New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-14

|
make cold and silver tho standard Of value There ID
not word in the instrument which looks to any other
| standard. Experience has fully manifested that
| irredcemable paper money was pregnant with enor-
nous ynschiefs II the power to cause such mis-
chiefs which was meant to he destroyed. and this
wholly irrespective of the political body in which
that power had been vested Whether belonging 70
the States or 70 the General Government the danger
| would, necessarily, be the Same. And thus remark
it, if possible still applicable to the power 70
make anything bnt gold and silver tender In pay
ment of debts Ii was the gross injustice oil such an
| authority which il the purpose permanentlyto
! eXtinguish. The trainers Of the Constitution had
that it destructive alike to individual and
| public interest, and palpable and fragrant wrong
upon both. To imagine, then. that they intended to
give to Congress the power to perpetuate such in
Justice in the future is libel npon the intelligence
! and patriotism of that body And that such
power was designed to he vested in Congress is do
ducible not only from the debates in the
| Convention, but from the debates in the
several State Conventions by which the Con-
| stitution was ratified In neither was
there the slightest suggestion that the Government
| would have under the Constitution either OF tho
powers which, in this respect, had before belonged
| to the States, and had proved descterious. l
think it may with confidence be asserted that il any
member of the Convention had been so unwise and
unpatriotic as to propose to give Congress these
powers the proposition wOnld not have re-
ceved vote but his own; and i think IL
may with equal confidence DO asserted that
IT, in the several State Conventions. it had been said
| that these powers were included within some gen.
eral phraseoogy they would have boon expressly
| taken away by amendment
| THE FRENCH AssIGNATs.
Besides the evils that irredeemable currency had
| hor, how still ctr
! trated in France. In 1890 paper money called as
| signds irredeemable in coin 10 the extent OF
| 100 900 900 was issued, and in the same year
| 500, OOO,0 900 MORE and the amount was finally
increased to 10000, 100000, when the whole be-
| came of no value. This issue was subsequently
| followed by an issue called mandate. These only
differed from the assiGna in pledgng specific prop
ery for their redemption, while for the former tho
| general property of the nation was pledged. Tho
amount of this last issue was at first S60OOOO.OOO,
| but was soon augmented to a total of 81. OOO,-
| 900, and then it also became valueless. This was
not only fatal TO the proper business and prosperity
of the country but was one of the main which
produced the horrors of the French Revolution.
horrors which crimscned the land with the blood OF
| her people. and gave shock to the public senti'
| ment of the world. Although in my judgment Con-
| gress has 10 power to create an irredcemable cur
| rency and TO make it legal tender, am aware
that the last Judgment Of the United States Supreme
| Court upon the question upholds that power. That
| Judgment, however, was pronounced under singular
| circumstances At a previous term the Court de-
| cided against the power and the different decision
which followed was because of the appoint
ment Of two new judges. The then Chief-Justice-
now unfortunately for the country, no more
who the Secretary of the Treasury when the
| Legal tender act of 1862 was passed-decided in
Hepburn and Griswold u Wallace) that the act was
unconstitutional as aneccdent debts and in tho
subsequent case of Knox and Lee az Waliace) adj
| hered to that opinion, and also decided that 1t WAS
unconstitutional to subsequent debts. The
| opinion of the Court in the last was given BY
Mr. Justice Strong. and is very able one, and those
| who know him as well as l do can have
| no possible doubt that it was cOnscentiously
| given. BY what / am about to say, therefore, OF
| that opinion no one hope, will believe that in
tend to cast reflection that learned Judge or on
| those who concurred with him. For the present
members of the Court entertain tho highest esteem
and am sure that speak the truth whom say that
| no more able or enlightened men occupied the
judicial station than those who have filled our ma
tiona tribunal from its organization to the present
time. But their judgments have never been thought
| infablc. They have been reversed by themselves
| in other instances than tho one am considering
| And indeed Mr.. Justice Strong in this very case
properly says that it is not only the right but tho
| duty of the Court to reversed prior judgment when
| convinced of its error.
THE LEGAL TENDER DECISION.
| think that this opinion mainly rests upon mis-
| taken assumptions That assumption is that emer-
| gencies may happen in the history OF the country
fatal to its existence if the Government did not pos
sess the power 1t is true that every governments
must have the power TO preserve itself. so far
it has not, it is defective. That this however. 10
| t.l,,o If .ho q Tho to1 Stataa
is evinced by some of the powers delegated to it:
| the power to raise and support arIues-tO provide
and maintain navy-to Use force to repel an inva.
SION and to subduc insurrection. Ii the COnyen-
ton had thought that any emergency could arise
threatening destruction to the Government, which
| these powers would not be adequate to meet and
that they could only be met BY the OF irrcdeem'
able currency, and by making it tender in payment
of debts can it bs well questioned that such power
would not have been expressly delegated
| That the Government has a right 10 borrow money
is clear but it that the right to borrow is not
to he attended with the obligation to payf lndvid-
uas have the right to contract debts either ny Dor
rowing or purchasing but is it possible that the Con-
| yenton intended to give Congress the power to an
thorizc the debtor to repudiatc his engagements in
whole or in part And yet this is the operation OF
compelling his creditor to accept irredeemable paper
because in so far rs its value s less than the value
of gold and silver the creditor is injured. and TO
| that extent does the law authorize repudiation
The learned Judge relies also upon fact. which 10
| no doubt true that most if not all other govern
ments possess the disputed power and that it would
be singular that orr should be without it, Such
| a reference with due Difference to the Judge is
| wholly napplcable to our Government, A. that has
no powers except such expressly delegated ~
clearly to DO implied. The nature Of other govern
t1,n taatnr nf