The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-16

anG new Congressman, but q late member Of
our State Senate be hasfurnished very satisfactory
evidence Of his learning, readiaess akin and
ability In debate. Asa parliamentary speaker, he
belongs to the Palmerstonian school, aud as such
he may, If be will, establish solid reputation
| under the one hour rule Of Congress. John
Kelly from the Fourth district, is not man of
much college learning, but he is man Of a prac-
teal mind and his experience in the practical az
fairs OF Life, and bis knowledge of the practical
interests Of this city, may be made emnently
valuable to bis constituents. VIM, B. Msclay, Of
the Fifth is an old campaigner, and his past SER
vices in Congress afford us pretty good asu-
rance OF bis future usefulness. John Cochrane, of
the Sixth, lie man of superior education, of high
abilities as lawyer and political dcbater, and, if
we mistake not, is destined to rise to an enyiable
position in the discussion of the great Congress
sional Issues OF the next two years. Elijah Ward
and Horace +. Clark, of the Seventh and Eighth
districts, are promising lawJ ere, but have yet to
prove the ring OF their metal rs legislators. We
are assured, however, that each will render
good account Of himself with the first oppor-
tunity.
Thus it appears that our city delegation to
Congress is chiefly composed Of young men and
new men On that arena but men Of marked CO.
pacities and ambitious Of political distinction.
To gain this distinction they must now turn their
attention and their studies to the causes aud the
consequences Of this financial crisis, and to its
remedies; and they will be especially required to
inform mselyes Of all the details Of the finsn.
cial and commercial speculati1g and stool jobbing
operations of this city for several years past, as
afoIdipg the key to the whole of these late inda.
items, end the present collapse from tae Canadian
to the Mexican fio4tier. Let cur city delegation
thus be posted up for Congress, and then, with
the reading of the Presidents Message, they will
be competent to held the position they will be
called upon to take On all the great questions
all, citing our financial! and commercial affairs.
Congress alone can relieve the country from
its present enbarrassnents, and these embarrass-
ments will not admit OF the hair splitting dis
tinctions of State rights abstraetionists. We
have had quite enough Of State rights abstrac-
tions and clashing State financial regulations.
The States have their limitations as vol as the
federal government, and the latter has its supreme
powers Of authority as well as the States. The
constitution declares that "Congress shall have
power to lay and collect taxes, duties, imposts,
excuses, to borrow money, to regulate commerce
with foreign nations, and among the several
States; to coin money, to regulate the value
thereof, to establish uniform laws on the subject
of bankruptcies, &c and to make all laws which
shall be necessary and proper for carrying into
execution the foregoing powers"
Here is margin of authority sufficient for all
the practical purposes of uniform commercial
and financial system throughout the Union under
the laws of Congress. The trainers of the con-
stitution clearly intended that in reference to the
finances and currency, the United States should
be unit and that Congress should be the great
regulator. And here we come to clause of the
constitution which, though universally disre-
earded, is still part Of the supreme law Of the
land. We refer to Article first, section tcn which
is as follows
&c., 10 No sss.s shall enter Int, any trcuy, alliance
moue,; emit ,sI Of credit make saythnx bu, god and
silver coin tender In payment OF debts, no.
Now, we say that had this clause Of the consti-
tuition relating to bills Of credit been adhered to,
the revulsion Of 1887 would never have hap
pered, and the revulsion Of 1857 would never
have happened, nor anything of the kind. State
banks State bonds, State scrips, in every shape
and form, have been the fruitful sources Of these
periodical panics and revulsons, SO carefully
guarded against by the fathers Of the cons.itu-
ton. For forty years we have been wranglng
North and South, and splitting the Union into
fragments, upon the constitutional iszuss of negro
slavery but through all this period we have
been, North and South, openly violating this con-
stiution in matters Of finance and currency; and
hence the terrible evils that have followed.
With the coming Congress we shall be CON-
PEELED TO take new departure; aud from the
hints we have thrown out, our city delegation,
ard all the members Of both houses will appre.
ciate the necessity Of preparing for the heavy
practical work of this new epoch In our political
history.