The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-06-22
THE STATES POWERS IN DEALING
WITH FINANCES.
lCincinnati ENQUIRER. I

The Legislature OF Illinois passed q
bill remonetizing silver within the limits
Of that State. The Governor Of Illinois
| vetoed the bill. The text of the bill. as
1t went to the Governor of Illinois fol-
signature, Is as follows:
THAT from and after the date Of the
| passage OF this act all silver coins, the
standard value Of which has been fixed
and declared by the Congress of the
United States, shall be legal tender at
such standard value for payment of all
debts, both public and private, which
are payable or collectible within the
State Of Illinois. and which are not
made payable by the terms of the con-
tract which created them In other kinds
Of CON-"
The bill presents an interesting ques-
ton. No State can make anything but
gold and silver q legal tender in pay
ment of debts by the terms OF the con-
stitution Of the United States. The
plain inference Is that any State may
make, at its pleasure, gold or silver a
legal tender In payment OF debts. This
is an important phase Of the State
rights doctrine. The bill which passed
the Legislature Of Illinois, and which
only the expression of the existing law.
The Illinois bill has the undoubted
sanction of the constitution Of the
United States. BY the constitu-
ton of the United States the sew
eral States are only forbidden to
make anything else than gold and silver
a legal tender In payment OF debts and
to coin money. The Legislature of Ohio
passed similar bill last winter, and 1t
was understood to have been passed by
command or consent Of John Sherman,
Secretary Of the Treasury. Though
Mr.. Hayes is said to approve the veto of
the Governor Of Illinois, the vote upon
the proposition was unanimous In our
Legislature, at all events. Though the
States have the right to make gold or
silver a legal tender in payment of
debts, IL the government has stopped
the coinage Of silver or gold the privi-
lege Of the State is thereby
fettered. Ii the legal tender
property is taken away from silver by
national law, the privilege OF the State
to make it d legal tender may probably
be interfered with. 1t is the Congress
that has the power to coin money and
and regulate the value thereof; but
when the Congress has authorized the
issue of coins and regulated their value,
what right has it to interfere with the
right of State to make them a legal
of that State? The Illinois bill in this
respect is properly phrased, and was
one OF equity and legality. The flow
Of silver to Ohio and Illinois in con-
sequence of this legislation has not
alarmed the people OF those States.
While on this subject, and since other
States may pass similar legislation. it
may be worth while to recall the fact
that the States had the right to make
silver and gold legal tender. to any
framed, and did they surrender it on the
adoption of the constitution? Is it not
certain that silver dill not pass from
circulation, or cease to be legal tender !;
but, on the contrary, the silver dollar
which was in use prior to the adoption
Of the constitution was made the unit Of
value under the operation Of the new in
strument and remained SO more than