Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-03-01

or any other than specie basis must have the ef
feet Of mpairing the Obligation Of contract exist
ing between the bank and the noteholder, becaus,
upon the face of each note there is a promise 4
pay on demand, in the only currency that is made
| legal tender, the full amount EXPRESSED upOu the
margin Of the bill, ana when paid out in the dispro
portion Of four to one, Of course they cannot re
/ deem when q run IS made uDon them And so sir
by solemn act Of legislation they are authorized
to make a contract with the noteholder, which. in
the very nature Of things. must be broken when a
crisis comes and if mistake not, this bill goes so
far as TO anticipate crisis and actually provides
that even a suspension Of all specie payments for
the whole space Of four months in any one year
shall not work forfeiture Of charter
Now, Mr. Speaker, do not know that / compre
hend fully the language Of the constitution. but ur
less there is in it some hidden meaning some deep
and mysterious import beyond the reach and ken of
ordinary intelligence, then must be permitted to
doubt the power Of the Legislature 10 pass this bill
know sir that mine is a bold position, and that
have but few sympathsers in this body; that stand
here solitary and alone, as it were, cOntending for
an exposition Of the constitution that has not only
been discarded by the legislation Of nearly every
State in the Union, but that has been overturned
with great unanimity by the courts ef the country
both State and Federal But, sir, the fact that this
exposition was overturned by the modern iurists
and the decisions first rendered about the time when
the e5ntest was raging fercely for the ascen-
dancy between'the old United States Eank and the
state banking systeEl-a contest in which the mind
and energies of the nation was for a time absorbed
and in winch all the influences and preiudices Of
party politics were brought to bear-serves rather
20 convince me Of the irresistible force Of public
sentiment when backed BY the power, patronage
and influence Of high position, and the degeneracy
Of the times, than the error Of my views, views
which conceive are founded not only upon plain
common sense reading Of the constitution but upon
the test Ofthe instrument ITSELF as it was cxpounded
by the Supreme Court Of the United States aud of the
several States, in the early history of the republic
Chief Justice Marshall who stands pre-eminent as
Jurist and constitutional lawyer, and who was
himself prominent actor in the very times when
the vital essence Of a compact between sovereign
and independent States by which certain amount
of State sovereignty was yielded up the c0nsttu-
ent elements Of still higher sovereignty, clothed
with absolute authority, to legislate upon all sub
jects cOmprehended within the grants Of p0Wermade
delegated and defined to it in the Constitution was
says, in delivering the opinion Of the
court in the case of Craig U.s. the State of Missouri
in which the term bill Of credit is nicely defined
TO emit bills of credit conveys to the mind the de
Of issuing paper intended to circulate through the
Tor It's ordinary purposes as money
which paper is redeemable at future day This Is |
the sense in which the terms have always been un
dePstoOd The term has acquired an Appropriate I
meaning and bills Of credit signify paper medium
intended to circulate between individuals and be-
tween government and individuals for the ordinary
purposes Of society" Again, if the prohibition
means anything, If the words are not empty sounds /
t must comprehend the emission of any paper me- /
iium by State government for the purposes OF |
common circulation Peters, PIP 1223
Justice Story also who, in extent Of learning and /
ability, was second only to Chief Justice Marshall
says in his minority report Of the celebrated case Of
The bank Of Kentucky that after the decision of [
he case Of Craig rs. the State Of Missouri had not
supposed that this was a matter which could be \
brought into contesaton at least unless the author
ty Of that case was to be overturned and the court
we're TO be set adrift from its former moorings." /
And after citing the very passages which have lust
'ead, he adds; One should suppose that this Ian
5uage was sufficiently exact and definite to remove
III possible doubt upon the points, and it has the
more weight, because it comes from one who was
himself actor in the very times when bills Of
redi constituted the currency of the whole country
md whose experience justified him in his eXpOsi,
ion.
But, sir, it IS c9nteuded, that though bank notes
hOud be deemed bills of creGit in the meaning of
he constitution, yet there is no violation, because
he same law that authorizes their emission does
ot make them a legal tender. Chief Justice Mar
hall says, in refuta.iOn Of this weak and ridiculous
ubterfuge of the SPECIAL peader, That the Con-
titutiOn itself furnishes countenance to this dis
nction, the prohibition is general it extends 10 all
ills of credit, and not bills Of particular discrip-
ion. That tribunal must be bold indeed, which
Without the aid of other explanatory words, could
enture on this construction. 1t is the less admssi
lie in this case because the same clause of the Con-
tituuOn contains a substantive prohibition to the
of tender laws. The Constitution, there
ore considers the emissions of bills Of credit and
he enactment of tender laws as distinct operations
Independent of each other. which may be separately
Both are forbidden. To sustain the
ne because it is not also the other to say that bills
f credit may be emitted if they be not made
ender in payment of debts Is in effect to expunge
hat distinct independent prohibition, and to read
he clause, as If 1t had been entirely omitted. We
re not at liberty To do this
l might 90 further, sir. and point you various de
isiOns Of the different State tribunals before the
age for State banks became the popular hallUcina-
on Of the times. l might point You TO the secret
and debates Of the Federal Convention
f 1881, and to the remarks of Luther Martin. who
'as prominent member Of that Convention in his
eport to the General Assembly OF the State Of
aryland, all of which would combine to sustain
~ construction of the Constitution. but having said
lOugh for my purpose l viii desist and leave the
assage Of the bill with those to whom the respOn-
bility must attach.