Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-11-23
THURSDAY MORNING, NOVEMBER 2a, ls4a

/ taie and one common destiny. 7 know
gentlemen, that The good Of the whole re
quires that as far as practicable We shaule
al be united in our jud gmeni OF tbe msa.
sures productive Of good t. tie IS hole
and. therefore, What 6esre new, aud a
all times. IS 10 address these who diff
| from me in opinion, that by mutual dis
cussion. free and candid examination O
this difference, we NAV ia the end come
10 unity of opinion.
Wi. now, the first Of these subjects il
that which has SO ng been subject Of
controversy between political parties ii,
the United States.--i mean The dufy OF
The general Gorernment 1oifh respect 10 The
currency Of the country. Now all agree
that Congress has the power To regulate
the commerce of the country, for the
words are in the Constitution. All agree
that Congress has power to com money
and 10 fix value to foreign CON, for
these words, also, are 10 the Constilut on.
But there has been and there is, a wide
difference of opinion as to the duties
which may be, or may not be, inGrrbie
from these express grants of power.
Now, gentlemen, 10 regard 10 this mater
which has so long agitated the country,
and which will continue 10 agltate il, in
my judgement, TIL it is effecually settled
We must begin with general principl 5
and thus conduct ourselves to just concIu-
sions.
have said that Congress has the pow
er expressly granted 10 coin money and
to regulate commerce. IL has also the
power 10 issue bills Of credit; treasury
notes or other paper as It peuses. This
is power which belongs exclusively to
the general Government. The State can
coin no money can give no value TO
foreign cons,-can emit no bills Of credit
And, therefore, rs since the adoption Of
the Constitution the use ofpaper as circu-
lating medium has become almost uni.
versal, the QUESTION arises on what govern.
ment, on what power, devolves The care
and the duty Of superintending this paper
circulation. That's the question.
NV my opinion, gentlemen, is end
has been for many years, that it is The du-
ty Of tie general government 10 take care
Ttke currency OF the Country super.
intend IT,: taat the government has duty
beyond that gwen in the grant ofthc coin
ing power; that the power 10 regulate
commerce does give authority over that
which is the instrument ofall commerce,
MONEY, money, whether ia metallic
shape or paner medium: That it i, bound
to see that the actual circulating medium
OF the country is safe and convenirn, for
all the uses Of the people; that If paper
takes the place of coin, Congress is bound
to see that it is safe paper, tn. is one
from which the people are not likely to
suffer, to be in any way oppressed and
DIT frauded or deprived Of the r just earn.
ings.
have sad that upon all these subjects
| have very little that is new to say: and
| Will therefore read shortly, though
think it is in bad taste to quote from one $
sell. what id upon this point on for.
mer occasion; and considering the nclem.
ency Of the day and the late hour at
which our proceedings were commenced,
shall uss short extracts. [ said then,
that Cd all the party disputes Of The times
this question lay At the found ,ton, name
ly: whether it was the duty Of tie gem
eral COVE nment to exercise their con,col
over the general currency. These are
remarks wAch were made by me 10 Fan
eulI Hall on my return from the Session
OF Congress in July 1898. They put the
question thus: and adhere 10 il 10 this day
that
"Whatever subordinate questions have
been raised touching Sub Treasury, or
a Constitutional Treasury, or Treasury
IN one, or IN another, orin yet "a tmrd
form, take the question, the plain, the
paramount, the practical question, to be
this, namely: Whether it be- among the
powers aud the duires Of Congress to
t'ke any further care of the National
Currency than 10 regulate the colnage Of
gold and silver.
That question lies at The foundation
of all. Other questions, however multi.
Piled or varied, have but grown out OF
that.
"lf Government is bound to take care
that there is go I'd currency. for all lAe
country, then of coirs-, It will havs u
good cerrency for its, II, and nerd lake NJ
especial pains to provide for itself ary
thing peculiar. But if, on the other hand,
Governm nj is ut liberty to abandon the
general currency 10 its fate, without con-
Germ and without remorse, then, from ne.
cessiy, II must take care of tsel, amidsl
The o. neral wreck II .tlrranev and i,t
II must have places OF resort and a system
OF sh Tier Il must have currency Of its
Own and modes of payment and dlsburse.
nen' pecshar to itself. 1t must borrow
aud hiie itself 10 Sub Treasury vaults !;
sconalng credit, and having trust in no
body; II mus, grasp metallic money, and
act as il noting represented. OF could rep
resent property, which could not be count
ed, paid piece by piece, or weighed in the
scales, or made to ring upon the tables,
or II must resort TO Special Deposits in
Banks, even those Banks whose conduct
has been so loudly denounced as lagilious
and criminal, treachsrous to ih- Govern
ment, and fraudulent towards the People.
All these schemes and contrivances are
but the consequences Of the general doc
trne which the administration has advan.
ced, end attempted to recommend to the
country; that is, that Congress has moth
Jog to do with the currency, beyond the
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