New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-15

cuae as money. In the language of Chief Jussps
Marshall, IN this case, "And can this make aay
real diderencei Is the proposition 70 be mantaied
that the Constitution meant to prohibit names al
not things I" On this subject, Justice Story sant
THAT state may righttuliy eyade the probibitiaS
Of the Constitution by acting through the ,nst,SS
asntqty If agents in the evasion, instead OF acting
! 10 its oma direct name, is doctrine to which al
never subscribe etc. AN conscious that JusbsS
Story also said in the same Gaze, aTgaendo' no
States may create banks ap well az other eosp0s4
TONS npon prtpdte capitGt; and, so FAR AS rNs
PROHIBITION is coScERSED, may righuuDy authors
ize them 10 Issue Mnk bills or notes as currenys
subjec, ALWAYS to the control u Congress, whoso
powers extend to the entire reguloti0a II The esr.
renee of Tie country" IL will be observed, itat
Justice Story gives no opinion rs to whether The
issues Of suca banks are constitutional, Whetsr
they conflict or not with the power OF Copgressto
regulate coin or commerce. lie only says lana ne
limitation is most Significantly, they 90 not vl0&e
the prohibition as TO bills Of credit from which
dissentl; but he does declare that 10 Copgr0.
Deongs "Mc entire regulation OF she curry
Now, this power must rest on the artborlty VI S0n
grese to regulate coin and commerce.
| towers, we have seen, were not concu'ft'pe, ,uS
crclusaue; and, in the language OF Chiei 'usIe
Marshall in delivering the unanimous opihof VI Ne
Supreme Court in the case before qavso.1 49, I'm
| Wheaton 1873 as to any suen power sn"s eaowo
be exercised erctns,re.y oy Stst. Iegsa,ure IS
! Ia haS besn forJ,ddea to act on AZ. All, theas
Who agree that Congress has " the ehtire fet'a'ioh
Of the currency" must admit ina, an oans Oh issns
;ncoroorsted by States are unconsu'u ioha', not
bacansc sucb issues are bills Of credit, LUZ oecauss
,bev violate tie exclusive authority OF Congress to
| regulate commerce. coin, end its Value. iepsasS
thai while this question has never been adJudieaN
by the Supreme Court yet II their deeis'on 10 ioun
aud nuth Wheaton is main tanned. euch BANK issnes
are clearly unconstitutional IL Is clear also, wna'
ever NAV be the case of bank issuss, baeed O7l,
nupon private capital" or, in the language %
Judge Story, If the corporate stock, ana .h@' "uy
by the charter is made liable Tor the deots VI Wo
bank" vet, If the bank iseces are bssed Oh
"mnds or +" credit Of the State, ,ueh iosues
violate the prohibition against bills o. crei'1' S@
1 hank i.,ues then, as are furnished ano cOuh's'-
] size by State officers, acting under state mW
and secured by the deposit W.T., 'ug
! In No. A 10y Hamilton) OF the FederaIAfs, .ae
,reat coutemporaneous exposition OF Inc Constltuf
lion prepared by Hamilton, Madison' snd Snss
,Jn,tice ,Jay OF the Supreme Court Oh the ohiNo
s,atesl il II sad: " The same reasons which SNOW
tha necessity of denying to the States the power4
regulaling coin, prove with equal force that tlV
ought not to be az liberty 10 substitute galT
meulum instead Of coin" such was the op'I.onm
the TWO great founders OF the Constitution hame
ton and MadisoU), and its trst Judic.sl expos'or,
eminent Chic, Justice Jay. Justice Ssofy 9noY
ana approves this remarkable passage, snd SAP
q, that tne prohibition was aimed at paper Med,y
which wac intended 10 circulate as m0"ey, and '
thai alone" -.
la ms message of December 3, 1916, Presdet
Madi.on referring expressly 70 u bank and Pdf
medium said: IL is essential that the naIIe
should possess currency Of equal value, eredit, ~
use wherever il msy circulate. IDe Constituting
! has Entrusted Congress crctgsI1eiy with the pow
OF creating and regulating y currency OF sh1a
scnption.'
