Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1879-02-05
GO VERNMENT PAPER MONEY
AN IMPORTANT DECISION BY MR.. JUSTICE
CLIFFORD, OF THE SUPREME COURT.

| "bfNS sh"e hohNl 10 tuc uulNcfsu
standard of value and the measure O
exchange, foreign and domestic, an,
that the power TO coin and regulat
the value of money is an essential at
tribute Of national sovereignty.
= Such qualities, all agree, ar,
united in much greater degree il
gold and silver than in any othe
known commodity, which was all wei
known to the members OF the conven
ton who framed the CONSTITUTE on q
to any body of men since assembled
and intrusted, to any extent, with th,
public affairs. They not only knew
that the money of the commercial
world wac gold and silver. hnt they ..ls,
knew from tterexperience that paper
promises, whether issued by the State
or United States, were utterly worth
less as standard OF value for any
practical purpose.
THE OPINIONS OF THE FATHERS.
Evidence of the truth of these re
marks oftbe most convincing character
is to be found in the published pro
ceedings of that convention. Debate
upon the subject first arose when al
amendment was proposed to prohibit
the States from emitting bills of credit
or making anything but gold and sill
yer coin o tender in payment Of debts
From the character of that debate and
the vote on the amendment it became
apparent that paper money had but
few if any friends in the convention
Article of the draft of the Constitu.
tion, as reported to the convention
contained the clause, "and emit bills
on the credit Of the United States,
appended to the grant of power vested
in Congress to borrow money, and il
was on the motion to strike out that
clause that the principal discussion in
respect TO paper money took place
Mr.. Madison inquired it it would moi
be sufficient to prohibit the making ol
such bills tender, as that would re
move the termination to emit them with
uniust views promissorv notes br
sa;d /, ,hat sbone that 10 whom not a
tender smav IN some emeroenc;os NJ
bestn some ara w,Il;ng 70 aconiesce
in The modification suogas,ed bv Mr.
Madison but Mr. Morris who snhmit
Tod tbe motion ob;ec,od ;nsis,ing tho,
;f tbe melton nreyailed there SoulG
s,;II ba room lei, far tho notes of a no
snonsiblo minister which aa he said
a,yould do ali tha rood w;thou, tb,
m;scb;efn Decided ohioctions wert
advanced bv Mr. Ellsworth who said
he thongbt the moment n favorabl,
IN. to asInt and bar The door agains,
naner money - and others exnressed
ibeir onnosiiion 10 the clouse in eoualIy
dec;s;vr langnooe oven saving tha,
,hey wonid sooner 500 tho wbole nIor
re;ec,od than retain the three words
aand omit billsS sufIice if 10 sav
without renroducino the discussion
,hot the mntion Observation-Disclosures STATE.
70 twoS-and tbe clause was stricken
~. ~..a no a..a-,rs mas auar made n
restore 1t. Paper money us legal tcndci
had few or no advocates in the conven
ton, and IL never had more than on,
open ddpocdte throughout the perioc
the Constitution was under discussion
either in the convention which frameC
it or in the conventions OF the States
where it was ratified. Virginia voteC
in the affirmative on the motion t.
strike out that clause, Mr.. Madison
being satisfied that if the motion pre-
vailed it would not have the effect u
disable the government from the us
of Treasury notes, and being himsel
in favor OF "cutting off the pretext TO
a paper currency, and particularly 70
making the bills legal tender eithe
for public or private debts" Whel
the draft for the Constitution was re
ported, the clause prohibiting the State
from making anything but gold an,
silver tender in payment of bills Al
exception, "in case Congress consent
ed" but the convention struck out th
exception and made the prohibition
absolute, one Of the members remark
ing that it was favorable moment I
crush out paper money, anu a'l =
nearly all OF tne convention e! C, seemed !
concur IN the sehtlineDt, oontenlpo
raneous acts are certalhly o eviIence :
intention, ana II 50 u Is dllncu'. 70 y, 80
what more is needed 10 snow that th
members OF that convention intenue
TO withhold from the states ana iror
the united states az power 10 max
anything put golu ana sllver s'al
dard OF value OF . tenuer III payhlei !.
'Ioi oepls' Equhiiy ueeis'se plopi
me same encct is iounu IN 'no uooa,o ~,
which subsequently occurreu ~ VI
: conventions OF the seVcrai States
which the o9hslitu.lon, as auop,s'
was suomlltcu 'or rn'lnSas,op' W Sa M y,
Il n nua|n