, 1879-07-15

FORCED LOANS.
UnconstitutIonnl1ty of Irrcdoe.nnb1o 0rocn'
bnctts Issued In Tt,no Of reRco.
rim uafr rap7 r1<rsi1f

I
/ bnctts Issued In Time Of renoe.
| Cfn:'nnan eomn,srcint
For more than half decade the Democratic
party ot Ohio l,avo been seeking for somo effect
wv oal''' ~ WV" ,.O ,'. ee"'ss .s.""...t3
mistakes which nus ol lato years ehafaeteffzeu
the party, they took tip tic call for "moro
,,, ,icuerol uoycrnmcnt After thcr had tw]co
~. .as.. .,a,, 49,, ,..,, thov .t,sraor,,, u.
ueeo ocate" 'po" u,a' ''s"' ,"o5 "oa"aue.' 10
open adroeacy, and since INC resumption oi
| i,icn Inn hccnmo nnnnrcnt cycn to the
.o .aos, ,r.or.,,u 1I,cv h,vr therefore.
most lhseh'"te' ,5 aMs5 ns'e' n''o'o..,
shifted sro'lna NUE. anu ~ sa'sea a.,,.,,ss. ms"
| OF ttc masses against corporations. Thcr now
,,,,r,,n ,,,o ,xt.h,,o,yo, NJ Jntounl-banls notes
'e,'m"4 ''e ~ s.,,h..r. honin" ,,t
only To curry tho election, but also drive In an
ooentps wedge ,ehic!, slatl clear the way for III
llatIon, witt, nll that 1t Implies. Ther know we'll
slnt II tic aoolgatcs be ratscA TO let out saoo-
| lNHlQ00 Of ErecnbacKA, tho barriers to further
iss,les viii Gs swept away.
Aside ffoln thc inexpctltcucy of substituting
grccnl,acks for tic bank notes, there Is Il fatal
Objection to sucl, n course, which is, Tint such
priyed Of ttlc lega,-tcnlcr quality:
4 loud OF light IS thrown upon fl,c question OF
tho power Of the General Government TO make
its rotes legaLtendes ny llle aebasea Iss Il, tae
l ACtlSktMldptlNl 'NtNfEnsiutt AHA Nt+HA t3At-HHF
stitutiou contnInetl provision That Congress
should have power "to borrow monay and
t.at bit;s, Of, ttsc credit Of tu Omitted States"
Convention alE. Morris moved to strike out
The wosls " and emit bills on the credit Of tie
United States.
Mr.. Madison said: " VIII It not bo sufficient
to prohibit tho making them q tcnaer This
viii remove the temptation to emit them with
unjust views; and prolntssorr notes IL tint
Mr. Mr. Morris saiJ: "ssriking out tie words
will Leave room still for notes Of q rtsponsib'e
minister, whirh will do all the good without the
mischief. Tie tuoneyod Interest WILL oppose
nut MT prohlbitcd.'
Mr. Gprham was for striking out Without in
sorting any prohibition. II tile words stand
they may suggest and tead to The measure.
Mr.. A1nsusl lad doubts on the subject. Con-
gross, he thought. ,',M not have The ,sot' u,itss
Il rert oppressed Though he had mortal hatred
10 paper money, vet. as he could not forcsce ull
emergencies, he was unwilling to tic tic banis
Sr. Ellsworth said !,o "fho!ght this q .fa,ora-
5e moment 10 shrt and bar Tie DIOR ngui,f1t s,rr
money. The mfsehitfs uh;fh had htt4. 'ndds uctre
nor irtsh IN ~ public mind, aud had e1e ted !hc
tcithho'ding the nnecr from tht ntr Government,
nsort tricqas " influence AuMd bt gained 10 tt fhu'l
IN utmost dnHihinq es.. I,arer nsoAey can Il, no
et.se b 'xrxsa'y 0iye shs Goscr'se"t credit and
|
,!euer a,Mi."
Mr.. Wilson said: +" II will have n most suit
tary influence os. tlc credit Of tic United Suites
s9S hs essa ness9y ed w Is e Es
arc rcinenbcrcsl; md. as long as It ran he re.
sorted to, It will ho 4 bar 70 other RESOURCES"
Nj. Butler remarked "t!at papor, wes legal
tlIsnrm!ng tho Government Of stlch n n0wer."
Mr.. Rcnd said ''fhc ,rords, j. not struck oW
'eond 6c 4, alarming IA the mark e fhs bedst IL
Atvta's"m ,n'on nro,crrca to reject ,,o ,,,o1e
p'an rather tl,au retain tho three words, "and
ctnlt bills"
On tl,e motion for striking out, Nil the States
-" Sir. Mndson, who also voted to strike out tic
words, did 50 hccallso ha thought striking out
The words would not disable the Government
from tho 1,sc VI public notes so fir as tl,ey roi
text for lra,cr c..yreHtY, mud particularly foI
,uaIstpc tic bills tetr either for nubi1c or prl
y,,c debts.
These extracts show very clearly that the
founders of the Constitution Intended to t'shul
;,t,l bar the tloorn al.ai,Ist Nil issues Ut legal
tender notes br the United States. They struck
nut from The !'rst draft Of thu Constitution
/ rla1,sp designed to grant that power md thus
refused to ts1ye to Congress the right 10 Issue
, paper nancy.
IL will lse rumombercd also that another c}ausr
. bills OF cr .1it or make ANYTHING but guild nl,
silver coin n teudrr In puynlrnt Of debts
Luther Murtlu. who was delegate to Tic FcI
I cral Convention froIa the s.ato Of Mary
| lauu yutcd ngntDst tnfs rcsLrc
, ton mon lhc States, md in
letter act!rcssed to tho Marylsul Legislature he
thus gives lis reasons Tor ths vote: IsY t,lt
teEtl section every State is prohjbitel frou
quitting nilla OF crr,jit. Al il was retn,rted i,
thr Committee OF Detail, tic States wcrc onl'
prohibited from, cmlttfng them without tic con
suiiisu ,o;ih ths 1x,1r ,nonru artad tat ,ley IN
% sistel ,ho i1 proilbtion m % shou.I lie absolute II Il
was nv opinjou that tho Stutos ought not to b,
, tntuiiv lnnriyui n liz rl,,ht to cmt htlis n
crcIit nmt tlnt. ~ m Hnd ,t MIN. m an,I,r,,,
4, lie General Go,s7nu,ct ior iii nurposs Il va,
Tho more NECESSARY to retain tt III ,hc stu,csn
S"v ~ tn"x it~t H.. S,,nr.m" f!nurt ~ III.
t,,t.a Stat~a i,ns ,,rhrid I'm icroi.t"ncr NJ j"
hi t.ir decision, IL im.f,i to tss ,osr i.suts a
rrccnsacks, aud would not SUPPORT The lcralit,
~ nn., n,w ts.Mn Thro,ohont tI's w'oic nrn,;
,nsmt ~ In'"o s,r,,n. r,1rss NJ, onnlorr for II,
~r'.,uh II i" ial:"s. ijc wns rrrrtiv fm,s,a an