‘pany, which shall possess the independent and sovereign right to coin or manufacture money, and regulate the value thereof, why may they not also invest such corporationswith power to control the commerce of the, country in all such exchangeable articles or commodities that may properly come under the standard of weights and measures ? Why not go still farther—for if Congress can delegate to a corporation this prime attribute of sovereignty, the establishment of a standard of value—why not, I say, extend it to every other specified power of the constitution ? For, I repeat it, if Congress have the power, under this or any other clause of the constitution, to delegate to a corporation of its own creating any one of the enumerated powers, they may, with equal propriety, delegate to it every other power. Let Congress recognise this construction, and what would be the consequence? Sir, we should no longer be a nation of freemen, living under a free constitution ; but the slaves of soulless corporations. An independent and irresponsible power would be established in the land ; the restraints and limitations imposed upon Congress, by the constitution, would be overthrown ; and the foundations of your Government not only rocked, but riven. Sir, let us examine a little farther the extraordinary argument urged by Mr. McDuffie in support of bis most extraordinary position. “ Coin,” says he, l( was regarded, at the period of framing the constitution, as synonymous with currency, as it was then generally believed that bank notes could only be maintained in circulation by being the true representatives of the precious rhetals,” What I sir. coin and currency—coin and paper money- coin and bank notes regarded as one and the same thing, as synonymous, at the time of framing the constitution ? What! “ generally believed at that period,” that paper money was “the true representative of the precious metals?” Sir, does not the whole history of “ that period” contradict these reckless and unfounded assertions ? I appeal to the historical recollections of every gentleman on this floor, if it does not. Is it not notorious that the framers of the constitution were emphatically hard money men ? Is it not notorious that gold and silver are the only currency recog- niesd by the constitution ? Is it not known to all, that Congress have no power, under the constitution, to authorize any individual, company, or corporation, to issue federal paper money ? Every part of the constitution which relates to.the subject of money is clear, explicit, and unequivocal. The intention of the framers of the constitution, on this subject, is not only made manifest by the letter of the constitution itself, but also by a law passed immediately after the meeting of the first Congress under the constitution, which defines the kind of money to be received by the federal Treasury. This law provides “ that the fees and duties payable to the Government, shall be received in gold and silver coin ONLY.” This statute, be it remembered, was passed within one month after Congress had assembled. And again, the law in reference .to that part of the revenue accruing from the sale of the public lands, passed in 1800, declares that .specie and evidences of the public debt, shall alone be received in payment of such lands- These twdacts relating to the subject of the federal revenue, passed immediately after the. adoption of the constitution, ought and. must be regarded as unerring interpreters of that instrument, so far as the point immediately .under consideration. is concerned. If the members of the first Congress regarded paper money and “ coin” as synonymous, why did they enact that gold, and. silver coin, only should, be received, in payment of the
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