Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1866-04-07
WHOLE NUMBER $40.


Resumption is not so difBcuk 4 work y
many suppose II did not take 80 iose ID
EDgland IS the gentleman from Pennaylva-
MIA Mr.. Stevens stated ID bis spsseh) this
afternoon In0Joly, als19. Psrlisnsnt de-
creed that after February H. Il $40, the
bank should begin 70 redeem 10 small quann
titles. and should increase the amouoat st
stated periods until May 1928, when fuii
srecie payment shoold be made. The bank
contracted its circulation. reduced the price
Of gold, and fully resumed payments, May
/. l, 1921, only fifteen months after the lsw
, went into operation. i should be sorry TO
see sudden contraction OF our currency
and o rapid decline 10 gold. II Eould be
too great q shock to business II the Sec
retary is armed wi b the requisite power be
can make the movement so steadily and
gradually as not to disturb, to any dangef-
Gus degree, the course of bnsin ess and trade.
The chief objection urged against ihe
pending bill is that it, confers 100 much
power--more than ought to be intrustedt TO
any man. Now, sir, tremendous power
was given to, General Grant, when .hs lives
of hundreds of thousands OF .mea we're
placed absolutely at his disposal SbMnaa
was intrusted with vast power whsn hs
Stated with bis great army on his march 70
the sea. But it was necessary to trast
some Que with that power. Congress could
not command armies, aud plan campaigns,
So, also, in the present emergency some
one must be trusted With power. Congress
cannot negotiate loan, cannot regulate
the details Of the currency, or fund the debt,
IT must delegate the power, / viii nos
eulogize the present Secretary Of the Treas.
ury; be needs no eulogy IRON me. II 10
the Secretary Of the Treasury, not Hugh,
McCuloch who needs this, power. / yose
to give it to the incumbent. Of that high
Office, whoever he may be, aud hold him re-,
sponsible for the use be may make Of it, ~
| / repea, Il. cir. II gentlemen do nstseI
prove this bill they should offer some other.
plan that will aseompIish The desired rsstst,
| Icsll attention for momsntto the propo-,
sitioa OF my friend from Maine, Mr, Pike;
If q stranger had told me before I came,
| into this Hall this morning that the gentle
man from Maipe, Mr., PIke1 would intto.,
duce proposition TO authorize States TO
tax the bonds Of the United States, I, as
| his friend, would have denied it, Does the
| gentleman hold that State can constitu.
tionally tax the bonds Of the United Ststesf
Has he read the decisions of the courts
There is not lawyer in this House who
will affirm that the States can levy such .
tax. That question has been decided again
aud again by the. Supreme Court OF tho
Uuited States, and the decision he's always
been one way. IT was decided, BY Chief
Justice Marshall, 10 1919, in the case OF
McCulloch vs. The State Of Maryland. &C
Wheaton, 3l6.) Il was decided again By I
| that same distinguished jurist in the case
Of Weston Us The City Of ChsrIeston. q
Peters 449) 1t was decided in the case Of !.
Osborn cs, The United States Bank, co
Wheaton, T39, In 1924, when Henry Clay, !
as counsel, argued other features Of the !
cause before that court, bot declined to ,
offer any argument on the question Of the.
power OF the State to tag the bank, aud
alleged as reason that the point wss so :
well settled that argument was unnecessary.
1t was decided again in 1862, in the case
of the Bank of Commerce Us. New York,
q Black, $40 .t,, -, ,,-l =,
If the bonds OF the United States, can
be taxed by State action, then the arsenals,
the forts, the post offices, the mails Of the
United States, can be taxed in the same
manner. ...r< c~
Mr.. DAWES. Does the gentleman mean to !
TO maintain that this power ofiaxing United n
States bonds hereafter to be issued cannot =
be exercised by the States, provided Cou-, I,
gress shall authorize itS do not suppose =
that the gentleman from Maine, or any ="
other gentleman, would contend that State
can exercise such power without the 2
authority Of Congress. -l'- .-" 'aa5 .l''' i' 20
Mr.. GARPIKLD / ask the gentleman
from Massachusetts Mr.. Dswes1 whether
be belves that Congress caa delegate that
power to the Sta,es3 g.-. yl-74.s a 9.ls
Mr.. DAWES l put the interrogatory TO- sl
the gentleman from Ohio. ,;4l ,,arr
Mr.. GARFIELD. Well, trust that tho
gentleman from Massachusetts,, who Is . :
very distinguished lawyer, win do me the
favor to say whether be believes it can be-
DONE - ...f.., y, ...,.,.f -
Mr.. DAWES. If The gentleman wants my
opinion. will say that / have 40 doubt
that Congress has the power and can confer
it upon the States. Whether it is wise for ,
Congress to do SO, is q question of policy.
| may add, however, that [ am very clear
that Congress cannot authorize this taxa
tion in respect to any honda already issued.
because that would be in violation Of the.
terms OF the contract. Scans. = iI, e4i
Mr.. GARTIELD. Now Mr., Spsakes We
have heard the gentleman from Masssehu-
seits express the opinion thai Congress can
delegate this power TO the Ssases. Hear,
the opinion Of another distinguished citizen
Of Massachusetts, ask the Clerk TO read
a passage from speech Of Daniel Web
ster's, on the very question under discussioD..,