New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-26

e. ne been followed up-ths use OF circulating psDsr
hsvirg been IepIciIed By the Gov
h6vI been constructed, 10 which to store The pubic
usssuIes- ard the stsnoug opc Of oenuncistion, at
oouvsHtrs OF 20 SIS and cites counties and Sistes,
sic Of tie CLon tseE, having beer banks and paper
mercy The Tesulis seer, in tie fac. tbs. golt has
ceased TO circulate and that the Treasury driven to
the rse Of ircony eitible notes.
Su,h is the history Of barking in the United Sts,ss
ell The peace OF 1888 period Of seveutyive yeats,
duIir tie fret fifty Of which the power reserved by
the States had been respected-snd that too, )s,
scruI ulouslJ-by Washibgton, Adams jefferson,
Madison, Monroe, AID the younger Adams where's
we AIKEN the s ates While Strengthening ths central
power. How far The or the other OF tie sysseps
bus described has tended to increase the security Of
persons and OF property by giving to the people that
which You. Mr.. President, so mIcn desire, "a sound
circulating medium the amount Of which hiss been
"sdaptsd with the utmos. wisdom and tkl" to the
needs of cen nerce-thereby insuing thst "the N ~
"ket value OF every msns property shall not, BY
ard thus preventing the incalculable evil" taat
might otherwise be produced-is shown in the follow.
ire brief resume Of the above short history.
Fo' nearly haf cen.uryocuring whi'h bank, and
Constitution under the control Of the local Legtsls
lures their rumber was go prudeLty increased that at
i.s close Il ony s2s. Ia half that time, dprsg
which The Central Government has undertaken to
supenede the State authorities it has grown to more
than AGO.
Fer half century, during which the State author
ties reu ared undsurbed neither the people mel the
Government ever failed ir time Of pt ace, to be sup
piled with coin for circulation. In half that ii ne
unf er the direction Of the Central Government tn
Government and people have twice bee driven to The
use Of an Iredeemabe paper circulation.
For half century, the State authorities 90 MAJ
agsd the bal king system that general suspensoa
ever occurred, except when-dt ne instance Of Me gn-
erdl Gore, npen, aud after hdriRg largely dided that
Cone nmtnt, in The then eristlng rdr agdiHI Great
B,ttaiR-they stopped 10 the autumn Of 1911, aud
remartd suspended ubt the rsturn of peace enabled
them once sgsin to resume tLeir operations. Ia hall
that tine snce the central Government has assumed
10 snpeisede the local ones there hsve been two sus
penic rs that ssve been general and third in which
were embra ed all the States that had followed the
lead Of the cens power In prohibiting the use OF ths
su sller notes.-the only States that fId not thus sus
r.nd haring been those rhlch had persisted an tie
d,rminaion 10 regulate their currency for thenselrss
OLce again the suspension has ceased to be general
and would now, Mr.. President, ask your particular
attention TO the fact that all the Saes VITA oeaeve
Int ore exception that use small notes, have now
resumed while aH gf those, run one ereeR'0". hdf
hare prohibited The smaller notes, remain suspsEded
Such Mr. President, are the facts, snd berg such,
they furnish, l tbiEk. reply that Is most con
clu,ive 10 the argument you have Just presented 10
favor of an extension Of the central power. All OF
them having passed before your own eyes all OF them
have been known TO you, but, by reason OF the ua'
easing demands upon your time in the varOu: honor
able offices you have been called to fill, msny OF them
lad doubtless escaped your recollection. Lad it been
otherwiae you certainly Won have besiated before
|
vbose irurous influences had been 50 fully demon
sirstee.
