Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1878-02-01
TIE FINANCIAL QUESTION


THE FINANCIAL QUESTION.
The most decisive steps taken since we have
been burdened with that author of all OF our
present misforiunes, the national debt, to re-
lieve the country Of any further ravagss upon
It's interests by il, is the passage Of the
Matthews silver resolution. In addition TO the
taxation that the people have been assessed
with for the legitimate expenses Of govern
nent, millions of dollars are annually paid
by them as interest upon the government
bonds which fall into the Golfers of voracious
capitalists and spectators. Thus the treasury
Of the country is being daily drained Of its
gold coin to be locked up beyond the grasp OF
business and labor in the vaults Of those who
subsist BY preying upon the working men,
The great problem, which held the key that
would release our people from the imprison-
ment of this dire and Obstructive misfortune,
was method TO oblierate the national debt.
il was payable in coin, and where was the coin
to be found 10 pay II. Over seven millions Of
debt stood in formidable proportions before
our Treasury with only three millions Of coin
in our vaults 10 meet it. Where then from
gold was the possible chance Of paying the
debtf Seven millions could not be paid with
three millions, and yet The stagnation in all
business, threatening financial ruin, demanded
that it should be paid, and TO save the credit
of our country, paid 10 coin. Our Constitu-
ton, rs will he seen by extracts from the
mastery legal document OF Senator Maxey, of
Texas, recognized silver as coin With not a
sufficient quantity of gold to pay the debt the
reconciliation OF silver was conceived for the
purpose and as il passes both Houses of Con-
gress sigh of relief swells the bosom of the
country rs it sees that light breaking upon
their dark misfortune which will grow brighter
with prosperity as the national debt, held by
bloated boudholdcrs and oppressors of The
poor, is wiped out with Tie silver dolar
The following extracts upon the legal siua-
tion OF the question are taken from the clear,
logical exposition OF the question by Senator
Maxey:
"Gold aud silver were money metals, not
only IN all the States which adopted the Con-
sututiou, but were so when il was adopted, in
Great Britain, whence we derived our system
OF laws, and were so at common law. They
were the metals out OF which money was
coined in every civilized nation on the face of
the earth, and So had been, back 10 the earliest
dawn of history.
So that there can be no reasonable question
that the trainers of the Constitution meant and
all the States which adopted it and all the
people who were to be governed by II under
stood that the power granted to Congress 80
coin money, regulate the value thereof, and of
foreign CON-" was the power 10 coin gold and
silver money, regulate The value thereof and of
foreign gold and silver money.
In order TO secure perfect uniformity in the
coinage the Constitution further declares that
no State shall ''coin money so that, by vir-
tue OF the constitutional grant and cores
pOnding prohibition, the power 10 coin money
was vested exclusively in Congress; but 10
make the matter still palmer the Constitution
further declares that no State shal! ''make
anything bu, gold and silver coin tender in
payment Of debt"
Bearing in mind that gold and silver coin
were both full lawful money among all peoples
ut The adoption Of the Constitution, the con.
clusion Is irresistible that the grant of power
to Congress above quoted was grant 10 coin
first, money out Of the money metals in use
among all peoples, to wit, gold and silver, and
second, to regulate the value thereof relatively
to each other, SO that the unit of the on.
should be the exact equivalent Of the unit oil
the other.
The grant of pc ner is TO coin money-thatis
gold aud silver money-regulaie the valu,
thereof, and Of foreign gold and silver money
IL but one Of the metals had been designed
ha mad he matt .tt al l,,..
provided. IL The regulation Of the value OF
foreign coin was designed to be limited to bu
coin OF one OF the metals the Constitution
would have so provided II the States wer,
intended 10 be restricted to coin of one meta
as tender, then the expression mo State
SHALL make anything but gold and
siicer coin n tender in payment of debts
would have been misleading. II silver is de-
ihroned rs money, then the constitutional
power OF Congress ito borrow money on the
credit of the United States is limited to the
power to borrow gold money only, although
both gold and silver coin were money when
the Constitution was adopted, and the mean
ing Of The word ''money" was therein g. ed,
and thus another lever is placed 10 the hands
OF gold-owners at the expense of the people
by unwise and, as believe, unconstitutional
legislation.
The Constitution does not say gold or silver
coin, but gold and silver coin. The Constiiu.
ton does not, in preserving in suits AT common
law the right OF trial by jury, where The value
In controversy shall exceed twenty dollars, say
anything about gold dollars or sleir dollars,
for the sufficient reason that the power TO coin
and regulate having been granted there could
be no difference 10 ''ihe value in conirover-
sy," for the "vaiue' Of the gold dollar and
OF The silver dollar were TO be regul aed SO as
IN law to be exact equivalents.
II will be observes that the power granted
Is express, and is "io coin money, regulate the
value thereof, aud offoreign coin" The ouly
implied power flowing oUt Of this express grant
Is the power 10 use the means necessary 10
coin, apd the necessary inquiry and judgment
In regulating the value.
am inclined TO The opinion that neither by
The express grant Of power. nor by any neces-
sary or proper implication, has Congress any
lining TO do with The question OF tender =
when Congress IN the exercise Of its power
has coined the money aud regulated lie value f:
that Is, has made The silver unit and the gold
unit exact equivalents, aud has regulated the
value OF foreign coin that Is declared the
value OF these coins expressed 10 DOR consliin.
iional uaii, the dollar. then Congress has dis.
charged all It's duty under that clause Of the
Constitution.