The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-03-21

but gold and silDer coin tender in payment
of dects, and yet leave them the power OF
making the entire circulating medium con-
sist of paper moncy? Did they deny TO the
States the power to coin money, in order to
preserve uniform cdrrency throughout the
Republic and yet permit the States to create
twenty-six distinct and independent curren-
cies, differing in value and amounts, so as
to create perfect Balylonish confuson?-
They certainty intended that the States
should possess no such power. Their object
was TO "shm and bar the door against pa
per money! They could not effect that OBJ
ject while the States retained the power of
driving the precious metals from circulation
and substituting in their place the paper mo-
ney issued by the twcnty-six independent
States. But we give the view of Mr.. Ma
disQn-the sage and father Of the Constiu-
tion, in relation to the extent of the prohi-
bition to the States to emit bills of credit, as
expressed in the forty-fourth number of the
Federalist. He says:
"The extension of the prohibition to bills of
credit must give pleasure to every citizen in pro.
portion to his love Of Justice, and his knowledge
OF the true springs of public prosperity. The
loss which America has sustained since the peace,
from the pestilent effects of paper money in the
necessary confidence between man and man in
the necessary confidence in the public councils;
in the industry and dmorals of the people, and on
the character of Republican Government, consti-
tutes an enormous debt against the States, charge
able with this unadvsed measure, which must
long remain unsotisfed; or rather accumua-
ton of guilt, which can be expiated not other
wise than by aavoluntary sacrifice on the altar of
justice, of thepowef which has been the instru-
ment of it."
1t may be said that Mr.. Madison alluded
only to the emission of bills of credit direct
ly by the States, as was done during the re-
voluion. He certainly did allude 10 that
kind of paper; but it is evident that he allu-
ded to every species of paper moacg. II
was not the particular effects of any partcu-
lar paper money to which he referred, but tea
all kinds. Nearly all the fathers of the coun-
try entertained .a.deadly hostility TO paper,
money in every shape. Washington, Ma
Olson, Adams, Jefferson, Morris, Mason-all
regarded it as directly hostile TO Republican
government, and all regarded the Constitu-
tion as dvesting the States of the power to
furnish a.paper money medium Mr.. Webs
ter, thesidol of the paper money and mono-
Ispoly1 T8fty in a speech made in Congress in
sae following
nQ nation which had guarded its
cudHSncx VII more care; for the trainers of the
constitution, and those who enacted the early sta
tutes on this subject aoere hard money mesa they
had felt, and therefore duly appreciated, the evils
of bank medium they therefore sedulousy
guarded the currency of the Uuted States from
debasement. The legal currency of the United
States was gold and silver coin; this was sub
ject In regard to which Congress had run into no
folly"
With the paper money party, who have re-
Gently paid Mr. Webster one hundred thou
sand dollars to induce him to take seat in the
Senate, such authority must be deemed good.
MIR. Webster regarded the trainers of the
Constitution Gas hard money men," They
had seen and appreciated the evils of paper
money They therefore sedulousIy guarded
the currency of the United States from de-
basement. "Gold and Silper coin constitu-
ted the legal currency of the United States.n
But before leaving this branch of the sub
ject, l shall present the definition of the
words "blls of credit" given by the Supreme
Court of the United States, and pronounced
by chief justice Marshall in 1880. The
Court says:
''Bills of credit signify paper medium intend
ed to circulate between individuals and between
Government and individuals, for the ordinary mr.
poses OF society. Such a medium has been al
ways liable to considerable fluctuations. Its val
ue is continually changing and these changes, Of
ten great and sudden, exposed individuals TO i'm
mense losses, are the sources OF ruinous specula-
tions, and destroy all confidence between man
and man: To cut up the mischief by the roots
mischief which was felt through the United
States, and which deeply affected the interests
and prosperity of ALL the people declared in the
Constitution that no State should emit bills of Gre
dit If the prohibition means any thing-if tn c |
words are not empty sound-it must comprehend |
the emission of any paper medium by State
Government for the purpose of common circula-
tion.n
This exposition can admit of no comment.
1t the constitution means anything-if the
words are not empty sounds-it must COM
prehend the emission of eng paper medium
by State Government for the p1rnose of
common circulation" So says Chief Justice
Marshall-so says common sense; and so an
swers every honest mans conscience enuui-
ring after the real import of the words. The
robbers, only, whose "craft is in DANGER"
are willing to still the voice of conscience
to set at defiance right and reason-to fatten
on the sweat and toll of the laboring millions
to prejure their souls and mar the beauti-
full system cemented by the blood and labor
or heroes and patriots, to hawk at and tear
the hallowed charter of our national exist
ence, all for filthy lucre and ill-gotten gains.
Does not the law recently passed by the
Legislature, authorize the emission of bills
of credit? Are they not paper medium?
Are they not issued by the State of Ohio