Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. ManufacturerFowler, Charles N. (Charles Newell)
History
Seventeen Talks on the Banking Question: Between Uncle Sam and Mr. Farmer, Mr. Banker, Mr. Lawyer, Mr. Laboringman, Mr. Merchant, Mr. Manufacturer
Fowler, Charles N. (Charles Newell)
Banks and banking -- United States; Currency question -- United States
John Marshall, the greatest of all our Chief Justices, the man who
breathed into the dry bones of a constitutional contract, the soul of
nationality, expressed himself at various times in these words: "He
had 'an unabated zeal for the exact observance of public and private
engagements.' He rightly insisted that the only ways of relief for
pecuniary 'distresses' were 'industry and frugality'; he condemned
'all the wild projects of the moment; he rejected as a delusion every
attempt at relief from pecuniary distresses' by the emission of 'paper
money' or by 'a depreciated medium of commerce.'" George Bancroft said:
"These were his opinions through life. He gave them to the public in
1807, and twenty-four years later in a revised edition of his 'Life of
Washington,' he confirmed his early convictions by the authority of his
maturest life."
James Madison, who was probably more responsible for the Constitution
than any other single individual, used these words in addressing the
delegates of Virginia in the year 1786: "Paper money is unjust; to
creditors, if a legal tender; to debtors, if not legal tender, by
increasing the difficulty of getting specie. It is unconstitutional,
for it affects the rights of property, as much as taking away equal
value in land. It is pernicious, destroying confidence between
individuals; discouraging commerce; enriching sharpers; vitiating
morals; reversing the end of government, and conspiring with the
examples of other states to disgrace Republican Government in the eyes
of mankind." As the result of his words and the well-known opinions
of Washington, Lee and Mason, the House of Delegates of Virginia on
the first day of November resolved by a vote of 85 against 17 that an
emission of paper money would be "unjust, impolitic and destructive of
public and private confidence, and of that virtue which is the basis
of Republican Government."
Disquieting symptoms having appeared in Virginia, Madison, in April,
enjoined Monroe, a member of its assembly, to battle paper money.
Madison enumerated among the evils for which the new Constitution
should provide a remedy, the "familiar violation of contracts in the
form of depreciated paper, made a legal tender." In his notes for his
own guidance in the Federal Convention, he laid down the principle
that "Paper money may be deemed an aggression on the rights of other
states," and just five weeks before the time for the meeting of the
convention, he wrote from Congress, then sitting in New York, to Edmund
Randolph, as follows: "There has never been a moment since the peace,
at which the federal assent would have been given to paper money."
In conclusion, Mr. Lawyer, I want you, because you are a particularly
good reader, and ought to be more interested in this subject than
anybody else, if you are wrong, to read the story of the Constitutional
Convention as related by George Bancroft.
MR. LAWYER: I will very gladly do so.
Public-domain text, read in full here on John Shaqi.
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