The sun., 1870-02-08

propristies OF legal code. II would have bee n s
attempt TO provide, by immutable rules ic, c'
lgences which, n foreseen at ALL must loya
been bu. dimy, and which can bc best provided for
AZ they occur. To have declared that the best meas
power given. would be nugatory would have b-rn 10
deprive the Legislature ol the capacity to avail sst
OF experience TO exercise its reason and to aeon
modate rs lc~lelation 10 circumstance
have cited. at unusual length. these rouarlt n,
Chief Justice Marshall bcc1use though made h.. r =
century ago. their applicability to TIE circums,trces
under wlic6 Congress called to ita atd No t.oss
Of making the curitic- OF the Government i,y.,
tender, as means OF successfully prosecuting VA
wlicn. without such aid, seemed likely t. ten init
its existence. and to borrow money which co.Id '1
no other manner be borrowed, and to r,y th, ,,,,,
OF millions due 10 It's soldiers, which cottn tv h.,
other means be paid, seems to be almost urov.it.r
II be had had clearly before his mind tho u',-, f,s
tor Of his country, he could not have be- ,'ar
poWtr to carry on war nuCatory. vlHri .,orn
have deprived Conrress of the cIpacit, g. s,ai
itself OF experience IT, exercise it, r,a.aT ..I ,n
accommodate lis legislation TO circlue ant,. ~ ia
use OF the
MOST APPROPRIATE MEANS or surroa-iyt m.
oovrRSNEsT
In the crisis OF is fate But II s said thhtth, ea,rs
under consideration ~ admonItOrv hs to tlt L-e a
Implied oOwers, and aios nothing to Nh Gil
have been authoriZ witlnut Doea there cN ~ any
power In G, ngress or IN the Government ny cypress
giant, to the execution Of which this legatcndcr ac
was Necessary and prol In the sense her" d,tcd
ana under the cfcumstancos Of its passegoi Tic
power to declare war, to suppress neurrccton. IA
distinctly and spcci6cnlly granted In seUefac clauses
Of the Constitution. We we're in Tic mldtt u var
which called all these powers into exercise.
ALL THs ORDINARY xBASs
Of rendering efficient thc several powers of Con.
gress above. .nncu TONED had been employed 10 tber
utmost capacity and With the spirit Ut The rob 'iin
unbrokcn; With large armies IN the field unpaid;
with current expenditure of two millions of dol.
lars per day the credit Of the Government nearly
exhausted and tue resources Of taxation inaiccUate
ercss was called on to devise some new rnesHs
Of borrowing money on tue credit Of the mutton.
The btrks had all cady loaned their mcaur To tho
Treasury they lad been compelled 10 suspend te
payment Of specie on their own nole-. the coin m
The country would not have made circulation 'ur-
Gent to answer army purchases and army p1y' me-.
general collapse oil credit or payments, and OF tu.
siness seemed inevitable. IN Which iaith In the sd.
~ OF the Government would have oeen destroyed.
rHE REBELLION WOULD HAVE TRIuHrLur,
the states would have been divided and the rcotle
impovorisLod TERt the Legal Tender act prevented
these disastrous results, and that the Legal Tender
clause was necessarvto b. prevent then entertain
no doubt. The results winch followed the adoption
OF this measure arc beyond dispute. No othcf We.
quate cause has ever been assigned for The revival
OF Govcrnm, nj credit, the renewed activity Of
| trade, ana the iac,y with which the Covcuacnt
borrowed In two or three years az reasonable fets
Of neest mainly ron ~ & own a. Gu'ens a double ,hs
ing coin, bank notes. and the hotes issued Gndcr tho
legal tender aets y y now saal, A howcyef As tho
suitable for circulation as money, bearing IN ,leir
face the please OF the Unted states for ,hait ut.
have answer,d d the requirement Of the oc, eieu''
| without beng mad a legal tender for dpt,s
But what was needed was
soxErHISG MORE THAN rHI CREDIT or rut Gov.
ERSNEST.
That had stretched to ils utmost tension a,l yas
clearly no longer sufficient in the simple form o. Dor.
| rowing money An eJperiunee shows thu. = r7lr.
reney not redetmable promptly In coin, but depend.
were rapidly diminishing while hts habilt'es in
eteasing soon sinks 10 the dead level Of worthless
| pDer As no man would have been compoilrd 10 lake
II In payment of debts as II bore no ncrCtL ~ H. pe.
riod OF redemption would have been remote nnccr.
