The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1878-03-30
Drsr ONLY DIVIDING ISSUE ;

caption, assumed the position that the
only issue between the two great par
ties was one of fundamental principle,
the republicans claiming Oh the one
hand absolute and unlimited power for
the central government, and the dem.
ocracy contendtne on the other hand
Cor constitutional law, restricting the
limits Of the powers of the government
to clear and specific grants closing the
article with the statement that OF all
minor issue- the financial question
il the most important, and one.
too, which the democracy of
Texas can not evade. The finau-
cial feature OF the article, which
was on the line Of the platform of the
Indiana democracy, coupled with Tax
HEEAlp's warm advocacy of the passage
Of the Texas and Pacific bill, has drawn
ire Of Bourbon. He says
II this IS not Capitalization with a
vengeance never dreamed of by Alex
auder Hamilton aud the most Jealous
disciples of the federal school. we do
not know what is Think of it, the
people with no money but that which
congress has authorized. To
hear such a proposition as this coming
from the democracy Is enough To make
the old hero OF the party. who so bitter.
~ and successfully fought the United
states bank, turn over in his coffin II
this IS the way the democracy is fight.
ing Capitalization IL should immediately
right about iacs for the republican enc
my Is IN the opposite direction. Again,
take the other proposition, that the gov.
eminent should authorize the construc
ton of a great railroad in order to give
employment to The people. This also is
a terrible stroke against centralization
over the left shoulder
Wha, i the financial history of the
country ? With the rights Of the states
recognized the doctrine that the general
government alone has the control of the
issue OF money is sustained by the
eighth aud tenth sections OF article one
Of the constitution, both 10y its wording
aud subsequent Interpretation The
first section mentioned empowers con.
gress 90 coin money aud regulate it.
value aud the other. not only pro
hihlts the states from coming money
bat prohibits them from issuing bills Of
credit There is no expressed nuthori,
ty given congress to either make coin a
legal tender OF emit bills Of credit, but
theimplication that congress could exer
else the power was 80 plain and strong a.
10 be conceded The har,i>money doc
trine of jackson aud the bills Of credit
tenet Of his predecessors rest upon the
same grouuds-thc power Of congress
The first congress under the constitution
recognized the fact that the control OF
the currency was placed in the general
government by establishing the United
states bank Subsequently, this recog.
milton was sanctioned by q democratic
congress rechartering the bank. The
provisions Of the bill were. be il remem.
bered, ia conformity with the views Of
the great inancier OF his time Mr.. Gala.
tin. then secretary ct the treasury un.
der the administration OF Mr.. Madison.
This financial tenet was the basis
Of our currency system until the
veto OF Andrew Jackson, when
the doctrine Of hard money be-
came the system of the government.
While the theories differed widely as
to the basis Of our money, they agreed
absolutely IS TO the sole power Of the
general government to control the
issue OF money. The next era came
with the war. and out of il came the
true American system, based upon the
decision Of the supreme court of the
United States, that congress il not limi
ted to gold and silver in its making Of
m0ney-thus uniiying the theories OF
Hamilton, Gallatin and Jackson. The
system has stood the test of war. and
the test ofpeace far better than it endur-
Ell the war. This is the naked financial
history Of the United States. What does
our Bourbon friend propose to do abou,
itY The power o. the general govern
ment 10 make money is constitutional
the power OF icongress to authorize the
issue of bills Of credit is a demo-
cratic doctrine, sanctioned previous 10
and during the administration Of Mr.
Madison, the specie basis is the demo-
cratic Jaeksonian doctrine, and the uni.
lication Of both is one Of the results OF
the war. The question OF centraliza>
ton involved il as much one of the
specific powers delegated to the gem
eral government by the states, as the
power to declare war, regulate COM
meroe, etc In reference TO questions
Of internal improvements it is only
necessary tn add that the old hero
whose veto gave the country a hard
money basis, signed, possibly with the
same pen. an appropriation for the Mem
phis and Little Rock road, and mum,
Der of other bills providing for internal
improvements