Post–Civil War nationalism meant a partial but significant reversion to prewar constitutionalism, recognizing federal legislative authority over “every foot of American soil” and implementing the antebellum Whig-nationalist economic agenda, but allowing states to retain, or regain control over race relations. The Supreme Court upheld the constitutionality of internal improvements, but declined to embrace implied commerce powers, suggesting instead (as in Gibbons v. Ogden) that the question involved the definition of interstate commerce as an enumerated power. The Court seemed to want to confine McCulloch v. Maryland to taxation, banking, and currency matters. The Legal Tender Cases, which relied on McCulloch to uphold the federal power to issue paper money, were a watershed in the history of implied powers, and were recognized as such at the time by many commentators. Yet the Supreme Court over the ensuing decade and a half seemed unwilling to follow through on McCulloch’s full implications.
Demonetisation Impact over Banking Loans & Advances: A Case Study