The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-06
MONEY POWERS or CONGRESS.
From tie National yleM.

"Thc Congress shall have power
10 coin money, regulate the value there.
II. nna Of foreign coin. "--Art. r., sec. 4,
par. ..
In most II tho controversies hetwecn
III. different schools of politicians. tho
,liycrging point IL from tho words Ito
coin. ireat stress IL put on these
words by tho metal moneyists, aud they
even % ~ tar IN To assert that tho
phraso ITO coin determines tho con.
trovers, III favor Of coin money. "Io
coin IL not Il noun, tho name of u
thing, Int HI active vcrb, which signi.
ties Is do. Tho hard. money man hy
forced construction OF tho term thinks
com money is hereby established. II
-, then tho Congress han committed an
unconstitutional net In damonctixinK
foreign coin where hard or coin money
is expressly recognized, md only it,
value was 10 DO regulated hy Congress-,
not its exclusion or extinction.
desire To make some liberal qlotA.
toDs in support Of tho theory generally
held by Nationals from "'riffany Oh
Government and Constitutional Law, 4
work generally conceded 10 DO ii legal
authority, aud should DO considered ~
IN impartial work, NJ II WINS written be-
fore political parties had taken decided
position ON the money question. The
work appeared in 1909.
Tn page al find the following:
ITO coin money and regulate its value
~ m net Of sovereignty involves the
right ~ determine what shall be taken
and received ~ money. The
net Of coming money consists in atllxing
to that which is to constitute money the
stamp or seal Of sovereign authority, by
which il may be- recognized and known
III the market as being autlloritatisely
entitled to be resolved ut the price or
value marked thereon. Tho authority
which coins Or stamps itself upon the ny
ticlc can select what substance IL deems
suitable to receive the stamp and pass m
money, and il can atlix what value il
deems proper, independent Of tho in
trinsic value Of the substance upon which
il is affixed.
The currency value is in tho stamp
when used ~ money. and not IN the uso
Of tile metal independent OF the stamp.
TO coin or stamp money and regu.
lato its value includes the whole power
ii sovereignty in respect To currency.
II includes the authority to select tho
substance to receive the impression.
-
Because gold and silver have usually
been selected rs the basis III currency
the popular idea Of value attaches To
al kLAN lAapN IA tIA.a
sovereign authority stamped upon it.
by keeping constantly in mind that
the quality Of money or legal currency
consists in the enstamped authority II
tho Government upon that which is used
Us such, and that this authority 10 coin
money and aiiix its value involves tho
whole power III sovereignty over the SUBJ
jet ot legal currency, to select what
substance, ailix what stamp or or,lain
what value ii pleases, the whole law
upon the subject Of money rs currency
and money rs commodity becomes
COMPREHENSIVE. But to confonnd the
legal quality Of money with tho CONNER
cial value oil that which is used 10 n.
cciye the royal impression hegets ind.
mite difficulty, because there il no nec-
esSary relation between the two"
On page 22a We read:
"Thus Government may put its royal
or sovereign stamp upon paper, afiixing
its money value. Ii must he ~
membered that legally speaking. money
is not u commodity; that commerce can
only make il such hy dealing with that
upon which the money quality il inn
pressed.
Page III:
"The act Of coming money consists
in imparting to any substance this legal
currency quality. by which il can legally
he used ~ = medium of exchange, with-
ont permitting its value or authority To
Ire questioned in the domestic market.
That upon which the stamp is placed is
called coin, the act Of stamping il called
coming: and rs the practice Of AL Gas-
ernments using currency has been, gem
orally, TO place its money stamp upon
metals IF some kind. the common idea
u coin is that il must be metal e. i
substance distinguished from other sub.
stances.
But this rests solely in the .ilscru-
ton Ut the sovereign or sovereignty,
whether the coin shall he metal, leather.
parchment. paper or any other sub
stance, ~ a question u expeslsency. al
political economy. and not III author
ity.
1.-THE authority selecting the sub
stance to coin, il wise, will consider ths
fitness. the adaptation. the economy,
the necessity for public use"
With thu foregoing extracts ON thu
general subject III Congressional powers
IN the subject u money substance, caro-
fully considered. our opponents ma,
have moro clear understanding uf th,
question. A tho author hal no parts
an ends IL suhserve In formulating them
he may IN considered IL higher author
aty and moro safe guide than are IN,
uttersnccs Of politicians in the heat q
political campaigns.
When the Legal Tender act Of Feb
-, ls61. was under consideration in th
House II Representatives, Hon. job,
Hickman. 81 Pennsylvania, said .Tha
clause II the constitution which give
the Government the right To coin money
and regulate the value thereof. is, in m,
mind. conclusive al the great question
that has been raised in tins House, II
COIN money" 1t DOES not indicate q
what the material shall consist which i
to he regarded rs money. II NIGH, h
gold, or silver. ar copper. ar brass, q
iron. ut tho pleasure oi the Governmea,
In other woris. il is not demanded tia
the thing itself which shall 10 coined 4
money shall have any intrinsic value
The coiAing Il money is merely impress
ing upon that which il designated 10 b
the circulating medium the mark II ta
sovereign. indicating the will II the 81,
ereign that il shall he received IN til
exigencies Of trAsle and commerce at til
stated value. And that mark IL the 81,
ereign. indicating the will Of the sevel
eign. may Just Is well he impressed apo
paper ~ upon gold or silver.
II is strange that this power Of III
Government b make money II any sui
stance that is suitable at this late IN
hg~x~t n H.. H..