The Greenville enterprise. [volume] (Greenville, S.C.) 1870-1873, 1870-03-02
The Legal Tender Act

I The Legal Tender Act b.s.
The long expected decision is
made. The Chief j ustice delivers
the opinion of the Court, sustain-
ed BY three others. Justice Mil.
Ter delivers tho dissenting opinion,
which is ,concurred in by Jus.
tice Swayne and Davis. Az a
full court consists of nine Judges,
and as but four sanction the decis.
ion Of the court, it is entirely pos
sible that when the two vacant
places on the bench are filed the
decision of the court may be re-
versed. But for some time, of
course, it will stand. s,,,, 49,. -.
The Chief-J Justice bases his argu-
ment on the principle that any
law which impairs the obligation
Of contracts is unjust, inequitable
and unconstitutional. This law
makes promise to pay a dollar
receivable for the actual dollar
stipulated in the contract-which
certainly impairs the valae Of the
consideration vsss. .-,f E. .-r .st..si eau s. s..
He then declares that the only
justification is the" argument that
tho power to make United States
notes a legal tender In payment of
all debts, is a means appropriate
and plainly adapted to the execu-
tion of the power to carry on war,
of the power to reg ulate commerce,
and Of the power to borrow. mon
ey." This argument, he says, is
unsound, because the value of the
national notes depended on" the
fact that they were receivable for
dnes to the Government, and the.
confidence Of the people that they
would be redeemed. The making
of them legal tender in no way en-.
hanced tlleir value, for those which
were not 80 declared circulated
freely and without discount" He
further argues that, the power to
declare anything but gold and sill
yer coin a legal tender is nowhere
contained in the press grants of the
Constitution, and cannot, with pro-
priety or safety, be reckoned
among the implied powers. O..
The Chief j Justice is particularly
careful to restrict the application
of his opinion to the legal tender
clause Of the act, and says: '.'''
mo one questions the general
eonstitutionality, and . not very
many, perhaps, the general expe-
diency, Of the Legislation by which
q note currency has been authoriz-
cd in recent years. The doubt is
as to the power to declare q par
ticular class of these notes to be a
legal tender in payment Of pre-ex-
listing debts" ,1 '~
ITO rs, the dissenting opinion
of Justice Miller seems much
stronger than that of the Chief.
Justice. 1t is clear, solid, terse
and vigorous. 1t affirms the full
constitutionality Of the legal ten
der clause of tie act Of February
25, 1862, on the broad ground that
it was absolutely necessary to the
successful exercise, during the war,
Of the powers distinctly and direct.
~ granted to Congress- alone, un
der the Constitution, namely:
!" The power to declare war. TO
suppress insurrection, to raise and
support armies, to provide and
maintain a navy, to borrow money
on the credit OF the United States,
to pay the debts of the Union, and
to provide for the common defence
and general welfare" 80 ..-,....
He not only contends for the
constitutionality Of the law itself,
but boldly commends it's wisdom
thus :s' -6ar, .rs1sa Ss..2, - lsf5.t..
".The history of that gloomy
time, not to be readily forgotten
BY the lover OF his country, will
forever remain the full, clear, and
ample vindication Of the exercise
OF this power by Congress-, as It's
results have demonstrated the sa.
gacity ofthose who originated and
carried through this measure"
He quotes with convincing force
the words Of the venerable Chief.
Justice Marshall in the case Of the
United States Bank, truly citing
them as almost prophetic in appli-
cation to this case, and further
says: .. aa-s,.;z.. -7r.-rs..
7s" The creation of the United
States Bank, and especially the
power granted to It to issue notes for
circulation as money, was strenu
ously resisted as without constitu.
tional authority but this court
held that o bank Of issue was s,ec-
essary, in the sense Of that word
as used in the Constitution, to en-
able the Government to collect, to
transfer, and to pay out it's reye-
nues. S-sssfssI r,ts ,gssy .a al-.7s :
ct was never claimed that the
Government could find no other