Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-10
EFAkD MONEY.
Letter from Ron. George W. JOnes-He
is not In Line with Ebe De.
EnOcracy OF Tennessee
FAYETTEVILLE, Tenn, J uIy p, 1915.

FAYETTEVILLE, Tenn, July p, 1915
To the Editor OF the New York World:
SIR-In harmony with the World, |
do most cordially indorse the hard
money, free-trade platform" Of the
Democratic party OF Maryland, in State
convention recently in Annapolis, the
| capital OF the State. 1t is in theory and
upon principle right, and in perfect ac-
! cord and harmony with the constitution,
| by which all true Democrats are gov.
erred. Under ali explicit provision Of
| the constitution, congress is, in I'M
| equivOcs. terms, authorized to "cOin
money and regulate the value thereof
and OF foreign coin" This is the only
| power delegated to congress over the
money or medium of exchange of COM
modities and values Congress estab-
lished the United States mint for the
coming Of money. Congress has from
time to time regulated the value of
money so coined by prescribing the fine
ness and the weight OF the gold or silver
making 8 dollar. With the exercise of
such power congress exhausted all the
power vested in it by the con-
stitutiOn. Congress has power to
borrow money on the credit of the
United States" and as consequence to
give the bond Of the government as evil
dence of the debt thus created, with
specifications of the time, place and
manner of paying such debt and inter-
est. Such are the bonds of the United
States. Not so the United States treas
ury notes. Greenbacks, or legaI-tenders
so-cslled, are nothing more nor less than
the acknowledgment by the govern
ment Of debts it owes, and which it is
not able to pay, and are forced upon the
creditor OF the government without his
consent, and are promise to pay dol
lars 1.-THE dollars declared by act OF con-
gress), to be gold or silver OF certain
weight. These promises are vague and |
uncertain. No time or place is desig- |
mated for the redemption Of these prom |
ises. 1t may be never; certainly not in |
1879. But congress, to give these I'M |
certain promises the semblance of |
money, have declared and had printed |
npOn the back of each prOmise-to. pay
dollar that "this note" shall be a legal
tender in payment of all deEts, public
and private, at its face value, except
duties and imports and interest on the
public debt-legsl-tender in payment Of
all debts. Whence was this power de-
rived? Certainly not from the cOnsti-
tuition, the decision OF q packed
superior court to the contrary not
but rather, in this
case, from will of an absolute govern
ment, acting outside of the cOnstitu-
ton. Congress has no power whatever
to declare anything, not even gold and
silver coin, legal tender in payment Of
private debts between individuals. It !
canonly determine what will be received |
Oy the government. By the constitution
Of the United States 1t is declared that
'no State shall coin money or make /
anything a tender in the payment Of
iebts except gold aud silver cOin.n
This wise provision OF the constitution
vas adopted that there should be one
and but one standard of value through !
tut the government of the Union. Each |
las the power and the right to make
,Old and silver coin 3 tender in the paw
nent of debts, or rather,.no State can
make anything except gold and silver
UGH tender; and there is no earthly ne
essity for any State to make either gold :
II silver coin a tender in the payment :
f debts, for the simple, plain and COL c
lu5IVe reason that the contracting par I
les in each case determine what will be |
legal tender in discharge Of the partic-
lar contract. If A executes his note to
), in which he promises to pay 3
ne hundred dollars by a certain 2
ay, he means the dollar OF gold or ST. c
er as defined and declared by act of
ODgress, and such dollar will be 3 legal \
ender in the payment Of that note. II
. gives his obligation to u. for one hum
red bushels OF SQUAD, merchantable a
heat, to be delivered on a day certain
nd 1T designated place, the hundred