Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-03-26
snIrNn DOCTRINE

SOUND DOCTRINE.
In the last Mississippian, we find the
following extract from letter addressed
by FRANKLIN SMITM, Esq, of Madison
to the Democracy Of Claiborne county
during the late canvass:
GAS for myself, regard every bank
charter in this State as absolutely null and
void.
"lst. Because by the 10th section oil
the first article Of the constitution of the
United States it is declared that no State
shall coin money, emit bills Of credit, OF
make any thing but gold and silver coin
tender in payment Of debts.'
sin the Sth section Of the same article
it had already been provided that Congress
shall have power to coin money and regu-
late the value thereof.
"These two provisions of the constitu-
ton of the United States considered to.
gelher will be found to have been the most
comprehensive language that the trainers
of that instrument could have used Cat the
time of its adoption) to make our govern
ments, State and National, hard money
governments, and 10 prohibit 10 them all,
the creation Of paper currency. The term
bills OF credit was the broadcast legal term
that could have been employed TO embrace
all paper mony issued by the authority of
the States. Bills of credit being the on
Iy means known at the time by which the
States placed paper in circulation as mo-
ney. The plan of the States throwing in
to circulation paper money by means of
banking corporations, was altogether un-
known at the time Of the adoption Of the
United States constitution, no such in
stitutions having been created by the States
up to that time. 1t was indeed an after
thought, 10 evade the letter of the consti.
tuition (yet no less vioative of i) by which
they are prohibited to do directly, that is,
TO do by individuals what they wer eunabe
to do as governments By the sanction of
federal judges who gathered their knowl-
edge of the powers of government from
Blackstone and other Tory writer's in Eng
land, the usurpation has been fastened up.
on the people, and 'woes unnumbered' have
been the bitter fruits of the fatal departure
from the plain injunctions of the constitu-
ton established by our fore fathers.
"2d. Because every such. charter vio-
lates the first section Of 'Ihe Declaration
of rights of this State, which declares that
fall freemen when they form social com
pact are equal in rights; and that no man,
or set of men, are entitled to exclusive,
separate puplic emouments or privileges
from the community, but in consideration
of public services That law which ena-
bles one man to draw thirty dollars int.
rest on every numbered dollars that he
possesses, while other men are prohibited
from drawing more than ten dollars, is
violatiye of equal rights That law which
enables the banker 10 put in circulation
promissory notes to tho amount of mil
lion, while he can only be compelled TO
pay hundred dollars towards redeeming
them; and while all other men in the com.
munity are bound to the full amount Of
their property for the payment Of their
debts, conlers separate and exclusive prl.
vileges Such laws violate the declara
ton of rights of this State, and are de.
nounced by that instrument as null and
void"