! This rebellion proves the - = dagger Of Sla9
violations OF the Federal COnv.iE. "a. The reb&
llou ia the child Of State usarpstion, state
preuacy, State allegiance, ard State SecesrS
And now the Government Is paralyzed fnsuciah
ia ia efforts 20 suppress the rebellion, by qIlesI
as 10 State banks, deprsciatiug the currency, =
! State backs based on State socks The Gove4
meut wishes "a currency not redundant, anu 70 ~
row money TO rave the Union. But one State ssr,
we nave placed all our surplus money IN Ssp
banks, and another State Jus III the case Of Nss@
York. says, we have based the circulation Of tlso
| banks mainly on own State bonds, and -
must do nothing winch will iaiurously affect tss9
value. Il is. true the Union 10 IN danger, but ue
not the credit OF State banks ana State bonds4
| higher value than the UGion The STATE hrst, W
unlon aiterwsrd. Our paramount duty is1o -
State and that TO the Union is Subordinate W4
this il the very language OF rebelhon-she echo q
South Carolina treason. But II IA not the IineusU
OF the Consultation, which declares that I'M
Cous ti.utioa, and the laws OF the United Stsl1
which shall be made 10 pursuance thereof, and y
treglies made, or which shalt DO made, uoaer ~
authority oi the United States, shall be the sdprsna
law Of Inc Land; and the judges IN every so
shall lie bound thereby, anything in the Copsi
tion or laws Of any Stale 10 the contrary nosvxet
standing
The supremacy, then, is with the Federal Coass
tuition ana laws otherwise there could Dc NO Dh
tormlty or nationality. And does Sew-lork saa4
pose Iha, she can tear down the temple of ~
Union, aud that the principal pillarwhich supported
the arch will sIald firm and erect No! ~
Union Tails, New-York will only bs the most CO
slicuoas among the broken columns.
Bat New.York knows that the path Of interest1
that oi honor and OF duty. IL the Union Gully tR4
has made Ler great. l, 10 the Concentration sy -
/ Union oi Interstate and International commerce 4
| her great city, that was consunnauns Its iapert
destiny. d lore the Union oil l77S and l7e7, SsN
J York City Was the Village o. Manhattan
btr0y the Union, and sic will Sgain becoN
lils.e more than the Village % Manhattan. Tue ~
deut OF tue ocean, the seeptsr Of the worlds cot
merce, would fall IRON her grasp, and London
loit without rival Deprive tho GoyeInment
the power to regulate commerce, and The iiI
New oak VIII Dc rs RAPID 1s her ras. Eacn NR
taen as before the Constitution, would control q
own commerce. and tue railroads ana canals Of New
York would cease 10 be the yenleies OF the Irase
/ tue nation and ol tie world. Zach State, as ena4
The old COpiederacy, would force commerce ne
ner own ports by prohlbuoiy or dscrinlnait9
Statutes. No, wneD New.York takes iron VI
! Uuion the exclusive control OF commerce, she soGA
mits suicide Oao uniiorm res rla,lon Of comaers
aud ore Uniform currency, afe more essential ~ tao
prosperity Of New. York than 10 that OF Any osAS
! State. New-YoIk represents Interstate aod iHsfa
national commerce. Ilere arc concentrated euf
imports and exports, and there three-iourbs u e@
revenue is collected. There. il tbs Union endusf
nnat oe The center Of the commerce OK tic naiisi
aud Of the void. II the rebellion succeeds 81
separation OF Tie East aud West rs just CERTAIN 4
tuat OF the North and Socth Discord would relsl
I supreme, aud States and parts OF States becont
/ ieLty soycrelgnlies mere paws, 10 be moved