Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-07-29

souri, Is Peters, 4O), iii which the same
Judgment wasgiven, and upon the same
point.
The next case was Eriseoe Us. Bank of
the Commonwealth of Kentucky u
Peters, 257), in which the language OF
Chief Justice Marshall, in Craig as.
Missouri, above quoted, is quoted
and approved by Mclean, the Judge
who delivered the opinion of the court,
who adds ~. BIAS; "The definition,
then. which does include all classes Of
bills of credit emitted by the colonies or
States is a paper issued by a sovereign
containing a pledge of its faith,
and designed to circulate as money!
Again (p. 3I7): "a State cannot emit
bills of credit, or, in other words, it an
not issue
THAT DESCRIPTION OF PAPER
to answer the purposes of money, which
was denOminated, before the adoption OF
the constitution, bills of credit"
Again 10. 5IS): "Po constitute a
bill of credit within the constitution,
it must be issued by a State, in the faith
of the State, and be designed to cireu-
late as money. And referring to Craig's
case, p. 1913, he continues: "Four Of the
seven Judges considered that these GER
t~ificates were designed to circulate as
money; that they were issued on the
credit of the State; and consequently
were repugnant to the Constitution
Also, in this S of BTilcoe, Thompson,
Judge, cOncurring, p. 327, said: 1.-THE
two great infirmities which attended the
bills of credit which circulated as
money, and come within the mischief
intended to be guarded against by the
constitutional prohibition, were the
want of some real and substantial fund
being provided for their payment and
redemption, and no rule provided for en-
forcing payment of the same"
In this same case (BriscO) Story,
Judge, in a dissenting opinion, fully
concurred with the court in Craig's
case, and granting those parts of Judge
TTumbull's opinion above quoted, and
''the term has acquired an appropriate
meaning; and bills of credit. signify
APAPER MEDIUM,
intended to circulate between individu-
ais and between government and indi-
viduals for the ordinary purposes of so
ciety." And, "if the prohibition means
anything, if the words are not empty
sounds, it must comprehend the ennis
sion of a paper medium by a State gov
eminent for the purpose of common cir
c~ulation," said: "One should suppose
that this language was sufficiently ex-
act and definite to remove all possible
doubt upon the point; and has the more
weight, because it came from me, who
was himself an actor in the very times
when bills of credit constituted the eur
reney of the whole country, and whose
experience Justified him in this exposi-
ton" Again, (p. 800 Judge Story
says: eff We look into the meaning of
the phrase as ii is found in the British
or in our laws, as applicable to the
census of private individuals, or private
corporations, we shall find that there is
mystery about the matter, and that
when bills of credit are spoken of, the
word means negotiable paper, intended
to pass as currency, or as money"
Judge Story Up. 331) says: ga
bill of credit then, issued by a State, is
negotiable paper, designed to pass as
currency, and to circulate as money.
1t is distingUishable from the evidences
Of debts otherwise incurred, not merely
form but in substance.
THE FORM OF THE INSTRUMENT,
is wholly immaterial. 1t is the sub
we are to look to; the question
Is, whether it is issued, and is negOtia-
BILE, and is designed to circulate as cur
rency, If that is the interest manifest
ed either in the face of the bill, or in the
face of the act, and il is in reality the
paper issue of a State, it is within the
prohibition of the constitution. If no
such interest exists, then it is a constitu-
-iOnal exercise of power by the State.
This is the test; the sure, and, in my
Judgment, the only sincere test by
which we a ascertain whether the pa
Der be neither, or without the prohibit
ion of the constitution"
Now try these securities by these
First, they are issued by the
State in consideration of services actu-
lilly done Tor, and received by the State.
Second, there is an ample fund prOvi-
led for their redemption, and they are
made a general debt of the State.
Third, it is perfectly manifest that
hey were intended by the State to pass
Is money, in currency. Such a n idea is
lreposterous, that paper i'll the form of
! bOnd-with coupons for interest at
ached-the principal payable in thirty
1ears, and the interest semi-annually,
have been intended to pass as
A CIRCULATING MEDIUM
md as currency in the ordinary business
nd transactions of life between indi-
RITUALS, and between individuals and
he State.
TrapnaIl, 10 Howard, 100, in which il ;
vas a question whether the rates of the
Bank of the State of Arkansas were not
kills af 1ra1ffTf Of fhaf State Wffhfn !
he constitutional prohibition, the prin-
iples announced in the case of Briscoe, '
quoted, were adhered to and that !
ase reaffirmed, as it was also afterward,
u Darlington as. the State Bank of I.
Alabama, Is Howard, u. I
l may add, that by section forty-fve !
f article six of the constitution of the j
state it is provided that " the General !
Assembly shall direct by law in what
and in what courts suits may be j
rought by and against the State" And |
he Legislature has provided that the !
tate may be sued in the several courts i
n the county of Pulaski.
Thus 1 think that 1 have completely
hown that these securities, the {
ARKANSAS STATE LEvEE BoNDs,n q
re a part of the bonded Indebtedness of !
hat State; that they are not "bills of {
within the prohibition of the con- 9
titution of the United States, and I
hat their final payment, and the pay i
lent of the interest thereon, is better Sc q
ured than any other Indebtedness Of i
nat State. I
And now for a word of caution to the v
olders of these securities: By section i
IN of the act of March %, 1871, under
ne provisions of which these bonds are I
sued, it is provided "That between the !
rst and thirtleth days of July in each
ear, it shall be the duty of the Treasurer {
f this State to invest the surplus sink ?
lg fund remaining in the treasury on I
Re first day of July in each year in the I
arrants authorized to be issued by the =
rovisiOns of this act, at the market price
said warrants at the date of such in c
sstment.p \
1" Is there not a Bourbon among us?n G
a cat in the meal-tub? d
] deem it proper further to say that | p
!, not, directly or indirectly, own one Il
,llar of these bonds, nOr am [ ar attor- !.
" for any one that does hold any of 4
EN-, as to that interest. My only pur-
,se is to place the public and the hold y
5 in the possession of accurate informa- +
IN as TO the true nature of these securi-
IS. CHAS w. ADAMS. =
- III