Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-05
LEGAL TENDER.

We find the opinion of Daniel Webster
opportunity revived in Curtis life of the
great expOunder. In speech, delivered
in the Senate ON the Dist December, 1896,
Mr.. Webster denied the possibility of
making anything but gold and silver lc-
gal tender, or substituting any other
standard of value. The following para
graph from the speech states the point
forcibly:
''But what is meant by the 'Constitu-
tional currency, about which so much is
said? What species or forms of cur
rency does the Constitution allow, and
what does it forbid 1t is plain enough
that this depends on what We understand
by currency. Currency, in large, and
perhaps in just sense, includes not only
gold and silver and bank notes, but bills
of exchange also. 1t may include all
that adjusts exchange and settles balances
ia the operations of trade and business.
But if we understand by currency the
legal money of the country, and that
which constitutes a lawful tender for
debts, and is the statute measure of value,
then, undoubtedly, nothing is included
there is no legal tender, and there can be
no legal tender, in this country, under the
authority of this Government, or any other,
but gold and silver, either the coinage OF
our own minis or foreign coins, at rates
regulated by Congress This is cOnsti
tutional principle, perfectly plain, and of
the very highest Importance. The States
are expressly prohibited from making
anything but gold and silver tender III
payment of debts; and although no such
express prohibition is appliedto Congress,
yet as Congress has no power granted to
it, III this respect, but to coin money and
regulate the value of foreign coins, it
clearly has no power to substitute paper,
or anything else, for coin, as tender in
payments of debts and in discharge of
contracts. Congress has exercised this
power fully in both its branches. 1t has
coined money, and still coins it, it has re-
gulated the value of foreign coins, and
still regulates their value. The legal
tender, therefore, the constitutional
standard of value, is established, and
cannot be Overthrown. To overthrow it
would shake the whole system. But
if the Constitution knows only gold and
silver as legal tender, does it follow that
the Constitution cannot tolerate the vol
untary circulation of bank notes, CONVEX
tible into gold and silver at the will of
the holder, as part of the actual money of
the country. Is man not only entitled
TO demand gold and silver for every debt,
but is he, or should he be obliged to de-
mand it in all cases2 Is it, or should
government make it unlawful to receive
pay in anything else Such & notion is
too absurd to be seriously treated. The
| constitutional tender is the thing TO be
preserved, and it ought TO be preserved
sacrcdly, under all circumstances. The
rest remains for judicious legislation by
those who have competent authority"
Mr.. Forrest once received from one of
his supernumeraries of a theatre an answer
which seemed to answer him. 1t was the
mans duty TO say simply, ''The enemy is
upon us, which be uttered at a rehearsal
in poor whining way. Cant YOU say
it better than that 2" said Forrest Gre
peat il as l do" anG he gave the words
with all the force and richness of his mag
niicent voice. 'If l could say it like
that, replied the man, 81 wouldn't be
working for three dollars a week., +" Is
1 .Ifex