The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-09-06

twtEy hvfrtsMufr IN NNN, ~ MNFtIy uHMy
having snch ~ intention. Tor the PLAN
rrM&oA that there Ia no currency of the
hind to sureS~rsle. that until the advent
of paper mansy The worli never hal a
currency. Cnr~nry, iike thr steam
engine anil telegraph. II 4 nanltrn, =
very malern invsntion.
WiIi.iAN Hossan.
TINE cONsriruriONALiTv o. TME
NkEENHACk.
lt,s Hen. u. ". Stah,@. " Mawanus, io~ai
Hut ~ arc told that Congress has no
power under The constitution so isne
money except As war in,n' uie. IT,.
publican orators, anil many ih.i the pro.
pie never locked upon ~ orators, loudly
proclaimed last fall tl,as the constitution
positively forhi,is thc irrning " money
by the General Government except n a
war measure, In fact both of my oppo-
nenls Inst year proclaimed this, and the
Democratic candidate aAid II was evident
that ~ could have no further isaue ri
gYcrnbarka unless we went ~ war Tor
tho power,
submit this proposition II Con.
grcss does not posscss the power 10 issue
money. how can Il delegate the power 70
the national. banking corporations to H.
snc money! How can II delegate
greater power than II possc~sese All
corporations Ar9 creatures al the Gov
ernmcnt that creates them and have only
lust such powers ~ thc crcAtor--the
u0vcSnmcnt-- gives them, end no other.
III tho uovcFnms MI dncs not have the
power 10 issue money then II gives the
corporntions that Il creates greater
power than il possesses itself. How
this can be IL more than ] can under.
stand or solve after more than twenty
years nrslnonS study and practice of the
law, Pcrhapa some of those all.kn0w.
Ing orators ni The old school Of politics,
who never rcad law book. ccn explain
the mystery.
Some of the wisest ot theac men have
gone farther, and told IN that the Sn.
prcme Court oi the United States has
decided by itx solcmn opinion tint the
grcenhack was only q war measure and
that tho constitution absolutely prohib-
ita the issue oi legal-tcndcr currency
only In time 0f war. When you hear
one of thcsc heightened clackers make
this assertion you mny rest assured that
ho hns never read tho legal tender lie.
cision ma.le by the supreme court of
the United States or elae he has no sort
of regard for truth.
Our Supreme Court has been called
upon In various cases to decide IN 10 tho
conxtitntionality III tho Legal Tender acts
of Congress. The leading ones ART those
of Hepburn w. 0riswola, reported IN y
Wallace United States Supreme Oourtrc.
ports, p. COG, and the two cases 81 Knox ".
Lee, mud Parker ya. Davis, reported IN
~ Wallace, A57. III the first esse men.
toned ono Hepburn made promissory
note In tile usual manner and form, dated
June 20, 1850. promising 10 pny Henry
Oriswnld Oil $50 ON the 10th day Of
February, 1862. This note both bore
,lAtr and became due before TIM passage
of the Legal. Ten.lcract of Fob. -, 1862.
In this ease the question that wns pre-.
scntea for thu determination Of the 6u.
prcme Court was whether or not the
payec OF Il note, made before the Legal.
Tender net took effect, was obliged by
law 10 accept IN payment Unitcd S.atcs
notes equal In nominal amount u the
sum due according 10 ita terms when
rendered by tho maker.
In this case tho court held that NIL
contr. cts for the payment ol money,
not expressly xtipulAting otherwise,
werc, In legal effect and universal nm
.lerhtanding, contracts for the payment
of coin, and ruled that dcfendAnt's ten
der of United States treasury notes
waH not satisfaction of the debt, hut
that the contract, being made before the
law making these notes full legal
tender took effect, must be governed by
the law In force nj the time of the max
ing ot tho contract. and that Hepburn
must pay Orisw0ld In coin.
There does not seem 10 be any new
law In thu doctrine. here laid down,
which IL that Legislative enactmcnts can.
not change or impair the obligation ol
contracts.
This decision Was made In February.
1870, and may have made some meI
seriously reflect upon the status oi ths
$40 bonds, notwithstanding tho
passAge 0f tho not 10 strengthen ths
public credit passed March II, lstI9
and II hal the effect no doubt ~ hastel
tho enactment III thu rUiunding bill
passed July IL, 1870, ~ ~ " have oui
b.2O bonds refunded and made by con
tract payable III coin, which wao done OF
that data.
Anl IL tYanwpircd that the decision II
tho Hepburn 0riswold care did not thef
snit thu chiefs 81 tho party. Many q
them had debts u pay o6 that had beer
contracted before tho passage of ths
Legal Tender acts. and II suited thcil
convenience 10 pay inst then N green
hacks instead u coin. Bear In mind
lhAt no decision hal then or over hAl
hren made declaring tho Law " ho thA
.lcbt. contracted while the Legal. Tcnsle
law Was In force could not be patti II
United HsAtcs treasury notes. only tina