one, and the whole currency necessarily becomes
redundant and depreciated; and thus this essential power of the
Government is controlled by the States, and, for all practical purposes,
annihilated.

Chief Justice Marshall, in delivering the unanimous opinion of the
Supreme Court of the United States (4 Wheaton 193), said: 'Wherever the
terms in which a power is granted to Congress, or the nature of the
power require that it should be exercised exclusively by Congress, the
subject is as completely taken from the State Legislatures as if they
had been forbidden to act on it.' Now, it has been decided by the
Supreme Court of the United States (9 Wheaton 1) that, this power to
_regulate commerce_ extends to the _land_, as well as to the _water_,
that it includes _intercourse and navigation_, and vessels, as vehicles
of commerce, that it includes an _embargo_ which is prohibitory, that
this power is 'EXCLUSIVELY vested in Congress,' and '_no part of it can
be exercised by a State_.' Now, the question, whether the notes of a
State bank, issued on the authority of a State, and designed to
circulate as money, conflicts with _this clause_ of the Constitution,
has _never been decided by the Supreme Court of the United States_. This
is a new and momentous question, never yet adjudicated by the Supreme
Court; but how they would now decide that point, with the light thrown
upon it by this rebellion, I cannot doubt.

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.