The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1862-02-26
Senator Howard's spcec h oM ahr Legal Fe.
der Clause.

The Senate being in committee cf the whca.
ON the Treasury note bill, Mr.. Howard said. az
do not rise. Mr.. President at this late peripd A
the discussion to detain the Senase Longer Ia,
a mipute or two. When this measure vss s-v
proposed, aud after had given il mcrely ~.
rusal came, or thought | came, TO the nn.
conclusion at which the gentleman from V;rr;,;,
seems TO have arrived, and vas rather diaco>,i
10 think that there was no authority in the c..
ssitution to warrant such an enactment "A IN
which constitutes the Treasury notes legal ,e..
der in the payment Of private debts The thi,e
Vas % anomalous TO me. that l could scarcrsv
entertain the idea, and confess tina. my m;ai
struggled strongly against IT, But after Lul.
reflection, and giving the question Of eons,,,.
tional power snch examination as have b.,
able to give il, have arrived at the oeuclus;,,
that Congress have the constitutional pess
particularly under the clause authorizing then "A
borrow money, TO declare this species Of -
legal tender in the payment Of debts betvee,
individuals.
1t is undoubtedly a hard necessity, 70 shirh
We are driven; but the necessity Of the case
submit has nothing 90 do with the naked oues.
ton Of authority under the Constitution. M
we're convinced that We had no authority undr
the Constitution 10 enact such clause = TIN
should not feel at liberty to vote in favor Of h
and should certainly vote TO strike il out; b.,
such is not my conviction. believe that se
have the authority; and still, while say tn
must say AZ the same time that think ssvssl
gentlemen who are friends Of this bin have =,
ced too high an estimate upon this partiephs
clause. | doubt very much whether il win ~
greatly TO the currency and credit Of the pass
itself. They think il viii, and I am esssaiiy
disposed to give it trial.
We have under the Constitution the psssst
borrow money. This no one disputes. n ss
have the power to borrow money, Ne havs N
right, aud il is our duty to place in the hanld
the lender an evidence Of the fact that ~ han
30 borrowed it, and further, that We intead b
paw what We have borrowed. Thesc two thsn
are nanfestly, in their veryluature, iDapsuhi,
and the only real question, il seems To ne, VIA
addresses itself TO the Senate il this whelts
We have any power after having iseued thb 4
scriptiOn Of paper 70 the public creditors u ~
ment of their debts, to protect the credit 4 n
United States expressed upon the paper, Nh
it 10 in the bands Of innocent and honest hcldm
! think We have. think this ID enc q T.
most obvious means OF extending protectimt
public credit thus expressed. II we have e d.
IL We cannot subject, 20 to speak. the sasiR
property Of the nation 70 something like mH
sistaaee to the public credit. then this pos9s
borrow money at oace ceases to be pes9s
any value, and it 10 . mere mocksry upoaH h
face Of the Constitution. II No cannot d6cbs
that this paper shall in commercial sranaeisU
he Of equal validity tn gold and silver. ~
say that the power to borrow money ee1Dah
and of itself to be Of any benefit 70 Tie e.
eminent or 10 the nation and Is 10 hscssHI
believe that we have this power thus . psson
the public credit, expressed and pledged &h
face Of Treasury note. that l shall vote sK
tain this clause in the bill. think We have ~
constitutional power, and am willing y sst
on this occasion. KS ?