New-York daily tribune., 1863-10-28


other words, to coin money and regulate Its
value a, currency. 1t must further be admitted
that nc unalterable standard has been estab'
lished. theoretically or practically, by which
slch wines were TO be regulated, but that
metals Of different intrinsic values, differently
dloyei, and bearing an arbitrary record OF their
conventional and current value, have been
adopted as lawful money by authority of Con.
rcss. Their real worth has been
NJ Measure of their representative value,
blt hey have passed current for the sum
expressed on their face. Yet they are not put
liz cirula:ion on the faith OF the Government,
nor Supported by any pledge for their redemp-
ton. II is agreed, nevertheless, that such
pieces of money may be lawfully issued, and
made legal tender for the payment of debts.
And this is once granted, the difficulty OF
denying to Congress the power to make
lawfully issued Treasury notes also legal
tender becomes at once apparent. "These
notes. SAYS Judge Davies, "arc issued on the
faith a.d credit of the whole Union, the prop
erty ofShich, and of all its citizens, is pledged
for ther ultimate redemption; and if the metals
may btmade tender, why may not notes
ccuallybc made legal tender in payment of all
debts, 1.-THE exigcncies of the Government should
require / 10 be DONE and Congress, in its Wis
dom, spuld think such necessity existed :"
II il obvious that the only point in this argu-
uent requiring to be covered is the logical iden-
tiy Of con and notes, and Judge Davies pro-
c,eds to show that Congress was not meant TO
b, confined TO the use of what are known rs the
pocious metals for the purposes OF currency.
1le authority OF President Madison is sufficient
[, decide such a question, and President Mad
ism in his Message Of Dec. ,, l-l5, expressly
recommended 10 Congress to provide a substi-
tue for the metals. suggesting that either the
SITE banks or a National bank might supply
tir deficiency, and then adding; "ii neither oi
;lrse expedicnts be deemed e.fectual, II may
b, nee .,sary to ascertain the terms upon which
,lr notes Of the Government (no longer required
n. an instrument Of crcdi,) shall be issued, upon
npiiycs Of general policy, as a common medium
of circulation"
With many minds such an argument will
have weight. because it rests upon an express
rather than upon an implied grant Of power un-
der the Constitution; but the positive, though
more abstract assertion OF power a. inhering IN
the nature of the Government itself is not less
fuited 10 rs dignity, and is IN accordance with
that growing sentiment of nationality when
inspires loyal hearts with proioundest devotion,
not To the State but to the country. FOR TINS
Il public is henceforth TO possess not merely
declaration on parchment o. r' Theoretical
unity. and a nominal delegation of supervisory
powers over conicdcraied State soyercigntr',
but upon the overthrow Of the Rebellion u take.
rank a. a Nation. whereof .hc Government shall
be- endowed with such power, As are essential
Ia rslf.pre-crva,on. and shall WELD such in''ru'
mrn,s of supreme authority a. may bc oompe-
tent 10 rcguia,c internal affair, {" direct great
measures of national policy, and TO enforce the
execution of the lave