Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-01-15
GOLD VS.. P MONEY.

There is no discord Of correct opinion
upon this subject. In his great speech in
opposition to the specie circular, Daniel
Webster, in the Senate, said
Mos, unquestionably, there is, and
there can be no legal tender in this coun-
try, under the authority of this Govern
ment, or any other, but gold and silver.
This is a Constitutional principle. per-
fectly plain. and of the very highest i'm
portance. The States are expressly pro-
hibited from making anything but gold
and silver q tender in payment OF debts,
and although no such express prohibition
is applied TO Congress. yet, as Congress
has no power granted to it but 20 coin
money and to regulate the value thereof,
it clearly has no power TO substitute paper
or anything else for coin as a tender. The
Constitutional tender is the thing to be
preserved. and it ought to be preserved
sacrcdly under all circumstances (Web-
stcr's Works, 27l, 2SO.)
Chief Justice Marshall, Justice Story,
and many others, all concurred with Web
ster, whose great fame rests upon his emf
nence AS a Constitutional lawyer, in this
respect, and there is every evidence that
the convention which framed the Consti-
tuition closed every avenue to the emission
Of paper money. James Wilson, of Penn
~sylyania, afterwards Justice of the United
States Court, said the vote in Convention
removed every possibility for paper
money!" Mr.. Madison says II cut on
making bills a tender for either public
or private debts" Luther Martin. OF
MARYLAND, said that the exclusion OF pa
per money was vital to the adoption OF
the Constitution. John Langton, Of New
Hampshire, SAID the people would rejec,
the whole plan rather than permit paper
money" Mr.. Read, OF Delaware, said TO
admit paper money would put 1.-THE mark
of the beast in Revelations upon the
Constitution. From every quarter the
same testimony arises trumpet-tongued.
Blu, the Convention went still further 4;
after closing every pretext BY which Con-
gress nigh, issue paper money, 1t ad-
dressed itself to the States. It command
ed, mo State shall coin money, emit bills
of credit, make anything but gold and
silver coin a tender in payment Of debts
pass any law impairing the obligation Of
contracts" Cart. |, sec. lO.) The
whole power over contracts resided in the
States before the ratification OF the Fed
eral Constitution. This section admits
it, and leaves it there, subject only to two
res,rictions-both having the same end in
view-,he# inviolability Of contracts.
Now il is evident that States having the
sole power over contracts and private
debts is BY this clause admitted to have
III. right to make gold and silver a legal
tender, but not anything else. Why was
this prohibition directed to States: That
is, no. to the Executive, or the Legislature
alone, bu, the Judiciary. also. No power
IN my State can impair an obligation, or
acknowledge anything but gold and silver
a legal tender. L, is as if the Constitution.
for fear Congress might disobey, and after
all issue paper, took the precaution to for
bid State Judges from recognizing 1t.
An admittedly unconstitutional act OF
Congress has invaded a sanctity which
Daniel Webster said must be preserved
under all circumstances, by issuing
illegal tender Of paper. The State Judges
are called upon to make tina, a legal tender
in local private contracts. They cannot
do SO when the mandate of 1.-The Constitu-
ton directed to them forbids it. With
tina, injunction in the Constitution they
would be stopped from admitting the legal
tender, even il Congress had the right to
issue it. The position would then DC, or
is now, the case with insolyent laws. They
discharge the citizen from a debt in the
State, bu, not one sued in a United States
Court against the citizen Of another State,
If Congress had the right 10 issue paper
legal tender. i, could only enforce it in
cases before the United States Courts-the
State Judges could not acknowledge il.