Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1845-02-19

uDOn the common welfare, anu ny tHSiI
comnntibiIity with the just principle of
Fonal Rights; our Convention however is
20 look upon them in another view, for be-
inc clothed with power delegated by the
sovereign people of the State, who have
already parted with portion of their sove-
reignty in framing the compact Of our fe-
deratiye Union, that body will be called up
ON 70 consider how far any of the laws of
Louisiana, existing or contemplated, con-
form to the obligations Of our agreement
with our sister States.
In commenting here in our own imper-
fec; way upon the subject Of paper money,
we shall for the present contine ourselves
exclusively to an inquiry into the consii-
tutionalty Of the laws by which its issue
is authorized in Louisiana, deeming the
inference irresistible. if the enquiry should
result in decision against their constitu-
tionality, that it is at least the duty of the
Convention to prevent an enlargement of
the system for the future.
What we mean by paper money, all of
course will understand; it is notes of hand
payable TO bearer, and intended to perform
the office of circulating medium. They
may be issued directly by the State Gov
eminent, by county or municipal govern
ments, or by incorporated companies act
ing under charters derived frem the State
Legislature; Of the latter origin is the pa
per money now used in the State of Lou
isiana.
We affirm on our part that all laws au-
thorizing such paper money 10 be issued
are null and void, as being an infringe
ment Of the Constitution of the U. States.
That instrument provides, Art. /, Sec.
VIII. that " The Congress shall have pow
er to coin money, regulate the value there
of, and of foreign coin.'
This power in Congress must, from the
very nature Of things, be exclusive. With
it no concurrent power in the State sove-
reignties can exist, because its exercise
would destroy the effect of Congr essional
action, which is supreme in all things 10 ii,
expressly delegated. Should each State
in the Union set up mint for the purpose
of issuing coin, it must be seen that this
would produce ineXtricable confusion in the
currency, and at the same time virtually
abrogate the authority vested in Con-
gress; or what is the same thing, render it
completely useless. Such State minis
would soon become nothing better than
legal counterfeitng shops on large scale /;
forsthe cupidity of each, in order to gaiE
advantage. over the others, would prompt
the debasement Of its own coinage, TO in
crease in that manner its own circulation
and its own profit. Even if they were
iafuencedby no improper motive, it would
be miracle if all should voluntarily adopt
the same standard, the absence of which
would give rise to unmingled confusion
and increasing fraud
The clause in the Constitution, too,
gives to Congress the power to regulate
the value of money. Such power TO be
effective must be exclusive Several dis
tinct wills acting independently destroy
regularity, and Congress therefore must
be vested exclusively with the regulating
power. Should the States also exercise
this power of regulation, each establishing
its own mint, the power of Congress tc
regulate the value of the coin would be
intangible or entirely neutralized, and so
the ends and objects of the Constitution be
defeated
1t will be observed here that the unlaw.
fulness eff the measures we describe would
consist not in any natural improperly il
the act of a Stale causing to be stamped
certain pieces of metal, but because sucI
act defeats or interleres with the exercise
of power expressly delegated to the &c
neral Government. If this proposition b.
true, necessary corrollary Of it is, tina
the form and manner of doing the thing
are of the least Importance, but that if The
same effect be produced by any other o
analogous acts of the State Government
those acts are equally unconstitutional
The assumption Of power by state of thi
Union to stamp pieces of silver and golc
10 circulate as money would, we conside
1t demnnstrable, interfere with the powe
Of Congress to coin money and regulat,
the value thereof; because it would create
IN the Union two kinds of money-on,
from the Congress, the other from tn
State authority; the latter beyond tn
contros of the former. In the same pro
cess Of ratiocination we are led to con
clude, that a State stamping pieces of pa
FNA WIN HetdI pidtCS NJ Hdtt0I nov
prettIy engraved, intended to circulate a
money, equally interferes, and in the self
same way, with the power of Congress re
we presume that all are sufficiently
conVersant with the principle of politica
ECONOMY to understand that paper is mad
10 pay the part of money by Legislativ
sanction and State protection, just as efFec
tuaily as though the engravings had in
trinslc value, and can and do drive out G
circulation the nnro 80: -