Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1858-09-09

dishonesty Of Rhode Island, and sim
liar complaints existed against thi.
State. This clanse became, in some
measure, preliminary with the gen
tlsmen who represented the Other
States. You have said they, 'by
your iniquitous laws and paper ennis.
sions, shamefully defrauded our own
citizens. The confederation preven-
ted our compelling you to do them
justice; but before We confederate
with you again, you must not only
agree to be honest, but put it out oil
your power to be otherwise. '"-Ek
HoH's Debates, vol. A, page 1873.
And again. l read an extract from
a speech Of MIR. Iredell in the North
Carolina Conventions:
.There is nothing in the Consti-
tuition which affects our present pa
per money. 1t prohibits, for the fu-
ture, the emitting ofany, but it does
not interfere with the paper money
now actually in circulation in several
States. ENoH's Debates, rOl. 4,
page 1876.
Mr.. j. continued: By reference
to the debates which took place In
the Convention Of the State Of South
Carolina, on the ratification of the
Federal Constitution, it will be seen
that there also'it was contended that
this provision would prevent the
States from making paper curren-
cy, and that it would ,xclude every
thing of that description from :he
country. ! read an extract from a
speech Of Mr.. Charles Pinckney, on
the 10th section Of article lst Of the
Federal Constitution, in the South
Carolina Convention:
sThe only parts of this section OBJ.
jected to are those which relate to
the emission of paper money, and its
consequences, tender laws, and the
impairing the obligations Of contracts.
p -" How extremely useful
and advantageous must this restraint
be to those States which mean to be
honest, and not to dofraud their
neighbors! Hencefortb, the citizens
of the States may trade with each
other without fear of tender laws, or
laws impairing the nature Of con-
tracts. The citizen of South Caro-
lima viii then he able to trade with
those of Rhode Island, North Caro-
lima, and Georgia, and be sure Of re-
ceiving the value of his commodities
Can this be done at present? 1t can
not! However just the demand may
be, yet still your honest, suffering cit
liens must be content to receive
their deprecated paper, or give up
the debt. -
"No more shall paper money, no
more shall tender lass, drive their
commerce from our shores, and dark
en- the American name in every
country where it is known. No
more shall our citizens conceal in
their Golfers those treasures which
the weakness and dishonesty Of OUT
Government have long hidden from
the public eye. The frmness Of
| just and even system shall bring them
into circulation, and honor and viz
tue shall be again known and coun'
|.tenanced among us. No more shall
the widow, the orphan, and the stran
l.ger, become the miserable victims 0
unjust rulers" -ElIOtt's Debates
uol. a, pages 1915.
Mr.. J. continued: Ii you look Il
note made, if / mistake not, by
Mr.. Madison, in the Madison papers
you will see what his opinion, ant
the opinions Of. the other member
fof the Federal Convention, we're, Al
to the effsctof this prohibition in tb'
Constitution. And in the 44th No
Of the Federalist Mr.. Madison says
s'sThis prohibition must give pleas
ure to every citizen, in proportion II
his love Of justice, and knowledge
1 of the true springs of public pros
Iperity. The loss which Americ'
has sustained since the peace from
the pestilent effects of paper money
on the necessary confidence be
tween man and man: on the neeessa
ry confidence in the public councils
on the industry and morals of th,
J; people; and on the character OF Re
publican Government, Constitute a,
enormous debt against the States
fchargeabIe with this unadvised meas
lure, which must long remain uDsat
listed; or rather, an accumulation {