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

upon the common welfare, and by their
compatibility with the just principle of
Equal Rights; our Convention however is
10 look upon them in another view, for be-
ing clothed with power delegated by the
sovereign people of the State, who have
already parted with portion of their soye-
reignty in framing the compact of our fe.
derative Union, that body will be called up
on to 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 consti
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 conslitu-
tionality, that il 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 10 bearer, and intended TO perform
the office of a circulating medium. They
may be issued directly by the State Gov
eminent, by county Or municipal govern
menis, 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 TO 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.
regntes can exist, because its exercise
would destroy the effect of Congr essonal
action, which is supreme in all things 10 it,
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 counterleiting shops on a large scale
for,the cupidity of each, in order to gair
advantage over the others, would prompt
the debasement of its own coinage, 10 in
crease in that manner its own circulation
and its own profit. Even if they were
infuencedby no improper motive, it would
be miracle if all should voluntarily adopt
the same standard, the absence of which
would give rise to unmnged confusion
and increasing fraud.
The clause in the Constitution, too,
gives to Congress the power to regulate
the value of money. Such power 10 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 to
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 in
the act Of Stale causing TO be stamped
certain pieces of metal, but because such
act defeats or interleres with the exercise
Of power expressly delegated to the Ge-
neral Government. If this proposition be
true, a necessary corrollary of it is, that
the form and manner of doing the thing
are of the least Importance, but that if the
same effect be produced by any other or
analogous acts of the State Government,
those acts are equally unconstitutional
The assumption of power by state OF this
Union to stamp pieces of silver and gold
to circulate as money would, we consider
It demonstrable, interfere with the power
of Congress to coin money and regulate
the value thereof; because il would create
in the Union two kinds Of money-one
from the Congress, the other from the
State authority; the latter beyond the
control of the former. In the same pro.
cess of ratiocinaton we are led to con-
clude, that a State stamping pieces of pa
per with metal plate, no matter how
pFettily engraved, intended to circulate as
money, equally inierleres, and in the self
same way, with the power of Congress re.
ierred to.
We presume that all are sufficiently
conversant with the principle of political
economy 10 understand that paper is made
10 play the part Of money by Legislative
sanction and State protection, just as efiec
tually as though the engravings had in
Irinsic value, and can and do drive out Of
circulation the pure coin issued by Con
gress inst ne cfsctnallv No the issue of n