The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-03-23
oTne Only DIVIDING ISSUE"

My Issue between lht TWO kfeal pNl8
los was Que OF fundamental principle,
no republicans olalmlag on the one
,and absolute and unllmlted power Tor
he central government, and The dem
,craoy oontendIng on the other hand
Tor constitutional law, restricting tho
limits Of the powers Of the government
10 clear and specific grants closing INC
article with tha statement that OF all
minor issues the financial question
ia tho most important, and one
too, which the democracy Of
Texas can not evade The Imam
olal feature Of tho article, which
was on tho line Of tho platform OF Tho
Indiana democracy, coupled with TaF
HERlLp's warm advocacy Of the passage
of tho Texas aud Pacific bill has drawn
fire Of bourbon llesays
"If this IL not Capitalization win u
vengeance never dreamed Of by A lex
ander Hamilton and the most jealous
disciples Of the federal school, We DO
not know what IL, Think Of II, tho
people with no money but that which
congress has authorized, = To
hear such u proposition ~ this coming
from tho democracy 10 enough to make
the old hero Of tho party, who 40 bitter,
" aud successfully fought the United
States bank, turn over IN hln collin, u
this IN tho way the democracy IL hight
Ing Capitalization ithhOuld immediately
right about face for tho republican, enc
my Ia In the opposite direction Again,
take tho other proposition, that the gov
ornmont should authorize the conslruc'
ton Of great railroad In order TO give
employment TO the people TIL. also Is
n terrible stroke against Capitalization
over tho left shoulder"
What IL the financial history OF tho
country With the rights OF the states
recognized, the doctrine that the general
government alone has the control OF tho
issue of money " sustained by tho
eighth and tenth sections OF article ono
of the constitution, both by ia wording
and subsequent Interpretation, Tho
first section mentioned empowers con-
gross TO coin money and regulate ito
value, and the other not only pro
hihits tho states from coming money
but prohibits thom from issuing BILLS OF
credit Thero IL no expressed authors
~ giyon congress TO either make coin n
legal tender OF emit bills of credit, but
the implication that congress could exer'
else the power was 40 plain and strong as
to DO conceded. The hard,money docs
trine of jackson and the bills Of credit
tenet OF his predecessors rest upon the
Same grounds--the power of congress,
The first congress under the constitution
recognized the fact that the control OF
the currcn,y was placed in the general
government by establishing the United
States bank. Subsequently this recog-
milton was. sanctioned by democratic
congress rcchartering the bank, The
provisions of the bill were, be it remem'
bered, in conformity with the views OF
the great hnnncier OF his time Mr.. Gala
tin, then secretary OF the treasury un,
der the administration of Mr.. Madison
This financial tenet was the bash
of our currency system until III,
veto of Andrew jackson, wher
the doctrine of hard money be-
came the system of the government
While the theories di ilered widely n,
to the basis of our money, they agreed
absolutely Rs to the sole power of th,
general government to control tn,
issue of money, The next era cam,
with the war, and out of il came til,
true American system based upon tn,
decision of the supreme court of tn
United States, that congress il not limi
ted to gold and silver in its making o
money-thus unifying the theories o
Hamilton, Gallatin and jackson TIL,
system has stood the test of war, an,
the test ofpeace far better than it endur
ed the war. This is tho naked financia
history of the United States. What doe,
our Bourbon friend propose to do abou
it2 The power Of the general govern
ment to make money is constitutional
the power of congress to authorize tn,
issue of bills of credit is demo
cratic doctrine, sanctioned previous I,
and during the administration Of Mr.
Madison, the specie basis is the demo
cratic Jacksonian doctrine, and the uni
tication of both is one of the results o
the war The question of centralizs,
ton involved is as much one of the
specific powers delegated to the gen.
eral government by the states, as the
power to declare war; regulate cons
merce, etc. In reference to questions
of internal improvements, it is only
necessary to add that the old hero
whose veto gave the country hard
money basis, signed, possibly with the
samepen, an appropriation for the Mem
phis and Little Rock road, and NUNS
Der of other bills providing for internal
improvements.
THE STATE OVER.
Travis CoHhtg-Statesmnn The rob>
bQra mazda a 1aucant ~, Mnnn,