Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1863-02-11

s. WEDNgESDaRA. FEB.
forest and to prohibit il without III He denied
at treasury notes were bills of credit in arIy pro-
u sense OF those tentns They were 'iA4e hded to
Use suppr Is to meet =. tsfaporary deficit in. the
sasury; : nd were, il. fact. nothing more than
'ssns q, ns'eipssnssshe ]. ssven y.
"Now , no eng wiliadsaY that to authorize the re.
sipt OF bank notes in the dues Of the Government,
vrto ally soendorss each note that it shall be
eceN "a nasae public dues :. or that if the Govern
cent htha night to do the one it bad the right to
Q TIE h1tef. Nor viii. it oe denied, that if the
eveanmsRt; has thu right to- write on the back ofa
IanA note that it will be received in the public
aues II equal right to write ON blank piece
Of paper o. n. which is the same thing, to make
treasury rsote: The truth Isl that to authorize bank
notes to 90 rece;ved in tae public dues is neither
nene neg less than to ms Ike them, to that extent,
treasure notes. and j., pro- tanto, as much the
rate Risoe. ofpaper." i
Scme things are ht,re very worthy of note, and
among, them l. That Mr.. Calhoun, who was at that
time the great reEr esentative of the State Rights
party, deeared IN reference to these and all other
mediums Of circulation, that nothing but gold or
si!ren could Tstsass the debtor from his obligation to
hssered.tor q That treasury notes were not "bills
Of credit in proper sense of those terms" but
means OF raising supplies under the power Of
borrowing money. Thst all other kinds of paper
which the government: may authorize to be received
in public dues, become treasury notes.
Az to the first of these propositions, its truth in
practice has been maintained since 1889 to the pres.
ent time. No experiment, disafirming it has been
male by any State which has not been successfully
rssssvd, and no where more effectuzlly and with a
dad obxfso
the Readiness with which its judicial authorities have
rescued the citizen from an invasion of his rights,
and the graceful acquiecence with which the very
invaders have acknowledged their own error, have
given to the State high renown for integrity, the
substance Of which hope yet remains, as sec the
shadow still lingering its bonds and other secu-
rites. In practice say it has been true. Is it so
in factf Was it true in 1887, that "nothing but
gold and silver could release the debtor from his
obligation r Or was there, besides these, some
thing else which an act of Congress could make
release9 In the year 1914, member from Georgia
IN the House OF Representatives submitted, for
consideration certain resolutions authorizing the
issue OF treasury notes, and among them one de-
clarlng that the notes should be q tender in pay
ment of all debts due or to become due. The House
at once refused even to consider that relating to the
tender by vote Of more than two to one. This is
the first and last instance of proposition in Con-
b. S " ShSA C4udl W SOlu 8OU SIlVCT, or 10
give them the faculty to release debts 1t may be
assumed then, that Mr.. c. spoke the truth in 1887,
when he declared them incapable of being made
tender.
Has any thing occurred since to authorize Con.
gress to impart this quality to them? Nothing at
ALL unless it may be found in the omission of the
Confederate Constitution to prohibit the States from
emitting bills of credit Does the return of this
power to the States alter the case and confer the
authority on Congress?
The statement of the question carries with it the
answer
2. Mr.. Calhoun declared in 1887 that treasury
notes were not bills of credit and we're issued under
the power in Congress ito borrow money" At
that time the States were prohibited from emitting
bills OF credit" but now it is allowed to them,
because it is neither prohibited to them nor is it
delegated to the Confederate government The
power, therefore, in that government to issue treas.
ury notes, must still come from the power to borrow
money. So it is manifest that the Confederate
Congress has now no more authority to make them
tender than had the Congress of 1897.
3. The assertion of Mr.. Calhoun that every kind
of paper which the government may authorize to be
received in public dues, becomes treasury note,
IS proposition which no one will question and it
may he affirmed as sequence equally clear, that
all the securities which uttered by the Confed
crate States, "for the raising of supplies" under
the power TO borrow money, stand upon the same
footing in all respects, medium of exchange and
currency, and for being counterfeited II one kind
can bc made tender, can another, and any other
Ii one kind be within the protection of the power
to punish connterfeitmg, SO are all others. Thus if
the Confederate States borrow one million on its
200 bonds Of $1,000 each, and another million by
selling 10000 of its treasury notes. of s. EACH it is
equally competent for the government to make a
tender of the of the other This if clothed
with the power, the government might be tempted
to do and the effect would be to allow stock jo6ber
to buy the bonds Of government at or 10 per cent
discount and pay it away at par discharge Of his
debt
Again, 1t being true, as Mr.. Calhoun asserts, that
ITO authorize the receipt of bank notes in the public
dues is virtually to endorse on each note that it
shall be received in the public dues" and 'is
neither moro nor less than to make them, to that
extent treasury notes and is pro tanto, as much
tho making and issuing such notes as if done on
separate piece Of paper" This proposition say,
being true it follows that such bank notes become
public securities Of the government, and thus must
be protected by penal laws against counterfeiting,
and may DC made tender by the same authority
which makes tender of any other security of the
government
Again: The States now having the power to
"emit bills of credit" and having millions afloat
which they are forbidden to make a tender may
easily evade the prohibition by procuring act Of
Congress 10 declare their receivabty in all public
dues, and then make them tender. II at any time
State bills Of credit be deprecated than Treas
ury notes. which shall have been made tender,
the State will struggle to place its bills among the
paper receivable in public dues, to the end that
they, too, may, become tender, and thus uphold
its overburthened and totterng credit If however,
State bills of credit should be of greater value than
Treasury notes. Congress will either make them re.
ceivable in public Dues whereby they will become
tender (if Treasury notes are,) or it will not so
make them Let us see the result Of either course.
If Congress should make such State bills receivable
in public dues, and tender with Treasury notes,
!, the consequence will be that they will sink to
:
DR.A GENERAL STATEMENT SHEWI