The home journal. (Winchester, Tenn.) 1858-188?, 1875-10-14
WlyCNNSI En-, TENNESSEE.

laralion that The grccnbnck or Ic
gal tender policy viii inevitably lead
to reputation Of the national debt
Those who assume this position mus
have forgotten Of they ever knew,
that rcpudiatc means "tO put away
to reject" Hence, we maintain that IN
the event Congress should cnnct II Iaw
making grccnbacks legal tenders III The
payment Of all dcbts-U, $. debts, or
bonds. mcludcl-this would not bel re
pudialion, but would be simply Prov
ding n eur rcncy national in It's cliarac-
Ter, Of uniform value over The United
States, and which the lordly bonIhoId.
or would be bound TO take for the in
tcrcql on his bonds. and fOl the princi.
pal when matm cd, just M the rest OF
our people. This is not a "puCling
away" or n rejection OF our national
debt, but it would place the bondlIoId-
or on the same level with the day.la
borcr, who works hard through all
kinds Of weather TO lay up for his hun
pry little ones bread and meat TO pre-
vent starvation. Such an act would
De in perfect unison and accord with
the letter and spirit Of the Federal
Constitution, which inhlbits class lcgis
lation, and Winch provides that Con-
grcss shall have power "to regulate
commerce."
Those acts Of Congress which pro
vide for the payment Of i. 5. bonds IN
gold coin are unconstitutional, null
and void. One Congress has no power
to pass an act, or u series OF acts tina,
cannot he repealed by the one succeed
ing it. And again, Congress cannot
pass an net which operates in favor Of
one certain class, to the exclusion Of
every other class. The act OF Con-
grcss providing for the payment Of
bondholIcrs in gold coin is such an
act, for it provides one kind Of currcn-
cy for one class and another kind for
all other classes.
But the opponents Of paper money
say that Congress possesses no power,
except in val times, TO issue n paper
currency. The Constitution provides
that Congress shall have power to coin
money and regulate the value thereof.
Standard works give AZ one definition
Of the word CoIs, "Money stamped
with "A legal imprcssion-paymcnt Of
my kind" The Constitution does not
say that Cong rcss must necessarily
stamp any metal with II legal impress
sion, but leaves it discretionary with it
to say whether they will put that legal
impression on paper or on metal But.
lion il not money until moulded into Il |
certain shape and size, and then re.
cciyes this legal impression. 1t may
possess more intrinsic value than pa. !
per, but ii is not money until the stamp |
fixed by act of Congress; and il it S
were SO disposed an act could be j
to a%malgamate copper or brass
with gold, in equal proportions, and
it Of the same value possessed n
by pure gold coin, and it would be n W
.egal tender in the payment Of all dues n
It Congress- so provided in the act. 1t ,
is notorious that American gold coin p
is not pure gold, but has one tenth n
alloy, and if Congress can mix %onc-|,
tenth Of some base metal, it can mix =,
one half or three. fourths, and then ,
stamp the piece of coin of II value
equal to pure gold, for it possesses the
power "to coin money and regulate ,
the value thereof (
The Constitution does rot say that |
Congress- shall have power to coin f
metals, but to coin money. and bccause !
it can regulate by its stamp the v%aluc fl
thereof, il is evident neither the metal :,
nor the paper is money until they each ,l
'cccive their legal impress by authority
II law. If a piece of gold is moulded
nto the exact size and form of an .
\ mcrican eagle, and no impression of =,
IS value is printed on its face, it could =,
ot pass as money no nor than bull -,
on. Hence, it is the legal impression, -,
the value fixed by law that .
ives the piece Of metal its character
{ money, as we'll as the piece Of paper.
he word coin does not, as is com y
ionly supposed by thick headed gold
'orshippers, mean, when applied to =.
DIN, the metals, but paper can be |"
oined into money as well as metals.
Another definition Of the word COIN
J, ito ihvent-to stamp as money u
he leading idea IN all the definitions u
+ this word il to make or invent a Z
,edium Of exchange capable of the Is
nym ent Of debts.
We maintain, therefore, that the T.
institution of the United States has -
'dged in the hands of Congress the ~,
,solute and unlimited power to make -.
oney Of anything they may deem cx-