Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-08-07
GEO. W. JONES.
A Strong Letter on Hard Money from
the Ex-COngressman Of Lincoln.

A Strong Letter on Hard Money from
she Ex-COngressman Of Lincoln.
FAYETTEVILLE. Tenn, July 81,
l875.-TO the Editor Of the Neg York
World: Sir-In harmony with the
World, 1 do most cordially indorse the
"Hard Money, Free Trade platform
of the Democratic party of Maryland
In State Convention recently in Annap-
oils, the capitol Of the State. 1t Is in
theory and upon principle right, and
IN perfect accord and harmony with the
Constitution, by which all true Demo
Gratis are governed. Under an explicit
provision Of the Constitution, Congress
is, IN unequivocal terms, authorized to
"coin money and regulate the value
thereof and of foreign CON-" This is
the only power delegated to Congress
over the money or medium Of exchange
Of commodities and values. Congress
established the United States Mint
for the coming of money. Congress
has from time TO time regulated the
value of money so coined by prescrib-
ing the fneness and the weight of the
gold or silver making a dollar. With
the exercise of such power Congress
exhausted all the power vested in it by
the Constitution. Congress has power
to borrow money on the credit of the
United States" and as a consequence
to give the bond Of the government as
evidence of the debt thus created, with
specifications of the time, place a d
manner Of paying such debt and inter-
est. Such are the bonds of the United
States. No so the United States Treas
ury notes. Greenbacks, or legal tenders
so-called, are nothing more nor less
than the acknowledgment by the gov
eminent of debts it owes and which it
is not able to pay, and are forced upon
the creditor of the government without
his cOnsen:, and are promise to pay
dollars the dollars declared by act of
Congress) to be gold or silver of certain
weight. These promises are vague
and uncertain. No time or place Is
designated for the redemption Of these
promises. 1t may be never; certainly
not In 1879. Bot Congress, to give
these uncertain promises the semblance
of money, have declared and had
printed upon the back of each promise
to-pay dollar that ''this no:e" shall be
a legal tender in payment of all debts
public and private at its face value,
except duties and imports and interest
on the public debt-legal tender in
payment of all debts. Whence was
this power derived? Certainly not
from the Constitution, the decision Of
packed Superior Court to the contrary
notwithstanding, but rather, in this
case, from VIII Of an absolute Govern
ment, acting outside of the COnstitu-
ton. Congress has no power whatever
to declare anything, not even gold and
silver coin, a legal tender IN paymensOf
private debts between individuals. It
can only determine what viii be re-
ceived by the Government.
By the Constitution of the United
States 1t is declared that mo State
shall coin money or make anything a
tender In the payment Of debts except
gold and silver COIN This wise pro-
vision Of the Constitution was ADOPTED
that there should be one and but one
standard of value throughout the Gov
eminent of the Union. Each has the
power and the right to make gold and
silver coin q tender in the payment Of
debts, or rather, no State can make
anything except gold and silver such
tender; and there is no earthly neces-
sity for any State to make either
gold or silver coin tender in the
payment of debts, for the simple,
plain and conclusive reason that
the contracting parties In each case
determine whatlwill be q legal tender
in discharge of the particular contract.
If i. executes his note 70 B., IN which
he promises to pay B. SlOO by a certain
day, he means the dollar Of gold or IL
yer as defined and declared by act Of
Congress, and such dollar viii be
legal tender in the payment Of that
note. If G. gives his obligation to d.
for 100 bushels of sound, merchantable
wheat, to be delivered on a day certain
and at a designated place, the hundred
bushels Of whea. viii be legal tender
in payment of that note, according to
its terms and conditions. None will
deny this. So with every other Obhga-
IlDH given 4OI BCClA4C NpAAAAAAJA-NA-o u
articles other than for dollars.
The inhibition upor ne States was
to protect those who uad contracted or
who might contract for the payment to
them Of dollars, against the possible
action of a State Legislature declaring
that a note given, payable IN dollars,
gold and silver coin, might be paid IN
greenbacks, State warrants, tobacco,
corn, wheat, cotton, salt, bacon, whisky
or any other article of commodity. 1t
merely prohibits State from chang
irg contract after 1t has been made |
by declaring that the payee shall re-
ceive IN payment Of his note some
thing O;her than that which he had |
contracted for, leaving all to comply |
with their contracts as nominated IN |
the bond.
Congress has no power to declare |
what shall be legal tender. No State |
can make anything legal tender in |
the payment of debts except gold and |
silver coin, and there is no necessity |
for the exercise Of that power by a |
State. Respectfully,