New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1863-01-15
law, when it could Rave been much more easily pat

law, when it could have been much more easily pa,
In operation, and would have saved hundreds ol
millions OF dollars to the Government.
But the tty.fh section If that oil provides t1a'
all he banks organized under il are to become de'
pos,aries OF the public moneys, executing those 40
1.-THE CITY OF Washington" Why this discrimina'
tion Ii there be any place where banks, organ
lied under national charter issniOg national eur
repcy, and receiving national deposits shond be en-
couraped it ID here. With no discrimination ngalns'
them, sucn banks would be established here WIN
considerable capital. And why not IL cannot oe
intended to discourage the establishment OF sucn
hanks here, and thus defeat, TO that extent the sue
cess of the system. 1t is here, if anywhere, that
such banks should receive the public deposits, where
they could be constantly secured IRON day 10 u"y
under the immediate supervision OF the Govern'nehs
Beside the only effect OF such "ditcilnma.iou
wouli be 20 dr.ye such banks TO Georgetown, Alex
audIia. or some other speculative site outside or TIE
city or District. This city bas just been eonsecrated
TO freedom by Congress and IL IL hoped that, ~ coai
meucing its new career, no DISCRIMINATION wiz De
made acainet It. Indeed, | think II Woui1 De Wlec,
ia order 20 insure the success, here OF The new sys'
tenn to allow the District banks organized uhder tuis
law 10 receive the same rate Oh IDtorcst as Peih
tea IN New-Yerk.
have commended, during the last fourth Of CEN
tury THAI all State bank currency Is unconstulon'
AL This Rebellion will demonstrate the truth Oh
that proportion, AID the question Ultimately 70 81
decided by the Supreme Court Of the United States.
Ths il il true might require some OF those Judges,
ii then living, TO change their opinion on .some
points; QUO this has been done before, and even on
constitutional questions; and State bal KS VIII iai
before jujcial action, US well rs nulhhcaion safe
allegiance Secession, and the whole brood Of kindred
bererIe5.
A Republic which cannot regulate its currency, or
which leaves that power win thirty-sour separate
Stales each le4slafing az its pleasure aud without
uniformity abandons au essestlal national author
ity, aud this abcicatIon has furnished one OF tie
main sgpports of the rebellion. With nothing ous
national currency, the reyolted States never could
have successfully iuaugGrgted this war. ana we
mus de prve tneIn IN ali lime TO come OF this tefII
bic ally of teasOn. To permit The states 10 proVIde
the circulating medium, tho money OF the country,
ia 10 enable them 10 furnish The sinews oi war, ahu
clothe them win power to overthrow tue uoF'
erument.
With only such O national currency az is now pro-
posed Issued by the Government TO these banks,
Organized by Congress- aud b,sed on the deposit n
the lie ieral Treasury Of Uoiled States stock, tue
rebellion would have been Impossible Our GOV,
ernnient was 30 mild and beuignant that We deemed
t EXEMPT from the aesaut OF traitors; but tlS re-
volt has sipated this deusioD, and warned Ms 70
provide all the safeguards indicated by experience
AS necessary to MAINTAIN the Union. Among the
most important Id the resumption by tue Govern
uent of the great sovereign Junction OF regulating
atty. Such was clearly the intention oi the Con-
stitution. The Government has, by the Constitu-
ton the eLciuUue power "to regulate commerce
with foreign nations, aud among the several State.
But commerce IA TegUidted m1luly by money, tDo
by il al interstate ana internal iJns exchanges Of
products nre made. Ii tie currency IL Redundant,
prices riso, exports diminished; ana the reSerse
follows with a contracted circulation. Bat BANKS
initiate restrict tne currency Ut tGeir pleasure, and
tuus control prices, Commerce. exports, imports aud
revenue. But they also destroy VI depreciAte the
money o! the Government, and deprive IL Of vital
power. Tbus the nation issues Treasury notes, and
makes them legal leader; tie banss immediately
lKs such notes the Jsis OF bank ssues, In tBe I'd
to Of thrte 10 Que, aud the whole currency neees
saniy becomes redundant and depreciated; aud thus
this essential power OF The Government l. controlled
by the States aud, Tor all practical purposes, M
nhilatsd.
Chief Justice Marshall, in delivering the unsni.
nous opinion OF tho Suoreine Court oi the UNI ed
Suites a Wheaton 1888, said: " nerever the
terms in which power ID granted TO Congress, or
the nature Of the power require that II shonld be
exercis. exclusively by Cons ress, the Jeci
conn letey taken fon the State Legislatures as If
they mad been forbidden TO act on H.. Now, Il has
been decided by the Supreme Court Of the United
S,ates @ W heaton H. thai tits power to regulaS
commerce eXteuCs 10 tue land, as well "a to the
p0t~r, that 1t includes intercourse aud mar gdtoH.
snd vesses, vehicles of commerce, thai IL includes
|"
"EXcLusiykLf vested IN Congress, and "n0 part
OF ~ can to ersrcIssd By a State" Now, the ques-
lion whether lie notes Of a State bank, issued on
the authority of state, and designed 10 circulate as
money, conflicts with ihtS clause OF the CoIsutu
tion. has Hrrcr been decidcd ~ Che Supreme Court
II the Dat,ei lStates. Thus Is a new and moment
ous question, never yet adjudoated by the supreme
Cour,; but now they would now decide that point
with The Light thrown upon II by this rebellion,
cannot DOUBT.
The Government also has the cole power 20 lay
and collect dties which shall be uniform thr nigh
ont the United States and the States are prohibit.
ed from exercising this authority. Bu, this power
also is in fact controlled ty the banks, and the
euue from Imports increased or diminished accord
INK 20 their action. iuieed, they modify re-
peal tariffs al their pleasure, for they have only 10
initiate he circulation, aud prices here 20 the eS-
tent of the dut,s aud tIe tarlff becomes inOpera.
live. OF all the branches Of our industry, tAo man
uf.ctuiiug ~ Injured most by redundant currency,
limiting our irbIcs 10 partial supply az home, aud
driving them from the foreign market. Give Us a
sound. stable, uniform currency sufficient but Lot
redundant aud orr skilled educated, and int, gen,
labor will, in time, defy Ill competition. Bat the
banks, as now conducted, are the great enemies Of
American industry.
TIE Government has also the sole power "to
coin money, regulate the value thereof, etc. But
tho banks now regulate Us value by controlling
price, by substituting their money for com, ana by
expelling i from the country nj their pleasure
Reeollect these powers over commerce aai money
are crc'ur,, not concurrent, so adIudicatod aud
the Constitution Ia dees a,iog ,bep exclns vely to
the Government, withheld them altogether from the
Sl IS. IAe conceded tact that these powers ARE ~
ciuuge, proves than the States cannot, by any i.-
strumortality directly or indirectly, control tbei.
exercise. An exclusive authority necessarily for.
bids any control interference. But there are
express prohibitions IN tGe Constitution as well NJ
grants. That instrument declares that "uo Stat
shall emit biHs n credit" The State tselt cannot
emit circulating paper; how them eau i, authorize
this TO lie done by State cooperation, which ia the