National Republican., 1878-09-11

construo with such nice and critical accuracy :.
That the legal-tender act prevented these
disastrous results and that the tender clause
was necessary to prevent them I entertain no
doubt" Il Wall, 833) Mr.. Justice Strong,
who delivered the final opinion Of tho majority,
other things said "Plainly to this inquiry a
consideration Of the timo when and the cir.
cumstanccs In which the Government then
stood Is important. IL Is not to be denied that
acts may be adapted TO the exercise Of lawful
power and appropriate to II In seasons of exi-
gcncy, which would be inappropriate at other
times l2 Wall, y. 5i0) And Mr.. Justice
Bradley declares that the power In question Is
"a power not to DO resorted to except upon ex.
traordinary and pressing occasions, such as war
or other public exigencics Of great gravity and
i'm portancc." (12 Wall, 567.l
1t is entirely clear that tho legal.tender
cases settle nothing except that Congress had
the power 10 issue lcgnl-tcnder notes In the
midst Of the war and when the life of the ma.
tion was to be saved thereby, and even this
was decided by only baro majority Of the
court. Who will be bold enough to say that
an act of Congress, passed In time Of peace,
justified by no exigency or emergency, making
the National Government the banker for tho
people, aud providing for indefinite issues Of
paper currency to circulate as money and be q
legal tender would be sustainedp At oil
events such an experiment would be exceed.
ingly dangerous, and should not be adopted,
even though its success might promise to be a
blessing, much less whom success would be n
disaster scarcely less runous than failure.
III. To adopt this policy would be n shame
ful and disgraceful reputation Of au express
promise made by the nation to its creditors.
Tho promise | refer to Is embodied In the act
Of Congress of June 30, 1864, entitled "An act
| to provide ways aud means for the support Of
| the Government" This act provided for tlI o
issue and sale of bonds of the United States In
order to raise money to carry OH the war. 1t
was of the utmost Importance that capitalists
should be induced to subscribe for these bonds.
Indeed, the salvation Of the country dc.
| pended upon our ability to place our bonds. IL
| was at that time foreseen that Congress might
be urged to issue large quantities of greenback
notes, and thus impair the nations credit and
interfere with the payment Of the bonds about
to be issusd. To reasSure capitalists upon this
subject and 10 induce them to come forward
and loan us money in that time of dire need
and extremity, the following solemn promise
was made by the United States and embodied
in the act have referred to:
Nor shall the total amount Of United States note
issuci or 10 b. i.sHci ,rsI CFrcGi slJnpruD1 ant
such additional sum, mot exceeding s5puplprl. n
may be temporarily required for the redemption
Of temporary loans. Oh stat. at Large, p. 2igJ
Largely by the means of this pledge we sue
ceeded in selling our bonds aud in raising
money to carry on the war for the suppression
of tho rebellion. The Government may have
power to repudints this promise, but am sur,
no honest man can say upon his conscicnc
that 1t ought to be done. No nation can af
ford to disregard its plighted faith. Goot
faith In nation is its very liio.blood without
which its very existence must cease. II Is es
scntial to credit, and credit Is essential to ex
istence. The Republican party of Iowa and O
the Union will, am sure, say with one voice
lot our Government be true and faithful II
keeping oil its pledges ia letter and in spirit
When he concluded, Secretary McCrary wa
greeted with hearty applause and cheers, con
tinuing for many MINUTES.
He will speak on Thursday evening at Da
venport and on Saturday at Sioux City, whenc
he will Immediately return to Washington.