, 1864-05-13

DANIEL WEBSTER ON THE LEGAL Ten
DER QUEsTIoN.-Daniel Webster says
"But what is meant by the constitutional
currency about which so much is said /!
What species or forms of currency does tbs
Constitution allow, and what does it forbid
1t is plain enough that this depends on what
we understand by currency. Currency, in
a large and perhaps in a just sense, includes
not only gold and silver and bank notes, but
bills of exchange also. 1t may include all
that adjusts exchanges and settles balances
in the operations of trade and business
But if we understand by currency the legal
money OF the country, and that which con
stltutes lawful tender for debts, and is the
statute measure of value, then, undoubtedly
nothing is included but gold and silver
Most unquestiOnably there is no legal tender
and there can be no legal tender, in this
country, under the authority of this Gov
ernment or any other, but gold and silver,
either the coinage of our own minis or for
eign coins, at rates regulated by Congress.
This is constitutional principle, perfectly
plain, and of the very highest Importance
The States are expressly prohibited from
making anything but gold and silver ten
der In payment of debts and although nc
such express prohibition is applied to Con
gress, yet, as Congress has no power granted
to 1t in this respect but to coin money and
to regulate the value Of foreign coins, il
clearly has no power to substitute paper or
anything else for coin as tender in pay
ment Of debts and in discharge of contracts
Congress has exercised this power fully in
10th its braches. 1t has coined money, and
still coins it; it has regulated the value oi
foreign coins, and still regulates their value
The legal tender, therefore, the constitu
tional standard of value, is established anc
cannot be overthrow. To overthrow il
would shake the whole system. . Rebster',
Works, vol. q, pages 270, 271.
If the great Constitutional Expoundel
could, at the present day, speak from the
tomb, be would probably pronounce DIr
Chase's greonbacks not worth 'shucks' III
Constitutional sense.
THE REVENUE BILL.-The new Interna
Revenue bill is complete revision of tn,
Act now in force, although it retains tht
same machinery with such improvements ai
experience has shown necessary. It con
tains one hundred and seyenty-three sec
tions, forty-seyen of which are devoted tC
general provisions, and it is the longest bill
ever introduced into Congress. Among the
prominent features Of the bill are the follow
ing In addition to duties payable for Ii
censes, there is to be paid on all spirits dis
titled, sold, or removed for consumption OF
or sale, if first proof, prior to the first of Ju
ly, 6O cents gallon, and after that date tC
January l, 1865, ST 25. The duty on all
spirits shall be taxed at no lower rate than
first proof, and shall be increased in proper
ton for any greater strength of distilled
spirits, and refined coal oil, upon which the
existing duty is imposed by law may be re-
moved without payment of duty, provided
they are removed directly from the distil
lery to a bonded warehouse. All beer
lager, ale, porter, and other fermented
liquors, however named or called, shall pay
duty OF one dollar per barrel, if not more
than thirty-one gallons. Brewers, when
having capital not exceeding $5O,000
shall pay Sl00 license, and $500 additional
for each thousand dollars above that amount
There is one provision which exempts from
distraint tools or implements of trade or pro
fessiOn, one COW, arms, provisions, house
hold furniture kept for use, apparel neces-
sary for family use, ETC. Illuminating oil is
taxed 70 cents per gallon; ground coffee
and substitutes, cent per pound; molasses
and syrups, 5 per cent ad valorem sugar, l
and 2 cents per pound; paper of all kinds
8 per cent. ad valorem salt, cents pei
hundred pounds; pig iron, 81 per ton
blooms, slabs, scrap, 81 so per ton; stoves
and hollowware, So per ton; leather, of all
kinds 5 per cent ad valorem; cavendish,
plug, twist, or stemmed tobacco, 25 cents;
smoking tobacco, made exclusively of stems
shorts and refuse, 10'centsf snuff and snuff
flour, 80 cents per pound; cigars, valued at
$40 per thousand, $5 valued at $lO to. $40
per thousand, ST; $50 to $40 per thousand
-$l2; valued at $40 to SIS per thousand
$25; valued at over SIS per thousand, $40
UNCLE ABE's LAsr.-A gentleman
called on Mr. Lincoln few days ago, and in
conversation about the Presidential
prospects, remarked that number Of
men in the present Congress seemed tc
be aspirants for the Chief Magstracy.-
Abraham, smilingly, replied eyes, be
cause [ was struck by lightning once in my
life, they think their chances good too"
Our Presidents joking propensities ap
pear 10 be on the decline of late. The
above joke, "tho very last" has such
melancholy ring to it that to read it woulc