Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-02-26

But TO return TO the point with which / set out Tn
ol before the House that while your presen
dollar contains four hundred and twelve and half grain
OF standard silver, you cam by law make another
tanning only three hundred and eghtys grains wort
just as much the other. Now, if you will take tn
pans TO subtract the amount of standard silver contane
IN one from that contained in the other you will find tina
one contains about seven cents than the other
we can then by law reduce the present standard
per cent and make the value of the reduced standar
equal to the other ask the House and the country
ehe philosophers stone has not been discovered? If
can py law make hundred and dollars out
one hundred dollars we can, by the process, max
!, worth one hundred and fifty dollars. Why sir, of al
e problems that have up for solution from thu
the OF the alchemists down the present time none
can compare with that solved by this modern American
congress They alone have discovered that they cal
naAe money; that they make hundred and sever
dollars out of one hundred dollars If they can increase
- 70 that extent they go and increase it to infn
y anu thus by the operations of the MINIS thu
government supply its own revenues The great difficult
~ with mankind is solved the idea that so much money
is wanted all the world is at length an end The
problem IS at last solved. This Congress- in the pen
tude OF It's power in its wisdom, can wheneverit chooses
oy single stroke of legislation change the currency
the country into any amount desirable.
Or, repeat again that this is all quackery Let us
see how this thing will work in practice Here is dol
lar Do you talk about fixing the value of that? II i
an ansurdity man has dollar to-day containing
hundred and twelve and a-haf grains of silver lie goes
'o lnaiket ana purchases bushe of containing
so nuch nutrment indispensable the existence of
Tomorrow he again goes into market but get
more than half bushe for his dollar Now where is
he to nix the value Of that dollar Do you not
that IL is with the commercial world Do you
that the natural laws which regulate determine
the value Do you not that it is thing be agreed
upon between parties and between nations dealing in the
commodity we call money?
How Will this plan work practically? Here is one cur
reney in which dollar contains four hundred d twelve
grains OF standard silver and here is another in which the
donar contains twenty eight grains Of silver less Do you
not see that man who has of these coins Of four
bred and twelve grains in his pocket is worth
hisy 1t makes decided difference The commercial
world win take these coins for what they are ntrnsicay
worth and not for what the legal stamp represents them
to be worth Such will be the practical bearing of the
whole system Of coinage proposed. But the bill, if
IL IS not altered by amendment provides that these
coins to be received in payment Of all debts below five
dollars The Secretary of the Treasury proposes ten
dollars
Mr.. DUNHAM. The amendments which the Committee
on Ways and Means propose strike that provision and
insert simple that these coins shall be received
IN payment of all dues of the United States But the is
sue OF this coin IS left entirely under the control of the
Secretary OF the Treasury that if should be issued
than the necessities of the country require it would
back again into the Treasury and the further issue would
be suspended.
Mr.. JOHNSON Now see the effect of the genemans
argument. What is it? Here is species of silver
coin which is to be tender in payment of debts and
here is another which is only receivable in payment of
the public dues.
Mr.. DuxnAx l should like to ask the gentleman one
question
Mr.. JOHNSON | cannot afford TO allow the gentleman
to more of my time This BILL if adopted at
by law, brings about currences worth
than the other. Why, the thing of which complain
more than any thing else in connexion with the currency
OF the country is the prevalence Of paper circulation
which drives the silver circulation Now, suppose
this bill passes, and the Government debt
and another owes an individual debt. The man who
owes the Government win be obliged to pay seven per
cent less than the who the individual This is
the worst sort of shinplaster legislation.
Now let turn to this provision of the constitution
again. Ii says that Congress shall have power coin
money and regulate the value thereof All this relates
to what have been speaking about But what else shall
Congress do Ii shall fix the standard of weights and
repeat it shall regulate the value far as
the coin s concerned and shall fix the standard of weights
and measures. How fix the standard of weights and
measures Are infer from this that they fix
the precise amount the parties shall receive for the grain
or commodity which is to be measured? Not all What
is your standard bushel We find that your standard
half bushel contains 752 cubic inches Well sir corn
becomes little scarce wheat becomes little scarce
aud by legislation change the standard and say that
half bushel shall contain $50 inches less than il did
before What is the effect? win the man who wants to
buy wheat give much for half bushel which contains
1000 square inches he would for containing $50?
Certainly not Yet this is precisely the position you
sumo in relation to the currency of the country. You
assume to fix the price while you the quantity
Of silver to be placed in a coin.
And if you 60 into the market with dollar contain
ing four hundred and twelve and half grains and an
other with only three hundred and eghtysix grains the
dollar which has the silver in it will sell for
most and the dollar which has the least will sell for the
least.
Now, let see how this bill will operate. Sometimes
talk about retrospective laws / lawyer, and
do not to be but may refer such plain legal
topics without any extraordinary assumption of legal
knowledge for these things within the range Of all
our observation and comprehension Sometimes, say,
we talk about retrospective laws which impair the obi
cation Of contracts Now let If this bill is liable
to that objection For instance, make contract now
with the standard of gold and silver fixed, involving
amount Of say $780, with the understanding that the
silver dollar contains four hundred twelve and d half
grains Of standard silver After the contract made
law is passed creating currency worth per ces
less than the old one, and which shall be taken in pay
ment Of Government dues. What does the debtor do
He provides himself with this currency worth per
cent less than the currency in which he contracted his
debt and pays his debt with it, and in that operation
pays his $500 with S4G5 Is act thus operating
retrospective in its character and does it not impair the
obligation of contracts Is not that legislation RETROSPECT
tive which passes law by which may be compel
led to receive less ntrnscaly for his debt than he
tracted receiver He contracted receive much
standard silver and propose to compel him to take
seven per cent less Such is the effect of this bill You
make the coin tender in payment Of debts In what
difficulty do you thus find yourself? You either depre
cate your currency and compel to take II for
than il worth or you leave it is Take either horn
Of the dilemma and there two consequences
which must follow If you make this coin tender in
payment Of debts you impair the obligation Of contracts
and you do not you have currency Of higher and
one Of n lower grade.
But there is an erroneous idea pervadng the commu-
nifty as to the relative value Of gold and silver and that in
of the change in that relative value by the
great influx of gold must make change in coins
The old idea was that this relative value was about six
III - n l. i.