Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-09-20
VOLUME 40; NO. 81.


tea py the Secretary Of the Treasury. So
by the act Of March II. 1862. the Secyetary
oi the treasury 10 authorized to Dfircha q
coin With them at such rates and upon spcb
terms as he may deem most advantageous
70 the public interest And the act 81
March B, 1858, prohibits the loan OF caJ-
reacy or money on the security Of gold On
SILVER coins, exceeding in amount the pm
cdiae Of tlle coin pledged or deposited as Sc
curity. BY the first of these acts coin is
treated az the standardi By the last, paper.
The enc speaks ofthe par Ualqe oftte a0tes,
the other Of the par Udtae Of the coins.
If the word CON has any more general or
hguratlEe sense IN the phrase, To coin nqoBeg,
than that have assigned to it, it must be
held to have the same in other parts of the
article. In foreign coin will be included
foreign paper money, and Congress may
regulate ats value, and make it a legal ten
der. They may thus treat notes OF the
Bank of England and France, Austrian aud
RUSSIAN government money, but not State
bank notes. Congress has no power Of
regulating the value Of any money except
foreign. coins and money coined by It's own
authority. If to coin money means "a
stamp paper, then the clause which forbds
the States ito emit bills Of credit wa.
unneceSyaTy; the prohibition to coin
money included it. The terms of that
very prohibition show that in the minds Of
the makers Of the Constitution ''to coin
money and emit bills Of credit" were two
entirely distinct and different things In
short, in whatever point of view it is regar-
ded, it seems to me that the position that
this clause authorizes or permits any other
but metallic money is untenable.
The restrictions on the States illustrate
and confirm the opinion which [ have ex-
pressed upon the proper construction Of the
paragraph before US. No State shall coin
money, emit bills of credit, make anything
but gold and silver coin tender in pay
ment OF debts; pass any law impairing the
obligations OF contracts. " Art. /, sec. 10. }
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 re-
strlcuons, both having the same end in
vlew-the lnvlolabIlity of contracts. Inas-
much as the States cannot coin, and the
Federal Government alone can, and mas
much as the States cannot make anything
but gold and silver tender in payment Of
debts, 1t follows that gold or silver coins,
foreign or domestic, as regulated by Con-
EANl23 SOhotilutC lIC Ouly ldHluI IDUntt.
This was evidently Mr. Webster's opinion
IN that able speech on the Specie Circular,
which was cited AT the bar, and in which be
declared shat q0H and sicer, at rates fixed
By Congress, constitute the legal standard
of value in this country, and that neither
Congress nor any State has authority TO es
tablsh any other standard or to displace
this. And still more emphatically: "Most
41-r.o
legal tender in this country under the au-
thOrity Of this Government. or anv other.
but gold and silver. This IS a constitutional
principle, peIfectiY plain, and Of the Ueg5J
highest importance. The States are express
y prohibited from making anything but gold
and silver tender in payment Of debts;
and although no such express prohibition Is
applied to Congress, yet as Congress has no
power granted to 1t but to coin money and
to regulate the value thereof, Il clearly has
no p0iCer TO substitute paper or anything
else tor coin as q teadcr. The constitutional
tender IS the thing to be preserved, and il
ought to be preserved Sdcredly aada all CIR
cJmStaHces. - q Webster's Works, 27I,
2SO.) L must confess that upon question
OF this magnitude-amid the conflict of opiu-
ion by which | am surrounded-my mind
has rested with confidence and satisfaction
upon this clear and decided conclusion of d
great intellect Mr. Webster's fame rests
mainly an his emlnence as a constitutional
lawyer The Constitution has been the
study of his life, the subject Of most of his
professional and political efforts. He be-
longed to no school Of strict construction,
but on all occasions was found earnestly
contending for the broadest charter to the
Federal Government. The opinions he ex-
pressed in his seat in the Senate of the
United States, under the sanction of his
official oath, are entitled to be received as
deliberate and well considered
With Mr. Webster [ regard these pro-
visions of the Constitution upon the subject
Of contracts and tenders as ''of the very
highest Importance, and ito be preserved
sacredly under all circumstances. They
rest upon sanctions, which ought to be con-
sidered as of the most inviolable solemnity,
at all times and In all emergencies. The
true strength of government-the best
foundation on which can rest the confidence
and affection of It's peoples the security
which it guarantees to property This de-
pGnds III this country upon those cOnSutu-
tutional provisions which absolutely pro-
tect, under the 4Egis Of the courts of JUS
tice, alike the daily earnings of the poor
and the accumulated savings of the rich
man, not only from fraud and violence, but
from the government itself, except ln the
form Of open and equal taxation.
1t has been strongly urged upon us that
Congress has the power of debasing the coin,
either in weight or fneneSs, without chang
ing the denomination or legal value. What,
it has been asked, is the difference between
that and issuing paper money, even though
that paper should be at the time deprecia-
ted below the value of the coin? | answer,
that because Congress may possibly accom-
plish certain end by constitutional means,
1t does not follow that the same object can
be obtained by means which are not consti-
tutional. Though, by the process OF deba-
sing the metallic standard, Congress may,
perhaps, reduce all debts, public and pri-
vate, fifty per cent, it does not follow that
they can enact directly that the man who
owes one hundred dollars to another shall
be quit upon the tender OF fifty. We apply
no such principle to other cases. Because
under power Il man may dispose Of an es
tate by viii, we do not hold that he can dc
the same in any other wap than that direct
ed or prescribed.
But considering it merely as an argument
of the intention Of the trainers Of the. Con
stitUtIon, it appears to me equally neon
elusive. There are very important diner
ences between debasing the coin and issuing
paper money, though their practical results
may in some respects be similar. Lit may
well have been intended to leave to Con
gress discretion as to the one, but to deny
to either branch Of the Government, State
or Federal, any discretion as to the othel
/. The debasing of the coin as fnancia
measure for the purpose of discharging th'
public debt would be an open, gross, and pal
m l{o braaph of faith scarpa1v nOgSible in thu