The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1862-02-21

OF commodity with which to effect the
exchange.
Money wo have not, aud hence canno,
croate its equivalents.
Ia this oxigency. IL would be oasy to issue
tho proposed 100000, 600, and mako il by
law legal tender. or money. Indeed. no
choice seems loft Us but TO dare tho experi.
mcnt in somo form. Under tho wisest pro.
visions aud restrictions look for loss, il not
disaster, and only hope wo may escape the
consequences that have hiihorio attended
oil similar schemes; and trust wo may. If
NO can still profit by tho maxim that per.
mits oven fools to loarn from experience.
IL Is apparent that the whole quantity of
the circulating modium must bo matorially
increased. for obviously that which was only
equal to tho demands Of commerce and tho
ordinary wants Of the Govornnent.is wholly
inadequate to the same demands and the
extraordinary wants of tho Government.
The Constitution furnishes ample warrant
for an issue OF Treasury notes but it can.
not DO found in tho loose way in which
many able gentlemen dorive It. Tbov seem
TO regard tho Constitution as a reservoir
originally containing lmitIcss power. all O.
which still remains, unless Withdrawn by n
special prohibition. In fact, il was to com.
mence with an empty receptacle, and mover
contained anything except what was placed
In 1t directly. As to this matter. even il IL
can DO shown that tho framors of that In.
strumcnt did not intend to place the power
To issue these notes in tho Constitution. and
that thoy supposed by refusing to deposit
IL thcte it would not therein exist, still with
others, find IN that instrument powors
and duties that clearly carry with them this
power as an incident; but do not find il,
nor any other power, merely because tho
Constitution did not prohibit it.
Even II the Copstitulion had prohibited
the Congress, as it does the States, from
issuing "bills Of credit" we still might
issue Treasury notes, because they are
not "bils Of credit - nor are the notes
issued by the State banks. Bills of credit
were well understood by The trainers OF
| the Constitution, ard have no essential
element in common with notes such as we
may issue. l may not now point out The
distinctions and differences that clearly
mark the two.
The quality 10 be exclusively relied
upon TO insure the circulation OF paper
medium, is the never questioning conf
cence OF community in the ability and
intention Of its issuers 10 pay 1t. The
paper, then, should bear on its face the
highest proof Of this ability and intention;
and no mark or characteristic that would
raise doubt or lead 10 inquiry should
mar it. When paper, whether issued by
individuals, corporations or nations, is
once issued, II is subject 10 precisely the
same laws, and under the same circum-
stances will reach and produce similar re.
suits. In these respects no difference can
exist. The name irrational currency"
may delude. The only possible differ
ence that can exist between paper
issued by a nation and that issued
by an individual, is, a nation can write
more evidence Of its ability and intention
to pay upon it's obligations than can an
individual. No other difference does or
can exist. The making these notes re.
ceivable mutually between the Govern
ment and its creditors and debtors, and
also legal tender, does not and canno,
fall within the evidence of the nations
ability and inclination 10 pay them nor
can those characteristics in any way add
to the stability of this currency, or pro.
woke confidence in the people TO re.
ceive them.
They are only facilities BY which a
most dangerous and unhealthy circula-
tion will be stimulated and secured.
am prepared 10 make these notes receiv-
able for the public dues, which does make
them qualified legal tender admit, and
gives TO those who contend for the main
proposition a serious advantage in the mr.
gument; but beyond that will not 90
The power 10 make these notes legal
tender is a constitutional vagabond, and
finds lurking place nowhere in our sys,
tenn. The proposition that because the
States only were prohibited this power,
and therefore we may exercise it, needs
no further refutaiion. ........
The grounds on which my distinguished
colleague Mr.. Bingham rests this power,
are most extraordinary. He says that
the Constitution has conferred no power
upon Congress at all in reference TO the
subject OF legal tender-says nothing at
all about it--and therefore we have The
power to make paper legal tender, and
money generally. Why. sir. according to
him, man might, with Tin cup OF
prescribed pattern, dip up rint OF water
from the nearest puddle and make that a
legal tender, if The Congress should so
will. This is beyond The reach OF argu.
ment, Not only IS there no warrant for
this power, but its exercise violates the
whole spirit OF the Constitution. Under
that we may in one way impair contracts;
that is. we may discharge men from The
obligation OF contract by bankrupt law;
but that we can only do by an express
grant Of power.
What would be the effect OF making
those notes legal tender? A man who
had borrowed $500 in GOLD. on thirty
days, could discharge himself from the
obligation Of his contract, by the delivery
Of FIVE hundred nominal dollars in this
paper. which might be worth "utter
nothing" We, by our law, give the
power to do this. l canno: consent to it.
II is Intellectual 10 quote to me instances
where, as gentlemen say, Congress has,
in another way, done something like this.
II is a villany not to be repeated. ta
Still,if my colleague is right 10 his law.
men need not take these notes unless they
wish TO. for oil ;hey would have to do
would be TO make special bargain for
gold and silver in their dealings. II SO,
what value is there in this proposed pro-
vision OF your law, which men can SO
cbeapIy nullify