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.
Pages:
663
664
665
666
667
668
669
670
671
672
673
674
675
676
677
678
679
680
681
682
683
684
685
686
687