, 1875-08-17
THE NATIONS CURRENCY.
letter from tho Hon. 1tovcrdy
Johnson.
Gold and Silver the Only Money Au-
thorized by tho Constitution.
A Heyiow Of t1,o Lcgal-Tendcr Decision
Of tho Supreme Court.

Of the Supreme Court.
Imitation Clearly Unconstitutional in limo
Of Peace.
BALTIMORE, Ind, Aug. II, f8i5.-.Toihe Editor
ofthe Nero York Irfhnac: Tint tho inci wln
In 17B7 framed tho Constitntlon OF tho United
B.stes wero alive TO tho porils Of all inconvorti-
bIe currency Ia cv1dont from several Of isa pro-
visions. Thoy had Boetl that Continental monoy,
not convortiblo into coin, waB totally wotthlesa
They bud also acen that somo Of tic statoH nialo
suol, monoy lcgnl-to1ltler. Theeo wsro crying
eyis attended mt only with loss 10 our eitizens,
but with disgraco to us as people. TIIoy. thore-
fore, gavo UonRross tho exclusive powor "to
con monoy regulate tho value thoroof, and OF
foreign coin, aud prohibited the statea from
making anything but gold and Blyor toudor In
pAyMcnt Of dobtH.
Il, Tho power thus glvon to CorgroBB fe tho Gully
one which, In wort}H o1nbracos tho currency, and
Ia exclusively confined to coin. Tint Buch "a
poser WAS not designed to vost in tho General
Government any authority to lAsuo Eli trrodoom-
ablc currency ia vory ooar, uuloes to coin money
and regulate its va1uo aB power to Issue paper
and regulate itB vatue. The value Of paper
money ia what 1t pgofcssoa 10 bo upon it's face
au1 does not depend upon regulation, md papor
Is certninly not con That 1t was not tho pur-
poas OF the Constitution to authorize Congress-
to isauo all irredoemablo currency is,' In
. ny judgment. perfectly plain, Tho re-
cevcd doctrine ttten. and for yoara
aftor tho adoption OF tho Constitution,
pha that tho General Government rossosHod ITO
powors except aach aB wcre delegated In oxpreaa
terms or by necessary implication. This fol-
lowed from tho character OF tho Government
tsaot. But, to place IL beyond all doubt, the
Tenth Amendment to tho Consultation was
.dortctt which provides "Tho powors not
delegated to tho Unlod Btatos by tho Co1lAtitu-
.,ou, nor prohibited by it to tho statea> aro ro-
rer7ed to the States respectively, Or to tho poo
pIo." Tho debates In tho Convention slow that
tho whole body WAS aware OF tho dangers of
m irredeomabs c.srrcncy. and tho provisions re-
4c1rrd to wero evidently intended to guard
against them.
ni:srEIcr,ovs ON THE srArEH.
II there could bo my question Oh to Tho in
tendol effect OF tho first OF these proportions,
there can bo uouo AZ TO tho purpose OF tle laHt.
6latea had becn issuing al irtodoomaLs cir
.nc5, nnI, in tnnny INSTANCES, making 1t n legal
TENDER and posBossod those powers boforo tue
dste Of tho Constitution. To tallo slose powers
from them VAS dosignod 10 put m end to the
esIl sud to secure tho people currency in coin,
OF o1e That could DO converted into coin llpoll
tho will Of tho holder. Tho conan-
quenceB Of an irrodoemabio currency
I'D ita being mado legal touder,
Blory Rtatea, wera to entail tho most enormous
eyils on tho country, a.ld introduced asstou1 Of
II pfiyata contldonce atld all industry and enter
e." II am right. that tho design OF tho
Constitution was to o1tiugutAll foroyor tic pos
abilities Of auch oris, and thus to promntc tho
can It DO tlnauined that its tfan,e1s inserted ii.
Constitution my provision, special or gen-
eral, which could he construed to give to Guu-
gtesa tte authority, sntier any circumstances, to
Convention was obviously 70 mako gold
nl atlyer the standard Of value. Theto In
nt wnrd in tho instrument which loolsB 10 any
other standard. Experience hna fully manifeat-
with ennrmous tnisut!iefs. 1t WAS Tho powor to
callso such mlschlefs which was Reant to be do
etreyed and this wholly irrespective OF tho polit-
ica body in which that power had heen vested.
an! uoverumoIt, tho danger would, nocoaaartly,
30 tho same; Ana this remark Is, II possible.
etill moro applicable 10 tho power 10 make any,
thing but gold and allYor tender tn payment OF
s0' sahoty Il ss tho .ssS st6Sss ''tss Of SaS ssa
Tho framctn OF tic Constitution had
een that u "aa destructive hiilte to individual
aud public intesesta, aud paipatlo aua tagtaut
wrong npon both. 70 inag'no, tnn, that they
Intended to ,gtso to Conssoas this power to poI-
etuale hlcls ipi,sitcU iu tho future Is a libel
anoh tto inle'liEonco aud patfiotlam Of that
>ody. And that no Hucll powor was deaigund tu
DO Eoseo<l i'll Congress Is dodcib1o not only from
tlo dobatea III tile Convention. but from tho do
bates In tho Bovoral Stats Conventions by which
tha Conslitution Wa ratified. In neithor wns
saero Tho slightcst suggestion thst the 0overn-
ment would have, u1Idor tho Constitution, eithor
ef tho powcrs which. IN this respect. hatl heEure
belonged to tho ssatoa, mud had proved so dolo-
49,, TIE 1EaAL-TEsbEa pEcis1oM.
Although III my judgment ConEress has no
vet To croata al isredeemabIo cutTeuvy. and
70 make 1t loyal tender, nm nwa,o that tho
issi Judgment of tha Unitoa bta.es Supreme
Goott upuu the question upholda that power.
f,nsular circumstances. At praVioua term tho
,Court decided ngAiMBt tho powcr, and tholffer-
IT decision which followed waa hecnuso
o. o. tho appointment Of two new Judges
Tho thcn CtlIef-Jusiico--now, unfortunately
he seers.%sfy % q tha ~ r4osas1y 'ss; WHO WHOM Ta ths
L5ega-Tender act of 1862 was passed. decided iu
Hepburn aud Gr!awolI u Walsace) that tho net
49, unconstitutional ~ to antecosient debts;
sal ~ ~ tho subsequent case OF Kuox and Loo
~ Wa!lace) adhered to- That opinion, and also
ec'dea hat 1t was unconstitutional as to Bubsc-
Hueht qepta. Tho opinion OF the Court In the
very ahlo one, and those who know him al we'll
do can tavo no po+Bible doubt that it
nes eonseonttously givou. By what am about
DsaH thesofore,. Of that opinion. no ono, I
aope. Will believe that intona to caRt
;, reflection on that learned Judge or GU
.hoso Who ooncurrad With linn. For tic pfesent
4enbess OF tho Court / entertain the highest
e1heeen2' hea ana ! am suro that speak tho truth
-7et occupied the judicial station than those
20 pave Tiled onr ustlonAl tribunal from It's
easgsnlzatson 10 The present time. But thcr
RMagmeuts hAyo nsvor been thought iufallible.
they have been reyeessd by themselves III other
instances than the one ! am considering, And,
n.a., Indeed; hr. Jnstice strons In this why casa
ssys snat u Is rot only tho right but the
Slen convinced Of Its ostor.
n1sFAgxN ASSUMPTION,
shtnk mat th'a opinion mainly rests upon a
Emergencies may happeu lu Fla Listnrv IL ~ ~ H.