Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-02-11

er1 end in that inEifnmGnt powers and duz
tics that clearly carry with them this power
as an incident but do hot fnd It, nor any
other power, merely because the OOnstitution !
did not prohibit Il. Il
Even II the Constitution had prohibited
the Congress, as L does he States, from Is.
suing "bills Of credit" we still might Issue
Treasury notes, because they are not "bills
Of credit" nor are the notes Issued By the
State banks. Bills Of credit were well un-
derstOOd by the trainers Of the Constitution,
and have no essential element Ia common
with notes such as we may issue. may
not now point out the distinctions and diff
ferenoes that clearly mark the two. TDTI
The quality to be exclusively relied upon
to insure the circulation Of a paper medium
is the never questioning confidence Of a com
munity in the ability and intention of It's is
suers 70 pay It, The paper, then, should
bear on It's face the highest proof of this abll-
ity and intention; and no mark or eharac-
teFistic that would raise doubt or lead to
inquiry should mar it. When paper, wheth-
or issued by individuals, corporations, or ma
tons, Is once issued, 1t Is subject 70 precise.
u the same laws, and under the same circum-
STAGES will reach and produce similar re-
suits. In these respects no difference can
exist. The name Irrational currency may
delude. The only possible difference that
can exist between paper issued by nation
and that issued by an individual ia, a nation
can write more evidence of its ability and in
tention to pay upon its obligations than can
On individual. No other difference does or
can exist. The making these notes receiva-
bic mutually between the Government and
its creditors and debtors, and also a legal
tender, does not and cannot fall within the
evidence of the nations ability and inclina-
ton 70 pay them; nor can those character
istics in any way add TO the stability Of
this currency, or provoke a confidence in the
people TO receive them.
They are only facilities by which most
dangerous and unhealthy circulation will be
stimulated and secured. am prepared to
make these notes receivable for the public dues
which does make them qualified legal ten.
der admit, and gives 70 those who contend
for the main proposition a serious advan-
tage in the argument; but beyond that
/ will not 90. The power to make these notes
legal tender Is a constitutional vagsbond,
and finds a lurking place nowhere in our
system. The proposition that because the
States only were prohibited this power, and
therefore we may exercise it needs no furth.
ef refutstion.
The grouds on which my distinguished
colleague Mr.. Binghaml rests this power,
are most extraordinary. BE says that the
Constitution has conferred no power upon
I Congress at all in reference to the subject Of
legal tender-spys nothing at all about it.
and therefore we have the power to make
paper legal tender, and money generally.
| Why, sir, according to him, q man might,
with tin cup Of prescribed pattern, dip up
/ a pint of water from the the nearest puddle
and make that legal tender, if the Congress
shonld SO will. This is beyond the reach Of
argument. Not only is there no warrant
/ for this power, but its exercise violates the
whole spirit of the Constitution. Under
thst We may in one way impair contracts,
that is, we may discharge meu from the OBJ
LEGATION of a contract by bankrupt law;
but th.St we can only do by an express grant
Of power.
Whs. would be the effect of making those
notes Legal tendeF2 A man who had bor-
rowed $500 in gold, on thirty days, could
discharge himself from the obligation of his
contract by the delivery of Eve hundred
nominal dollars in this paper, which might
be worth 'atter nothing" We, by our law
give the power to do this. cannot consent
to it. r-
1t is Intellectual to quote to me instances
where, as gentlemen say, Congress has, in
another way, done something like this. 1t
is a villany not to be repeated.
Still, if my colleague is right in his law,
men need not take these notes unless they
wish to- for all they would have to do would
be to make u special bargain for gold and
| silver in their dealings. If 50, what value is
there in this proposed provision of your
law, which men can so cheaply nullify2
This quality of legal tender cannot add
to 4he stability of this currency, nor will it
induce confidence, but the reverse of both.
1t comes in ga questionable shape" bold,
confessing, and shameless; and if q man
takes it at all, it not because he wants 1t
hut either because he must have it. or be-
because he trust to this characteristic to get
| rid of it again. Indeed one of the argu-
ments urged for the Incorporation Of this
provision into this bill is, that the creditors
of the Government who must take these
notes, must have the power to get rid of
them again, as matter OF justice to themi
otherwise they might perish on their hands.
The death ought to occur one remove from
them. In the name Of all commercial sa-
gacity, how long do you expect to keep afoat
currency that thus has to cut its way into
msrket-be shot into men, so to speak7-
How long will it be before the holders of
services and commodities will refuse to ex-
change for it2 And when that time comes,
even creditors will prefer to trust debtor
still further to taking it, and it comes to an
end with almost everything and everybody
who depended upon it. To this feature
cannot consent. 1 will vote to expunge it;
end if that fails. / will choose betReen the