The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1875-08-07
THE CONSTITUTIONAL DOLLAR.

The New York Tribune having made
some free comments on Judge Kelly's and
other paper-money statesmen's theories of
money, the following correspondence and
comments between the Judge and that
paper is published in Tuesdays issue:
Sir-In your article under the caption of
The Assignat Project, in which my name
appears, you say:
"The reputation element in the pro-
posed system is not less obvious. 1t pro-
poses to do away, once for all, with the
only dollar recognized by the Constitution
of the United States, viz, % 4-5th grains of
gold of standard fineness, certified as to
purity and weight by the stamp of the
mint. The relic of barbarism is to be ut
terly abolished and suppressed"
My copy of the Constitution does not
contain the article or section providing for
dollar of the weight you designate. 1t
may be SO with those belonging to other Of
the readers of The Tribune. Will you not
therefore please publish the date of the edi-
ton and the article aud section in which it
may be found, and oblige one who is con-
slant reader of The Tribune, and yours very
truly, VIM. D. KELLEY.
We have mailed to Judge Kelleys ad-
dress copy of The Tribune Almanac for
| 1874, containing the Coinage Act of 1873,
and the Constitution of the United States,
! Section IA of the Coinage Act specifies the
weight of the dollar, and Section g. subdi-
vision 5, of the first article of the Constitu-
tion confers on Congress the power to estab-
lish and coin the said dollar. For the fur
ther benefit of the Judge we annex a brief
extract from Daniel Webster ON Constitu-
tional Currency"
But what is meant by the "constitu-
| tional currency about which so much is
said? What species or forms of currency
does the Constitution allow, and what does
it forbid? 1t is plain enough that this de,
ponds on what we understand by currency.
Currency in large, and perhaps in just
sense, includes not only gold and silver and
bank notes, but bills of exchange also. 1t
may include all that adjusts exchanges and
settles balances IN the operations of trade
and business. But if ue understand by cur
reucy the legal money of the country, and
that tohich constitutes a ldtefu! tender for
dcJts, and is tie statute measure of rdlue,
then, undoubtedly, nothing is included but
gold and ,ilcer Most unquestionably there
is no legal tender, and there can be no legal
tender, in this country, under the authority
of this Government or any other, but gold
and silver, either the coinage of our own
minis, or foreign coins, at rates regulated
! by Congress. This is constitutional prin.
ciple, perfectly plain, and of the very high
est Importance. The States are expressly
prohibited from making any thing but gold
and silver tender in payment of debts;
and, although no such express prohibition
is applied to Congress, yet, as Congress has
no power granted to it in this respect but
to coin money and to regulate the value of
foreign coins, it clearly has no power to
substitute paper, or any thing else, for
coin, as tender in payment of debts, and
in discharge of contracts. Congress has
exercised this power, fully, in both its
branches. 1t has coined money, and still
coins it; it has regulated the value of for
eign coins, and still regulates their value.
The legal len Ter, therefore, the constitu-
tional standard of value, is established,
and cannot be overthrow. To overthrow
it would shake the whole system.-[ Speech
on the Specie Circular, delivered in the Sen
ate, Dec. 81, 1886, Works, Vol. ~, p. Ell.