Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1863-02-10

interest. and to prohibit it without it He denied
that treasury notes were bills of credit in any pro-
per sense of those terms. They were Intended to
raise suppXes to meet a temporary deficit IN the
treasury, and. were, in fact nothing more than
means Of anticipating the revenue"
Snow, no one will deny that to authorize the re-
ceint Of bank notes in the dues of the Government,
Is virtually TO- endorse on each note that it shall be
received in the public dues that, if the Govern
ment had the right to do the one it had the right to
do the other. Nor will it oe denied, that if the
Government has the right to write on the back of
bank note, that it will be received in the public
dues it has an equal right to write on blank piece
fpaper, or, which is the same thing to make a
treasury note Phe truth is, that to authorize bank
notes to be received in the public dues, is neither
more nor less than to make them,, to that extent
treasury notes, and is, pro tdnto, as much the
making and issuing such notes as if done on sepa-
rate piece of paper"
Some things are here worry worthy OF note, and
among them 1. That Mr.. Calhoun, who was at that
time the great representative Of the State Rights
party declared. in reference to these and all other
mediums of circulation that nothing but gold or
silrer could reLeuss tile debtor from his obligation to
his creditor 2. That treasury notes were not bills
of credit in a proper sense of those terms" but
means of "raising supplies under the power of
borrowing money. 8. That all other kinds Of paper
which the government: may authorize to be received
| in public dues, become treasury notes.
As to the first of these propositions, its truth in
practice has been maintained since 1889 to the pres
Sent time. No experiment, disaffrmlng it has been
made by any State which has not been successfully
resisted, and where more effectually and with a
more decided public appreciation than in this State
the readiness with which its judicial authorities have
rescued the citizen from an invasion of his rights,
and the graceful acquecence with which the very
| invaders have acknowledged their own error, have
| a. Co., L. i A.
substance Oh which hope yet remains, as | see the
shadow still lingering on its bonds and other secu
rites In practice, say it has been true Is it SO
| in fact? Was it true in 1897 that "nothing but
gold and silver could release the debtor from his
| obligation? !" Or was there, besides these some
thing else which an act of Congress could make a
! releaSeT 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-
| clarng that the notes should be tender in pay
ment Of all debts due or to become due. The House
at refused 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-
gross to make them equal to gold and silver, to
| give them the faculty to release debts 1t may be
assumed, then, that Mr. G. spoke the truth in 1887
when he declared them incapable of being made a
! tender.
Has any thing occurred since to authorize Con-
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 issued under
the power in Congress ito borrow money" Al
that time the States were prohibited from emitting
"billS of credN :" but now it is allowed to them,
because it is neither prohibited to them is il
delegated to the Confederate government The
power therefore, in that government to issue treas
Ury notes. must still come from the power to borro
money. So it is manifest that the Confederate
! Congress has now no more authority to make them
tender than had the Congress of 1887.
3. The assertion of Mr.. Calhoun, that every kind
Of paper which the government may authorize to be
is proposition %nlcar 4fU RFG4mes q treasury note
| may be affirmed as sequence equally clear, thai
! 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 counterfelted. If one KIND
can be made tender, can another, and any other
! If one kind be within the protection of the power
| to punish counterfcitng, all others. Thus i
! the Confederate States borrow one million on it:
! 200 bonds of $4,000 each, and another million by
selling 10000 Of its treasury notes, of So each is
! equally competent for the government to make
tender of the one as of the other. THIS if clothed
| with the power, the government might be tempted
to do and the effect would be to allow a stock jobbe
! to buy the bonds of government at or 10 per CEN
discount and pay it away at par discharge Of hi:
debt
Again, 1t being true, as Mr. Calhoun asserts tina
to authorize the receipt Of bank notes in the public
dues is virtually to endorse on each note that i
shall be received in the public dues" and al
neither more nor less than to make them, TO tina
extent treasury notes; and is pro tGHto as mucl
the making and issuing such notes as if done or
separate piece of paper" This proposition | say
being true, it follows that such bank notes becom
public securities Of the government, and thus mus
! be protected by penal laws against counterfeiting
! and may be made a tender by the same authority
which makes tender of any other security of tn
! government
! Again The States now having the power t.
"emit bills of credit" and having millions ahoa
| which they are forbidden to make a tender may
easily evade the prohibition by procuring an act o
Congress to declare their receivabty in all public
, dues, and then make them tender. If at any tim
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 thu
! paper receivable in public dues, to the end tina
they, too, may become q tender, and thus uphold
its overburthened and lettering credit If however
State bills Of credit should be Of greater value thar
Treasury notes. Congress will either make them re
ceivable in public dues, whereby they will become
tender, Gf Treasury notes are,) it will not Sc
make them. Let us see the result of either course
Ii Congress should make such State bills receivable
! in public Dues and tender with Treasury notes
the consequence will be that they will sink to