The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1857-12-26
y. v. MAYNARD. EAiasr.

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On sas ~n Hs, ,s"a'~a0'e uos."s INV
ifom ienafAso'o SOURCE Ds'' "' = - /"
very dis'nse"aoos oocu"en'' 40 ~ p'opo's
70 snow. 90.
"A consequence o. 'ne s.eau .eN'0.'
revenues derived from ua.es on i"po..'
from sbreau, tnc fle'iucn' - - 'n' 0p'"
ION that q loan may % Necessary osiole 'n'
close OF inc present se's,o. " o
or,an otnef "o'us' 'ne lo.0fal uv'e'uHe.'
is pecuniarily emoafra'seu' suu 'ne ea
dent proposes 70 ISSUE itsasury Nosss ~
meet 10 'M"'i's'es' ANU 'D's WV !" 'ue
face OF the iacs' sns' ELSEWHERE IN 'n' s"ms
document, nc ucnounces tne y stem u pAnA-
'ng, ana passes . glowing euloey upon 'ne
specie sab-treasury, ana returns MS 'nanA.
to tho independent treasury. 10 our mlno
there is not particle OF diiierenc c IN Prln'
ciple, between issuing Of treasury Notes
by the feoeral Government " meet CON
tngency, ana notes issueu W coipola 'lp''.
or INDIVIDUALS, ior 'ne same purpose -.
The President tnen 'nduiges !" PronA
di'quisltlon upon the cuffency' oshAs' o"n.
ing, the tar'n' anu the la'e hn"nc'al reVul.
sion. After stating tnat II IS inc duty OF
Congress TO enquire what mas Prooucea
soch unfortunate results anu Wne'nel 'neif
recurrence can DC prevented, ne very e'n SIN
gularly comes to the conclusion that IN e'fh-
e' aspect q me case u can 40 OUT t't1e,
and that, "aiter oil, We must NANNY rely
upon the PATRIOTISM ana WISDOM OF Tue
States Tor the prevention ana redress OF
the evil" II Congress has nothing to DO
with this matter, why did the Pres'dent
deem it Unnecessary and cxpedient' to ere
commend to their consideration such mea-
sures?" We cannot tell, unless 1t were Tor
the purpose OF showing OF his inconsistency
at the expense OF the Government, and
smoothing over the tariff question, and lay
ing the blame of the late revulsion at the
door Of Gan excessive and irredeemable pa
per currency" The President further says,
that the 'best and most enterprising men
have been tempted to their ruin, by excess
siye bank loans of mere paper credit. p
This is very true, and tho President should
have taken warning from the fate Of indi-
viduals, and not recommended to the Fed
eral Government, pursuanceof the same
suicidal course. ' sa5 o., '@7 NJ go
The President admits that "it is one Of
the highest and most responsible duties Of
the Government to insure to the people q
sound circulating medium" but very
strangely says, that, "unfortunately, under
tho construction of tho Federal Constitu-
ton. which has now prevailed too long to
DO changed" this duty has been transferred
from the hands Of the General Government,
to that of fourteen hundred State Banks
thus doing injustice to individuals, as well
as inficting incalculable evils upon the com
munity. Here, after acknowledging the ex-
istencc Of Banks Of issue as in direct con-
aict with the Federal Constitution, the Presi-
dent declines to take the responsibility OF
bringing the Government back to the exercise
OF its legitimate functions. Why? Be-
cause the construction has prevailed too
long to DO changed!' This contemplate
snbterfugeis unworthy even JAMES BrcH-
ASAS. Opposition to banks has ever been
cardinal principle in the Democratic creed,
and now the embodiment OF this immacu-
late party, refuses to carry out what nc ad-
mits to be the true intent and meaning OF
the Constitution, solely for the purpose OF
prolons'ng the existence OF fourteen hun
dred State! banks" ana thereby encourage
ing "vicious system OF paper currency and
bank credits, exciting the people TO Wild
speculation and gambling IN stocks" II
the construction OF the Constitution in rela-
ton to banks, has prevailed too long to be
changed, why did not the same argument
hold good IN regard to the construction OF
the Constitution repectlng the prohibiting
OF Slavery in the Territories? That con-
struction prevailed fully as long as the one
which the President is opposed to disturb
ing. We suppose from this, that it is only
when there is "colored man in the tim
ber," that the President falls back upon
what he is pleased to consider the true con-
struction OF the Constitution. Inconsistency,
thou art, indeed, sjewel!"
TX -.