO rcrd."
Gentlemen, this constitutional power can never he
surrendered. We may as well give up the whole
commercial. power mt once. and throw every thing
Connected with il back ur,n the states. II Coupress
serrendrr the power, to whom shall it pass, or where
snail II be lodgedl Shall 1t he lett to six and twenty
different legisla'nres1 To eight hundred or a thou.
sand unronnected banks7
No, gentlemen, to allow that authority to be sur
rendered, would be to abandon the vessel Of State,
,,"ithnnt pilot or helm, and to suffer her to roll,
dsrkiing, down the current OF he. fate.
" For the sake of avoiding all misapptchensions on
this most important subject, l wi h TO state my own
opinion, clearly, and in a few words. have never
said, that il, is all indispensable duty, in Congress, un.
der all circumstances, to establish a National Bank.
No such duty, certainly, is created by tho Constitution
in express terms. l 10 not say ,cta particular inca.
cures are enjpined by the Constitution, in this respect.
Congress has its discretion, and it is lcf; to its own
Judgment, as TO the measures most proper 10 he EN-
ployed. But say the general duty does exist.
" l maintain that Congress Is bound to take care,
by s9me proper means, to secure a good currency for
the People; and that while this duty remains upper
formed, one great object oil the Constitution is not
attained. II we are to have as many different cur
rencics as there arc Sla'es, and these currencies are
TO be liable to perpetual fluctuations, it would be folly
to say that we had reached that security and uniform.
ity in commercial regulation, which we know ii las
the purpose Of the Constitution to establish.
The Banks may all resume to- morrory-I hone
they will; but how much will this .samp,io nc.
conplish I 1t will doubtless afford sood local curren-
cles but will 1t give the country any proper and safe
paper currency, of equal AMI universal value7 Ger.
fcnlV II rnnnnt Nll s,t NN,J 4, l.,-- l--t - $3.50.
length OF timo. Exchanges to the state they were in,
when there was a National! Currency in existence?
certainly, IN my opinion, it will not. We may heap
gold bags upon gold bags, we may create what secti-
rites, in the constitution of local banks, we please, but
we cannot give to any such bank a character that
snail insure The receipts OF It's notes, with equal readl-
ness, every where throughout the valley of the Mis-
slssippi, and from the shores of the Gulf of Mexico
to The It. Lawrence. Nothing can accomplish this,
bit an institution which is National in its character.
the People desire to see, in their currency, the marks
Of his nationality. They like to see the spread Eagle,
and where they see that, they have confidence
There are three propositions on this subject which l
@ould submit to the consideration ofevery candid man.
l wish TO reason them out, because II Is my wish 10
establish the principles which ] embrace, and which
pass generally under the denomination of Wing prn-
ciples. and to convince men OF al parties that they ore
all true, and will tend TO promote the happiness and
prosperity of all classes Of The pcop,c. l say there are
three propositions upon which no honest and intelli-
CONT men can even differ.
|. The first is, that in the present state Of society,
in the present condition of the country, paper not on
ly does, but will continue TO, form the great mass OF
circulation. All the humbug about a specie currency,
all the professions Of returning to an exclusive metal
lie circulation, must appear to every man emlncntly
absuid. You know that it cann0: hn done. You
must nil know and he sensible, that from some hank
from some corporation, or from some source we shall
have a paper circulation, and that it will form the great
mass OF the currency Of the country. Is there a man
who doubts this I Is there a MANN this whole assem-
bly,, in the Commonwealth, who will, without blush
ing, (cheers,) say tina, he does not know III Is there
one WhOm MARTY shirt rartira Il, far ,c - l,.d b;,
to declare that he expects to see the day when specie
shall form the exclusive currency, and not at the same
time not feel his cheek burn with shame? CHEERS
There is none such. Well, then, if il is agreed tina,
we must have the mass of the circulating medium in
paper, Is there any man who will deny.
2. That lis a thing most desirable, 'ha,,in this mass
there should be one part ut least which should pass
current ever whcre- which should be of universal
receivahility Gf may use the w~ord)-which shall be
known 10 every boiy and which every body will taxa
from Maine to Georgia. and all along the Nississinn;
Is that not desirable? In a country under one com
mon government, is 1t not desirable that the great
mass OF the circulating medium should be something
which every body can respect2 Why, nobody can
deny this. 1t is desirable, it is useful, for all the pur.
poses OF society and Of business, for il benefits every
body, and especially those connected with the com
mercial states. All candid men will acknowledge
this? Is it not desirable to the merchantin Illinois and
Alabama TO have something in tire shape of paper
money to remit TO you manufacturers and citizens Of
Essex coanty which you will receive? And is il
not desirable to You, manufacturers and citizens OIL
Essex county, that he should have something to re.
NIT which you will receive as money? daughter and
cheers.)
3. If this is yielded, gentlemen, there is only one
more question to consider; and that is, can n curren.
cy thus universal n its character, thus equal in its val.
lie over all the country, be furnished by any ins,itu.
ton Of any State ", wh "a, W. have all had some
knop to the contrary. Take ;c bills of any bank in
Massachusetts, this day 10 Virginia. and they vii! no,
pass. Bring bills of Virginia banks to Massachusetts
and they will not pass. They are State institutions
and the citizens Of our State are acquainted with the
institutions Of their own State. They know the
solIdlty, the solvency, the responsibility Of their own
6anEs, and will trus! the paper OF their own bank, as
far a" they ought. And they know the Institutions OF
the government that Is over nll. They are bound 10
know those general laws and those general insutu.
tons which are over all the States. Blu, they do NOT,
md they cannot know the particular institutions cl
other states. nor can they be well informed as to III,
credit which is or ought to be due TO their banks or
theIr paper. And, therefore, if one of you were now
Mt Richmond or Petersburgh, with plenty of M lssa-
chuse,ts money in Your pocket, it would not pass
readily from hand to hand in daily business, though il
IS true that If yoi should take il to a broker he might
no! only give. yon its value M its face, bnt pay a pre-.
mum upon 1t fr northern REMISSION, because he
makes u his business 10 know the value Of the moneys
OF different States.
These three things, then, I take to be conceded -
J. That paper will form the great mass Of our cir
cnla,ion -
2. That it is desirable that of this mnss a r,.,
should be universally acceptable, and of equal value
md
3. That such a p1per cannot BE- furnished by AM
State Institution whatever but the moment we ascend
to the government over all-the moment we mcel
money in circulation with the spread e1gie upon il
issnei by authority of the United States-we know
that it circulaies every where.
In the nature of III ngs i. is both reasonable and
just that this should be 50; for il is reaso sable that
nil parts Of the Uni,cl States and all the citizens OF
The unitel States should have respect for the insi,u-
lions Of the General Government aud put fanh in the
promises which II makes.
Now, gentlemen, where is the power, where is the
power p! | say that the power is implied in the autho.
Tity Of Congress To regulate Commerce. II is derived
from iha'-for in order L, discharge its duty to Com.
merce, Congress must sIperintcnd Ilat which is the
great agent at CJmnerrc-jnoney Congress has
power to regulate The Currency aud according to
Hr. MAprsosc mntHre Judgment, Government mus,
have the power 70 decide what shall take the place
Of the currency II II Is displaced by paper money. !
shall no, go al len6th over the Constitutional question.
Suffice it to say that coeval viii, the Constitution tina,
power has been believed u exist. Those who mad.
The Constitution did no, doubt il. General WAsHiSs-
TON did not dnuh, Il: an h, established a hank, or
o.!s was established uni-r hs administration, for
thtt very purpose, NApsos nd Rot doub, il; and
! mrni!ia hin hecluse he is eminent among those