Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-17
-. go, 1ho eert.Iarv has adopted the honor

able members phsascs and he speaks ino' OIL al ele
bank notes received 3. Tie land offices al'honSh tv.ty
one OF Them is rcGr-inai'e III spec's, y" ''"'"N' ~
so much paper money.
In this respect, also, sir hrpc we may know more
as we grow older and he ah.r It. lrarn whether IN es
to CONC in tunes recently passed, 'hr lns''y "'"o
ous and obi us chnrscer nf "paner money IS 20 oe a
ped To The issues Of all the banks III all the states win
whatever punc:uei,y they redeem ine'r D's. ms -
quite ne financial language ny paper tnvey ~,
its obnoxious sense, understand paper. issose w"
alone without capital without funds assgneu 10. us pa,
ment resting only on The good faith and the esN'e "v
Of those who issue it. Such the paper money I" o'
revolutionary times; and SUCH perhaps may nav 49,
the true character Of the paper OF particular
.ince Rn the notes of banks Of cnmpftcnt capitals,
limited in amount to dse prnPor,ion 70 such eaP"a's
made pa able demand in gold and silver, ana away
So paid on demand, paper money IN no sense OUT
that TO they made of paper, and they cFcu
late ma money nd it be proper enough tor those
Nho maintain that nothing should so circulate Dut g"l2
and silver to denolnnute such bank notes pH PER '
new since they regard them but as paper lntruoets "
channels which should flow only with gold and silver
If this language of the order is authentic, and IS " De
% hereafter and all bank notes are to be regarueo au
sgma,ized us .PaPer money the sooner the e'u'
try knows it the better.
The member from Missouri charges those who wsn
70 rescind The Treasury order, with TWO ohJect-hS
to degrade and disgrace the President and next 10 over
throw the constitutional currency of the country
Fo. my own part, sir, | denounce NOBODY II s'SA
to degrade or disgrace nobody. Holding the order
ILLEGAL and unwise shall certainly vote to rescno
it; and in the discharge of this duty, hope am not
expected 10 shrink back, lest | should 40 sninetnne
which might call in question the wisdom OF the Score
srr or even of the President And hope that Sc much
of ndependence as may be manifested By free discus
sion and honest vote is not to cause denuncalo"
from any quarter. If it should, let II come.
AS to an attempt to overthrow The constitutional cur
renew of the country if were now to enter into such
design should be beg nning at rather late day, 20
wage against the efforts OF my wnoe p"''cI NE
FROM nv very FIRST with public AFFAIRS have
looked at the oublic currency matter of The highest
interest," and hope have given sufficient proofs OF dis
position at all times to MAINTAIN II souho ara secure,
agans, all attacks and all dangers. When hrsl entered
the other House Of Congress- the currency was exceed
ingIy deranged. Most Of the banks had StoPprd pay
nent, and The circulating medium had then brc"'e'
indeed, paper money so soon as s.a.e OF peace emu
bed us took part in an effort with others TO re-.
s,ore The currency 10 better state and followed
that effort.
But what is meant by tile Unconstitutional currency
about which so much is said What Species or iorhs
of currency does the Constitution allow or what does II
forbid: Ii plain enough that this depends on what.
we understand by currency. Currency, IN large, ana
perhaps in just sense, includes no. only eo!o ea S
yer aud bank notes but bills Of exchange also IL may
include all that adjusts exchanges and settles balances,
in the operations of trade and business. But If we un.
dersiand currency the ega money The country thai
which constitutes lawful tender Tor debts and IS The
salute Of value then, undoubtedly nothing Is
included bn. gold und silver. Most unquesticnay there
is no legal tender aud there can be no legal tender IN
this country under the authority of this Govern Or
any other but gold and silver, either the coinage Hl
our mints, fore gn cons at rates regulated Ivy
Congress. This is constitutional principle perfectly
plain, and Of the very highest Importance he States
are expressly prohibited from making any thing but gold
and silver tender in payment of debts; and, although
such express prohibition is applied to Congress, yet
Go Congress has power granted to it, in this respect
but money and to regulate the value OF foreign
coins it clearly has no power TO substitute paper or any
thing else for coin as tender payment Of debts,
and discharge Of contracts Congress has exercised
this power, fully in both its branches 1t has coined
money and still coins 1t; It has regulated the value "i
foreign coins and still regulates their value he legal
tender therefore the constitutional standard OF value Is
established, and cannot be o4ertrown 10 overthrow
it would shake the whole system.
But if the constitution knows only gold and silver as
legal tender does it follow that the constitution cali
not tolerate the voluntary circulation OF bank notes, con-
verble into gold and silver al the will Of the holder,
part of the actual money Of the country Is man not
only TO be entitled 10 demand gold and silver for every
debt but is he should he be- obliged demand it in
all cases? Is it, should Government make il, unlaw
full to receive pay in any thing else: Such notion is
too absurd to be seriously treated The constitutional
tender is the thing be preserved, and it oug to be
preserved sacredly, under all circumstances The resi-
remains for ludicicus Legislation by those who hsse
competent authority.
have nlreudy said, that Congress has never supposed
itself authorized to make any thing but coin tender
in the payment Of debts between individual and lndir
DUAL but it by no means follows from this, that it may
not authorize the receipt OF any thing but coin in pay
ment Of debts due TO the United States.
These powers distinct and how from d fsT" q;
The power Of coinSBBfn the States and con.
portion OF Tor the sake both of uniformity and
fetred on S9Sdriy is to be exercised for the benefit
OF ge people, by establishing legal tender and stand
Ard Of value in all transactions.
But when Congress lays duties and taxes, or dspcses
of the public lands it may direct payment to be made in
whatever medium peases. The authority to lay taxes
includes the power Of deciding how they shall be paid;
and the power granted by the Constitution 10 dispose Of
the territory belonging TO the United States with
it, Of course the power Of fixing not only the price, and
the condilions and the time OF payment but also the
medium Of ynent Both respect duties ses
and payments for lands it has been accordingly the
slant practice of Congress in its discretion to provide for
the receipt Of supdy things besides gold and silver AS
early 1897 the public stocks of the Government
made receivable for lands sold the six cents at
and other descriptions of stock in proportion. This po
Icy had probably, double purpose in view one to
sustain the price Of the public Stocks and the other TO has
ten the sale and settlement Of the lands Other statutes
have given the like receivable character to Mss!s$p p
stock and 70 Virginia land scrip. So Treasury nolts
made receivable for duties and taxes; and indeed,
if any such should be found outstanding believe
they constitute lawful mode of payment al the preseat
moment whether for duties and taxes, for lands
But, in regard both to taxes and payments for lands
Congress has left the subject without complete legal
regulation. 1t has exercised its full power. The sta
tutes have declared what should be received from debt
and from purchasers, and have left ground what
ever for The interference Of Executive discretion, or
Executive control. So far as know, there hes been
period when this subject not subject express le
gal provision. When the duty act and the tonnage
were passed. at The first session Of the first Congress-
act passed also, at the same session, containing
section which prescribed the coins, and fixed their
lues, in which those duties to be paid From tina,
time this the medium for the payment Of public debts
and dues has been matter of fixed legal right, and
matter of Executive discretion al all. The Secretary
of the Treasury has had power these laws
than over other laws He change the legal
mode of paying the duty than he change the
Of the duty TO be paid alter the legal of payiag
for lands with any propeiy than he alter the
deed, if this not II would be ridiculous SAY
that we lived under Government Of laws, if an tx.
ecutve officer may say in what currency, medium,
shall pay his taxes and debts to Government, and
may make one rule for one man, and another rule for