New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-08

exerose OF n power which can called INTO only In
time Of supreme necessity and we're paid out tor tne
support Of army composed Of brave ond patriotic c
zens who had responded the call Of their country m
the hour of its extreme peril To sucr promisc made
nc such time and under such circumstances TO be dis
honored by subsequent Indifference OF non-perorTnanee
wond he little better than open repudiaton anc would
affect inuriously orr national name and credit.
II worthy Of that for the most port thoso who
now oppose the redemption OF legatender notes and
who ask for further issue and continued and INDEFINITE
reissue OF the In circulation, were most siren
uols in their opposition such issues during the eyu
war The acts authorizing such Issues were denounced
% In violation of sound principles VI finance, and NOS
warranted By the Constitution. Their constitutional
validity resisted Mt every point and subjected 70 the
tes judicial decision in almost court ia the eoun-
try both and National The supreme judicial tri
buna OF the nation upheld the aes measures OF neces
sty time Of great exigency but II has neither DECIDED
inmsted that such power may be exercised ny Con-
gress in time OF public tranquility. Indeed IL Is fairly
nfeable from all the court has sad In the various cases
which the question has been before IT, that the issue OF
such time of peace Ia not within The eonshtar
onal power of Congress. The language and argument
of the court leave 10 believe that would gus
the claim OF power to increase the volume Of such
Issues such have been redeemed In ohcdi
law when the public exigency 10 longer oxsts
Those who opposed such issues at time VI supreme
necessity andinsst upon further issues when the
opposing war measures In the midst OF war; and adyo-
eating them in time Of profound peace. Congress care
fully confined the operation Of the act 10 tie period OF
necessity by authorizing the reissue from time To time,
exigences the public Interests shall require"
NATIONAL FAITH PLEDGED.
The Government Is bound, lot only by economic con-
sderaons and proper regard FOR the Interest OF the peo
pie bnt by express and repeated PROMISES to provided for
the redemption in OF all it's Issues OF legal tender
he Orig lee alt WI regarded
treated at the time of its adoption Temporary meas-
made necessary and justfable only by the exgcncy
of war; which taxed all the aud energies OF the
nation The first act authorizing such Issues February
25 1862 entitled An act to authorize the issue OF
United and for the redemption or funding
thereof and for funding the floating debt OF the United
States Language that significantly expresses the views
VI the Congress by which 1t Was passed IL authorized
the issue Of $4,000 900 egaltender notes, and made
provision for funding them In bonds Issued on the credit
OF the Government bearing interest In god and payable
future day. This the hest the Government could
do in the midst Of its struggle for existence and gf
supremacy The state Of the public credit did not admit
the possibility Of the immediate procurement OF suili
Client amount of coin 10 redeem the notes absolutely
wellsetted principle Of political economy forbade tho
issue paper currency without providing for its redemp
on and, in obedience thereto Congress made the only
practicable provision for the redemption oi the notes
which 1t authorized 10 be Issued and stamped with the
quality of legal tender. The act OF July H. 1867 which
authorized further issue OF S150,0OO,0CO contained
like provision and further provided that any notes Issued
hereunder might be paid in coin Instead Of being c n
yerted into bonds at the discretion OF the Secretary Of
the Treasury The notes thus authorized issued
accepted by the people upon the that they
had the right 70 fund them in godbearins bonds OF the
United states, and this consideration undoubtedly con-
sttued important element Of their value, and gave
them quality in aid OF their circulation and free ac-
ceptance all business transactions In the opinion Of
and afriof NlO ft
the people charged with maintaining the indiss0lu
bility and supremacy OF our national Union it was
necessary resort TO this extraordinary measure for the
purpose OF carrying the to successful termination.
Ii was in substance and effect, national war loan, based
upon the credit Of the Government, and coupled with q
pledge redemption but the period Of payment was 10
thereafter determined when the public c1sency would
permit. 1t not in the minds OF those vino devised
and contaminated The scheme, that tho Government was
about to upon the of ircdecmable paper
currency, which should permanently take the place OF
the worlds measure OF values. Nor was II claimed
by the most earnest advocate of the measure
that the Constitution had given to Congress power
to issue permanent paper currency q
substitute for and stamped by law with, the qualities
which the estimation OF political economists. could
exist only in the precious metals. In the light Of
rence in the civilized world, such purpose would have
been regarded little better than financial Madness
and by the authors of the egaltender acts
would surely have caused the defeat of the plan for
crting the borrowing power Of the Government by
Of such issues.
ADJUDICATION or THE SUPREME COURT
But the purpose and meaning OF The acts In question
are not left open forensic discussion, having been
auShortativey settled by the unanimous opinion OF the
highest judicial tribunal known to our Constitution AZ
soon after the termination OF tho as 1868 it
argued before the Supreme Court that the legalender
notes " the United States issued money, sub
stue FOR metallic currency and that having been made
legal tender in payment OF all debts including with
tain cxceptiOns the Governments own OF course, when
presented for payment similar notes. being legal ten
der were offered In exchange for them, the debt would
be discharged by delivery Of notes of tho
kind, and so az iatnituns. To this argument the
Court replied:
apart from the quality OF legal tender impressed upon
them by acts Of Congress, ot winch say nothing
circulation currency depends upon the extent TO
which they received IN payment, on the quantity in
circulation aud the credit given 10 the promises they
bear In other respects they resemble the bank noes
formerly issued as currency.
notes Obligations Of the United States. Their
lm rs obligation Every one OF them expresses upon
engagement OF the nation TO pay tho bsaTer
The dollar note is an engagement to pay
dollar, and the dollar intended Ia the coin dollar OF tho
United staes-a certain quantity in weight aud nneness
Of gold OF silver authenticated as such ~ the stamp of
the Governments
THIS authoritative declaration of the Supreme Court
defines clearly precisely meaning intent OF
Congress in the acts which authorized the ssue and
should be accepted conclusive OF tie obligation and
duty OF the Government 20 provide for the payment in
specie Uf all such issues.
Nor this all Subsequent TO this decision, and tor the
purpose OF putting qu!etus upon the mschevous ds-
Of the subject, Congress, the 18th day OF
March, 1869, declared by public act that the United
soomnly pledges its faith to make provision at
the earliest practicable Period for the redemption If tho
United States notes in coin"
Tlese provisions of thu various nets Of Congress, which
passed with the approval OF the Executive, che
clear adjudication Of the Supreme Court well tho
plancst principles OF political ecouony and proper
gard for the pube welfare, commit the Government 70
the redemption in coin the under the cir.