New-York tribune., 1874-03-10
VJEWs OF An OLD FOSSIL.

VIEWS DF IN ULD FOooIA'
Some OF our old subscribers who have read
THE TRIBUNE from its first number may re-
member gentleman from MASSACHUSETTS,, who
occupied a chair in the United States Senate
some forty years ago. He was generally CON
sidered a good speaker; he had read the Con-
stitution, and he used frequently to refer 10 IT,
Sometimes he would speak on financial topics
He was not as eloquent or as profound ~ MI.
Bogy or Mr. Morton, but civilization and SCI
ence had not advanced then to the pltch they
have since reached, especially at Washington
This gentlcmau's name was NebSter-Dahlei
Webster. Just ~ 4 matter of curiosity, just
10 show how far the attanments of MIR. Nor
ton and Mr. Bogy are elevated above what
passed for craftsmanship with our fathers, we
will quote few of this Webster's strange
notions on true money and false money:
There are some political evils which arc seen as soon
A, they are dangerous and which alarm at once IA well
The ueople "A the Government. Wars aud inya'ions,
Therefore are always the most certain deStroyers OF
national prosperity. They come in no questionable
shape. They announce their own approach, and the
general security ia preserved by the general alarm.
Not 40 with the evils Of de1-ed coin, deprecated
paper currency, or depressed and falling public
credit Not 50 with the plausible and inaidous mis-
cboi, OF a paper money system. These insnuate them
selves in the shape Of facilities. accommodation and re-
lief They hold out the most alacious hope Of an easy
payment Of debts. and lighter burden Of tazation-
Speech ~ tie House Qf Representatives. ApfI2 25 1870
Very special cases may. perhaps furnish exceptions;
there I'm general no security for the crcdlt OF
paper hut the ability OF those who emit 10 redeem IT,
whenever ban.uotc4 not convertible into gold and
silver at the will OF the holder, they become Of less
value than gold aud silver All experiments on this sub
ect have come the result 1t is 50 clear. aud
ha. been universally admitted that il would be waste
OF time to dwell upon II. Tae depreciation may not DO
sensibly perceived the first day or the hrst week, 1t
tates place 1t will nrst be seen in what called the
rise Of specie will next he In tho increased price OF
all commodities The circulating medium Of a CONNER
cia community must that which s also tho circulat
ing medium of other commercial communities. or must
be capable OF being converted INTO that medium without
loss IL must 10 something which has value abroad
~ VOL a. at home and by which foreign AZ well as do
nestle debts be satisfied The precious metals alone
answer these purposes. They alone, there
fore, are money and Whatever else Is to perform
the Offices Of money must be their representative and
capabe Of being turned into them AT will. SO long rs
bankpaper retains this quality, 1t Is substitute for
money; Invested OF this nothing give that charac
ter No solidty Of funds, suhieency OF assets.
no confidence in the sOlyency Of banking institutions,
mas ever enabled them to keep up their paper to the
value OF gold and silver any longer than they paid gold
the case those metals shall continue to be the
standard Of value. and the general circulating medium
among nntions.Speeeh it the House Of Representatives.,
Jan. 2, 1915.
We arc in danger OF being overwhelmed with ire
deemabie paper paper, representing not gold nor
silver; sir representing nothing but broken promises,
cad flth bankrupt corporations cheated credors and
a ruined people.-Speeeh IN the Sehot. 1888.
But what l. meant by the Constitutional currency"
about which much IL said What species or forms Of
currency does the Constitution allow, and what does it
forbid 1t i, plain enough that this depends what
we understand by currency Currency IN large and
perhaps Just includes not only gold aud silver
and banK-nOtes, but bills OF exchange also IL may in
clude all thar adjusts exchanges aud settles balances in
the operations trade and business. But If under
stand by currency the legal money OF the country, and
that which constitutes IdTfH kHder for
de5h. and IA the statute measure Of rdiue,
then, undoubtedly, nothing Is included bur gold
and silver. Most unquestonably thero legal ten
der and there Dc legal tender this country.
under the authority OF this Government any other.
but gold aud silver either the coinage OF mnts
or foreign coins at rates regulated by Congress-. This is
constitutional principle, perfectly PLAIN, aud OF the
very highest importance. The states expressly pro-
hibited from making anything but gold aud silver
tender in payment Of debts; and although no
such express prohibition is applied to Congress- yet
Congress has granted to 1t in this respect but
TO coin money regulate the value of foreg coins
II clearly has power to substitute paper anything
else for coin tender in payment OF debts and in dis
charge OF contracts Congress has exercised this power
fully In both Its branches 1t has coined money and
still coins it has regulated the value OF foreign coins
and still regulates their value. The legal tender there
tore the constitutional standard OF value s established
and cannot be oyertnrown. To overthrow 1T would
shake the whole system.-Speeeh IL, the senate, Dec.
2l, 1896.
Could this dead gone, and forgotten Web
ster walk into the Senate or House of Repre-
sentatiyes of to-day, like another Rip Van
Wmkle-but we shuddcr to think of it.
Better TO rest In the grave, than quit it for
the mad-house. Poor old Webster, his reason
could never serve him were he forced to sit
through an hour of Bogy, or Morton, or Kel-
ley, or Mellish, or, unkindest stroke of all.
of Boutwell,