The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-06
CONsTITUTIONALITY OF GREEN
RACKS.

Those who oppose greenbacks upon con-
stitutional grounds admit that their issue
was constitutional as a war measure. That
is TO say, it was constitutional to make use
of greenbacks as a means of preserving the
Union. We do not propose TO discuss the
legal points involved in the question, nor to
allude to any of the arguments on either
side of the controversy. Admitting, how
ever, for our purpose in this article, that the
issue of greenbacks was constitutional as a
war measure, Weinquire when do they cease
to be constitutional, and by what methods
can the period be fixed for retiring them
from circulation? If the term war measure"
Is restricted to mean simply the time
that war exists it would be easy enough to
know when the day for retiring greenbacks
arrived; for in that case greenback bills
would occupy about the same relation to
war as bullets. War has ceased, and no
more bullets are required. Peace has been
declared, and the mission of the greenback
is ended. Ii the term war measure" as
applied to the constitutionality of green
backs, does not mean that, then it must
have a broader Specification. The green
back, if issued, is war measure" and
therefore constitutional, it was for the
purpose of relieving the government and
country from financial and business embar
easements occasioned by the war, and to
promote business enterprises during the war
period. If this view of the case is correct it
follows. logically we think, that it is emf
mainly constitutional as we'll as
wise craftsmanship, to retain the
greenbacls in circulation as long as the
business prosperity demand them, or at
least until under the influences of peace
business enterprises are relieved from en-
barrassments consequent upon a state of
war which they were created to modify. In
other words, ought not the means devised to
enable the people to overcome the disasters
incident to war be kept in operation until
the business of the country is placed beyond
the reach of the direct consequences of the
war? The greenback currency was designed
to help the government and the people in
time of war. When the war closed and
thousands of men returned from camp and
engaged in the productive indus
tries of the country they required the
greenbacks to aid them, and if they were
constitutional when these men were fight
ing and destroying, it requires no great
stretch of constitutional power to regard them
as constitutional when these men engage in
the work of restoring the prosperity of the
country. The means of relief should be
commensurate as to time, at least, with dur
alton of the distress they were designed to
overcome Just the opposite of this policy
has been pursued, and the consequences
have been calamitous beyond computation.
1t is a fact worthy of note, that the contrac
ton of the currency has been followed by
failures almost dollar for dollar. AS con
traction went forward failures multiplied,
until the land is filled with business gloom,
indicating very clearly that the hue and cry
about the constitutionality of the green
back, honest money redemption, etc., has
been something worse than clap-trap; indeed
something more like crime against human
| itY. The fact that the welfare of business
demanded more currency is shown by the
embarrassments commercial, financial and
industrial that have followed the curse of
contraction. We hold that if it was consti-
tutional TO issue greenbacks to preserve the
Union and conquer its foes it is equally
constitutional to issue greenbacks to pre-
serve the lives of the people and beat back
starvation. The talk of flooding the country
with an irredeemable paper currency is a
trick of the Sbylock organs that the work of
business death may go forward. The welfare
of the country demands more currency than
it now possesses. No one advocates wild in
flation. The people want enough currency
to meet the demands of business, and
since it can be obtained they have deter
mined that it shall be set afoat, and it is
likely to be in gold, silver and greenbacks.