Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1858-01-12

STATE authorities. it haa grown b more
than 400.
FOt half century, during which the
State anthorilies remained updistnrbed,
neither the people nor the GovoEnment
ever fi,iled. II time of peace to be suppled
with coin, Tor circuiation. lnGnalf that
ktime, under the direction Of the central
I kGovernment, both Government and people
have twice been driven to the use OF an
tirredeemable paper circulation.
4 For half a century the State authoritiesi
SO managed the banking system, that no
| general suspension ever occurred, except
when--at tie inStaNce'gjc tie 1edsr6t Gov
ernnsent, and after hGvimg largely aided
that Government, in tie then erisfing GoGr
against Great Briiaih--they stopped in
1 the autumn Of 1914, and remained sus-
pended until the return Of peace enabled
them once again to resume their opera
tions. In half that time, since the CEN
tral Government has assumed TO supersede
the local ones, there have been, two sus-
pensions that, have been general; and a
third, in which were embraced all the
States that had followed the lead of the
central power, in prohibiting the use of
the smaller notes-.-the only States that did
not Hsgs suspend. 'haying been those Which
had persisted in. TIE determination 10 regu-
late their currency for Themselves. Once
again, the suspension has ceased TO be
general; and ] would now, Mr.. President,
ask your particular attention 10 the, fact,
4 that AL the States, with, 4 believe. but
one exception, that use small notes, have
now resumed, while all Of those, viM one
exception, that hare prohibited The smaller
notes, remain suspcaded,4 ,rseraIsye.. /.
Such, Mr.. President, are the facts, and
being such, they, furnish, as l think, a
reply that is most conclusive TO the aIgu-
ment you have just presented in 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 unceasiog demands upon
your time in the various honorable offices
you have been called to fill, many of them
had doubtless escaped your recollection.
Had it been otherwise, YOU certainly would
have hesitated before recommending any
enlargement of a central power whose in
furious influence had been so fully demon
strated. d. f.s ..ge. lsH hrt .r,,s
While recognizing the authority of the
States, as being beyond the reach of any
! direct assault, you suggest a mode, by
means of which, power may now be cen
tralized in the hands of Federal agents;
and yet the mere fact of the necessity for
resoring to means so indirect, would seem
to me to furnish proof, conclusive of your
error. 1t Is within the power Of Congress
to establish "uniform laws on the subject
of bankruptcies throughout the United
States;' but it being not within it to enact
any law that shall not be of general appli-
cation to all the people of the Union, the
enaetmen of such an one as that You now
} suggest, would certainly seem to be direct
violation of the Constitution. How far it
| is within the power of Congress, to pass
law that shall embrace both individuals
and corporations, it is not for me to say;
but, certain it is, that eminent jurists have
, held, and do still hold, that the States did
not, when accepting the Constitution, grant
to Congress any control, whatsoever, over
r corporations holding their existence under
2 the local laws. That, however, Mr.. Presi-
? dent, will be a question of small impor-
, tance, if shall have succeeded in satisfy
: ing you, that all the momentary difficulties
l we have experienced, and which you SO
g well describe, have had their origin in the
: attempt to withdraw from the States, the
3 power reserved to them by the Coustitu-
0 tion--in an excess of Capitalization, and
, not in any excess of localization.
: We are told, however, that the quantity
8 of gold now in the country amounts to nc
t less than $3.50, 900, 900; and are, there
= fore, urged to force it into use. 1t may
e be so, that there is that quantity; but, il
n so, qOhere is aS A year since, the banks
g had $50 200, 900; and they have no more
a now. A year since, the Sub Treasury
1 held $50, 900, 900; now they have Sc, ,O0o,.
| 600. Adding together these two sums.
u we have $4,000, ,OOO--leaving $2O4.-
9 OOO, 900 yet to he accounted for. Where
8 may they be found? In use among the
+ people they certainly are not, for the largest
y calculation of gold and silver in use cannot
y exceed one dollar per head-gIving $780,.
: oOo, 900 as the quantity usefully employed
c and leaving S174 100000 yet to be dis.
: covered. Where must they be sought
8 IF anywhere, they must be boarded Why
f are they boarded? Because the Govern.
: ment sets the example, of boarding the
e precious metals, and thus teaches the peo
: pie what it is that they themselves should
h do. Because, for twenty years past, the
: Government and its friends have denoun
= ced banks as being insecure. and banl
n notes as being worthless rags. Because
r in opposition to the practice of all really
It enlightened governments, our own has
h been, for the last five and twenty years
e engaged in an almost unceasing war upor
: private credit. For these reasons it is
that the precious metals are now SO exten
2 tsively hoarded, and while 30 boarded a:
t useful as an equal weight of pebble stones
o would be.
n How can all this gold be brought intc
active circulation? An answer TO this
G question, Mr.. President, may be found il
a one of those delightful fables, that you, il
a early life. must have often read. The winC