, 1875-08-12
TIE CONSTITUTIONAL DOLLAR.

NHcn THOMAS II. BESToH---'O1al l1uilou
was lighting for honest money, he was fond /
Of using tho phraso Constitutional cur
rency" as synonym for gold and silver coin. |
Many OF tho political medals issued in count |
less numbors at TINT TINA have the legend,
81 Old nullion-Constitution Currency"
upon them. JACKSON referred with pride,
in his farawol address to his succoss-
full efforts to restore "the Constitutional
currency Of gold and silver" President nnd
Senator wcro right. Tho only "dollar
recognized by tho Constitution Of tho United
Btotos il gold coin Of 25.8 grains ono-tcnth
Of which Is alloy, aud q silver coin Of equal
value.
Tho Constitution Tart. l., Sec. 8, Clauses 2
md 5) authorizes Congress "to borrow
money on tho credit of the United States
and to coin money [and1 regulate the value
thereof" Under the first clause tho Supreme
Court hold the issuo Of paper notes valid, rs
It held tho 1egnl-tender provision valid under
the "war-powor." Tho grconbacLs wcro
like the bonds, in that noithor aort Of paper
was money in itself, but each was way of
borrowing. The only essential differences
between them wero TINT tho bonds boro In
wag in turn exchanged for commodities,
| while tie groenbaoks bora no interest and
wero directly exchanged for commodities
without the interpretation Of any real money
| wlateyer.
Tho second provision, authorizing Con.
grcss to "coin money" confers no authority
to print pretended "monoy." "Coin does
not mean "print." It refers to special
method Of treating motala, and Inns no mean-
ing outsidb of this. This yiow Of the case Is
indirectly Sustained, too, by tho first clause
OF SEQ. 10 Of Art. /. Of the Constitution.
This clause enumorates some Of tho powers
denied to tho 6tntos. Among these Is tho
powor "to coin money [nnd] emit bills Of
credit" Il, as is often assorted, the authori-
zation to coin money gives Congress tho
power to issue bills OF credit, pro-
libit;ng the statea to coin money
would in itself prohibit them from
emitting bills Of credit Tho saot that tho
latter prohibition is tackled On to the former
shows TINT coming money and issuing bills
Of credit nre two very different things, and
that the Constitution means what it says,
and only what 1t says, when 1t empowers
Congress to coin {not enait) money (not bills
Of credi.). Still anothor part OF the Consti-
tuition can bs quoted In support OF this
proposition. The sixth clauao Of Art. l.,
SEQ 8, empowers Congress to punish
counterfciliuR tho securities and current
coin OF tho United states." Hero Is On az
presscl distinction botweeu the coin and tht
paper of tho country. It ia made in the uexi
sontcnce to tho one which confesa tho power
+ OF coinage, and Ia therefore in tho naturo O.
cumulative proof. Again, aa CLAhxsoa N
Porter shoyol, In bis argument before tn
Supreme Court, in the legal.tender cases, th'
sense In which tho ffamera Of tho Constitu
Z ton used the word money" cannot be dis
= putcd Tue country had just amergod from
universal disaster wrought by y scrip ct1rzeuc.
, that waa finally ropudiated, aud the member
| Of tho Constitutional Convention Of 178
/ mount by "money" hard, metallic, coinet
money, which possessed intrinsic value, AM
!. not foft, paper, printsd notes, without in4in
= sic value, and convertible into nothing o
a ! wo14h.
b The only money recognized by the Constl
q tuition Ia, t1en, coined precious metal.
!. ssmains to be seen how tie authority insrus'
|. cd to Congress In this respect by the Aagn
J. Charta OF American liberties has bean uaea
}, Tho anawer to this query IL found In th
It Coinage act Of 1873 ~. Il. Revived statute'
. pp Ha7.709) Wa quote: "The money {
2 the United States shall be expressed In do
l. 1ass or unik, dimes or tenths," etc. An
is again: "The gold coins Of tbs United stat'
!; shall be one-dollar piece, which, at 7
70 standard weight Of 2s.8 grains, shall % Z
J; unit Of value" eto.
!, Thua Constitution and laws combine
4, n.aks The gold dollar Of 26.s grains (nlf
d. ,.arts In ten pure gold the unit and STAN
r. trd Of cur constitutional money. Eve'
ID ueenback note, isaued - q meana OF oo
j. rowing {not makInD money, and made =
b. ,tal-tendar only by virtue OF the undaan'
"a ind indaapablo "wns-power." must h !