Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1844-09-03
A NATIONAL CURRENCY.

The question of national currency. is
one which has excited controversies amor g
our statesmen and people since, and even
before the formation Of our government
Various propositions were brought for
ward, but the trainers of the constitution
settled upon and established a standard OF
gold and silver, and congress affixed n
certain value to the naional coin. and de-
clared tina, this, and this alone, should be
legal tender. This done, the require
ments of the constitution were complied
with, and the power which it conferred
was exercised to the fullest extent But
there were those in the convention who
were disappointed in their efforts TO give
Congress the power TO make paper the ma
tional currency through the agency and
operation of national bank, who set
about to accomplish the same object by in
drection-to do that under other pre.exts,
which was denied by vote of majority
Of the representatives OF the states.-
From that day to this, the question of an
Incorporation Of a u. S. Balk, for The
purpose of supplying national currency,
other than the constitutional one, has en-
tered into the political contests of the coun-
try.
We hold that the government has done
its whole constitutional duty, and gone to
the limit of righliul powers in this matter,
by giving US the only currency recognized
in the organic law OF the land, and that il
has no Legitimate authority to create cor
poratlons for the manufacture of paper
representative of money, from the fact,
and the very conclusive reason, that il
was denied i: by the agents of the thirteen
sovereigntes whose creature it il.
But The question whether we shall, or
shall not have bank, is to be decided in
the present presidential contest. 1t is one
Of the issues involved-one of the main
measures for the success of which Mr..
Clay has labored for years. AS it is one
of great Importance, not only immediate
ly, but in its ultimate results and conse
quences, it cannot be too thoroughly can
vassed and discussed, with view 10 its
bearing, as grea, national question, upon
the present and future political and pecu-
mary relations of our people.
The question of currency is one in
which all the people are deeply interested.
1t affects all Their interests, and is the main
spring of all pecuniary transactions. 1t
IS essential therefore that it be stable and
ste .diast 10 lis character and value. If il
is uncertain and fuc,uating, it performs
not It's legitimate Office as regulator ana
standard OF values. 1t should, then, be
composed OF such materials, which from
their Intrinsic worth, or from convention.
al usages, remain as nearly as may be
the same through series Of years, anc
the continual changes which every thing
connected with The business Of man under.
goes. For this reason, and for containing
large value in small compass, gold ant
silver have been adopted by all the nation.
of the cath.
But with the growth and extension o
commerce, II has been found necessary Il
introduce other representations Of value
which has been done in the form Of bill
OF exchange, notes of circulation, &c
These having been found to be convenien
in the large transactions Of commerce
were gradually infused into the smale
dealings of the people, until the real stand
ard was nearly driven from use. As IN,
supply oil this representative depende
upon the caprice of legislation, and tn
asarlce of the makers, it ever has ~ ces,
riiy been uncertain in its real value. fiuc
tuallng IN amount, and unstable in ever
financial crisis.