The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1847-03-19

that high handed privilege, we cannot allow
it to associations. I! is true tina, paper mon
ey does not get currency, asr remain in cir
culation BY the free consent OF the CON-
muniiy. Every branch Of industry is com
pollod to take it, or be discontinued. The
pressure efths laws and os the custom which
is supsradded are equivalent to coercion.--
The veod sawyer must receive his pay for
work in paper money, or affront the mechanic
that employs him, and has received the
wages for his work in paper money. 1t is
not true that ethei Of these classes would
voluntarily receive and circulate paper in
preference to gold and silver, but they act
upon the compLlsion Of circumstances.--
What merchant dares demand coin for the
notes of bank in his own cityi Ifho should
be rash enough to do it, what bank 80 hum
BILE as not to insult him at the time,
and persecuts him afterwards? Is he a free
mani
But paper money, Mr.. Speaker, is opposed
not more to the first principles of justice,
than il is 10 the wisest provisions of the
federal constitution. The powers granted
" OUURiCSo utO VHullOidtUu COHbuCuNNClJ
in the sth section, Article lst, the limitations
on them principally in tho 9th section, and
the prohibitions to the States IN the 10th
section. In order to understand whether
any special power be exclusively vested in
Congress, it is necessary to read the terms
Of the grant together with the terms Of the
prohibition. The. grant of the coinage pow
er to Congress is given in these words:-
Congress "shaH coin money, regulate the
ualuc thereof, and propide for The punish
menl Of counterfeiting the current coin of the
United States" This is one of the first
powers givon to Congress; and we shall
find that one Of the first restraints imposed
on the State is the following: "No State
shall coin money, emit bills ofcredit, or make
any thing but gold and silper tender in the
payment Of debts" This correlatve prohi-
bi,ion on tine States though found in anelher
section, is undoubtedtedly to be taken in i'm.
mediate connection with tho foregoing, as
much SO as if it had been found in the same
clause. The only just reading of these pro-
visions therefore is this; Congress shall
haze poDer to coin money and regulate the
ralue thereof; but no State shall cein money,
emit bills Of credit, &C."
The whole control therefore ovei the
standard of value and medium Of payments,
is surrendered by the States, and vested by
the constitution itself in the general gov.
eminent.
To coin money and regulate its value is a
part efthe supreme power of the Congress of
the United States. II is in its nature an ex-
elusive power, and can only be exercised by
the body having authority from the people,
and as the people have directed, It must be
exercised. In no other manner, and by no
other agency than the constitution provides,
can money he coined and regulated through
out tho Unrun. 1t iD highly expedIent that
this right so delicate and important shoald be
withheld from all others but that body, which
is the representative Of the people of all the
States. Now then sir, the power to create
includes tho power to preserve. Congress
has the clear right under the sacten quoted
from the constitution, 10 protect the coin of
the general government. not alone from his
attack who turns bullion into coin; but against
those other moro dangerous attacks made
upon it by the host of counterfciters who
adulterate it with copper, brass or paper
The power is not denied as to any Of these
except the last. The federal law takes in
slant hold of these offenders, and judges sit
IN all the majesty Of outraged law, to pro-
1ounce heavy sentences upon them. But
he bankers having state license reduce the
'alue of the currency, and thereby expel gold
md silver, as well as adulterate it with i'm.
,unty. 1t is far otherwise with private
,itizens who are liable for the identical act
% fine and imprisonment. Their magical
would not pass current fer day
Unless they were under the actual par value
Of gold and silver; and they usurp by that
very inferiurty the higher place of coin.
Money disappears with the appearance Of
oank paper, and the useful, if not indispsns-
lble power of coinage is valueless. What
vas meant 10 be the medium of exchanges is
struck out ofexistencc by this pallry substi-
ute, and the multiplied agency Of it's allies
,fevery name and nature, good, bad and in
liferent. 1t is my opinion that the fsdaral
courts have the power to suppress all paper
money, and that it is the solemn duty of the
Judges who have sworn to support the consti-
ution. There is no doubt that the founders
IF the federal constitution designed hard
money fiscal system for the use of the con-
iederacy and of the States. Tha. The su-
oreme cour, of the United States should
,ave betrayed their trus, in this particular is
probably their heaviest delinquency, and grie-
'ously have the people answered it, That
hat tribunal will ever be so constituted as to
enforce the law as to the currency, can
'asily hope; but do not implicitly believe. II
I'm less concerned about it because this Lie.
,islature to one branch of which | am ad-
lressing myself has ample power, and will
hortly by their principals-the paaple-ha