The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-09-14
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The objects and purposes Of the Ma
tional (yoenback- Labor party are sub
stantially NJ follows:
l. To substitute permanent Coy
ernmcnt, legal-tcndcr paper money for
bank issues of currency, without alter
nate imitation and contraction, ~ at
present, the volume Of which shall be
adapted to the business necessities Of
the country.
?. To place the coinage Of gold and
silver upon the same basis without re-
striction.
B. To promptly pay the bonded debt.
1. To reduce the taxes and expendi-
lures of the people. by establishing a
system Of equitable taxation, and just
reduction Of official salaries.
3. To destroy sectional strife.
6. To insure free ballot and fair
count and to overthrow the powers Of
Legislative committees to suppress bills
and thus defeat needed legislation
against monopolies.
Z. To Justly control bv law, and bring
into subjection to the interests OF the
people all corporations and monopolies
which have corrupted the public serv-
ice, and bv combination and extortion
have established absolute dominion over
money, over transportation, over inven-
tion and over land and labor.
4. To reserve NIL public lands exclu-
sively for homestead settlers and reclaim
all forfeited land giants.
That these objects are IN accord with
II
valid before the courts Of the country,
will fully appear by reference to the de-
liberate decisions Of the Supreme Courts
Of Iowa and of the United States.
HAS CONGRESS POWER TO PROVIDE
LEaAL-TENDER PAPER MONEY?
Prior to the passage Of the Legal
Tender act, Feb. 25, 1862, one Warni-
bold borrowed from Schlicting 800 in
American gold, and executed his note
and deed of trust therefor, payable in
gold. After the passage of the Legal
Tender act, Warnibold rendered green
backs in payment Of this note. The
Republican Supreme Court of Iowa held
the tender valid, and, in rendering the
decision. used the following language:
"We cannot but think that il il mis-
use Of terms to speak Of a debtors be-
ing compelled to return gold or the ar
ticle in kind where he lorrows gold and
promises to pay in the same. In such
transactions gold is not commodity.
but money. Nothing more and moth
ing less. The borrower bor,DWs money.
and promises to pay it. Ii he l,orrows
bank paper, he treats il rs money, and
! promises to repay il az such. But he
can only repay il by offering that Which
the iGr says is q legal tender.
$50, il he b0rfOrs gold. he may pay
it in Siire,: If in silver. in gold; ii
treasury notes, in silver: If gold or sill
yer. in treasury notes. And the law
applicable to the repayment or return
Of commodity tas wheat. brick. and
the like', and regulating the measure Of
damages whom there il failure 10 re-
turn in kind, has really nothing to do
in question.
"Cnmplainant's obligation was 10 pav
SO many dollars t<70O) and not com
modify. or 81 much gold.
This gold hal and has statutory
value. 1t circulated as money. The
parties dealt with il rs having. IN arti-
.icidf r0itfe. as SO many dollars. and not
as commodity having a specified and
agreed intrinsic worth or value. Lee
gally. each dollar passed for 100 cents:
and. legally, it had no other value.
Congress has given Ike raine to
another medium. and when the same
number of dollars and cents are re-
turned. in this other qMiraieMt medium.
as are due in the medium loaned, or
which passed from the lender to the
borrower, the demand is satisfied. Vol.
LII, iOsra Reports, pages a4f, 247.
The United States Supreme Court. IL
Wallace. page $40, in support Of this
same view. states:
Contracts for delivery of specific ar
ticles. belong exclusively to the domain
Of State legislation. while contracts for
the payment of money are subject to the
authority Of Congress-. at least SO far rs
relates to the means OF payment
sThey are engagements to pay with
lawful money of the United States, and
Congress is empowered to regulate that
money.
1t cannot therefore be maintained
that the legal-tender acts impair the oh
legation of contracts"
On page 552 the court further SAYS
Here we might stop. hut We will no,
tice briefly an argument presented in
support Of the position that the unit Of
money value must possess Intrinsic
ralue. The argument il derived from
assiMilating the constitutional pro-
visions respecting standard of weights
and measures to that comforting the
power to .nin money and t. regulate is
value. IS
1T is said there can he no uniform
standard of weight without length or
space. and We are asked how anything
can he made standard Of value whicl,
has no self value?
It il hardly correct to speak of stand.
ard Of value. 1Ae constitution does
NOT .ste0k IF Il, II cantemplates 4
standard Tor that which has gravity q,
extension. hut Ms@,te il aM ideal thing
Tho Coinage act fits its unit as dollar
but the gold or silr@ thug we call 4
dollar is, ia mo SesaSe, standard of u
dollar, Il is a representative of IL.
THAT it is the con,
stitntional right Of Congress to provide
= currency for tls, whole country: that
this might I've done by coin or United
States notes, or notes Of ndtional
banks: and that il cannot he questioned
that Congress- may constitntionally se.
cure the henetit Of such currency /,
the people by appropriate Legislation
II was said there can lie no question d
the power of this Government To emf,
bills Of credit; to make them receivable
in payment IF debts to itself: to II,
them for use by those who soc fit to nss
them in all transactions of commerce
to make them uniform in value and de
scription, and convenient and useful fol
circulation.
Here the substantive power of tn,
was allowed to be employed for improv
ing the currency. II Ia not easy 10 ~.
why. If the State-lnnk notes can b,
taxed out of existence for the parpos.
of Indirectly making Taited State,
. | AL e.,