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

s. That such paper cannot be furnished by
any State institution whatever; but the moment
we ascend TO the government over al-the mo-
ment we meet money in circulation with the
spread eagle upon it, issued by authority OF the
United Stales-we know that it crculaes every
where. ., ss....
In the nature of things il is both reason
able and just that this should be so: for il
is reasonable that all parts of the United
States and all the citizens of the United
States should have respect for the ins,itu.
tons of the General Government and put
faith in the promises which it makes.
Now, gentlemen, where is the power.
where is the power? say that the power
is implied in the authority of Congress TO
regulate Commerce. 1t is derived from
that-for in order to discharge its duty to
Commerce, Congress must superintend that
which is the great agent of Commerce
money. Congress has power to regulate
the Currency: and according to Mr.. Madi-
sons mature Judgment, Government must
have the power to decide what shall take
The place of the currency if il is displaced
by paper money. shall not 60 at length
over the Constitutional question. Suffice
it to say that coeval with the Constitution
that power has been believed TO exist.
Those who made the Constitution did not
doubt it, Gen. WASHINGTON did not doubt
it: and he established Bank. or one was
established under his administration, for
that very purpose. MADISON did not doubt
il: and mention him because he is eminent
among those who have been supposed to
entertain doubts upon the constitutional
power. But Mr.. Madison yielded; even if
his private Judgment had not been con-
WINGED, he said, as every man of sense will
say, that the thing has been settled by the
repeated decisions of the Constitutional IN
lerpreterS; its meaning has been fixed, de-
termined. And the Constitution, like any
other instrument, is capable of doubt. but
like any other, when its meaning has been
fixed by the proper tribunal, it must be
taken as settled, enduring and no longer to
be doubted. Now we all know that we
have had a bank for forty years--yet men
say it is unconstitutional Will they say
So forty years hence; and will they thus
so on from generation to generation, dis
putting a question already seliledl think
not. We must take things settled as SET,
tied. We must take the Interpretation of
Courts, of States and Of the people, all of
whom have adopted bank, we must take
1t as the meaning, the actual, fixed, definite
meaning Of the Constitution, or we shall
never have any meaning for that instru-
ment.
Now, gentlemen, l will not press this
point farther because ! agree with those
who think that at the present moment, in
the present state of things, especially in the
Atlantic and Commercial States, the evils
which have heretofore distressed the COM
munity, are not so severely felt But they
are felt in other parts of the country al
most as severely as ever. In the South
Western States and in some Of the North
Western States, there is in fact no current
money; they may be said in fact to have
no standard of vaue-no description of
money which passes at par. Men there
barter, exchange their commodities-pork
grain, provisions. &c, for other commodi-
ties in the shape of paper of unknown
value. There is no sound healthy currency
among them. 1t is poor, low, vexatious,
demoralizing speculation,-the whole of it,
because it is an established principle in all
civilized governments that bad, uncertain,
fluctuating paper money is one of The most
demoralizing and deleterious influences that
can pervade any society.
And. Gentlemen. let me say, though we
in New England and the Northern States
generally. feel no particular inconvenience
from this source, there are certain laws Of
trade, there are certain established princi-
Piles which always operate in society, by
the operation of which we are just as sure.
at some tme--I hope it may be far Off
but we are Just as certain to come back
TO that state of arrangement in the cur
rency, as we are certainly just emerging
from such state. But business is quite
reviving-il is becoming active; in mercan-
tile phrase there is better feeling among
the people. There has been decided rise
in prices. Money is becoming plenty, and
there are a thousand banks which are ready
to lend their money to good customers un-
der the opinion Tin which do not concur)
that all good paper may be safely discount
ed. The tendency is this:--large prices
by creating a demand for money, induce
large issues from banks: large issues tend
to raise prices. Thus prosperity begets
excess and excess terminates in revulsion
and this will be the history of our bust
ness affairs most surely unless some check,
some control, be exercised over the whole
matter. Now, gentlemen. do not say,
never have said, that Bank of the United
States was an indispensable agent for the
good administration of the Government or
the prosperity of the people. ] only mean
to say, that it is the duty of the Govern
ment to take care Of the currency: and in
favor of bank ! said that it had been