money, emit bills of credit, make anything but gold and silver
a tender in payment of debts," or "pass any law impairing the obligation
of contracts." If they did not guard more explicitly against the present
state of things, it was because they could not have anticipated that the
few banks then existing were to swell to an extent which would expel to
so great a degree the gold and silver for which they had provided from
the channels of circulation, and fill them with a currency that defeats
the objects they had in view. The remedy for this must chiefly rest with
the States from whose legislation it has sprung. No good that might
accrue in a particular case from the exercise of powers not obviously
conferred on the General Government would authorize its interference or
justify a course that might in the slightest degree increase at the
expense of the States the power of the Federal authorities; nor do
I doubt that the States will apply the remedy. Within the last few
years events have appealed to them too strongly to be disregarded.
They have seen that the Constitution, though theoretically adhered to,
is subverted in practice; that while on the statute books there is no
legal tender but gold and silver, no law impairing the obligations of
contracts, yet that in point of fact the privileges conferred on banking
corporations have made their notes the currency of the country; that the
obligations imposed by these notes are violated under the impulses of
interest or convenience, and that the number and power of the persons
connected with these corporations or placed under their influence give
them a fearful weight when their interest is in opposition to the spirit
of the Constitution and laws. To the people it is immaterial whether
these results are produced by open violations of the latter or by the
workings of a system of which the result is the same. An inflexible
execution even of the existing statutes of most of the States would
redress many evils now endured, would effectually show the banks the
dangers of mismanagement which impunity encourages them to repeat,
and would teach all corporations the useful lesson that they are the
subjects of the law and the servants of the people. What is still
wanting to effect these objects must be sought in additional
legislation, or, if that be inadequate, in such further constitutional
grants or restrictions as may bring us back into the path from which
we have so widely wandered.