The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-11-18

Commerce is capital exposition Of project which has
been recently proposed by Messrs. Fillmore, Clngman
Ac and II is said is about 10 receive the sanction Of The
Secretary OF the Treasury. We hope not The circula
ton OF the country was never in better condition than
Mt this moment under the auspices Of tho independent
treasury and the tariff We had never more Of
the constitutional money-ihe gold and siver-whicb
are such essential elements Of every sound and solid cir
culation. The New York Journal takes the bull al
by the horns and attacks the proposition on con.
situtionaI grounds We also protest against the crea
ton Of treasury notes for the purpose proposed We
deny that Congress has any power under the constitution
to issue them for the sole purpose Of increasing the cir
cuaiion. Congress may Issue treasury notes some
times better expedient for making loans; treasury
note being better form for the holder. and theIeors
desirable mode Of borrowing his capital for the use
OF the treasury But to fabrcate treasury notes as mo-
ney, is at with the constitution itself, well as with
the true monetary system Of the country Congress may
regulate the value Of foreign coins Congress may coin
is, gold, silver. and copper but when you
speak OF coming paper. Is solicsm in terms, well
as confusion Of IDEAS We seize the question, there
FORE upon the threshold. and deny that Congress has
any such power; and unless we mean TO friuer away
the consutios as seems be too much the order Of
The day. becomes every friend Of the true theory Of the
constitution to set his face against the whole project
From the Journal Of Commerce
NEW NATIONAL BANK.--There have been whispers for
time past OF scheme for conducting the ma
ton 10 the next Congress Whether il Is likely that such
experiment will be made we know not. IL is probable
North Carona Of which We have already made mention
for the issue Of currency founded tho stocks Of the
snd 4 Is ss the es
Mr. Clngman foeler Is put forth V ascertain the
OF the public in regard to the plan Viewing i IN that
light acquires an importance which subjects il properly
careful consderatO ton. 49, u n sss9 IN
The scheme is founded the New York plan, issue
based the public debt Of the State which The
ssuers pledge for It's redemption; and we understand that
like measure under the Authority o: the general govern
ment and based on the governmen. debit IL proposed o
extension the United States. Mr.. Cingnans
~boS an o. .peo.
Others desire merely the New York pan and both will be
We have no hesitation in pronouncing i.---come from
what quarter il may, and however end BY whomsoeyer
he Constitution, and likely % prove ors hur.n 10 Ii.
country than the exploded plan Of a national bank.
-. In the s mrs, place Is oandes On Of
well established theory in regard 10 constitutions 10 h
ss 81 ao
renty with the general government but exclusively The
Stale constitutions are examined, 10 see what limitations
they contain grants of power the fret instance unm
tied in the national constitution, on the other hand
loo. among The spesosons Of powers 70 see what are
is and in the latter what granted The power
incorporate is not excepted from The the States
and is therefore xsrcised OF her ordinary
il is specified in the grants the general government
and its exercise in two instances has been dispuedha
been the occasion Of contests which the business
nifty do desire have repeaiedis mach moo,ed
question among statesmen any that be raised-sa
never be exercised, at least in connexon with the delicate
subject Of the currency.
designed but general auihorzing all choose
to unite in the business Of banking and the Issue Of
thoroughly OF The States
than any that could be framed Each State is welded
expedient leave uniouchsd. They have right
this exemption except when power them has been
norlze partnerships conduct banking they may slsOD
conduct business generally, mercantile manufacturing
deposited in several States when the general govern
ment decides TO enter upon these domestic The
respect. from those now IN operation Which would Be-
olowedf Which should control
have S po~s oo one s q
the value hereof NC, that say. the value OF coined
money The character and object Of this grant very
similar to that OF establishing uniform standard Of
weights and measures Al the time Of establishing these
provisions there were three Incorporated State banks
and they rfsd authorize Congress incorporate In
cooperating for the business Of banking therefore
reserved and this expsessy refused Inc wise men.
that Of c6nng money and regulating value and that
Of foreign coin This authority Is ample for oil the pur
pose. 81 the general goyemmen and should be confined
attended with disase and the country has been obliged
e,saoe the path and return 70 the simple but efficient duty
exported NJ its hands. liitt -s ~
l. The issuing Of ourtency founded the govemmsu,
debt, Is experiment certain end in diculy-perbsp
In the overthrow OF the governmenL The example Ola
single STATE In this Tespects not important is unvsr
salty y w.. condemn. the plan I. anysI.slI % a.
lac adoption by the national government would involve hs
surrender OF iis chief and imperative duty rsgsdps
r(v dslxf A. xr.I ALI
promised be paid such coined the mint
posed Of metal oil known weight and fnsness To prevent
uctuaon. and insure security and certainty in operations
but gold and silver tender for debt nnade provision also
for the Of tribunals enforce the coectiond
debts in gold and silver Whai does the Issue Of currency
sod sns Ss which he po%ao Of S but
that say debt incurred for that product
propose I certain effect 10 increase Immediately m
msr when ABUNDANT according ali sI Renee drive, d.
later away tgoes places where tcsn buy chespwhen
does no. compeie with currency that raises piice. IRON
mere ssuod.n .ns sp r. daily Wide,
Of performances come az last 70 Be wanted the con
IL be hsd explosion What docs The gepen
ssd s ,ssS The SsSs hoa ne
Sa sos . Der pss
The m.s.s., with an s.sss.ioa e hand. respectfully o.
per money s 70 Be measured by the coined money
the general auction sale u 10 snssd
to make il that dsrk day that the government CONTRARY
vast po,ser and enormous dealings and unlimited public
domain enabled II ior time 10 carry the experiment @
wsd,o ss. sn.ly ,ns''s %.any . Y, S..
ton rss up. and exhibit 70 view The organic principles
which they stamped the constitution, and which 10
evil hour were ana sy Az nsvs yos NOV p,
uefl00C8 .a T p y f IA Ill.