Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-01-24

culstc but gold and silver, To dcnominale such
bank notes pal or money" since they regard them ,
but as paper in,ruders into channels which should
fow only with gold and silver. II the language
Of The order is suthentic and 20 be- so hereafter
and all bank notes arc to be regarded and stigma.
,zed as mere paper money" the sooner tie coun.
try knows il the better.
The mombrr from Missouri changes those who
sh 10 rcscind the treasury order with two objects
- FIRST to degrade and disgrace the the President,
end ncN' 10 overthrow the constitutional currency
OF The country.
For my cwn part, sir, deuuynee nobody ]
seek TO degrade disgrace oobody. Holding The
order Illegal mud unwlsc, shall certainly vote TO
rescind it; and 10 the discharge Of this duty hope
am not expected to shrink back. lest ] should do
something which might call IN question the weldon
Of the Secretary. even Of the President. And |
hope that so much Of independence as may be man-
Tested 10y free discussion aud IN honest vote Is not
to cause denuncalion from any quarter. If j,
should lei it come.
As to an attempt to overthrow the constitution
al currency of the country. il were nov to enter
into such design should be beginning ut rath
or II late day, to waec war against the efforts of
my whole political life. From uy very first con-
Germ with public affairs ! have looked at the pub
lie currency as a matter Of the highest interest.
and hope have given sufficient proofs OF dspo
sill on at oil times to maintain II sound and secure,
( against oil attacks and all dangers. When first
entered the other house of Congress- the currency
was exceedingly deranged Most Of the banks
had stopped payment. md the circulating medium
! had then become, indeed, paper money. SO soon
! as a state of peace enabled us, took eomc part
! in on effort, with others, TO restore the currency
| to better state; and success followed tina, effort
But what is meant BY the constitutional cur
] ~ i.;,I. 10 hat
cies, or forms Of currency, does the Constitution
allow, and VIA, does it forbid It is plain enough
tha, this depends on what understand by cur
rtncy. Currency, in n large and perhaps 10 just
sense includes not only gold and silver mud bank
notes but bills Of exchange also. 1t may include
all that adjusts exchanges and settles balances, IN
the operations of trade and business. But If we
| understand by currency the legal mon'y Of the
country that which constitutes lawful tender ior
debts, and is the statute measure of value, then.
un5oub .edy nothing is included but gold aud sill
yer Mos, unquesionaby there is no legal tender
and there can be legal tender, IN uns country,
under the authority of this government or any 9th
err but gold and silver, either the coinage OF our
own mnts, or foreign coins, at rates regulated by
Congress. This is a constitutional principle per.
feclly plain. and Of the very highest importance. -
The States nre expressly prohibited from making
any thing but gold and silver tender in payment
OF debts; ana, although such express prohibition
is applied to Congress, yet. as Congress haa
power granted H. in this respect, but 10 coin
ney, and to regulate the value of foreign coins, it
) clearly has power to substitute paper, or any
Thing else, for coin, ender ia payment Of dcbts
and in discharge Of contracts. Congress has exer-
csed this power, fully, IN both lis branches. 1t
has coined money, and sill COINS u; 1t has regula
} ted the val of foreign coins, and still regulates
ltba lro rho of, ha
s':tulionaI standard of value, is established, aud
cannot be oyerihrowu. TO overthrow it, would
shake the v hole syotem
Bat If the constitution knows only gold and ell.
legal tender, docs 1t t~llow that the cons
tulion cannot tolerate tue voluntary circulation al
bank notes. convertible INTO gold aud silver 81 The
Siil OF the holder, part If the actual money Of
e the county , l. a man not only to be entitled "a
demand gold aud sher Tor every debt. but is he
or should be- Obliged TO demand II Ia all cases il
H. or should government nuke it, unlawful TO re
ceige pay ia any thing else Such notion 10 too
absurd io Lc seriously treated. The constitutions
al tender is The Thing 10 be preserved. sacredy, IN
; der al circumstances. The rest remains for Judi.
cioos Legislation by those who have competent an-
t thorily.
e | have already said that Congress has never
e supposed itse,l Authorized 10 make any tLog bot
g co.n tender 10 the payment Of debts. between 10
diyidual and nd,vduOl: bot II by means follows
from this that it u,ay not authorize the receipt o
any thing bat coin 10 payment Of debts due TO TIC
I L. States.
. These powers hre distinct, and low from d,d T.
e enl sources. The power Of coinage 10 genera
pua or potion Of sovereignty, taken iroa' IL,
! States aud conferred on Congress, fur the cake
both Of uniformity and Of greater security. II "a
20 be exercised fYr the benefit Of ell the people, by
g establishing legal tender aud slanlard Of Sa.4e
% 10 all tfaustcllous.
! But when Congress lays duties AMI lakes, or do
poses of the pabhc ianis, II may direct payment g.
: DO made 10 whatever ncdum II peases. The az
s ihor,y to lay taxes Includes tue power deciding
: how they shall be paid tn1 ia, power granted by
70 the constitution 10 dispose Of Tie territory belong
ing 10 the United States carries with 1t, u course
The POKER Of fixing not only the price, snd Ie COZ
. diiions and tine Of payment. bat cleo The medium
. Of payment. Both "a respect Ia oUues aud tsIes
and payments for lsnds II hss been, accordingly
the constant prsetee Of Congress ~ lie discretion
20 provide fr the receipt Of suntfy things. beSi e.
. . gold and SILVER As early "a 1891 The public