The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-13
confer upon others he power and capacity to inhiot

ton is exactly the same. The evils arising from
emitting bills Of credit by corporations created by
States greater than could arise from the State
issuing them herself far as currency is concerned
This evasion Of the constitution which is than
an open and manly breach of it, lies at the bottom
of our currency difficulties, and shall never
cape from its fatal consequences until the consutu
ton is honestly complied with. They will then dis
appear as our financial diricGlties did when we
tablished constitutional treasury and resorted TO
constitutional currency, which has fixed value at
home and known one all over the world. As long
this plain provision is violated specializing and
visionary men, who desire special laws to enable
them to accumulate money rapidly, secure such fa-
vors by from the Legislature, through
which to food the country with currency that can
not be made tender in payment of debts, and which
will fuctuate in value and often become worthless.
They will push it upon the community when it suits
them, and withhold it when they choose, and re-
deem when convenient, and refuse when deemed pol
tic and profitable. When it suits their purposes,
they set the laws of the State at Defiance and turn
deaf ear to the legal claims of creditors They often
have such holds upon public functonarics to make
them subservient to their purposes.
A governor of Pennsylvania has just yielded to the
dictation ofpapermoney manufactures, and convened
the legislature torepea some of the penal laws OF the
State that her banks have violated in order to relieve
them from the fear of the consequences If poor
wretch steals loaf of bread to appease his hunger,
or pair of shoes to protect his feet, he is promptly
punished but when banks and bankers combine
and violate the laws, and infict ruin upon widows
and orphans and the public at large deprivng thou
sands of bread and clothes, they compel a weak ex
ecutive to assemble the law-making power to enact
statutes to protect them. Will Pennsylvania leg
slature yield to dctation, and pass such laws Will
they screen those who knowingly infct great evils
upon a whole community and leave those against
petty offenders in force !?
We once heard Rathbon's half million forgeries JUS
tilted because they were on large SCALE and that
he intended to do better hereafter. win tle law
makers bow respectfully because the offences com
mited and the evils inflicted are almost countless and
ruiDously affect millions of people? This would be
offering sort of premium for the commission of
large and numerous offences. Why does not Gov.
Pollock make recommendations to favor the common
people as well as banks? He recommends the pas
sage of act requiring the banks to pay the State
what they it in specie SO his admin
stration from the reproach of failing to pay the
State debt and to leave all the rest of the people to
take of themselves well as they cam And, to
make this task the more severe; he asks that the
banks may not be compelled to obey the laws He
even recommends that they may be allowed to make
dividends to the amount of six per cent, to their
stockholders, while they refuse to pay their
debts to billholders and aeposiors. He thus would
allow the banks to enjoy the profits of their business
without paying their debts. No bankrupt could ask
more than to keep in his business, enjoy all the
profits he could make and be allowed to set the laws
and his creditors at defiance.
Gov. Pollock has exhibited his constitutional read
ing and respect for the work of Washington Frank
lin, Madison, and others in peculiar and striking
manner, and quite worthy of the school of politics
to which he belongs The governor says:
And further relief to the community, and as
condition of the release of the penalties and forfeures
incurred it is respectfully recommended that the solvent
banks of the Commonwealth which paid specie for all
their liabilities Immediately prior to their late general
suspension shall be required nder such limitations and
stctions may be deemed expeden recre The nss Of
each Other oontHmH1 sOrf al par m payment Of all debts due
10 become due 10 hn respectfully during their suspension
the bank banks resuming specie payments to be
lieved from this condition.
Here is an unequivocal recommendation that the
Legislature require the banks to receive paper in
stead of money in payment of debts due to them.
This is in direct conflict with the constitution of the
United States, which declares that State shall
make anything but gold and silver coin tender in
payment of debts" This shows what power can be |
exercised by corporate combinations in giving drec-
ton to public functionares and in setting the
constitution at open defiance. 1t would result in an
entire paper currency, and prevent the resumption
of specie payments If the banks in that State had
issued no bills the people would have been spared
the suspension and the losses il occasioned and also
the humiliatng spectacle of seeing their executive
recommending deliberate violation of national
constitution But for these bills of credit her people
would not, with currency in their pockets have been
without means to pay duties at the custom-house,
or pay the postage letters travelling expenses
or of making lawful tender in payment Of debts. No
bank bills will these purposes. To convert |
them into coin will cost from five to ten per cent
Who ought to submit the loss to convert this paper
into money? Common honesty says it should be the |
banks, who have issued them money to make |
profit by doing So instead of the holder, who has
taken them instead of coin. But the policy which
tbov have coronal1eH tho poyernor In recommend