The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-10-23
OTOne of the prominent topics Of de-

@One Of the prominent topics Of de- |
bate in the next Congress, will be cur
rency and finances. 1t will be presented
in new aspects, and new elemental prin-
ciples will be deduced from the recent
facts revealed to us. If q return to the
original designs Of the Federal Constitu-
ton can be attained, the sufferings and
disasters of the present day will be fully
compensated. We find in every step of
our history as we depart from the wise
provisions of that periodically inspired
instrument we entail trouble and ruin
upon the country. The trainers of the
constitution evidently designed to give
the entire control Of the currency of the
Union-which from its nature is the
common measure Of all values in the
country-to the common head-the CEN
trail power-which alone was to have the
sole power to regulate commerce. Cur
rency being one Of the essential attri-
butes and agents Of commerce, comes nat
urally and necessarily under the power
that regulates the principal. The grant
of the exclusive right Of coinage to Con-
gress was designed TO give the entire au.
thority to fix the standards Of value, to
the General Government. In that day
it was supposed that, that authority
would embrace all control OF what would
be public currency, or which could be
embraced in the term money. At the
time of the adoption of the Constitution,
State Banks were unknown, and almost
undreampt Of The only one in exist
Snce was the Bank Of North America, in
Philadelphia. established by the Cont
mental Congress for national purposes -
The trainers Of the Constitution had as
little conception of the growth, power
and usurpation OF the State banking sys-
TEN as they had Of the future achievements
Of steam navigation and the electrical
telegraph. No human foresight could
have penetrated what was then concealed
in the counsels Of the Almighty. The
only Interference by State authority with
the currency they had ever known, and
the evils Of which they had had any ex.
perience was the issue Of Treasury Notes
or " Bills of Credit - by the States in
their political capacity. And against this
interference, with the subject of the cur.
rency they had entered positive prohibi
ton. The Constitution declares /:
SEC. 10. No State shall enter into any trea.
IL, alliance or confederation grant letters Of
marque and reprisal coin money emit biz.
IF credit +; make anything but gold and sill
yer coin tender in payment of debts, &c.
This prohibition has been gradually
evaded by granting to corporations the
power to do what the State itself was
prohibiting from doing. This violation
has been tacitly submitted to, till by
long acquiescence, it has become an es.
tabhshed usurpation-pleading prescrip
ton as right. 1t has indirectly OBJ
tanned the sanction of the Supreme Court
the supreme expounder of the Constitu
ton. But the opinions and DEGREES o
that Court are not infallible nor eterna
law. We have recently had some forma
neutrality-suspicious. and misconstruction
by that august tribunal corrected, and il
the coming discussions, with the new
lights and superior guides which expert
ence has furnished us, we trust that tn
palpable invasion Of the power over tn
currency which has been stealthily effec,
ed by the State Bank theory will b
driven back, and barrier erected agains
it for the future. We 60 with that pal
ty that shall pledge itself to sustain an
defend the only constitutional currenc,
KANSAS Allegations Of most inf