Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-09-04
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ShOula Congress make Cenfeaerase Notes q
Legal Tenderf


shoula Congress make Confederate Notes q
Legal Tenderf
Oosgrss may eOin MONEY and regulate Us value.
John Taylor, Jr, in his catechsm Of the eurreroy-
defines money to DO "a token Of certain nominal
amount issued BY Government in return for value re-
csived, and payable at the E1chsqler for Taxes"
Worcester, in his Dictionary, defines money to be
'cAsh generally any current token or representative oil
value Bank nOtsr exchAngsAols for coin notes OF
hand accepted bills on mercantile houses; drafts So
sad adds, a. q synonims-"HJHty, originally stamped
eoia is 400 applied to NAatsvr sHvss as circulating
s.sSiSss iaelESHo Bank Rot,S and drdfs as 1'H as
ustae eUins - and AIDA further cash is ready motey
and Is sometimes restricted to ooin or mstAlc money
bearing legal stamp but il Is commonly used to In
,uds bank notss, drafts" s..
some argus that As the authority given to Congress is
TO eoin money aud regulate ito value, the power nr
snicted to the mstsc coinage, bat Worcester dfnnes
Heoia" 10 be shat With which payment is made, and II
Treasury notes are made legal tender then they be-
come shat With which payusnt Is made and that they
gin have all the lsgal characteristics required BY the
Constitution appears ia the meaning OF the verb to coin
a given BY Worcester, to wit; Coin, va ITO convert
toto money; to hsAion or form By stamping"
VINO VIII OcDy lnA NOhbiSso MY
Treasury nots- and thus make them moueyf II 80, then
the qu son power issue Treasury notes conceded
FOR the poser "a to coin money, to coin gold or
silver and to regulate the valas OF money, and not OF
gold and svsr coma IL Is to coin money, that s paper
noaey As We IS gold and silver money, and to regulate
,he value Of each. And having assumed the poSer to
regulate the value Of esch il Is the duty OF Congress, o.
far a. practicable TO give permanent and Fixed value
{, money, duty which 1t Is impossible for Congress to
pIiorm without the Us, Of paper money.
Worcester d,dles the verb "to regulate Is tollowi;
"To regulate va To a6as. by rule or by method; to
put or to keep in ORDER subject to prescribed courst
to dispose according to O:der to Direct to rule to
zlvern TO e,nduc." And 10 defines the verb to gov
orn as fClloWs 40 govern va To rule with author
ity and power; to regua:s TO direct; to manage to
ooatrol; 10 hlvs power or mastery over."
Nov apply thSs, definitions 70 known fac!s Gan
Congress regulate the value OF gold silverr Wheth
O. il be IN the shape Of bullion Of coin 10 any other
riss than BY creating paper money which may at all
tine, b. converted into funded debt bearing liked
rae of Interest, a. the pleasure of the holder, and
sh.ch funded tss my be converted into money 10 ks
manner and ELish Ilpos money nay .: ali nne9 Dc OF
Qus value IL the payment Of debts With gold and sVsf
Then say that the Treasury nOtes ara issued, aang
no interest but convertible AZ all tines At the pleasure Of
tbs holder into Oonfeisra,e bond bearing sI per cent
interest and which bond may Of the pleasure OF the
holder bs converted into Treasury notes without inter-
az, aad such notes are made legal tender in payment
Of debts The regulated vo!.s of that money would
par cent per aunuu and money WAs worth ess thai
al per CENT the no would BE- converted into bond''
ADD money should be worth than sI p,r cent?
than the bonds would b converted into Loies AID as
these notes Wol,d DO legal tender, they would answer
Al the uses Of gold and silver for the purchase Of prop
erty or the payment Of debs and thus and thus only
cln Congress regulate the gaiUs Of money"
Ii is tue thu. th,rs may be extraordinary demand
for gold or sivor there may be al extraordinary DC
uand for any other commodity; aud that increased de
and NAV increase the prizes in this well as ia the for
sgn market; bal hat fsc. gives greater ioos TO the
argument in favor Of paper money, the "Vsiue oil
which will be susj.ct 20 no such contingency.
Tae duly of Uo1srsss Is to regulate the value OF
m,nsy. rhey cannot regulate the value Of gold and
silver because they are commodities, the value Of which
iepends upoa contingencies which COagrtss cannot con
t.ul. Thus in JAY 1854 there ore hundred and
sht millions o. bullion in the Bank OF England, and
interest Cha. is the valus Of gold and silver was but
per cent whereas IA 1921 tue ueanu lot s'SI "
dsay the expenses of the in India refused the bull
i'm in the bank 10 thryaTe million Of dollars, and In
rest vas raised ten per cent and the pressure ere
a.sd By the demand for specie in New York increased
"a, interest there 10 more than thirty per coat for
,scis showing clearly that is Il iHFolsSle for Gon-
rsss IN tue present oo1don Of the word and iis coz
n.rcs to resul,ts" tho 'vl,u5" Of money, il the tern
D. restricted 10 gold ard silver coins. Il Is obvious that
the purposs OF the Constitution by giving tx and
osrlin value 70 money right and justice, and
protect the rights o. property Of our people The Po"or
{, rec uate the value Of money intended 10 enable
$40 creditor to know what he vii have right to de
m.nd aud the DEBTOR to kGoW What be will be bound
{, PAY. Tais will be accomplished by the sulnee Of
Treasury notes as proposei, and making them lega
tender That Congress has the poEer, and is hound to
d. So have proved. Ia ny next viii demonstrate
TIA. If i: se 70: done the public debt Sl c7,rThem the
e,uny with ruin and insolvency, and that if i. be done
the saving u ,aIa1 10 the dry years will be more
han four Kindred millions Of dollars, and We will be
tie most prosperous people tie face OF the globe.
D. G.