The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-08-28
The 9 Daily Areas,
> Are Greenbacks Dollars.

I8s
Justice Bradley, of the Supreme cour
OF the United States. was one of the two
justices OF that court whose appointment
changed the numerical majority, and led to
the reversal OF a previous decision on the
legaltender question; the new majority
then affirmed the constitulionalitv of the
legal-tender clauses Of the acts of congress
of 1862 and 1868. We have given the rea-
sons governing the several Judges who
made that decision, -that the country be-.
ing engaged in wari and having exhausted
Its credit, and possessing the power to bor-
row money, support armies and navies, and
carry on war, was authorized to do any act
necessary under the great emergencies
the execution of these powers; and as
money could not otherwise be obtained
| to preserve the periled govern
ment and constitution it self, the act was
Justihable constitutionally. Justice Brad,
ley, in delivering his opinion on this ques-,
ton, was perhaps the most liberal of all
the judges in defining the powers of the
government in such an extraordinary en-
Urgency as existed at the time of the le-
bartender acts. In referring to the au.
thorlty or preogative of every government
to anticipate its revenues by the issue of
exchequer bills, bills of credit, bonds. stock,
or banking apparatus, he took occasion to
define the nature and character of these
evidences of public Indebtedness, and b s.
definition is SO clear, his language so en-
phatic, and his conclusions SO just, that
we cannot refrain from quoting it as q
matter of information to those who are I'M
certain whether greenbacks are real dol
lars, real money, coined paper, or some
thing else. Judge Bradley said:
This power o bss: BIT g, bonds etc.l is entirely
distinct from that of CO ming money and regulating
the value thereof 1t is NOT only embraced in lie
power to make all necessary laws but it is incident
OIL to the power of borrowing money. 1t is often q
necessary means of anticipating and realizing
promptly the national sresources, when, perhaps,
promptness is necessary to the national existence
1t is not an attempt TO coin money out of value,
less ma er'al like the coinage of leather, or ivory,
or kowrie shells. 1t is pledge of the national
fcredit It - q promise by the government to pay
dollars: it is not an attempt to make dollars The
standard of value i not changed. The government
simply demands that its credit shall be accepted
and received by public and private citizens during
the pending exigency.
Here, then, we have an exposition of the
real character of greenback. 1t is not
coined money. 1t is not thing produc ed
under the power to coin money or to regu-
late the value Of money 1t is not dollar,
nor is it the result of an attempt to make
dollars. 1t is, in the language of the Judge
; whose vote alone prevented the judicial
declaration that greenbacks were not le
! gal tender at all, "a promise to pay dol
lars;" it. is "a pledge of the national
credit" issued to the creditors of the gov.
eminent in the absence of money. and tc
be redeemed by payment of dollars as soor
as the temporary embarrassment of the
: government shall cease
. Mr.. Kelley and his school of statesmen
insist that the greenbacks are dollars; thai
, the government can make dollars out Of
anything by simply stamping 1t with the
dollar mark; and that the greenback
being stamped as dollar, is dollar, anc
is of necessity the standard of the Unite;
States dollar. Judge Bradley, however
declares that the issue of greenbacks-
pledges Of the national credit are moi
dollars, but are merely promises ito pay
a dollars" and that their issue in no wis,
changes the standard value of dollars
! which remains unaffected thereby,
No rational man who will give the sub
e ject the least consideration can have any
Z question on this subject. A 'Iollar' is
n term used to designate certain intrinsic
= value, as yard or foot, "or pound
e designate certain standard measures.
d The standard dollar is of the value of
h certain designated weight in gold. Moth
d ing having an intrinsic value less than thi
standard can be equal to a dollar. A
: Judge Bradley says, dollars cannot b,
. made out ''valueless materials" such a
4 leather, ivory, or shells. In maxim
greenbacks. the government did not evel
attempt ito make dollars, 1T merel
' issued them as promises to pay dollars fo
them so soon as the government was abb
to do so. Having no dollars with which t
pay its creditors, it asked the latter to re
ceiye and accept the promises during tn
J, pending exigency of protracted and cos
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