Ia in aud this must have been the ineytabe ,Ne ot
| anv extensive issue Of such notes. But wicu, b.
law, they were made 10 dIsclaree the functions %
paying debts, they had perpetual credit value
vate, Ia the country. II they were never re- eemei
| (ls they never have bcen) they sun paid dtbt u
| their pa value, and for this purpose ihcn
| aud have always been eagerly sought by IN, people,
To s1y then, that this equality of legal t,L1or Nas
supported BY any sound view Of the siuauou Nor
can any just inference Of that proposton lron
comparison Of the legal telder no.cs via, tho
| bouds issued by the Government about tle ttms
| time. 1hese bonds had a
FIXED PERIop ron rHEIn PAYNryr
The Secretary oftHe Treasury declare that Tt- ptra
| payable in gold. They bore Interest gh..I was
payable scniannnaly In gold by express teens On
| their iaca; and the customs dutios, which ty Inv
| should be raid IN nothing but gold, were sacrody
pledg'd TO the payment OF thus interest They ca
| guord no means OF determining which woLd AVE
been the fate or tue Treasury notes designed TO tl.
cuato as monrv. but which bore no fSed tuuo ~ rs
|
| no lund pledged for their redemption. Tie ieel
tender clauses OF tie statutes under cur-' ,rsuun
| we're placed cmpEaboally by those WIG Oactod
them uuon ttelr necessity to the further borrowing
| OF money, aud maintaining the army aud nav, Ger
,Alnly, seems to be &C best judgment uai can
| bring TO bear upon the subject taat
THIS LAW WAS 4 SECEsslTY
in the most stringent sense in which tlat W.. can
| lie used. But u We adout the construct ~ CHIT
Justice Marshall, and the full Court over which hs
presided. a construction which has never TO ts Jay
| OYeTruled questioned d u can
We avoid this conclGsIOnt Tao creation c' ,hg
UNITED STATES BANK,
and especially thu power granted to u 10 '-sre ots
| Tor circulation as money, was sTeuu'ls'y isted
held that bank Of is-uO as necessary In the .ehse
| OF that word ss used m the CobsLtut0n to 'u.ho
OUT Us 'evehncs. II was never elhne. ma
the Gov9'nment cnQld ind no Other m,.u- "
DO tins. could not then he dcried noi
las IL ever been, tnat other moana uore cieaIy
a bank OF deposit Nigh, possibly hays answered
moFt attn useful, and Efficient modc Of dong what
Congr IS was authorized 10 do, It was he'd " h
~ hneh less apparent TO me than in the udop M Of
| the legal tender clause. II Congress can, 1er m
Implied power, protect aud foster the currency By
seems strange indeed u cannot adopt 70 more Ap
ptoirinte and the eiieotual means OF deylsnhs hes
ITS uith 10 pledged, lawful tender In payment u
| debts. Upon tue enactment Of these lCgbi trId1
| laws Nhty were receiving with
| ALMOST UNIVERSAL AcouTrscHvcr
~ valid puynlsnts made In the iega ',tdoi
| notes Tor drOts In existence, Nhen the laW Wtl
pa-scd to the amount of thousands Of mi .ious Of
dollars, thurgh gold was TIE ouly lawful tellof when
| tho debts we're cuntraetod An equal IL not IsfgcI
amount Is now due under contracts made since .hvlI
passage, under the belief that these legal taLlcV
| would be valid payment. The two housos &! 'oL
| gresa. the President who signed the bin and
FIFrEEs srArE COURTS
Of last resort, being all but that have passo .n
| the question, hive expressed their belief II "a, con
| sututlunality OF these laws. With all tins great
| weight of authority. this strong cnnrurr,-so q
| opinion among those who have passCd ul su tho
| question before me have been callel to Gtr'jt N
| whose dnty II was, as much ~ II ie ours tD p.s;
upon II. IA the hight OF the Constitution aIp Nc q
r'NeTse their action, to disturb contrlC- g. 'ec4rt
the hY void because the necessity for H. r'0ri
does not appear 30 strong 20 US as itlii Gen 'r'',
| or 50 clear ~ II was to other courts sl,s net
my idea Of the relative functions ol tlt '''. .t,,
| and Judicial department OF ths GuveIBme. NbUd
| tlerc is choice oi means
| rna SELECTION Is WIN CoNakIss
not the Court. Ii the act To be cousidvruI atY
sense essential 20 tue execution OF the a,hu cei
power, the dt sree Of that necessity % Tor 500 Es.
| lnure and not for the Court to determine had
| enter,alned doubts OF. the constitutional .m ' h9
| law, mnst have held the lIS yt". pt1l
| those doubts became convictions; bot o. : .a'9
| very dc clued uDOn thhT Con .itd