Mexico weekly ledger., 1878-12-12

the Union" Congress has repeat F.
edly in times of great finan cial en-
barrassment authorized the issue of
treasury notes, but of all the men
who participated with any distinction
in the councils of the nation, from
the adoption of the constitution to
the year 1862, no one can be. named
who eyer asserted any power in Con-
gress to make these obligations ofthe
government legal-tender. Such an
issue was authorized during the war
of 1912 with Great Britain, and in
first act on this subject (30th Of June
1922 it was provided that these notes
should be received in payment for ali
duties and taxes, and for public lands
sold, and that they might be paid sat
their par value. for services, supplies
or debts, due by the United States,
to such persons as should be willing
to accept the same in payment"
Mr.. Webster, who has been styled
the Expounder OF the Constitution, in
a speech on the specie circular in
1886, thus expressed the views of
himself as well as those of all the dis
tinguished men of his and the pre-
ceding generation: ''But what is
meant by the constitutional curren-
cy," about which so much is said !?
What species or forms Of currency
does the constitution allow, anil what
does it forbid? 1t is plain enough
that this depends upon what we un
derstand by currency. Currency in
a large and perhaps in just sense,
includes not only gold and silver and
bank notes, but bills Of exchange
also. 1t may include all that adjusts
exchanges and settles the balances in
in the operations of trade and busi-
ness. But if we understand by cur
rcncy the legal money of the couu-
try, and that which constitutes law
full tender for debts, and is the statute
measure of value, then undoubtedly,
nothing is included but gold and sill
ver. Most unquestionably there is
no legal-tcnder, in this country, un-
der the authority of this government,
or any other bat gold and silver,
! either the coinage of our own mints,
or foreign coins, at rates regulated
bv Congress This is a constitution
al principle, Perfectly plain and oi
the very highest Importance. The
States are expressly prohibited from
making anything but gold and silver
a tender in payment of debts, and
although no such express prohibition
is applied to Congress, yet as Con
/ n 1s-'-ise'- re+.eS granted to it il
this respect, but to coin money ant
regulate the value Of foreign! coins
it clearly has no power to substitut,
paper or anything else for coin as :
tender in payment of debts and il
discharge of contracts. Congres:
has exercised this power fully in botl
It's branches. 1t has coined money
and still coins it. 1t has regulated
the value of foreign coins, end still
regulates their value The legal ten
der, therefore, the constitutions
standard of value, is established, anC
cannot be overthrown. - Webster
speeches, 27O-27I.
And in his speech on the removal
of the charter of the United States
Bank in 1882, he expressed the same
opinion when he said:
''No State-not even Congress
can make anything but gold and sill.
Yer tender in payment of debts"
Mr.. Calhoun. in his speech on the
bill authorizing the issue of treasury
notes in 1887, takes 1t for granted
that Congress possesses no suct
power os our State platform demands
shall be excrcised.-3 Calhoun's
Works, p. 102.
In Howard vs.. Breedlove the Su
prcme Court OF the United States
held that "by the constitution of the
Unitcl States gold and silver coir
made current by law can only be ten
dered to payment of debts-''
In fact might accumulate authori
ty upon authority, not only from tht
decision of the courts Estate and Ma
tional), as well as the opinions of the
accepted commentators upon the
constitution, and of the public mer
OF all parties for nearly three quar-
! tiers of century, in condemnation o
the dogma that paper promises to pay
can be made a legal-tender in pay
ment of debts between individuals.
Mr.. Pendlcton, senator-elect from
Ohio, in a very exhaustive speech il
the House, on the first legal tender
act, said with truth in reference to it
THAT not only was such a law never
passed, but such a law was never
voted ON, never proposed, never in
troduced, never recommended by any
department of the government. The
measure was never seriously enter.
tained in debate in either House Of
Congress -
1t is part of the history of the
Southern Confederacy that a propo-
sition was made in the Confederate
Congress to make Confederate notes
a legal tender, bat it received nc
countenance either from the Senate