Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-08-28
HHE CuRRENux aUEsFloN.

Mr.. JOKES addressed the committee as follows:
Mr.. CHAIRMAN: This is an old aud rather thread
bare subject yet trust II has lost Of It's inter-
est with its rua friends and advocates but that they
are as anxious fer the establishment Of the sys
ten contemplated BY this BILL as they were when it
was FIRST recommended TO the Consideration ct the
Representatives Of the people, aud, them, 70 the
people themselves. WhcnI FIRST saw the Message
Of the President Of tie United States recommended
discOnneotion between the business Of this Govern
ment and ebanks ,f he country, the proposition
met with my sincere appreciation. was thsn It's
friend and advocate; and have contir ued 10 DC 80
from that dav to this trust that now II IS near 70
20 its consummstion. I hope, and oelieVe' mat
this Congress will pass this bill and that Il = YES
tined 10 remain upon the statute book OF the eoun
trv until il shal At least have had the benefit Of
fair trial of les merits. t. in practice IL snouu pc
found TO work detrimeRtaly to the public interest,"
or 70 the safety of the public funds shaA no
be its advocate. But, believing thai Us pl$S4sei
operation viii be the rsyerse OF All TINS s4I VIZ
for it. with confident expectation that all the gooa
which itsfriends anticipate from it. will DC reazed
Ishs vote for It. because believe that this 0eEein
ment, under the authority giVento 4 ~ Ing Cons.l-
tuition 20 lay and collect taxes, and 70 appropriate
the money, should accomplish these ooJecls lhreugh
the fundamentally Of its own otioefs VINO are SUD
iect 10 its control and responsible 10 1t for their
action, and not by Of 6ctitoas, laW-created,
soulless bodyess and corrupt corporations, Whether
brought into being by the General Government or
| the Governments Of the dihereAt states at the
Union shall vote for il, because believe j. TO be
the great antaROnistio measure OF paper money and
/ corporations in this country. And, Whatever aTgu
ments gentlemen on the opposite side may osteBsibly
urge against the passage Of this bill, believe that
the true Of that opposition Is to be found in
fact that il Is the antagonistie measure Of psper
money and corporations. Il is true that the measure
will not, ofitself snnihilate pap'r banks, but, by
! It's adoption, the Government st once refuses to
touch handle the paper of these worthless insti-
tutiOns. Those who have to pay money to the Gov
eruusnt aud who use the paper Of these banks will
! be under the necessity, when they come to make
their payments, to demand from them gold and sill
yer coin, with which to pay their dues. I cannot
agrea with some of my friends who are in favor Of
what they call we'll regulated State banks In my
humble judgment such thing has never yet been
seen OF read Of by any man. A Weli-regulated. OF
an honest bank practically speaking, is, in my
opinion, something which it is beyond the sagaciy
| Of human nature TO make The history Of the world
l believe can show no record Of such thing. l be
| iieve that those who established this Government
intended to create and thought they had created,
hard money Governments and that they believed
that they had precluded and excluded from the
United States all that worthless trash which We
denOminaie paper money.
What arc the facts Let rs 90 beck, for moment
| Mr.. Chairman, and zee what the authority given in
the Constitution Of the United States on this subject
is. On of the clauses Of that Instrument declares
that the States SbdIt not emit bills Of credit" At that
day, according 10 my reading, bills Of credit were
as well understood to be paper money, as gold and
silver are understood 70 be money now To sustain
this assertion l will read an extrabt from the Ad
dress delivered 70 the Legislature Of Maryland
relative 20 the proceedings Of the General COnven-
ton held at Philadelphia, in 1887 by Luther Mar
tin, Attorney General Of Maryland, and one Of the
Delegates in said COnvsDtiOn He ssys;
'sBy the tenth section of the Constitution every
State is prohibited from emitting bills Of credit As
it WasrepOrted by the oommitee;'n detail the Sta Is
we're only prohibited from emitting them without
the consent Of Congress; but the Convention was so
smitten with the PAPER HONEY dread. that they in
I sisted the prohibition should be absolute Il was
my opinion, sir, that the States ought not to be
totally deprived Of the right to emit bills Of credit
and that, as we had not given authority 70 the
General Government for that purpose, it was the
more necessary TO retain it in the States. = <
And it was my opinion. If this power Wss not to be
| exercised by State without the permission Of the
General Government ii ought to be satisfactory even
| to those who we're the most haunted by the appre-
! hensiOn of PAPER MONEY, therefore thought it my
duty 10 vote against this part Of the system
Elliofts Debates, DOl. l, page $40
Mr. J continued: By reference to the debstes in
the convention Of the State from which you, Mr..
