, 1876-03-15

l
on capital 4&ock On which no money wns ovor
pnia in. II is timo tho onormity was brought
to close.
THE CONSTITUTION AND anEENBAoKs.
At overy meeting Of tho rag-baby inflation-
lists, no nattor Of what party, whether 1ndo-
pendents, Democrats, or communista, resolu-
tions aro adopted demanding tho withdrawal
of tho NationM Bank notes and tho substitu-
tion Of 1ogal-tonder notoa therefor.
We have already gnid TINT it grcenbaolts
are never to be redoomed there wns show
Of good sense In having oil the ourrancy is-
sucd directly by tho Government, as tho re-
domption of bank-notea in other paper ro-
| deomablo In nothing and never TO DO roloem-
| cd in anything was a bastard kind of bank
ing; therefore, wo have insstcd upon two
things: first, that the banks shall bo permit
ted to issue gold notes and withdraw their
present issues and, second, that tho Govern
ment shall offer tho holders Of the groen-
backs tho privilege OF funding them into
bonds.
Suppose, however, Congress- can DO in
ducod TO abolish tho circulation Of the M
tionnl Banks and proceed to fill tho vacuum
| with legal-tendors, hns 1t tho constitutional
| authority to do so? This is a worry important
| question, for IT it cannot exceed .the four
| nanafcu ihlnon aotnof1zoa TO DC lssued as a
"ae measure Inc scheme would cause q con-
uaouon OF tnree hundred MILLIONS OF bonk-
notes' whlcn could only 30 rem edtod by re-
wiring the old State-Dauk gystcms, with NIL
tne os'ls OF HETEROGENEOUS currency issued
unacr iofty diVerse ashte systoms- 1t will
w toisemoetea tnat Inc 1ceai-tender cnsea
we1o oocloea, Mtor tho "nr. ~
ooutt composed OF mno 9ndgeR' ohaof-Jns-
lico UnAsH "na 1uss'ces SELsoS' oL1FFonD,
ano ,eID nelo tho acs 70 90 unconbtlsutlon'
~ whl'e Inc majority, consisting OF Justices
o3AoSo' nhap,'hs' DASta' Sl11lKh, and
~, n"A.SH' u''a tn' aet ~ 10 conss1ta''onm.
-, e1a,t n''a Pfo'ious'y' "nen composed OF
49, ~ o.e1s.'A " n'o " lAfec'
uec1aeo auVersoly TO tho Legality OF tho Loyal
| Tender oct so far rs it nppliod to contracts
| mado nreyioua tn thu Tcpol- -rant1or oct Aftor
| t1;. a-.t ;,,,;,;,,, 49, 1-..s. 49,
'""6o "ni+''' ono ~ 'iio
4Ahlollty, 1ehl8ueU; hnd hnotnef member Wls
aaaea TO tho court, and to these two placcs
'us.'ces STRONG anu bradley wero appointed.
LIS oP,n,on OF INC majority IN the SECOND
caso was oolisefea ny Justice STRONG, Justice
,AAp1s3 !, feaa.n8 oohcus11ng opinion. Jns-
'lees DAs,s' Al1LAEn' ana s"A9NE had e1'
p'esseu tnelF opinions aa aissentln8 Judges
~ tr' u,1s cus'' ino cons'atutiohmaty OF
~ 1osA- 1oaaei -, "'S "''s ".ni'aeo ny theRe
| $3.50 "ton wv s,ou1.a tii". ~ WIS 'a ao L
,'nny power, ~ autnofizt'B Inc means "here-
ny. ny ao'ao o'ner power m'gas oe o2ofc'sed.
Auo "'auty Po"oea u 'Ao aoFornnont wore
~ au'Sllon'a Ion8'ess nea power also 70
Dottow nloney' anu 10 aht,oapato tta revenues.
eoasse'"' a4o oout1 ne'el' eou4a resort 70
my nleans appropriate or conducive to the
execution OF any OF al OF tae powers OF tho
uo'ornmsns ana IN considering whether
'no ApB"' aes ac' "aa M appropriate 1n-
stfaii'en'nl.y 1of 1no o1eentlon Of the known
| po"oi7 VI :~onBseS8' 'he conss sNa
nan!s, 70 1hls Inquiry consideration OF tho tlmo
~nts ~. norsrn1non. ,,e " .,a% s ~ n
is not to 10 den.cd thst aets NAV bo adapto to TIM
exercise Of lawful power, aud appropriate To it. in
tessona Of e1s'n0S' which would bo Inappropriate as
.n ''
lu' 1o"4s .nen fe'al''.aia'oa tno c!teu"-
ot'ltoo :" "u',44 1ao s"ua'fy WIS p''Aceo "neh
.a' A'e'"' .ano's ae.7 "ofo l''e'6ea CIVIL "af
-, .ut'h'e1eo 'ne ose.ta'o" OF Inc government;
.uo o'lu'l'ae.' u ia,so a1in'es anu hAV'es eaa
.aoll aapI'ot'' n'''l tno employment o. money
oeyonu tne ordinary sources OF supply Wero
"en'aeof a.l sa' Aieaaoty was empty, aud
csaai' "''' e1naos'eoi moneyea institutions
eouio nosaaeo no more taxation was made.
qua'o 70 pay oven she interest on Tic debt
a,tenay incurred; tao aecess'ty wns imme-
u"'e aoa l'tesh'nB, inefe was quo to tho
army IN the nelo szo'ooo.oooi tho current
expenditure WIS over Sl'ooo'ooo por day;
'ao com IN tno country "es inadequate TO tho
"ants u luz uose3nhoht 1or thsco monthsi
"o Aaa no foreign credit. There was par
ays's Oh fado anu business. threatening q
loea OF con1'aehee IN tho ability OF the Gov
efnnens TO continue ita existence. 1t was ut