New-York tribune., 1875-07-26


FORE that OF coming money sni fixing the vane of for
egn cons and one OF the rst restraints Imposed on tho
States l. the total prohibition "a coin money.
These two provisions industriously followed ana
coupcted by dcnving TO the states al powers ~ emit
ting bills OF credit or making anything but gold OF silver
tender in p,, mont of debts The whole CONTROL tierc-
fore over the standard OF value and medium of pay
ments vested tho General Government And again.
colatng the grant to Congress- aud tho prohibition on
the States Just reading o the provision IA this CON
gress shall have the power 10 coin money. regulate the
value tcioof an u foreign coin. emit bills OF cre or
make y'n bcses gold aad silver coin iesa tender
In payment VI debts"
The speech IN which something superhcially
resembling the above may be found is IN VOL.
". Of Webster's works, and is an argument
in the case Of Ogden aud Saunders before the
Supreme Court of the United States, January
term, 1927. The passage i'll quotation marks
with which the extract ends, has Its meaning
reversed by emitting after the words " regu"
"late the value thereof and OF foreign CON-
the clause, "bnf no Sf0tc shall com money.
Thus, Webster is made to assert the ri6ht OF
the General Government to- emit bills 0i credit
and make anything whatever u legal tender III
payment Of debts "a doctrine which on every
occasion hc uniformly rcpudiatcd. In this same
that from which the framework OF this auda-
cious forgery is taken. may he found the FOL
lowing passage Of weighty application TO the
present political and financial situation OF our
affairs: "Conmerce. credit and confidence were
"the principal things which did not exist under
"thc old Confederation, and which it was a
",nan object of the present Constitution to
"create and establish. A riciors system Of leg
"islation. system Of paper money ana fadG
"h,cs, had completely parayzed industry,
"thrcatened to i~ggar every man oi properly,
"and ultimately to ruin tho country. The
"relation between debtor and creditor. always
"delicatc and always dangerous whenever IT
"divilcs society and draws out the respective
"paltcs into different ranks and classes, was
in such condition in the years 1877, l7SS,
"and l7sa. as TO threaten the overthrow of
call governments and n revolution was mem
"accd, much more critical and alarming than
"that thrcugh which the country had recently
"rassed" II the measures urged by MeSSrs
II. C. Carey, Henry Carey Baird, Kelley, PEN
dleton. Allen, sam. Cary, and the platform OF
The Ohio Democracy are TO prevail, the words
we have quoted will hereafter bo referred to
rs prophetic. The following sentences from
his reply TO Calhoun. March %, 1888, will
be sufficient to show that Webster was in
nexibly opposed to Quack money OF AL kinds :
81 abhor all irrcdcemable paper all old
" fashioned paper money Gll deceptive prom
Uses everything, indeed. in the shape OF
"papcr issued for circulation. whether by
" Government or individuals, which cannUt he
turned into gold and silver at the will of the
"holdcr."
If Welsler's memory is libcled by the un-
known artist to whom Mr.. Cooper has given
his confidence, Calhoun's is not less 50. South
Cardinals famous statesman is reported ~
saving in "a speech v in the Senate:
II appears TO me- after bestowing the best reflection
can give The subject that convertible paer-tat is,
no paper Who's credit rcsis on the promise 70 pays
suitable for currency II IS tho frm Of credit proper
In private transactions between man aai man. but not
for standard Of value, 10 perform exchanges generally,
which CONSTITUTES the appropriate function OF money or
currency 40 orr can doubt hut that the Governmcn mt
credit s better than that Of hny bansnore stable and
Bank paper IS cheap 10 those who make It,.
but DEAR very doar 10 thoro who IT, On the other
hand The credit OF the Government. whilo it would
greatly facilitate iis fn incal operations would cost
nothing. or next IN nothing. both to IT and the
people. and would. of course. add nothing {"
the Of production which would give branch of
its circulation might extend great aiyantrscs
both home end abroad; and now undertake IN aim,
ana without the least fcar that San be answered. iha
paper issued BY Government. with the ahlo promise ~
receive il fer al lis dues would. 10 the extent could
circulate. form perfect paper circulation, which coad h,
rs uniform vaiue tic metals t.ensrives and shall
be able o prove that IT IL within The Constitution and
powers Uf Co,rs 10 sIcb paper In the manage
ncnt It's finances. according TO the most rigid rule Of
constituting TIM Constitution.
Tho first sentence Of the above, OF which
the whole is printed in the pamphlet without
asterisks or other sign of hiatus, /. from n
speech made on Sept. 10, 1897. In the same
speech, two pages further on, we find the
ond sentence. The third sentence is taken
from an entirely different SPEECH. delivered
Oct 3, 1897. Further on in this speech We
find the fiYst part OF the fourth sentence,
down to the senlicolon. The honest man. the
compiler, then skips 60 pages of closely
printed volume, and aliehts in The middle OF
a scnteHce toward the end Of Calhoun's reply
to Webster delivered March % 1888. judi
ciou,ly omitiing, however. after the words
"rcceive it for all Its ducs' the somewhat es-
sential qualification, tearing is creditors to
"tale il or 9oId and si!ccy, at their opfion,' and
after the words "perfoct paper circulation" the
further qualification (Which could not be
ABUSED by the Government" The compiler
then skips few sent nocs, and with another
fragment brings his marvellous extract to IA
close. Whatever may be thought of Mr. Cal
hOnD's currency scheme. which was imme-
diately denounced by Webster as mere paper
moncy-notling but bills Of credit" aud on
another occasion as old Continental money
it should be remembered. in justice to the
SOnth Caiolinian. thnt it was to bc forced on no
one against his will, whether creditor Of
the Government or of private individual. In