While Recognizing the authority Of the States ss
being beyond the reach OF any diiect assault you
suggest n mode by means Of which, power may COW
be centralized in the bands of Federal sgene; and
get the mere fact Of the necessity for resotng to
means indirect, would seem to me to furni;h proof
cor elusive Of your 1t is within the pc Of
Congress to establish uniform ls~s ON the subject
Of bar lrup.css throughout th- ULied Ststes;" but
it being not within it to ruact any law that shal
be of geneIsl application 10 all the people of the
Union, the enactm, Mt Of such one thai you no
suggest would certainly 10 be a direct violation
of tie Constitution How far il is within the power
Of Congress- TO pass law that shall embrace both in
diyidusls ard corporations it is not fer to say but
certain II is that enr ent jursts have held, and do
tt hold that the States did lot, when accepting the
Constitution giant 10 Congress any control, wha.so-
ever over corpOI atoms holding their existence u1der
the local law That however IIr. President will be
Que s,0n of al al inpOrtstcs, II shaI have SUI
cseoed in saaly rg you, tina. all the monetary dii.
cutes wa have experienced, and which you 30 wei
oescibe have had their lin IN the attempt to With
draw from the ates the power reserved 70 them by
tie Constuion-ia an excess OF centrslLih)n, aud
net ia any excess Of locaiZaon.
We ars told, however, that the quantity OF gold nov
in tire country amounts TO less than $3.50 OO oOO
and are therefore urged 70 forceit into IL may
ke co. that there is that quantity but, If So rtere IS
IT. A year since, the banks had so OOO,OOO; ana
hey have more uow. year sece tue Sao ireasa a
res held so 900 0C0; Tow they have soOvp WD
Addirg toa ether these tao sums, we have so OJOUO
leaving s!oi 0oO 900 yet to be accounted for.
Where may they be sov,di 10 use among the peo-
Pic they certainly are no. for the largest c;Galaaoa
Of od ard silver vse cannot exceed one dollar per
h. sd-gy Jog $50 600 coo a. the quantity usefuiy en-
pIoyed and Leaving Too COZ yet TO be discovered
Where must they be sought III anywhere, tney arc
boarded. Why are they boarded Because tue
Goyepme nj sets the example OF Jardnk the Pre- ;us
ne all and .hus teaches the people what 1t u that
thew then selves should do Because, for twenty years
past the Government aGd lts friend. have denpuncsd
md hank
worthless rags. Because, in oppoeihon 10 the praj
tice of ill really enlightened governments our oEa
hes been for the AIT i've and twenty years, eoStsa
in an slucst unceasing war upon private ored. For
thee reasons il s that the precious metals are nov 30
,yttrsiyely boarded ard while 50 boarded as u-eiu
as an equal weight OF pebble stones would be.
How can all this god be Brought into active clrcul,
tani An answer TO this question, ar. President may
be fcutd in ole Of those delightful fables, thtt you
in e.rly life must have Ten read. The Wild and me
arr dfere one day az to which could most rsadlY
compel a traveller to lay aside liz CLOAK Inc
WIND commenced bowling with all his might
but the hsrder he blew the tighter the cIonk was
held. Tie sun next TIED his hsnd-darting ms
waInest be ANS upon the travellers head. forl;
sfo,e the lapse of many moments, 1t va, thrown
aide. Hero, Mr. President, 10 great istsep
by tfe study Of which the sovornment nlgnt
larctly profit For more thsn twenty years your
p1eet cssso.s have been endeavorl ~ 10 i'rcs tns
teop,e 10 the use ct gold-setkinS TO accomphsh
ths oliec by OF the anni,s ion OF tus cfed.
~ bar K. and individuals; but the effect, a. yer ha
beer opl, that ct driving il ont Of ercalAucS, ana
nto pnyste hosrds the amount of which Is Prooioiy
imneIse.y eIest Having psyed tue pst OF he
wind and fslled let it no~ Nc. President undertake
et Of the .un-seekrg to 10 tue confidence 81
tie eople in one srOther, and the effect vi sfsco
be .een, in TIE IesppeaaIce OF the % ina, - nov
40 useless. Lei this be done-let the tea'aIy slls
mon he peope instead of fro Errg upon them ell
Ike common cause with tbs proc lcaS cases, ava
10; with The tr,y umirg onss-le: Il oea,e ~ y
mike wsr upon the powers OF the ot"ssgsld y"t
W Le - - -.an. ui,lurn directly the