The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1879-10-09


with such absolute grcenback money"
This, then, IS WHIST they pro-
pose, and tie above SECTION
qaeted, presents upon ITS face two
ainft propositions; tllsi, thai the
gcEernmqGt ms tae ps.ss 10 issue ta.s
absoiu'e money; and, secan3 3, that j.
IS. rs d,dy to do so; and the decision
Of the question in tneir favor depends
upon an affirmative decision of both
these. II the government has not the
power to issue this money, then the
question is at an end. The thing, then,
first to be discussed is the power, and
IL it be satisfactorily established, then
remains the question OF duty or expe-
diency.
First, has the government OF the Uni
ted States the power to issue absolute
money of the kind proposed; in o.her
words, is the greenback theory consti-
tutional deny such power under
the Constitution. Ii the government
mas It-Where can il be found-in what
article is it LAID down and in what
clausel In none. IL is not found
among any of the expressed or implied
grants of power contained In that in
strument. And more than :his, it lis
not only not found there, but it was
excluded therefTOm after full diss
cussion Of its merits in the cOnven-
ton which framed the Constitution.
The plan OF the Constitution sub
stantially as it now is. was reported by
a committee of eleven. of which Mr..
Edmund Rutledge of South Carolina
was chsi man. In the. original .plan
as reported to the convention from the
committee, the second clause of the
eighth section OF Article of the Con-
stitutiOn, which now reads ''that
Congress shall have power to borrow
money on the credit of the United
States," contained these words: $50
borrow money and emit bills, on the
credit of the United State" Eiliott's
Debates, vol. V, Lippincott's Ed.
QS7G) p. 37S. This clause thus word
ed was borrowed from the articles of
confederation. On the sixteenth of
August, 1871, a motion was made by
Mr.. Governor Morris to strike out the
words sand emit bills" Upon this
motion came up the whole question of
paper money, absolute money, and
every single question that now consti-
tutes a part OF this greenback theory of
fiat currency was discussed at length
and settled beyond doubt to the sat-
isfaction of the great men of that con-
vention. The report of the debate,
like all reports before the days of short
hand reporting, was brief. Every mem
Der of the convention who participated
in the debate, with single exception
CIR. Mercer, of Maryland,) took de-
cided grounds against paper money.
Mr.. Mercer himself, though expressing
his personal friendliness to paper,
stated that, in the then existing state
of public sentiment in America, she
would neither propose nor approve
such a measure" Mr.. George Mason
doubted the policy of tying the hands
of the Legislature, though he said she
had mortal hatred to paper money"
and Mr.. Randolph was unwilling to
strike the words out, notwithstanding
his antipathy to paper money" be-
cause he SAID che could not foresee all
the occasions that might arise" MIR.
Madison asked twill it not be suffi-
cient to prohibit the making them (the
bIlls,) q tender?" Mark the language:
prohibit making the bills-this ire
deemable paper money-a tender, and
he thought that that prohibition would
''remove the temptation to emit them
with unjust views, and promissory
notes in this shape may in some emer-
gencies be best" And to this Mr..
Morris replied, striking out the
4 ba
notes of responsible minister, which
vii! do all the good without the mis-
chief"
Mr.. Gorham was for striking out the
words "wholly." Mr.. Ellsworth (p.
1857 thought this "a favorable moment
to shut and bar the door against paper
money, The mischief of the various
experiments that had been made were
now fresh in the public mind and had
excited the disgust of all the respecta-
BILE part of the American people," Mr..
Wilson, Mr.. Butler, Mr.. Read and
Mr.. Lsngdon all favored striking out
the words land emit bills" Mr.. Will
son said: "This expedient can never
succeed while its mischiefs are remem-
bered." Mr.. Butler said he was sur
| gent for disarming the government of
such power" Mr.. Read thought the
words if not stricken out "wonld prove
as alarming as the beast in Revels-
TONS" Mr.. Langdon said he had
'Iather reject the whole plan (of the
| Constitution than retain the words
'and emit bills.'" The final vote on
the motion to strike out stood nine
States in favor of striking oct to tao
States for retaining. See Elliott's De-
bates, Vol. V, edition of 1876 } PIP.
434, 43j. So that the clause, thus
amended by striking out the fatal
words, was adopted unanimously as it
now stands.
Thus it is seen that the whole ques-
ton was fully debated In the Conven-
ton of 1887, and after full and ex-
haustive discussion by the great states
men who composed that historic body,
was repudiated and forever laid at rest
by that assembly. Even when Mr..
Madison proposed to prohibit these
bills being made c tender, 1t was
thought best TO not be content with
anything less than the total rejection
of the words, and Mr.. Madison him.
self states (Madison papers, vol. 81
that he became satisfied during the de-
bate that this was the safest course to
pursue. That the striking out of the
words "And emit bills" did take away
from Congress the power to issue ire
deemable paper money, is clearly seen
from the fact that their rejection was
prounced by Mr., Butler and Mr..
Read to be equivalent to "disarming
the Government of the power to Issue
bills, and as "shuttlng and barring the
door to paper money" SO there can
be no doubt from this debate that
the power to issue ''absolute
ereenbsck money" as demanded by the
Greenbacker, not only does not exist in
the constitution, but was purposely
and deliberately excluded therefrom.
So the constitutionality of the Green
back proposition is very conclusively
disprovep, and whatever be its ex-
pedienoy it can never be an open ques-
tion, since the power of the govern
ment to do what is demanded of it
does not exist.
But even were the constitutional
question st all doubtful the question
of expediency is not. The testimony
of all countries and ages, in which IT.
redeemsble paper money has ever been
tried, is unqualifedly against such an
expedient. The unbroken voice OF
every great statesman of America since
the formation of the government has
been raised against the evils, the eyre