Chairman, came, assembled for the ratification of
this Federal Constitution, you will will fad that one
Of the first and paramount objections raised against
that rsti6OatOn was that il did prohibit the emission
Of bills Of credit by the States IL was commended
BY some Of the delegates there that if the CoDstitu-
ton was ratified with that provision in it. not only
would il prohibit the future emission of bills OF
credit, or paper money" as they were termed but
that Congress could, and in all probability would,
pass 8 retrospective law In relation to the paper
money then in circulation. This, it is true, was
not the only reason objection urged against the
ratification of the Constitution but il was one of the
greatest obstacles to it. And when the convention
Of that State finally, they did, TO the resolu-
ton neheiF to reject nor 70 ratify the Constitution
% h fua Cd
ton, advising the State authorities 10 call in and
redeem It's paper at as early periOdas practicable.
will read an extract from speech delivered in
the Convention of North CsrOlins, the adoption
of the Federal Constitution, by Mr.. Msclaine.
sin the 10Th section Of the LIST article, it is pros
yided among other restrictions that State shall
emit bills Of credit, make anything but gold and
silver coin tender in payment of debts, pass any
Law impairiBg the obligation Of contracts Nov,
sir this has no retrospective view 1t looks to fu-
turity. 1t does not look back,
but forward. Il does not destroy the PAPER MONEY
which is now actually made, but prevents Us from
making any mOre."-E!ioh's Debates, rot. 4, page
l784
/ will also read extracts from speech of Mr.
Dayis also q member of the Federal Convention, in
the Convention Of North Carolina:
s'If the States had been compelled to sink the
paper money Instantly, the remedy might be worse
than the disease. As could not put an immediate
end to il, We were content with prohibiting its fu-
tufe increase looking forward 70 Its ENTIRE EXTIH
euIsHHENr when the States that had an emission
circulating should be able to call it in by gradual
redemption The people
of Massachusetts and Connecticut had been great
sufferers by the dishonesty of Rhode Island, and
similar complaints existed against this State. This
clause became, in some measure q preliminary will
the gentlemen who represented The other States
you have, said they, 'by your ubiquitous laws snC
paper emissions, shsmefully defrauded our own cit
izens The confederation prevented our compelling
you to do them justice; but before we confederate
With you again, you must not only agree 10 be hon
est but put it out Of your power to be otherwise
--EUjotfs Debates, UOL 4, POgs 1885,
And again, l read an extract from speech Of Mr.
Irsdell in the North Carolina Convention;
s'There is nothing in the Constitution which affects
ourpresent paper money. ltprohibs, for the future
The emitting Of any, but il does not interfere with
| the paper money nov actually In circulation il
several State "--Eliotfs De5atsS voL 4, page 1876.
Mr. J. continued: By reference to the debates
which took place in the Convention Of the State O.
South Carolina, on the ratification Of the Fedora
Constitution, II will be that there also 1t wa
oOntended that this provision would prevent thu
States from making paper currency, and that i
would exclude everything Of that description from
the country. Tread an extract from speech Of Dir
Charles Pinekrey on the 10th section Of article ls
Of the Federal Constitution, in the South Csrohni
Convention:
= ''The only parts Of this section that are objected
to are those which relate to the emission Of paps
money, and its consequences, tender laws, and thu
It impairing the obligations Of contracts
Il How ertremelv usefui and adVentageOu