The Continental Monthly, Vol. 3 No 2, February 1863: Devoted To Literature And National PolicyVarious
History
The Continental Monthly, Vol. 3 No 2, February 1863: Devoted To Literature And National Policy
Various
Literature, Modern -- 19th century -- Periodicals; United States -- Politics and government -- 19th century -- Periodicals
The Government also has the sole power to lay and collect _duties_,
which 'shall be uniform throughout the United States,' and the States
are prohibited from exercising this authority. But this power also is in
fact controlled by the banks, and the revenue from imports increased or
diminished, according to their action. Indeed, they can modify or repeal
tariffs at their pleasure, for, they have only to inflate the
circulation, and prices rise here to the extent of the duties, and the
tariff becomes inoperative. Of all the branches of our industry, the
manufacturing is injured most by a redundant currency, limiting our
fabrics to a partial supply at home, and driving them from the foreign
market. Give us a sound, stable, uniform currency, sufficient but not
redundant, and our skilled, educated, and intelligent labor will, in
time, defy all competition. But the banks, as now conducted, are the
great enemies of American industry.
The Government has also the _sole_ power 'to coin money, regulate the
value thereof,' etc. But the banks now regulate its value by controlling
prices, by substituting their money for coin, and by expelling it from
the country at their pleasure. Recollect, these powers over commerce and
money are _exclusive_, not concurrent, so adjudicated, and the
Constitution, in delegating them exclusively to the Government, withheld
them altogether from the States. The conceded fact that these powers are
_exclusive_, proves that the States cannot, by any instrumentality,
directly or indirectly, control their exercise. An exclusive authority
necessarily forbids any control or interference. But there are express
prohibitions in the Constitution as well as grants. That instrument
declares that 'no _State_ shall emit _bills of credit_.' The State
itself cannot emit circulating paper: how then can it authorize this to
be done by a State corporation, which is the mere creature of a State
law? The State cannot authorize its _Governor_ to issue such paper: how
then can it direct a _cashier_, deriving all his power only from a State
law, to do the same thing? _Qui facit per alium, facit per se_, and this
fundamental maxim of law and reason is violated when a State does
through any instrumentality, created by it, what the State cannot do
itself.
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