The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1863-01-24

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1kE!EHI,YI. ia WK-EYE,,
sWiS1sA4 Usralsuaal Monthly for Yebr.sry.llI,.
T. u nl0 H. o. THE NATION no
vi DE9ULATB THE CU1RENCI. :
7tae a'ag sY HOE. Root. =. wAlxss.q i.asI 81,
Ihave contended, during the last fourth Of =
century, that ell State bank currency Is uuoon-
stit.taonal. This Rebellion will demonssrsts he
truth OF that proposition, and the question ulti :.
mate!y be 20 decided by the Supreme Court Of
OF those Judges, If then living, 70 change their
opinisn on some points; but this has been done
before. aad even on constitutional questions: and
State banks VIII fall before judicial sctio,. a
veil % nu!lifcasioa, State allegiance, Secession,
ana the whole brood Of kindred heresies. q gia'
| Republic which cannot regulate ito currency
or which leaves that power With thirty.four sop
arate States, each legisating At lie pleasure and
without uniformity, abandons an essential No
| tiond authority, and this abdication hss fur.
nished one Of the main supports Of the rebellion.
| With nothing but national currency. the r.
volted States never could have successfully In
augurated this war, and We must deprive them
oil time to come Of this terrible ally Of treason
To permit the States to provide the oirculasipR
| medium, the money Of the country, is to eaable
| them to furnish the sinews Of war. and oloths
| them with power to overthrow the Govern
nent. = Pc 1ialh sew agtpl sfafsn --3r55 81
With only such dational currency a. il now
proposed, issued by the Governments to these
banks, organized BY Congress. and based on the
deposit in the Federal Treasury of the United
States stock, the rebellion would have been In
possible. Our Government was SO mild and be-
nignant that We deemed It exempt from the as-
sault of traitors; but tbs revolt has dissipsted
this delusion, and warned us TO provide iii the
safeguards indicated by experience asIneceessry
TO maintain the Union. Among the most impor.
tant 10 the resumption by the Government Of the
great sovereign function of regulating sthe cur.
rency and giving 70 it uniformity and nstionality
such was clearly the intention of the Constitu-
ton. The Government has, BY the Constitution,
the ezetsssius power ITO regulate commerce with
foreign nations, and sniong the several States. ,
But commerce is regulated mainly BY money, and
BY It oil interstate aud International exchanges
dant, prices use, exports are diminished: and the
reverse follows with a contracted circuiation.-
But banks restrict the currency ct thei,
pleasure, and thus control prices, commerce, ex
ports, imports, and revenue. But they also des
troy or depreciate the money of the Government
and deprive it OF a vial power. Thus the nation
Issues Treasury notes, and makes them Q lego
tender; the banks Immediately make such. note,
the basis of oank is-Ees, in the ratio Of three 4
one, and the whole correIcy necessarily becomes
redundant and deprecated; and thus this essen
tial power of the Government is controlled b,
the states, and, FOR all practical purposes, ami
hilated. ,'--.. 100. -, - 5syI3 !,
Chief Justice Marshall, in delivering tn,
unanimous opinion of the Supreme Court Of tn,
United States a Wheaton 1881. said: "wher
ever the terms il which . power is granted Il
Congress, or the nature of the power requires
that it should De exercised exclusively by Con
gress, the subject is as completely taken from
the State Legislatures as if they had been for
hidden to act on it." Now, it has been de.
cided by the sapreme Court Of the United
States % Wheaton that this power to rsgu'
the .oate; that it includes intercourse and novi.
CATION. and vessels, as vehicles of commerce,
that it includes an embargo which is prohibi.
tory, that this power is saxcLysIvELY vested
in Congress- and mo part of It can be exercised
by q State" Now, the question whether the
notes of State bank, issued on the authority
of q State, and designed to circulate a. money,
conflicts with this clause Of the Constitution
has never been decided By the Supreme Court o.
the United States. This is . new and moment.
GUS question, never yet sdjudioated by The
Supreme Court; but how they would now dc.
eide that point, with the light thrown upon il
by this rebellion, I cannot doubt
The Government also has the sole power t.
lay and collect duti:s, which 'shsll be uniform
4 throughout the United States" and the States
are prohibited from exercising this authority
But this power also is in fact controlled b.
the banks, and the revenue from imports il
creased or diminished, according to their 40.
ton. Indeed. they can modify OF repeal tar
ifs at their pleasure, for they have only Il
initiate the circulation, and prices rise here t,
the extent Of the duties, and the tariff becomes
imperative. OF all the branches Of our indus
II try, the manufacturing is injured most BY /,
redundant currency, limiting our fabrics to ,
partial supply at home, and driving them from
the foreign market. Give Us sound, stable
uniform currency, sufficient but not redun'
} d.nt, and our skilled. educated, and intslligen
, labor will, in time. defy oil competition. Blu
enemies Of American industry. b
The Government has also the sole BOWER st.
coin money, regulate the value thereof" etc
, But the banks now regulated ito value ~ con
trolling prices, by substituting their money 70,
coin, and By expelling it from the country :
their pleasure. Reoolleot these powers ove
} ommeros and money are exclusive, proves he
. the States cannot, by any instrumentality, di
rectIy or indirectly, control their exercise. Al
exclusive authority necessarily forbids sny
control or interference. But there are express
; prohibitions in the Constitution q wen 1,
grants. That instrument declares that ssn,
State shall emit bills Of credit" The State It
self cannot emit circulating paper; how, then
} can it authorize this 70 be done BY Stat,
corporation, which is the mere creature Of ,
State law! The State cannot authorize it,
Governor to issue such paper: how, then, Cal
it direct cashier. deriving all his power only
from State law, to do tho Same thing! .Qu
faeit per aliym, faeH per se, and this fundamen
tai maxim Of law and reason is violated wher
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