New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-11-11

=. the existence of the Consttution from the moment
under ITS PROVISIONS the supernendence and care over The
currency Of the country admitted be among the
This the opinion in Washqsons time, and his admp's-
.a9q acted upon it m and n IN
country again brought up the subject, aud
@ held to g f 6 nass Of a fss s
currency II when deprecated 10 see that there
was Is nv paper 5d aaa 'sa p 10 n M
credit in ell parts Of 1t Tins was MI Madison !adss-
I'VE omit here a portion of Mr.. Websters
Speech of 1888, which, though lucid pertinent
and forcibe, it is not essential that we should
now republish Ed. IT..
Gentlemen this Constitutional power never BE-
rendered. We may aswel give, up The whole commercial
power once ard throw every thng connected with back
nG e r where R n Be- odssd The gs s 8
six and twenty different Legislatures To eight hundred
No gentlemen; allow that authority to be surrendered
would BE- 70 abandon the Vessel OF STATE without plot OF
helm and suffer her 10 roll darkn- down tbs current OF
70. the sake of avoiding all msaprrehensons this
~ and III few words have never SAID that II IS an nd
h National BanR 70 such duty e1ianY b
the Constitution express terms do not ttct pert
srct Congress has rs discretion and It's own
Judgement, the most proper 10 be employed but
maiaaia that Congress is bounl by proper
@ s00d 0 one OBJECT Of the
Constton Is not attained Ii have many diff
TO b 6e to PERPETUAL ucaaion it would be folly
that had reached that security and uniformity in CONNER
e!o to 's1Si We know vas % purpose %
The Banks may all resume hex ,hy Will
doubtless afford good local curencies but will give the
Ssts {s ny AND 5s M 6
back for any length Of time exchanges to the state they were
. tai: in my opinion it viii nor We NAV heap gold bags
upon gold bags create what securities in the const
such Bank character that shall insure the receipts OF It's
viii aa sd5 from be d 4ei S Of Ea
TO the ST. Lawrence Nothing can accomplish ms put an
desire g their currency the marks Of this nationality
They like 70 see the spread Eagle and where they see that
There are three propositions on this subject which
would submit to the consideration of every candid man
wish them out, because it my wish to establish
the principles which embrace, and which pass generally
under the denomination Of Wing principles and convince
men OF all parties that they all true and will tend pro-
the happiness and prosperity of all classes of the peo
pie. say there three propositions upon which no
honest and intelligent differ.
l. The first is that in the present state Of society," in the
present condition the county, paper not only does but
will continue to, form the great Of circulation All
the humbug specie currency all the professions Of
returning exclusive metallic circulation must appear TO
every man emnenty absurd You know that cannot be
done You must all know and be sensible, that from
Bank from some corpoatiou from we shall
have paper circulation aud hat twill form the great mass
of the currency Of the country Is there man who doubts
this? In there man this whole assembly, IN the Com
monwealth who will without biuShng (cheers say that
he does it? Is there whom party spirit car
far lead him to declare that he expects to see the
day when specie shall form the exclusive and not
at the same time feel his cheek burn with shame! Cheers
There such Well then, tit is agreed that we must
have the of the circulating medium in paper there
any who will deny,
> That it is thing desirable that, in this mass, there
should be part least which should pass
wheewhch should be of universal receiyablity Of may
hall bod, ,,t
which every body will take from Maine 10 Georgia aud all
along The MISSISSIPPI. Is that desirable! IN common
country under one common government IT not desirable
that the of the circulating should be some
thing which every body espect Why nobody deny
ths desirable useful for all the purposes of society
and of business for benefits every body and especially all
those with States. All candid men will
acknowledge his7 lt desirable to the merchant in Hi
no and Alabama to have something the shape OF paper
money you, manufacturers andcitizenS OF Essex
county which YOU will receive And Is not desirable to
you manufacturers and citizens OF Essex county, that he
should have something TO remit Hhch you Will receive as
money? e. aughter and cheelS)
If this yielded, gentlemen, there Is only more
question consider aud that currency thus univsr
sal character thus equal in value all the country
be furnished by any institution OF State whatever We
have all had experience OF 1t We all know TO The con
tayv we all kao the contrary Take the bills OF any
bank Massachusetts, this day to Virginia, and they will
not pass Bring bills of Virginia banks to Massachusetts,
aud they will not They State Institutions and
the Of State acquainted with the institutions
their State. They know the soldity the sovency
per Of their banks far they ought and they know
the Of the Government that is over all They
are bound know those general laws and those general IN
,tutop. which are over all the States But they do
and thew cannot know the particular institutions Of other
States they be we'll informed as to the credit which
ought be due TO their banks or their paper And
therefore If one Of YOU Richmond feeIs
burgb with plenty Of Massachusetts money your pobket
il would not pass readily from hand hand III daily bust
ness though that If you should take 1t TO broker
he might not only give you value It's face but pay
for
it his business know the value OF the moneys OF different
States.
These threa things, then, take to be conceded =
l. That paper will form the great of our clrcula
, Thatit desirable that this mass part should be
universally acceptable, and OF equal value aud
s. That such paper cannot be furnished by any State m
sution whatever but the moment ascend TO the gov
al,he moment meet money IN circulation
with the spread eagle upon IT, Issued by authority OF the
United Stateswe know that 1t ciIcuiates everywhere
In the nature Of things bo,h reasonable and just that
this should be SO for reasonable that all parts OF the
United States and all the citizens of the United States
should have respect for institutions OF the General Gov
eminent and put faith In the promises which 1t makes
Now gentlemen where the power, whereas the powerl
say that the power implied il the authority OF Congress
regulate Commerce 1t derived tIom that-tor in oI
der 70 discharge duty Commerce. Congress must super
intend that which is the great Of Commercemoney
Congress has power regulate the Currency and according
to Mr.. MApisoN's mature ud cement Government must
have the power decide what shall take the place OF the
currency If is displaced by paper money shall not go
a, length over the Constitutional question. Suffice say
that coeral with the Constitution that power has been be
eyed 10 exist Those who made the Constitution did
doub, it, Gen w4sHrSc1o did not doub, it, aud he es
abshsd Bank was established under his admins
ation. for that very purpose MADISON DID not doubt
and mention him because he eminent among those who
have been supposed entertain doubts upon the constita
,onal power Bot Nh Madison yielded if his private
judgement, had not been CONVINCED, he said, every
man Of sense will say that the thing has been settled
by the repeated decisions of the Constitutional inter.
prefers its meaning has been fixed, determined
Ard the Constitution like any other instrument is capable
OF doubt but like any other when its meaning has been
fixed by proper tribunal 1t must be taken as settled en-
h. hnuhsf Now all know thai