The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1851-03-12
Here Mr. K, lwi,Iloul coneIodingl gave

hP. Lawrence, upon whose motlon ulS
Convention Sdiourned.
THURSDAY, February q.
Nj. Kennon (beIpg eniuled To the floor
said II is very unusual for me TO occupy
tho floor 80 long, but ! could Lot define my
position upon this question in few words.
1 um under special obligations To the chai'
for inIimatiDg to me what is the true state Of
tho question. shat! eHdeaSor TO sl'ck to II
and keep in order, thing seldom done in
this Convention. ....
The amendment Of the gentleman from
Guernsey, lMr. Lawrence. authorizes tn
Legislature To do certain thiflgs whilst The
OF the gentleman from Mnntoe.
Mr.. ArchbOid, Is loproh bu Ihe Legislalure
from doing CERTAIN things. The one propo-
ses 10 confer authority, aud thu Oacr prup">
ses 10 take it away.
The great object Of Constitution is 10
take away, not TO delegate powers To The Leg
islative body; and to my mind, most con-
elusive Argument could be drawn fIom tbs
fact. have endeayored 20 show, that the
amendment Of the gentleman from Guernsey y
ought not TO be adopted, brcuSe II ls IctT"s-
peclive in its operation. The amendment ui
the gentleman from Monroe looks to what
the Legislature shuuld nul do. shall now
direct my attention TO That.
II is undoubtedly the design Of the origi-
nal amendment to reach hack aud assert the
power Of repeating all Luuk charters: and
The principal reason ior operating with this
power upon the banks is, the ussnmp,i that
they are all unconstitutional, hnpe, there
foro, that ] sliah Le in otdei whilst attempt
TO show thai b0nas are constitutional.
In my argument, Oh yesterday evening
against the amendment oi tie gentleman
from Guernsey, said lha, such p'oyis'oi
as ho proposed 10 puI into the Constitution
would look backward, unless il contained an
express provision, thai II should be Only pros
pec,ise. showed also, that the inst rl"n ID
either prospective provision of this character
could not confer particle of over upon Ike
Legislature, which that bndy docs not now
possess--not q particle, |, would coIlsr nc
muie power upon that body, than the rtsolu'
ton of tho common Counsel Of HE city o
| Cincinnati, or ward meeting of tbs city,
HIS uODulG4 al WV i'AhAf wv L
fight about nothing. ! confess, however
thut 1t has had This one riiec': the etf"c' u
turning this body into all acquisition fer the
trial oi the political faith Vi unen upon mere
question of Law.
Bu, when we come 10 look at what will
be the effect Of such provision upon iu'ure
charters, il becomes seIy important ques
tiun. For We have undoubtedly The power
10 prescribe in The Constitution shat a char.
Ter shall never be deemed cun,Iact; unc
that i. may be repealed.
| Now, | deny that our banks nre uneonsii'
tutioual and that their charters nnghl 10 bt
repealed for that .eason. For il they were
no, constitutional, they might be repeated a
any time by writ Of quo Varranto, or even
by act Of the Legislature, aud they couIt
nn. complain. The whole "i them night b'
bIowcd out by single Dash Of The pen.
assert that as my individual opinion.
iius the Legislature ol OHIO, n of aLy
other State Of ihis Union, the power 10 Gre
ale banks of discount md issue.
Le, me suppose lew things here which
think must trouble some cf CUR fEiendi
very much. Let US repeal, if you please
oil the laws in the State ot Ohio upon tht
suhJec, Of banking, Lea US have every bauI
II. the State out Of existence, aud start anew
The constitution of the United Safes pre-
sc.ibes, that no State shall emit bills of cred
it, nor make any thing but g"d aud silver |
tender in The payment Of debts. And nov
lei Mt. Longwot,h or Mr. Burner, of tti,
city, or any other man OF great wealth, issu!
his no,o Of hand in tho precise form Of I
common bank note, and lie, him sign it. |
is payable in specie, on dcmand. And le
another man go 10 hin and say, "Sir, if yot
will le. rue u"o this note oi you's, will give
you my note payable in six months. wan
your note because it will pass as currency
The man Of credit consents, aud the note
ore exchanged. All the ference betweeI
them being thu, the one beats interest an'
the other does not. Does any man suppos'
that would be On unconstitutional exercis
of puwer on the part Of the wealthy iudtv,d
ual? And II one nlau con do such thin
consiitutionally, cannot company Of two
three OF more do the Same thngi IL is
common Law riga, which every ildividua
may excrcise, uulcss restrained BY staIut
of his own State; and ,et no man would llIin
no was violating the constitution Of tho U
nited States in go doing. ~
|, is then allow able by the law Of the Sta
} (iho common law,) end is 80 much author
J lied as il positive statute Of the State ha
passed In favor Of such exercise of power. =
But, cay gentlemen, tho constitution Of n
United States provides that no State sbs
emit bills Of credit or make anything b,
gold and silver a tender IN pnyment Of debt
, One great questi0n ia the dsiermina,iu
7 Of the mean.0g Of "brIls Of credit" is VIII
: did Tho frnmers Of the constitution Of ii
: United States mean by these wordsf In III
; articles Of the confederation which exsie
at the time Of the formation of the cons il,
y Iion VI the United States, the exptessit
. ..bills Of credit" 10 used again and again, NJ
toe articles themselves provide that tie "bil
Q Of credit" issued belole that time by Co
i eress, should be redeemed, and the faith
: the Uniled States were there pledged {
their redemption. NJ, only 90 but the a
$ ticles Of confederation authorized Cungre
! TO issue "bils Of credit" all or nearly all Il
u States had issued them. nEd as hive beio
u said, ,hai al The time Of the adoption Of d
n United States constitution, more than h,
d hundred millions Of these "bilis Of credi
: had been issued by Congress.
q They are the same which were afierwai
q called continentsl money. They were /
: only issued by S,aics and ,he General O.
= lsrnmen,, bu. they wore expressly made
! Ilcgal tendersia payment of oil debts, D
lCongtess al one ,ima pissed TesoIuti
] requesting each Siateio make the bills