Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-12-02

n VIE oA1LfHNIUlt OF DuA ~ EplHtiNllAouf /
there could be no more difficulty in applying
the RUE in one case than the other.
Here Justice MeLzAS admits the same rule
applies in the case Of coinage and bills Of
credit and if he would adopt MLRsHALL's
definition Of a bill Of credit, all difficulty is re-
moved.
And further. Here is the Court directly and
iatiy eontradieting the proposition Of the gen
tleman from Belmont, and ! prefer to answer
his argument in this way. Out of the mouth
Of the Court 1 eOhdemn the proposition. Once
admit that a bank bill is Bin Of credit, and ]
have the Missouri case, and this case, and | an
inclined 70 add Justice MCLEAN, and Chief
Justice MARSHALL, and Justice STosH, and
others Of the jurists Of the Federal Court, in
favor Of he proposition, that these issues are
unconstitutional. Justice MCLEAN cones right
square out and says SO, and it is only en- ac-
count Of The ambiguity Of the phrase and the
difficulty Of determining the precise meaning
Of a bill Of credit, that be does not apply the
same principle there that be does in reference
20 coinage. He says 50 in his own words.
Mr.. President, lssti It might be supposed that
! was dealing a little unfairly In the examina-
tiol Of this case, | consider it proper to repeat,
that Justibe McLEAN decided this last case in
favor Of the bank, and to admit that Justice
SroHY, who furnishes rs with this definition in
a way and With an authority that makes it IN
questionable, took occasion to say, that while
a State could not bank, and while, in bis opin-
ion, the charter Of the Bank Of kentucky was
unconstitutional-a State might incorporate
any numbero OF its citizens TO do that kind Of
banking. Let Us read what be says:
= III Ca9HnE 81 - Ill =,
other corporations, upon private capital, and,
90 far as this provision is concerned, may right
fully authorize them to issue notes or bills as
currency"
ask the ear Of the Convention to the re-
msinder Of this remark:
"Subjeet always to the control Of Congress,
whose powers extend to the entire regulation
OF the currency Of the country"
What does this amount to? Justice Story
says that a State per Sc may not do banking,
but that it may incorporate A, B and c to do
it, " subject, always, to the control of Con-
| gress,D &c. The gentleman from Belmont,
(Mr. Kennon,) takes issue with Justice Story,
because, if his argument amounts to anything,
Congress has no control over these tissues.
What means the declaration Of Justice Story,
but that the ultimsts, supervisory, and supreme
power over this subject, is lodged With the
General Governments If the power be there,
! it cannot be in the States. Suppose the State
TO charter a bank and authorize it to issue
bank bills. say to the amount of one million
dollars. IL the State can do this-if it has
such poweT-how can Congress interfere ?
Can Congress interfere, aRd say TO the cOTpo-
ration, you shall issue but half a million ?
The state has said a million. II the charter
be constitutional, Congress must respect it. Il
seems to me that Justice Story, BY this quail
hcatiOn. takes back all he had previously said.
Mr.. President, / will bring my argument TO a
close. May l not say in conclusion, that no
one can look to the condition Of the Colonies,
as they were when the Constitution was form
ed-to the history end character Of the issues
then in circulation, anu all the other circum-
stances bearing upon the question, without
coming to the conclusion that the object Of all
these prohibitions in the Constitution was to
provide for the people of the United States one
uniform currency. That the dollar and eagle
Of Maine should be the dollar and eagle OF
Georgia. and that each and every citizen, in
each aud every Safe should participate in this
blessing alike. States shall not coin money /;
States shall not emit bills of credit States shall
not affect the law OF tender, and in Congress
alone shall be vested the regulation Of the cur
rency. What do these provisions mean? Whist
can they mean but the simple truth that our
revolutionary fathers intended to make the
government, in reference 10 its currency, a
= hard money government y and nothing else.
The Colonies had Just emerged from the war
Of independence, with the blood Of its battles
upon their garments aud the crown Of victory
upon their broEs. They saw and felt, too,
his great evil. They saw whence it came
from the States, for there were but tao or three
"a very few banks in existence. The evil yet
stood before them-eh0TmOus, threatening and
r%uinOus, and almost exclusively in the shape Of
State issuss-and they therefore declared that
"no State shall issue bills Of credit" Sir, did
they mean this as a mere declaration! Did
they mean hat what a sovereign State might
not do, an individual might do2 or did they
think, when they denied the power to a State,
thsy denied il, also, 10 a lesser body the State
might incorporate?
When they made this great denial, did they
not intend to wipe out foTeyer-Or, in the Ian
guage Of Chief Justice Marshall, to tear up By
the roOts-this mischief Of paper money under
which they had suffered up TO that time? And
is It so, that, by a mere shift and device, it can
be brought 20 pass, that ali that was intended
70 be effeeted-all that was designsdt to be pro-
hibited-may be eyaded; that all this can be
uDdone By T~esortipg to the little subterfuge Of
Incorporating A, B and c? Sir, If that be 80,
then this declaration in the Constitution is an
empty sound. I would look at that instrument
in It's letter and in its spirit; and | say that
every one, who will proclaim a doctrine like
/ this. does not stand up 70 fts letter. much less
$3.50 ELAAANa a 4NsHAA 4F2A N11A
I subject, and / here declare, and / believe have
the concurrence Of almost every lawyer on this
floor, in the declaration that if it were SO In
this day, that there was but one paper money
bank in the United States, and the constitution
atty OF its charter, ia tins particular, were be-
fore the general court, they would not hesitate
one moment in pronouncing against it.
REMEMBER a certain expression in the opln-
ion Of BAR. Justice Mclean. He says:
That the doctrine is {" startling" and that it
would o~verturn ali the banks in the United
States, With a capital OF 500, 100000 and
he remarks, in the sans connection, that these
banks supply slmost the eHtiTe circulating me
dium Of the country" he makes the admis-
sion, that this circulating medium of the whole
Union consisted almost entirely of paper money
Just such money as was sought to be pro-
hibited by The Constitution ; ard yet the doc
tTine is startling, because $780, 1000, 900 OF cap
ital are involved In It. | admit it is startling.
By long scqnieseencs, by long suferanee, this
practice has extended itself over the entire
country. Il is a subject to be handled with
care AID caution. We may not blame the
courts for this. 1t is not the courts that have
brought about this state Of things. It is your
Legislature and for this very reason, it has
seemed to me especially proper that this body
"a constitutional onyention-should make a
beginning ia this reform.