The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1851-03-12

ny q COflhfaHOn. AL t0e0e Uilte Ot Cfttb
deprecated so that one huadfed OF thou.
sand dolsrs could be bought for one dollar.
This depreciation continued until tlIes be-
came Of no value; and yet, both the Sssies
and the General Government made them
lender ia payment Of debts, sometine res
curing that thirty eoniineBtaI dolla,s sho1Id
pass lor nne dollar in silver, in such tender.
How were these bills Of credit 10 be re-
deemed by the General Government IL
had IN neans TO redeem il but by taxation,
and i h I'd no poWeraocompefa Stale topay
rs quota ol taxes. all the Generas Gov~
erumem could do, IVES 10 irqaest each STATE
10 isr, by taxstiOn, its shaue u the debtL--
The United States, under the old eanfeJcr-
a ion, could only Hel upun sovereign Ssuies,
and not upon the individuals of each State.
The request was Ngaiu end again made, but
lste States provided no means 10 redeem
bis raper. They were wholly unaLle to DO
, so. They repudIaied the whole detl. Tier
, could not fedeem even their own bills'of
: eieil. Some States made the at,emptfo
! pay their share sf lhe tsxes, by issuing new
: bills of credit on the funh OF the Stuts, and
mnkingjlhem lender in payment df taxes.
: This but increased the evil rne rcsaltsaf
Y Tim whole matter WAS that il the eis gems Of
State, who wers themselves holders IA
: these bills, consented 10 'he taxed Ia p&y
= them, they were but taxing themselves 10
] pay, 10 many instances, debt due 1hcn,>
$ selves; and if 10 pay the debt due To ann,Ii-
I er, they felt neither able ot willing. The
fahh Of ench Stale of The Gni0n had been
forfeited. Theirsolemnly pledged f4itl, had
Ihaan violafoH and tho IL. -
J. credit injured or ruined. They were III cv.
4 erybody's hands, wholly valueIess.a Tie taH
q Of years was lost, There was noremedy.
a Sovereignty is above all law, and 10 possible
n means could compel a sovereign State to pay
hnl that of aims, and this last remedy was
t n the hands of those agsinsi whom such
:, remedy was to be applied Il swould have
g been the people agains, themselves. iqet
Y The grea, evil was, ,irhat asSmta, gtase real
D deb,oE. could notbe sued. IN .tIisHtrtr Sf
: ihings, the Convention assembled 10 frame
u The Constitution Of the Utie6 States, .yery
member OF which, in all probability. Ind
II suffered from these bills nfcredrt. which, were
:, issued by the Congress of lhe United Stntpa.
Il upon the pIighted and broken faith Of lie
e States. The old articles Of confederation. or
WV OohdN'uh'puf NuH H'iUE0 tiCtA1s Win tN0
words. .~bills Uf credit again aody again
y written upon lis face, mud the members of
Q that Convention wrote down in lie new Con-.
= s,tu,on these words: "No State shalllem,t
T bills of credit" Can anybody msnader-
: stand what was intended by these wordsf--
d They meant that no soyere gn State sla.uld
issne s'ici, paler MS. Il e bills Of credit mem
. iioned IN tie articles Of CO fedeia,ion. AMI
Q what was thalf II Wis abll of credi, Issued
e by aSbeing who could not be Compelled to
4 pay, and Intended to circulate as money. and
n which, at lhal time was nude aleader in the
d payment tf debts. The effect Of this clausa
. was two fold. lst, il i0uk away from the
4 State a power which each undoubtedly pos-
sessed; mud, I'd, il did moi confer that now 81
} on the General Government, M bad been
done by the old Constitution. so that nei,h. !,
eT, now, possess that po~ei. Bui il il said
h that il was intended 10 include hank liz
8 also. II would be strange indeed, il the ira-
J, mers Of that instrument had 80 intended.
g that they did not say SO in 80 many words.
K Why wns It not added, that no sia,e sb II
:. creu,e any banking ircorporaiiona Taes
i well kH"w Of The existence of such insti.,.
! tons, and ofIhe war which, III so,rls sections
a OF the Union, had been CT rried Oh between
v bank bills aud bills Ut credit, the ftields of
8 bills oil credit Ginning that bank bills had
Q teRdency TO depIeciale the bills Uf credit.
a clalul, that II bapk bills wefe ia ended, thew
Il would have been spec tically named
II In tas 0ebales oH the adoption &c lie con.
u stilu;iou, the words Binks, Bank bills, or
e bank notes are believe moi once even used.
Il The word paper nuney rs, hut there was at
"ne time ho paper rnoney but bills uf cred
- aud never isad becu, rs ier bauk notes new.
q er were considered money ar nisie legal
d tender in payment Of deb's SO far as | re,:ol.
g lect, bet biils OF credit were issued f,r. AMI
10 intended 10 cIrculaiea as money and aIl bcrs
: SONS were compelled htake tileTi hs r,nlley.
= They were paper money. The f'onyent II,
,, will perceive that have been attempting Ia
a show ftOm the history of The tiTne what Wa
n meant by the words sblils al credf.n | do
o moi stop he,e, almost immediately aher lie
Il nnopilon ofthe Constitution, the States com !,
j menced 10 incorporate banks and have con-.
A tInued 10 do SO down lo the presels hour -
10 These c0elnDruneoas acts, is snn,e cyis
r. dencc OF the ineaTiig of tlie Eussstifi,tiot,s
I'D but this is sunali NolndtciaIiribuaa 81 fss
- as kn"w, decided that Stare lad lM the
he power TO incorporate Banks They have
ali decided that h State cannot issue iis owl.
u pupetio circulate Se n,oiiey III these cpses
Is. when the faith ~ Tie S,a,e aud tl,m tnlv
IN we're piedgfld FOR the redemption or such M
at per, but never ,hat bank ctifilp sfd n M
no dIyiduals might nut be iheospsr,fed TEL
ie me here pu. quesiioa toih6 gentlemen Il.
81 the bat ~h0 CLAIM tIlat d Blk il inconsti-
a. tu'ioRal Did any DC you eser heat of nny
on lnwyes in any State u aihc UfiDa wIlO ever
nd Claimed b~fo ony judicial tFihnnhi That !
lis bsnk wss nn,soilsi tusiona.f tsha va Nj.
n when sud where did he de suf Aad yetitis
oi ns plPln as noon dng that II iisese Institutions
or are not constitutional, no bond 1T nate eyer
'r' executed 10 them, ao debt eve. due IL
sss Bank could hnye been collected. lfuac0ssl
he lstIiatipnal, then banks iava nnt essn 4 naass
'tf q sue ar 70 be sued Oy, eyers ncs Oftncnr.
be p"rs,iun itself is utterly null a.ld void, aud
WI vet neither ellen, nor lawyeF in drien1isss
ii" salts Al Inv against these institutions W..
n attempted 10 make the defence. pnssit.e
rd1 strange; and YET i any mcnbnf of this ron
not veniloa sho.ild fe,un the opinion shst lie
~. were constitutional, hs ID fruaaunsed whia
b tssd liirHwn1ns pf lhe dnmocfa,ic nffi0 Il
md men lnsinR w less polcu 10 do suss ii VI
on han banks liaye % issue paper. llavs aid
roll thrS mitch to shaw thYt tin .enss,,s,s IL X: