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

Chief Justice Aarshall, in delivering the t,nani-
mous opinion Of the Supreme Court il the case
before quoted from 4 Wheaton 1913. "a 60 any
such power that SHOULD be exercised eselNs;vely
By Congress, the subject is % conplst.ly taken
from the Stste Legislature - If they had been
for6idden 70 Sd On Il !" All, then, Who agree that
Congress has "the entire regulation Of the eur
rency, - must admit that oil banks OF issue in
corporsted BY States are unconstitutional, not
because such issues are bills Of credit but be-
Cause they violate the exclusive authority of
Congress 70 regulate commerce. coin, and its
value. repeat, that while this question has
never been aajudicated BY the Supreme Court,
yet, II their decision in fourth and ninth Whea-
ton 10 maintained, such bank issues are clearly
unconstitutional Il is clear, also, whatever may
DO the case Of bank issues based only supon
private capital" or, in the language Of Judge
Story, sff the corporate stock, and that only By
the charter, 10 made liable for the debts of the
bank, yet, If the bank issues are based on the
"funds" or 'credit" of the State, such Issues do
violate the prohibition against bills of credit
Sucn bank issues, then, as are furnished and
counsersigned By State officers, acting under
state laws, and are secured by the deposit with
the State of its own stock, are most clearly I'M
constitutional. ID H \ 100
In No. A 10y Hamilton) of the Federalist, the
great contemporaneous exposition of the Con
stttution prepared by Hamilton, Madison, and
Chief Justice Jay, of the Supreme Court Of the
United States, it is said: 1.-THE same reasons
which show the necessity Of denying to the
States tho power Of regulating coin, prove with
equal force that they ought not to be at liberty
to substitute paper medium instead of coin"
Such was the opinion Of the two great founders
of the Consultation Madison and Hamilton,)
and its first judicial expositor the eminent Chief
Justice Jay. Justice Story quoted and APPROX.
ed this remarkable passage, and SAYS s'thst the
prohibition was aimed at paper medium, which
was intended to circulate a. money, and to that
aloue.n sA H8t ri - -
In his message Of December s, 1915. Presi-
dent Madison, referring expressly to q sANK and
PAPER medium, said: ut is essential that the
Nation should possess currency of equal val
ne, credit and use, wherever it may circulate
The Constitution has entrusted Congress ercl,.-
sisey with the power Of creating and regulating
Q currency of that description" 'r =.
This rebellion proves the awful danger of
State violations of the Federal Constitution
Rebellion Is the child of State usurpation. State
supremacy, State allegiance, and State Seces-
sion. And now tho Government is psralyzed
financially, in its efforts to suppress the rebel
lion, BY question az to State banks, deprecis.
ting the currency, and State banks based upon
State Stocks. The Government wishes . cur
rency, not redundant, and to borrow money 70
save the Union. But one State says, We have
placed oil our surplus money in State banks and
another State las III the case Of New York; says,
We have based the circulation Of tho banks,
mainly on our own State bonds, and you must do
nothing which will ipjuriously affect their value
It s true the Union is In danger, but are not the
credit of State banks and State bonds Of high.
er value than the Unionf The State 6rst, the
Union afterward. Our paramount duty Il to
our State, and that 70 the Union is subordinate.
Why, this isthe very language Of rebellion
the echo Of South Carolina treason. But II 10
not the language Of the Constitution, which de.
clares that "This Constitution, and the laws Of
the United States which shall be made in pur-
susnce thereof and oil treaties made, or which
shall be made, under tho authority Of the Uni.
ted States, shall be the supreme law Of the land:
aud the judges In every State shall be bound
thereby, anything in the Constitution Or laws Of
any State 70 the contrary not~ithstandins.p u a
The supremacy, then, is With The Federal Con.
stitution and laws otherwise there could BE- no
uniformity or nationality. And does New York
suppose that che can tear down tho temple Of
the Union, and that the principal pillar which
supported tho arch will stand firm and srectp
No! II the Union falls, New York viii only be
the most conspicuous among the broken coll
umn. .s.-g.f
But New York knows that the path Of intsr-
est 10 that Of honor and Of duty. Il 10 the Union
only that has made her great It is tho coucen.
tsstion BY the Union of interstate and inferno
tional commerce in her great city, that Was CON,
Illuminating it, imperial destiny. Before the
Union Of TITS and 1857, New York CITY was the
Village Of Manhattan; destroy the Union. and
abe will again become little more than the vii
lage Of Manhattan. The trident of the ocean
the scepter of the worlds commerce. would fail
from her grasp, and London be left without
rival Deprive the Government of the power
to- regulate commerce, and the fall of New York
will be as rapid as her rise. Each State then
as before the Constitution, would control IA
own commerce, and the railroads and canels Of
New York would cease to be the vehicles Of the
trade OF the nation and of the world Each
State, ss under the old Confederacy, would force
commerce into her own ports by prohibitory or
discriminating statutes. No, when New York
takes from the Union the exclusive control of
commerce, che commits suicide. One uniform
regulation OF commerce, and one uniform cur
rency, are more essential to the prosperity of
New York than to that Of any other State
New YORK represents interstate and information.
ports and exports, and there three fourtbs of
our revenue Is collected There, if the Union
endures, must be the center of the commerce of
the nation and of the world. If the rebellion
succeeds, the separation Of the East and VESTS
just as certain as that of the North and South.
Discord would reign supreme, and States and
parts Of States become petty sovereignties, mere
pawns. to be moved on the political chess board
BY the kings and queens of Europe.
Az New York has derived the greatest benefits
from the linton, 80 would she suffer most from
is fall. II 10 New York to whom the Union
transferred the command Of her own commeroe.
and ultimately that of the world. It il New
York to whom England looks a. the future suo-.
cessful rival Of London, and il is New York At
vhon Eogland chiefly aims the blow In desiring
70 overthrow che Union. The interest Of New
York 10 the price Of bank or State stock IL iu.
sigaiaoaat compared With her still greater st.ke
in the success Of the Union. Indeed, II the
Usisa sAeald ell, 6tats aad bank stock aad sll