History of the United StatesBeard, Charles A. (Charles Austin)
History
History of the United States
Beard, Charles A. (Charles Austin)
United States -- History
=Internal Improvements.=--If farmers and manufacturers were early
divided on the matter of free homesteads, the same could hardly be said
of internal improvements. The Western tiller of the soil was as eager
for some easy way of sending his produce to market as the manufacturer
was for the same means to transport his goods to the consumer on the
farm. While the Confederate leaders were writing into their
constitution a clause forbidding all appropriations for internal
improvements, the Republican leaders at Washington were planning such
expenditures from the treasury in the form of public land grants to
railways as would have dazed the authors of the national road bill half
a century earlier.
=Sound Finance--National Banking.=--From Hamilton's day to Lincoln's,
business men in the East had contended for a sound system of national
currency. The experience of the states with paper money, painfully
impressive in the years before the framing of the Constitution, had been
convincing to those who understood the economy of business. The
Constitution, as we have seen, bore the signs of this experience. States
were forbidden to emit bills of credit: paper money, in short. This
provision stood clear in the document; but judicial ingenuity had
circumvented it in the age of Jacksonian Democracy. The states had
enacted and the Supreme Court, after the death of John Marshall, had
sustained laws chartering banking companies and authorizing them to
issue paper money. So the country was beset by the old curse, the banks
of Western and Southern states issuing reams of paper notes to help
borrowers pay their debts.
In dealing with war finances, the Republicans attacked this ancient
evil. By act of Congress in 1864, they authorized a series of national
banks founded on the credit of government bonds and empowered to issue
notes. The next year they stopped all bank paper sent forth under the
authority of the states by means of a prohibitive tax. In this way, by
two measures Congress restored federal control over the monetary system
although it did not reestablish the United States Bank so hated by
Jacksonian Democracy.
=Destruction of States' Rights by Fourteenth Amendment.=--These acts and
others not cited here were measures of centralization and consolidation
at the expense of the powers and dignity of the states. They were all of
high import, but the crowning act of nationalism was the fourteenth
amendment which, among other things, forbade states to "deprive any
person of life, liberty or property without due process of law." The
immediate occasion, though not the actual cause of this provision, was
the need for protecting the rights of freedmen against hostile
legislatures in the South. The result of the amendment, as was
prophesied in protests loud and long from every quarter of the
Democratic party, was the subjection of every act of state, municipal,
and county authorities to possible annulment by the Supreme Court at
Washington. The expected happened.
Public-domain text, read in full here on John Shaqi.
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