Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1862-02-22


maxi ng them legal tender. lie sugges.
ted
"Will it not be sufficient to prohibit tho
making them p tenaer? This will remove
the temptation to emit them with upjnss
views. And promissory notes, in thai
shape, may in some emergencies the best"
A vary sharp debate followed upon the
proposition to strike cut from the Consti.
tuition the clause comforting THAI power:
"Mr. Ellsworth thought this favorite
moment to shut aud bar the door againss
paper money. he lni.chiets cf the vari.
Gus experiments which had been made
were new fresh in the public mind, and
had excited the disgust of all the respecta-
bic part of America. By Withholding the
power from the new Government, more
friends of influence wonld be gained 60 it
than by almost anything else. Paper
money can in no case be necessary. Give
the Government credit, and other resours
ces will cEef. Tie power may DO harm,
never good''
"Mr. Butler remarked, that paper was
legal tender in no country in Europe.
He was urgent for disarming the Govern
ment OF such power"
"Mr. Read thought the words, if not
struck out, would be as alarming as the
mark Of the beast in Revelation"
"Mr. Langdon had rather rejected the
whole pa than retain the three words,
'and emit bilis.'"
And on the motion to strike out those
words from the Constitution, it was deci-
ded by vote of nine tates "aye," and
two States "ro." The following was the
vote
AYES-Eew Hampshire, Massachu
sets, Connecticut, Pennsylvania, Della
ware, Virginia, North Carolina, South
Carolina, and Georgia-9.
NOES--New Jersey and MarylaGd-2.
Mr.. Madison has appended noto which
desire to read
"This vote in the affirmative by Yir-
gina was occasoned by the acquiescence
of Mr.. Madison, who became satisfied that
striking cut the words would not disable
the Government from the use OF public
notes, as far as they could be safe and
proper, and would only cut eff the pre-
text for paper currency and particularly
for making the bills lender either for
; public CT private debts"
I Ard SO thoroughly was that understood
to be the meaning and policy Of the Gov
ernment that none Of the eagly statesmen
of the country, either those who had been
' present at the time Of the making of the
= Constitution or those who followed SO closes
Z ly after as that they werG familiar with
those who dil make it, even suggested
: that such power existed.
Mr.. Hamilton, certainly, G gentleman
who was N faVor Of enlarging 20 the uts
most the powers Of the Government, in his
very first report to Congress upon the sub"
= Ject of a national bank, takes distinction
between the emission Of bills by the Gov
ernment and the creation Of bank with
power tc emit its own bills. In that ia.
nous report on a national bank, in 1870,
!. he uses this language:
: "Thc emitting of paper money by the
y authority of the Government IS wisely pro.
= hibitGd to the individual States by the ma.
n tional Constitution; and the spirit of that
&c prohibition ought not to be disrogarded by
l. the Government of the United States
u Though paper emissions, under general
3 authority, might have some advantages
which are applicable to the like emissions
Of by the States separately, yet they are Of 6
4. nature SO liable to abuse-and, it may
even be affirmed, so certain OF being abus-
10 ed-that the wisdom of the Goverpmen.
= will be shown in never trusting it,e.f with
ct the use Of so seducing and dangerous expe
.. dient. In times of tranquility it might
., have nc il consequence; it might even
" perhaps be managed in way to be pro-
AS ductive Of good but, in great aud trying
n, emergencies, there is almost moral Ger
or tainty of its becoming mischievous, Th,
n. stamping of paper is an operation so much
easier than the laying of taxes that ;
Government in the practice of paper en-
% issions would rarely fail, in any such EN-
- ergency, to indulge itself too far in tht
a employment of that resource to avoid, 81
Il much as possible, one less suspicious to
,o present popularity, ,'-Han'bOa'S Works
~ ~ vol 3, p. l24,
A Apd Mr.. Webster, who followed elosel.
H. the principles ofgovernmont and of fnanc
s. laid down by MIR Hamilton, sought occa
II sion several times in his speeches in Con-
:, grcss to express his decid dsd and firm con
II. victiOns upon this subject. In his speecl
- upon the renewal of the character Of th
80. United States Bank, made in ls32--peI
=. ~ haps the gentleman from Kentucky Nh
7 Crittendenl will remember it, as he was
h0 member of the Senate at that timc-Ml
, Webster says;
Lo Congress can alone coin money, Con
~ g.ess can alone fix the value on foreig