, 1875-12-08

ti1no of pcaco ia not within tho courtitt,
nnns' @ power Of Congress. :, Tho ,'anEuag
rcAaon to bolievo that ii would sustain tio clsu
ot power To flcreaBn iEo yul,ll.v Of xucl, iarIlu
or - fotHB',o s,tct an llnye hrrn redesn.tl II
| onedlcnco to law. wien tho rnl1c cxtcot,cy II.
! Iohenf ezieta. ThoHo wtlu orrogcd atlch to@al,
a. una of supreme necessity, md lnaiAt uipt
TURNER iaaaes when tho emergency hAH parset
away. put themselves In tho attitude Of OF,
poslnR var measures III tho mt1st Of war, atl,
ndvoeatlhR them In timo Of profound peace
ConEreen Carefully confined tho operation OF tI,t
nct to tho ro,ioi Of nccospitY BY autl1oriziut
'no feasne from time 10 limo, a. tho cxi3enciof
o' che pnnllc tnterosts shall require"
INC uoVornment Ia bound, not only. b,
cGono'o ~ eonsmefasiohs and proper regard iol
Iopeated ptomacs, to rrovido for tko redemption
n colt, Of al its isri,eB Of ioxa.tontter ,,oto.
lhe n1tgina! lo4al-tnndor act was REGARDED ami
.toa.ea at ths tamo Of Ito adopson an temporary
tho n1'sons msae necessary and tnsabc only by
sources aud e'iosRles Of tho nation. Ti,n first
&ct authorizing htlch iFsnoH fFeb. 49, 1HG2) ia
ontittea - An act to autlorlzo tho Issue Of United
,a nsa.cs notes, anu for Ms redemption or funding
1nerfot and for funding tho floating deb{ OF Ilo
United Btatoa "-Inngunge TINT olrSIf1canty ~.
preasoa tile riows OF tho Oo,,cross bY which It
wns passed. 1t authorized tile ips,1o Of aI5D.-
sVo,ooo to8Al.tonder notes. and lnalo provision
a9f ~, 1u'tne them ~ bopda issued tho credit
payable at n future day. This was tho best the
Government could do In tho midst of It's ttrncuIn
for oxibtoneo and rightful supremacy. Tbostato
o. tte public credit did not amit Tic possibility
cient amount Of coin to redeem tho
mites absolutely. 4 wol1-aattlol prucin]o nj
political economy forbade tho isslle OF naner
cusrcncy Without providing for its redemption,
and. IN oaodience tlcroto, Congress- made tlo
on1y practicable provision for tho redemption OF
tho notcB which 1t authorized to be iss,1od sud
hsampcd with tho quality Of legal tender Tho
act or July u. 1862, which authorized q further
lssoo OF 3l6o .o00. QUO. contained ko provision.
aha further provided TINT ally uotos saod there.
hntlcr might ba paid In coin. iusteatl OF beinu
converted into bonds, at tho discretion Ut tho
SECRETARY Of the Treasury. The notes thus
authorized were issued aid accepted by tic
People upon the sssuraneo that they had tlo
fisnt 70 Il 1u;'l thom IN gold-hcaring bonds Of tho
Dnttea states, and this consideration unloubte-
constituted an important element Of tlcir yalue.
anu gave them 1uasityin aid OF their circulation
4ua lroe accoptance III all business transactions
~ INC opinion Ut wiee and patriotic men, Who an
tue representatives Of tho peopjo, woro charrcd
with maintaining tho lnciBsolubility and s1.
premacy OF our National Union, Ii wsn r,eccn-
sar1 10 feAofk 70 this extraordinary neaBura for
.no purpose VI carrying tho War 10 nuccessful
uatanni tuLaa',on. u was IL substance and olroe
natlonal war load, basod upon tho crodit OF tho
tfovornmcht. aud coupled With p)oJuo fpr roz
domptton, but tho poriod OF payment WAS tn bn
thgTcNftcr dctetinluo{1 vhen thn nuh1,o n~1I.-..
would permit, RI Wnn not Il, liza Pn,n.,. rssGncy ~
who deylaod and consunmated tha ao,on y, .nIso 1o
tho Government was abolt to ontcr urn,, sn"s .I,o
1910 OF an irredeemnblo pancr currency. whin,
Should permanently take tho plaoo Of tho yorll'H
measure OF values. Nor was it clainol BY Tho
most n earnest advocate OF tho measure that tho
Constitution had Eirou 10 Congress powoT
70 Issue q Permanent paper currency a.
substitute tor. and ata,npod by law Will, lilo
lual1tieh Which, In tho estimation Of political
economists, could eais. on]y In tho paccious
niotaln. In thu light Of the experience Of til.
civilized l world, such a PURPOSE would have boon
'cgartied 81 littlc lcss thnn financial madnoaH,
md it's ayoWal by the authors OF tLe lagaI-tcuJor
1cts would suroiy hayo caused tho lofoat Of Tho
alan for o1ert'ng tho borrowing power Of tho
iqsornm",,t 3,,et ", By moans Of such ls.ies.
question arc not loft opou for forensic, tIscna'
lion. having beou autiorltatl7oIy sottlol BY tno
ananimons opnion Of tho hiehost judicial trib.
lnal known to our Constitution. AsBoon altar
ho Domination Of tho War as 1863, It was ar.
suetl before tho Supreme Court that tho legal.
onder notes Of tho United States Horo issued ~
loney. q substitute for metallic currency. auI