New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-07-29
The "Trsde and Finance srticle Of The London

DoRy Ner, says Of the gold question::
God is fswDg into he country from abroad faster hsn
that as before remarked the balance Of trade . largely {.
our fsycr Why s In our favor may Almost be .!PiAnsd
AZ. in tho habit Of sins America the value q
al eaat TO SIS 900 year, but these payments
nary tho time The suppy lacking from
not made from any other quarter ana me con-
the Of Industry Operatives and OF profit fot oss
merch ant. m.nuis'areI. broke snd .hip"wnef" 0sns
In 90 far a. the present. supecsbundsnt supply
Of money aes from reazstous Of American securities ws
securities five withdraw money from America and scs
in u. bonds Of Turkey or Egypt the money market n.y
" exchange OF Investments But in Tar oc sbund
sses from the withdrawal Of money from the eosee
very sr,' careful what we % with H.
We stand at this IL true. with plenty OF cash n
hand but consist Of surplus profit with which
free TO do ike it rather capital belonging to sns
hi, distinction be carefully observed for forsesfahe.s
Of II might Iced 70 much mischief . u9
shoud the country DO blessed with GOOD harvest there
viii probably be surplus OF capital available fos
nveuens in the new securities which are now beng
freely created and without treochiuz the lose trade
money On the ether hand should the harvest be bad one
the large impostions Of foreign grain that VIII be requires
will sweep away very considerable portion Of surplus
and 70, only cause The insaI Of gold nom Ameocs -
but probably turn the balance In her favor As
there 10 any chsnce therefore OF surplus funds meeting
with employment In this way ia very desirable that
should not enssge ourselves VITA any extensive commit
msnts
An important decision was made at Chicago on
Thursday D relation to the receipt Of U. s. Treasury
notes for county and town taxes. On the 18th H
July, taxpayer Of Cook County, Illinois, rendered
to the County Treasurer gold to the amount Of $50
in payment of State taxes, and Treasury notes TO the
value OF s2l0 for county aud town taxes. The treas
urer declined TO receive the latter and brought An
action 70 recover the amount in court. The State
Attorney, in presenting the case, remarked:
have come the conclusion tina, the law Of February
8s make. Issues under that law legal eader for al
due for county and town sIes do NOT think
post iAco a~, or :9af can sorossts
law already in eE'enee isr Instance 10 9ust ~oald asts
that had sad the State taxes should be paid IN gold
.he.~ should DC paid in Treasury notes. VITA tbs
exception Of Ssie taxes and state school tnes seems
me h.n that the Treasury notes ought b. received Zoe hs
bssno. oftaIes. That "a my opinion.
The presidiog Judge decided ~ follows;
tn. Con.u,ion the United States gives to Congress the
power ~ money and regulate the value thereof and pro-
WOES tba, no state shan money bills Of credit
OF anything but gold and silver coin legal tender IN
but il Is said that the State lew requires that those sxss
hosId be rsid in rold snd silver This law valid
perfect accordance with the laws oil Congress
which then rocos metal currency alone leg tender.
and ony affirmed what the before ths passage CT the
act grantee that The power 10 requisite inc currency
not exclusive Congress. bus usy be exercised within GER
tain limitations by the stses yett be exercised -
conflict with ei.'ing law Of CoasEe" upon 'o'
Tr principle has been fully established BY decisions upeo
sinil, clause Of the Constitution giving Consrs. po~r
sarge az Crovn.hed 4th Wheaton. !?z Gibboas axt
Ogden Oh Wheaton, /; I'd Kent, 2p)
Tine Supreme Cour. O. the uuied States in d'curins ns
coreting powers Of the General and STATE Oevernnsn'
MAKE OF the following language; -, -
Ii any proposition could commsna mo tn'eIsa
sent Of mankind nigh expect would 90 'he
Government Of the Union though limited IN its power" so
pEemo within its sphere Of action .,,,
1his would 10 resnli neoesssrny nom i's us'us. A.
III Is tile Government Of all y, powers ere eeles'es ~
all. it represents all, and scts for all .,.-.
Though sny state may be willing 70 conIei W. eP
lions, no State il willing ale. Others 10 control them
The uston those subjects or which " can se' hs
! A., hfutff s.atupD
b., this question is not en to reason The peeps
nse ~ s' of IN. yn,tsa State. uk:n shall be m.ds
IN thereof shall be the supreme sw Of tns as.
aud BY by 'ss.: hi e. I'D
the snail take the oath Of ndsity Of H. Ave oeve
ment ned States hon though limited IN i' pow.S
IA .npr,no; snd its laws when made Ia OF ~
Copsituo, form the suprore law Of the land any thos
tbeConsution ., law. s'se 70 'n' contrary
n /, once sdmed that Congress rad TIE power, onds
the Constitution, pass Tho Jaw nairs Treasury note, ,s
tender and lawful money there be doubt tss se
law any state. aud the DECISION Of any State Court ss
or deciding gold slyeroue shall be received ios
bt county tan deusud 10 void aud Of no suse'
/ 90 ssainst the lss OF Congress -, ~
Bu, minated that the Supreme Court has deeasA IT,
md therefore is no, open for exsDinsou.
decision rendered upon special cas-. h'0'"s WY
taxes due tie State end noe comfy OF taxes
II State has the rsh, 10 make law that TTes'u 100
shall not be received for county and town tne, e ~
sb, 70 provide that they shs bs received IN Pnssv'
Judgements ,nd tins onpesly defeat the power o. Co
am opinion the, Goa sTess had the powell uhe esL
,mder for All dsS,s and on.yeS depsnds Within the ltsS
States and that they iss currency oI me i..,.rs
All county aud and that any scs % ~ A. ,aaa1
decision Of any Count 10 The ceI'iHS "'''s "
with the powell OF Congress - u.rni,och Va the
The United States Court in the case o. ~ ne
state OF Ma Wand 4,h wbes,on) say ina. 's ssnci
power 10 Fetssd impose burdens o, IN .ay n, consrr:
the operations The CONSTITUTIONAL as ~ Tor.
TO cary into execution tho powsn vss'ss NJ '"'
eminent. 49, -, t,J,,psrt q, rafusrd
49,. ,hs and, .nd o,s described IN the oSJsSsoa' sss
tarwell.
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