Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-09-01


a The CONTRIBUTION
The Constitution forbids the States from e1er-
ei.ing certain powers. Some Ofthsm are snume-
rated in Sec 10 .Of the 10, Article Of that inssru
nent:
mo stat, shall enter into any treaty, alliance
AZ eonfslerstisn: grant letters Of marque and re
prizal: coin money; emit bills OF credit; make any
hing but gold and silver coin a tender in pay
mspt Of debts: pass any bill Of altainder, er post
fsefo iae. or Law mpairing the obligation Of con-
tracts" &c.
Il will no: be denied by any intelligent person
that the Government of the United States is one
Of delegated powers. or thatit can only exercise
Che powers delegated or surrendered to il By the
States as expressed or conveyed in the Cons!ilu-
ton. We propose TO apply these principles and
the provisions OF the Constitution which We have
quoted above in discussing the right of the
States 20 tar Government securities the same as
other property. for State or local purposes.
The Constitution says the States have no
right to make anything bat gold and silver
coin = tender in payment of debts, or
"pass any bill impairing the obligation OF
contracts" While the States are thus
prohibited. no power is delegated by the
States To the General Government to. do
what tie States are forbidden. II then appears
that bill or enactment OF Congress, in viola
ton of the Constitution, makes greenbscks
tender IN payment Of debts. instead OF gold and
silver coin. the only Constitutional currency.
What RICH, has Congress to thus transcend its
powersl None Whatever. The Constitution
says the States shall not pass any bill or Law elm
pairing the obligation Of contracts" No power
has been delegated to Congress by the States to
Impair the obligation of contracts. What right,
then, has Congress to impair the obligation Of
contracts by passing a law compelling the
payee to receive as legal tender gresnbacks
from . payor instead Of gold aad silver. the only
legal tender provided by the Constitution?
Be il remembered. that by the Constitution
the States are forbidden 'impariag the obliga-
ton Of contracts" The loans, bonds, or other
securities. OF the United States. ara obligations
or contracts of the United States, aud not those
of the States The States, individually have
made no contracts with the holders Of the secu-
rites OF the General Government. which will
erenp. them from taxation the same "a other
property or capital. How them discussing the
question from Republican stand point, can she
States be charged With "impairing the obligation
OF contracts" in imposing a tax upon Govern
msnt securities, when they have not entered into
any contract with the holders of these securities
% exempt them from local taxation the same z.
other property Congress has usurpsd the power
10 "impair the Obligation OF contracts" by com
pelling the creditor TO take currency not recog
nixed or authorized by the Constitution Of the
United States. in the payment Of debts. Is thu
Constitution any more binding upon the State.
than upon CopgressH If Congress can compel
tho creditor TO receive from the debtor
deprecated currency, it has Just the same
right 10 change its contract. by bill OF
enactment. with the holders OF it, bends
loaps. or other securities, and one is not more
sacred than the other. Ii it 10 population. a:
the Republican papers contend il is. for State
to impose a tar upon United States securities for
local purposes. the same Az other property il Ger
tanly must be conceded that it is establishing
the principle of repudistion-that il is "impair-
ing the obligation of eontracts'-for Congress
TO make legal tender of paper in the pay meni
Of debts. instead OF gold and silver coin. which
the States are required to accept as the only cur
rsncy recognized by the Constitution. The whole
spirit and intent of the Constitution favor
equal taxation. and the only restriction. by i'm
plication or otherwise, is to prevent the States
from discri minating against Government seouri
ties By imposing greater burdens upon them thar
other property, to the injury of its credit, or t.
it, embarrassment in any way.