Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-12-08

llle HllIlllSlC QUALITIES OI lndJ upon
which is impressed legally it can not
vary. Its relative proportion to other
things may disturb their relative values,
but its legal value is fixed and immut-
able, while the price of commodities,
measured by it, rises and falls. The
philosopher ran explain the reason,
but he cannot change the law.
SECTION 403. The art of coming
money consists in imparting to any
substance this legal currency quality,
by which it legally can be used as
medium Of exchange without permit
ting its yalue a5 authority to be ques-
toned in the market. That upon
which the stamp is placed is called
coin; the art of stamping is called
coming; and as the practice of all
governments using currency has been
generally place its money stamp upon
metals of some kind, the common idea
of coin il, that it must be metal, as
a substance distinguished from all
other substances. But this rests solely
in the discretion of the sovereign or
sovereignty; whether this coin shall be
metal, leather, parchment paper or any
orther substance, is question of eX-
pediency, Of political economy, and
not Of authority. The authority Sc
lecting the Substance 10 coin, if
wise, will consider the Etness, the
adoption, the economy, and the neces-
sity for the public use There is need
in every society for medium OF cX-
change-fOr money. Hitherto no ma.
ton or state has discovered the means
of dispensing with it. 1t is a public
necessity as well as private; and il
should be provided in such way as to
subserve the public as well as the
private use. There are times when
large expenditures are required to be
made, beyond the ordinary capacity of
the currency to represent item. There
tiust necessarily exist the authority to
adapt the currency as money to the
public exigencies. The necessity which
requires that it should be made adequ-
ate to any public emergency, The
sovereignty or sovereign is then au-
thorized by sovereign necessity to coin
the necessary amount of money to an
swer as a means of making the pur-
chases or exchanges demanded. If that
be neglected, the responsibility Of Il
state or nation ruined, will attach.
The necessity which requires money as
a medium of exchange at all, requires
that the public authority should make
the supply at least equal to the impera-
tive demand Of the public welfare; and
the government should be as derelict
in omiting this, as any other duty to
the public.
SECTION 404 The United States, as
a nation, has the same authority to
coin money and regulate its value as
other nations. 1t is subject to the
necessities and can adopt the same
facilities for adapting the currency to
tho moods of the nation, and there is no
earthly authority to call it to account
for so doing. In instituting the genGr-
al government for administering its
authority in respect to all subjects
enumerated in the constitution, and
for the purpose therein named, it con-
ferred upon congress the unlimited
authority to coin money and regulate
its taluet that is, it committed the
whole subject of creating and regulat'
ing the legal currency to congress, as
the national legislature is invested with
plenary powers upon this subject. II
was the intention of the people that
this power should be exercised in suell
a manner as to make the currency OF
the nation adequate to any emergency
that could arise. The government was
instituted, and the power conferred
that they might he used in such a man
ner as to make every department OF
the administration contribute to the
declared end the people had in view
to-wit to the establishment of justice
to provide for the common defense
and promoting the general welfare
For these, among other purposes, con
gress was empowered to coin money
and regulate its value, and was further
authorized to make all laws necessary
and proper for carrying into execution
this power. The pretense of attempt
ing to restrict the powers Of congress
over subjects committed to its jurisdic
ton based upon the assumption tina
congress is a body seperate from TIN
Y people is without foundation. Th
r people are as eminently and potential.
: potent in congress, to administer thei
4 own authority by legislation, as the.
t were in the conventions that framet
their government, and establish thi
mode of administration. Therefore
j they may be as safely intrusted wit
0 the exercise of their authority to col
t money and regulate its value, as the,
}. were to institute the government, an
ordain by whom that power to col
}. money, etc, should be exercised.
= SECTION 405. AS the people Of tn
= ! United States conferred upon cor
u gress the plenary authority to col
. money and regulate its value, and dC
y MED to the states the exercise of sue
. powers, they thereby made it the dut
. of congress to make all necessary prC
= visions for supplying the nation wit
y money as medium of exchange
: This proposition admits Of no denia
Il Il As a sovereign nation the people ha
y a right to provide for the creation of
II legal tender currency, which should t
:, of equal value as currency throughor
u u the United States. 1t was necesaar
! that this authority Chould be exercise
y by some one, to provide this currenc,
y 1t should be exercised by no powt
y Y, that Is not sovereign and not co,extel
y y sive with the United States. 1t c0ul
y y bs exercised by no other than tn
y government of the United States. !
l. the distribution Of jurisdiction betwee
: : the general and state government
y that Of coming money and fixing il
value, that Is, that OF providing leg
ID measure Of value or currency, WI
ID committed to congress, not by limite
4. or restricted terms, but the most libert
Ii and unqualified; 80 that congress
y. vested with all the authority Of Il
e, nation In this respect. Congress is Il
D. only body authorized to provide (,
a. this individual, state, and nation