Columbia Democrat and Bloomsburg general advertiser. [volume] (Bloomsburg, Pa.) 1850-1866, 1862-02-22

ply all his power to develop the true
meaning of the Constitution in this regard,
and to devise legislation suited to tho
evils then existing, in his speech upon tho
specie circular, says;
"But if we understand by the currency
the legal money of the country, and that
which constitutes lawful tender for debts,
and is the statute measure of value, then,
undoubtedly, nothing is included but gold
and silver. Most unquestionably there is
no legal tender in this country under the
authority of this Government, or any 9TH
er, but gold and silver, either the coinage
of our own mints, or foreign coins, at rates
regulated by Congress. This is a con,
ftitutional principle, perfectly plain, and
of the very highest Importance. The States
are expressly prohibited from making
anything but gold and silver tender in
payment of debts and although no such
express prohibition is applied to Congress,
yet, as Congress has no power granted to
it, in this respect, but to coin money and
to regulate the value of foreign coins, it
clearly has no power to 81 bstitute paper,
or anything else, for coin, as tender IN
pavment Of debts and in discharge Of con-
tracts. Congress has exercised this pow
er. fully, in both of its branches, 1t has
coined money, and still coins it; it has
REGULATED the value of foreign coins, and
stiIl regu ates their value. The legal ten
der, therefore, the constitutional standard
of value, is established and cannot be
overthrow. '--Webstcy's Works, vol. 4,
page al.
And again, in the same speech, he says;
''I am certainly Of opinion, then, that
gold and silver, at rates fixed by Congress,
constitute the legal standard Of value in
this country and that neither Congress
nor any State has authority to establish
any other standard, or to displace this"
And Mr.. Calhoun, in his speech on the
bill authorizing the issue of Treasury notes,
in 1887, assumes, as indisputble, that Con.
gress possesses no such power. @ Cal
houn's Works, p. 1922
Sir, it seems to me that if the Language
of the Constitution, and the weight Of au-
thority can settle any proposition, it is set
tied that Congress has not the power to do
that which it is proposed shall be done by
the provisions of this bill
Now, sir, the argument whi,h l have
made in reference to the constitutional
power of Congress does not depend in any
degree upon the question whether or mol
these notes can maintain their par value
in gold and silver But it may give point
to the argument to show the effect which
will be produced by the provisions Of the
bill itself in that respect.
This bill, after providing that these
100000, 900 Of Treasury notes shall b.
payable to all creditors of the United
States, and in the discharge of all private
debts, provides also that they shall b.
funded in twenty year bonds ofthe United
States at six per cent; and, in order to in
dgec tie funding, that when any perSol
shall accumulate 80 800 Of these notes h
may require that bonds shall be issued i
the denomination of the currency Of for
sign country, payable, principal and in
terest, in that country,
The effect of this provision is intende
to be that he shall there receive his prin
cipal and interest in gold and silver.
Congress thus fixes the value Of thel
notes; fixes it to-day; fixes it at the hot
Of their emission. They shall be equivt
lent to an equal number Of dollars c!
pressed in the twenty years bonds Of tt
United States, carrying six per cent. il
terost. That's their value fixed by IL
law-fxed by the money markets Of Il
country. What are these bonds worth t
day? Sir, read in the New York p
pers that last Saturday they were selling
eighty-nine cents in the dollar, 7
quotations of last week were higher TIL
ninety cents. Yet you propose to sci
out these notes as legal tender, stamp
as they are here to-day, at value min
ty cents in the dollar. You compel G
ery man to whom 81 600 are due to tai
IN satisfaction OF ms claim, that Whlcn
only worth 5000. You contiscate, vic
edly and unnecessarily, one tcnth--ev
at the present rates--of all the indebt(
ness of the country. Sir, it is mo
strous proposition, which l hope will
be tolerated by this House.
But, Mr., Chairman, / 60 step furth
I doubt whether there is any power in
Federal Government to issue the notes
scribea inthis bill, whether they are ms
a legaltender or not. | have shown
you that the power to "emit bills of or
it" was expressly withheld by the conv
ton which framed the Constitution.
have shown that it was withheld beca