There is no silence with regard to the States, which are expressly prohibited to “emit bills of credit,” or “make anything but gold and silver coin a tender in payment of debts.” Treasury notes are “bills of credit”; and this prohibition is imperative on the States.
He clarifies that while states are prohibited from certain actions, Treasury notes fall under the category of 'bills of credit' which are restricted.
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According to recent calculations, its annual cost is not less than a thousand millions of dollars.
They belong to a system so essentially irrational, that all the admitted virtues of many of its agents cannot save it from judgment.
Above all, welcome to the united regenerated Democracy of the North, which spurns the mockery of a Republic, with professions of Freedom on the lips, while the chains of Slavery clank in the Capitol!
Without yielding to any of these extreme views with regard to the mischiefs or the benefits of party, all should agree that the only true and legitimate object of such an association is to uphold, advance, and develop certain principles…
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