Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1843-12-02

renry of the country have been admitted
to be among the clear and unquestioncd
powers and duties Of Congress. This was
the opinion in Washington's time. and his
administration acted upon it, vigorously
and successfully. And in Mr.. Madison's
time, when the peculiar circumstances Of
the country again brought up the subject,
and gave il new importance, il was held TO
be the exclusive, or at least the paramount
and unquestionablc right Of Congress TO
take care of the currency; to restore il
when Deprecated; to see that there was
sound, convertible paper circulation. suited
TO the circumstances Of the country. and
having equal value, and the same credit, in
all parts Of il. This was Mr.. Madison's
| judgment. He acted upon it, and both
houses Of Congress cOncurred with him.
But if we now quote Mr.. Madison's scnti.
ments we get no reply at all. We may
read his messages Of 1915 and 1916 as
often as we please. No man answers them,
and yet the party Of the Administration
acts upon directly opposite principles.
"Now, what has brought about this state
of things! What has caused this attempt,
now made, at the end Of half century, 10
change great princi pie of Administration,
and to surrender most important power
of the Government
| Gentlemen, il has been a crisis of party.
not of the country, which has given birth
10 these new sentiments. The tortunus
writings Of party policy have conducted
us and nothing else could well have con-
Quoted US to such point. Nothing but
! party pledges, nothing but courses of po-
Iltlcal conduct. entered upon for party pur-
poses, and pursued. from necessary regard
to personal and party cons stency. could
SO far have pushed the Government out Of
lis clear and well trodien path of Consti-
tutional duty. From Gen. Washington's
Presidency TO the last hour of the lalo
Presidents. both the Government and the
country have supposed Congress to be
clothed with the general duty Of protecting
the currency, either as an inference from
the coinage power or from the obvious
and 'ncontestible truth that the regulation
of the currency is naturally and plainly
branch of The commercial power. Gen.
Jackson was behind no ono Of his prcde.
cessors in asserting this power r, and in &C.
knowledging the corresponding duty. We
all know that his very first complaint
agains. the late Bank of the United States
was. that ii had not fulfilled the expectation
Of the country. by furnishing for the uso
If the People sound and uniform cur
rency. There were many persons. GER
tainIy, who did not agree with him in his
opinions respecting the Bank and the ef-
| iects Of It's currency on the country; but it
was expressly on the ground Of this alleged
failure Of the Bank, shat he undertook
what was called the great reform. There
are those again. who think that, of this al
tempted reform, he made very poor and
sorry business; but still the truth is, that
lie una2rtonG this reform, for The very
| proicssed and avowed purpose. that lie
might fulfil better than it had yet been full
filled. the duly of Government in furnish
ing the people with good currency. The
President thought that the currency, in
1882 and 1888. was not good enough; that
the People had right to expect better;
and TO meet this expectation, he began what
he himself called his Experiment. He said
The currency was not so sound, and so uni
form, as it was the duty of Government, 10
make II; and he therefore undertook 10
give US currency more sound and more
uniform. And now, gentlemen. let US re-
cur, shortly, to what followed; for there
we shall find the origi Of the present con-
stituional doctrines and dogmas. Let US
see what has changed the Constitution in
this particular.
In 1888 the public depostes were re.
moved. by an act of the President himself,
from the Bank Of the United States, and
placed in certain State Banks, under regu.
lations prescribed by the Executive alone.
This was the Experiment. The utmost
contidence-indeed, an arrogant and intol-
Grant cnnhdence,-was entertained and
expressed of It's success; and all regarded
as blind blgotS to a National Bank who
doubted. And when the experiment was
put in operation, it was proclaimed that its
success was found 10 he complete. Down
TO the very close Of General Jackson's adj
mInlstraIIon, we heard of nothing but the
wonderful success Of the Experiment.. Ii
was declared from the highest official sour.
ceS. that the Slate Banks. used as Banks
of Opposite, had not only shown themselves
perfectly competent to fulfil The duties of
fiscal agents to Government, but also that
they had sustained the currency, and ia.
citated the great business Of Internal ex.
chlnges, with the m rst snguler an graft.
Tying success, and better than the same
thing had been done before. In all this
glow and fervor of Instrumentation the
ate Administration went out of Office, hav.
ing bequeahed the Experiment, with all
It's hIushing and rising glories, to its sue
ceSsoT. But trosl-a nippins frost was
|