Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-04-01

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for the purpose Of nominating sa ticket
t6bs sdPportea lai 4 The Z ensuihAsilng Spring
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BE, .ss5D sasr cd wht Truth I'll 9s. ssss1 e.
y. There Is il the n Constitution Of the
>. United States acolause declaring, that
! no State shall have power to coin mon.
4. ssys Or emit Bills Of credit. .alY ct, strange
3 as il may seem, thesevery States have
Issued bills ol credit, almost Without
! number.a These. very States have
through The agency ofcorp rporaitions \ ere
! ateda for, that purpose virtually "comed
money" and"emitted Bills Of credit"
and are now doing the same in open
violation ofthis constit itutional provision.
~Woaake Che position that the ennis
sion, Of paper money by corporations
yereated3(or,t that purpose, is plain and
palpable violation Of the Constitution.
; supportaet His position we enquire,
Does the phrase, ,"Bills Of credit" mean
:. paper money? Says Judge Story in
his commentary on the Constitution
.'The wordsemit is never employed in
adescfibing those contracts by which
a State. binds itself 70 pay, money at At a
future day for service actually received
aorfor money borrowed for present use Sc
nor are instruments for such purposes
in sdoeimon iangnage denoE,ina'ed Bills
Of credit to emit bills Of credit CON
veys,to the mind the idea, Of issuing
paper intedded oscircolate through the
community !. as s money Il ,SJ1 which c paper is
redeemabIe at q future rsday" The
phrase as we.l,aveseen was weltknown
and generally urged to- sindlcatesthc pa
pc: currency, issued BY tRe States duf.
ling 'iheircolonial dependence. During
the war Of the : Revolution II The paper
,curfsncy issued by Congress was con.
stantty demonstrated in the acts Of that
'bodye"bills of!credit." And the ike
,ap,peua,ion wa, was applied 10 similar cur
rency issued BY the States "The
phrase .had.,hus acquired % deteyminate
and appropriate meaning" -eFs' 80
Could Language Sbe more clear to
show the. settled meaning Of the words
"biIIs of credit" They do not. mean
State Bonds or State Stocks Or Ger
,iicategfor borrowed dmoney-but pa
per issued 10 circulate as money re-
desnsabies at 4 future day. Such, II, i
The knoWn and settled meaning of this
phrase, and such being il. meaning
who "a can doubt that the Trainers Of the
Constita.iono intended TO prevent the
creation and circulation ofpaper money.
A moments attention to'other partsNol
thecoDsitution will satisfy every can,
did mind that such was their intention.
WIN we're 3 the States forbidden to
coin moneylujAnd why wasl,tlhis pow,
ersgiven ito tho national government
we think thig power asgiven 70 Con:
gressto;epsble tito establish a uniform
standard sof. value. Il was takenHfrom
thea Stase'to prevent the establishment,
ohitssp different staadsrds Of. value
result which would have bee1softdis.
astrous@consea eaaence 10 ialIlcommercial
.ranaa ct;onslI sa4aada eias MI e
""''s@s' .aagi .gs tssH
Again, the power to coin, money
would bayaIbeeh Of no possible use to
the national government, unless the
States Merafmbidden to emit .bilsEoI
ersdits .FoEifiheSatesI we're allo wed
to create q fifculaipgrmedium which
wauld oncoutds be B made TO- take the
place oftgpld and siIyeE they would in
effedf havesaifs poweratoa coin money
anafk its'yslds, And just il proper,
ton asathespaper currency created by
the Sta,es ssbscarpe The substitute ofihe
na:ionaL Icurrency,sin just such proper.
ton wohld theyacfercise that power