The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-11-12
Price Two Cents

all events established With his sane ton and concurrence
Madison didn't doubt III and bee Sc il MS been
minated hat he did doubt the consttutio nsry OF
National Rank SAID, as every O sense will saw
that il was thing settled-ths, this mart nj The Con-
stitution had been interpre~d-ts ns fixed aud
that being the authentic Interpretation having
been given the meaning OF that portion OF tho
ton definitely settled in the of other
struments and that that meaning must DO taken
tain, enduring and longer to be disturbed We have
had Bank the United states for 40 years Is ts be
said forty years hence that il u unconstitutional
and thus to from generation to another dispu
fathers and grandfathersq Well. think not. We
must take things settled settled We must receive in
erpreaions and constructions Which Congress- and the
Courts OF the United States and the people have all
adopted We must take them as fixing the meaning Of
the or eiGe we can have settled meaning
attached to that instrument Now, gentlemen, will
not press this point farther back agree that at the
present momentn the present state Of things and espe-
ciay in the Atlantic and Commercial States the evils Of
adsordered currency begin to be omeu hat remeded end
are not 50 severely felt They felt however in other
parts OF the country almost as severely In
OF the westernn several OF the States
there is nothing which deserves the money
There is really no standard of money. barters
his wheat-his beef--his pork-commodes for another
commodity in the shape OF paper, which possesses
fixed value. 1t ia loose demorazing business alto.
gether For OF all political truths there more
certain and well established than that the circulation Of
bad uncertain ductuatng paper money exercises one OF
the most deleerious influences with which any corrupt
ing agency can visit community. And, gentlemen, let
me say that although in New England and the North
ern states generally just particular
harm injury from this yet there certain
laws Of trade-eertan established principles, which will
always operate IN society while man ia man. and by the
operation OF which we just as sure some meI hope
may be far but just as certain to back 10
that of deranged currency that have emerged
from H. The business ofthe country 10 quite revvipg
il is now activein commercial phrssethere ia better
feeling among he people-stimu to industry are
mereus and fhcent Here thousand banks in 4
day when money is very plenty ready to lend to sny
do not thai mi business paper NAV be safely
discounted at these institutions. But all that 10 the pre-.
sress OF thing High prizes VIII In issue IRON IRON
prices still hgherand that is the general ogrrst
speculative and highly excited commercial action Pros
perity, thus, commercial affairs gets and
cess teri inmates in revu on and this i'll be our history in
regard to tho currency in my opinion unless there be
some check control some over the
whole matter. Now gentlemen do net say, never have
said thst bank of the United states indispensa
Bile agent whether for the GOOD OF the the
prosperity of the people All say Is that II 10
the DUTY OF the government 10 take care Of The currency
and in favor the .bhment bank for that pur
pose be said it has been tried and that genersy,
for thirty out of isry with success On the other
hand have additional remark make this subject
before depart from it. II j. eight years
since my place the Sense, dt ed that although
il was nv cow lotion hat this wss good MEASURE end
calculated 10 promote the property OF the country
had never heess, made up my MIND in General Jack
sons time that was not worth my while 10 propose the
establishment OF apoth bank until decisive call
made Tor by the people. remain Of tbst opinion And
have said further, and on more recent OCCASION that
does appear in the present circumstances OF the
country hat Bank Of the United States founded pr
subscription, and with the power OF priv ate direction
is out of the question think so s'ill may be mista
ken, because the circumstances Of the country sre
greatly charged since the expiration Of the lat char
to a vssy great extent; End because many OF the
States ike own, derive large portion OF their reve-
banks operating within their limits Nevertheless am
quite willing TO agree, that bank, the old model Is
horty Of precedent and f the time shall come,
later in which in the wisdom Of the country in
general, and in the Judgment Of Congress bank on that
old plan and mode should he regarded proper 10 he
adopted shall certainly have my hearty concurrence
Loud cheers still consider that an institution OF that
kind to he productive OF good to the country should be
rather u e purpose Of ccntrolu the ssuesof
tsking care Of experimenting, and venting from iun
ming TO the issues Of other snRs, than Of u nish
ing discounts for private business. Gentlrmen, smother
suhj"ct. and very important one to which the commit
invited my attention, the duty Of the General
Government to Jrotect agriculture, merce and
Dufacures And that gentlemen includes the sui ect Of
the fsvoring and domestic industry
Now, will state my opinion that subject with
degree Of precision because, gentlemen believe 'bNa
sort oil utrai Man exravagance" opinion 10 The cha.
ractersc otbs age, moi political subjects only but
all subjects Men will either 10 the or to
the extremity of the West In regard to his 'uh'ct par
ucuarly. much extravaganza Of opinion prevails
There are those who would carry tariff TO the
length of prohibition to certain extent Of various
mintain stcuy that il is fectly unconstitutional
tor Congress in laying duties for revenue TO look to
other object in the world but the amount Of moneyso be
received to have the least regard to avorng
raging the labor and industry Of our own country. Now
am OF opinion that just discrimination in the imposition
of duties and the Of domestic industry
does constitute of the not least important duties OF
dersand ing of ali nations included IN the power Of lay.
duties and that this discrimination ought be kept
by Congress and exercised oil
That's my opinion, and should be very willing in GEN.
did aud calm to discuss every branch Of that subject
with any gentlemen Of candor and intelligence in the
Commonwealth. Now, conducting to that opinion, let
consider few general truths 10 the first place Con-
gees has the to lay duties on mportsons but no
state has that power all This is a most important
consideration. The time when Massachusetts could
lay duties mporaiops She had the power before the
adoption of the present Constitution and when she had
the power she actually did exercise it, not only for
but for the protection Of her manufactures Be-
vers the power before the adoption
of IT.
lose OF protecting their own manufactures and
"ehusrs and all the other states have passed
altogether this power OF laying duties ex.
cep such as are specified about the quarantine laws
not take with the same Understandings Does not
Congress the as Massa huetts exercised IT,
Tor the collection Of and the protection Of home
industry. Mr. Msdison's argument this subject IT,
think, conclusive to any INTEL gent mind that as the
end pared with il them and transferred
to Congress they had right to expect and did expect
for the D. ope Now the prwer Of Cong gulse
commerce. 10 regulate trade and What is the extent Of
body can dispute that in ali history and in all American
history down 10 revolution, the power to requisite
trade has universally been received a. including the
Of vorug particular articles of home production
The phrese is as welt settled in its meaning, as
my other phrase in the English language; and
n England heretofore, in whose language the
| phrase is found and from whose history 1t is
AIKEN from the time Of the Tudors and Suarts down to
| he present day, the protection of home products
seen sought to he established by the regulation
# trade. And in the controversies which preceded
he American Revolution Otis, Adams ana the
other great and eminent patriots OF their day,
While they denedth England could lay duties In Anne
RIGA to Gal her trea-ury home and sup Iy her with
venue all admitted that she might fer the
ton Of r.dr and Tor the protection Of certain mnnufac
and certain interests of commerce. Gentleu en-,
need ell this part OF the case because gentle
Of Essexa distinguished native OF you coun
y nov member Of the Senate II the United sates-I
Mr. Choa'e in speech which NJ delivered in the
to in 1912 has placed this SUBJ ctc mmovsble
foundation (ChpoIs) History pl-V iusructs this
Joint clearly have already said ,hst before the sdop
ton fhe present nution, the states cous lay duties
Imports s. only ITSELF and therefore
he wsiem became very rnconvtnert Stnes which had
to In laying dn'ies that pur-
nose exposed tmseves the com cp Of
o her states Wbo had ant &c and whose psrts