New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-01-08
STOLEN THUNDER.

A great hue and cry is raised by all the journals
of the pseudO-Democratic party over the Msssa-
chusetts Personal Liberty bill, as an attempt by
State legislation to defeat the operation Of an oct
of Congress Even the President of the United
States thinks it expedent to attack Massachusetts,
in his recent Message upon this very ground.
The ground upon which the Massachusetts, Per
sonal Liberty bill was passed We understand to be
this The majority Of the people OF Massachu-
sets hold that the Federal Constitution gives to
Congress no power to legisate respecting the rem.
dtion of fugitives from labor Such legislation
Las however been had; and from an early period ii
has been sustained by the Courts, State and Fed
ersl Ii is now too late for the Courts to retrace
their steps and as no remedy Is to be expected
from them the Legislature has stepped forward
with certain enactments designed and intended TO
render the provisions of the Fugitiye-Slaye acts
.syaluclcss" 10 those who seek TO make use of
them.
IL this proceeding on the part OF Massachusetts
constitutional or otherwise This Is question
which we shall beg leave to refer to the decision
of the Hon. James Guthrie, Secretary OF the
Treasury. In his Treasury Report he thus speaks
in reference to the paper currency, which circu.
lates so generally throughout the United States
and which, from the adoption OF the Federal Con-
stitution to the present moment has always formed
the bulk OF the currency of this country:
The notes of banks chartered by the States Con-
tnuc 10 circulate in some sections OF the country To
the exclusion of gold and silver, except in Govern
men. Transaction; and more particularly where the
hanks circulate notes under the denomination of FIVE
dollars. Thee small notes are mostly circulated by
banks Of doubtful solvency, at a distance from the
place Of redemption They constitute deprecated
currency which no one i willing to hold, and thi.
leads 10 has,y expenditures in order that the loss may
fall on other. The evils Of a deprecated currency
are etesed by the experience of all countries where
such currency has been tried, and in none more GER
tainy than in the States Of the Confederation.
The legislature Of the several States and the
CoDgt of the confederation all issued bills Of credit
during the Revolutionary war, and all felt and ac-
knowledged the evil and the ruinous consequences.
The Constitution of the United States was framed by
the who hal FELT all the evils thereof: and when
provisions were inserted in that instrument that no
State should emit bills Of credit nor make anything
bu, god and silver tender in payments Of debts and
the coming of money given to the General Govern
ment. they believed they had provided for a hard
money currency and against the evils Of deprecated
one: but these provisions nulied when the
Courts held that the States had power 10 charter banks
with authority 10 issue and circulate note. money
II Is too late for the Courts 20 retrace their step-
and give broader construction 20 the prohibitions Of
The Federal Constitution while II u hopeless 10 expect
the States 10 refrain from granting bank charen with
authority 70 ss1e these small notes that the States
VII cocciriH colsrg'ng 81 constitutional prohibition