Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1884-03-14
TIC LcrsI TenGor Decl.lon.

The late decision of the Supreme Court of
the United States affirming tho constitution
atty of the act of Congress which authorizes
the treasury to reissue the legal tender notes
in time of peace is not of so much immediate
importance now as it would have been some
years ago. the legal tender quality of the
notes being immaterial 80 long as the govern
ment redeems them in gold, as at present
But before the resumption of specie payments
a contrary decision would have been fraught
with disaster and have greatly aggravated the
difficulties of resumption. The money lenders
and millionnaires out of active business would
have cried, Gold, gold, give us gold!" when
there was no gold to give, and the virtuous
newspapers controlled by the Wall street
banks would have joined in the chorus, "Gold,
gold, nothing but gold"
When "poor Chase" as Mr.. Seward called
him, was Secretary of the Treasury during the
rebellion, he invented the legal-tender green
back but when 'poor Chase presided over
the United States Supreme Court, and was in
training for a Democratic nomination for the
presidency, he judicially declared his inven-
ton unconditional and void. In this, how
ever, he was overruled by his brethren to the
extent of decision that the issuing of the
legal-tender greenback was constitutional and
lawful 'ss war measuro"-which had been
the opinion of Chase himself when Secretary
of the Treasury. But, the war being over,
and, through the action Of the city banks, a
great contraction of the greenback currency
having set in and made money scarce and
dear, Congress by the act of March 81, 1878,
made provision that to the extent of between
four and five hundred millions legal-tender
greenbacks might be reissued as fast as taken
in by the government The financial bosses
of Wall street took exception to this. They
treated all the greenbacks received by the
government as redeemed" and incapable of
being reissued with the legal-tender quality in
time of peace. We have always held that the
acceptance of greenbacks by the government
in payment of debt was no more 'redemp-
ton" than if so accepted by private individ-
ual, and we are happy to see that the case pre-
scented to the court was ono where the green
backs in controversy had been redeemed and
paid in gold coin at the treasury" and after
wards reissued. This raised the question, in
its whole length and breadth, of the power of
the government to issue legal-tender notes in
time of peace.
Looking forward to a time when the exclu-
sion of our food products from the markets
of Europe may so turn the balance of trade
against us as to drain us of gold, or to a time
when excessive speculation may compel the
banks TO suspend specie payments, the deci-
sion rendered is of great prospective value.
The court holds (only Field of California dis
senting) that this being a sovereign nation,
vested with sovereign powers, Congress may,
in accordance with the power universally I'M
derstood to belong to sovereignty in Europe
and America when tho Constitution was adopt
ed, lawfully and constitutionally at all times
borrow money and issue its notes therefor,
endowed with the legal-tender quality with
respect to private debts. The court further
holds that it is no objection to the existence
and execution of this power that the property
or the contracts of private individuals may be
incidentally affected tn ereby.
This covers the whole ground. The powers
of the government are vindicated, and the
greenback is forever taken out OF the cata-
logue of disturbances and uncertainties on the
stock exchange. What now remains. to be
done is so to educate public opinion that there
shall be no abuse of this great power, but
that it shall be used in a careful and judicious
manner, so as neither too greatly to expand
the currency or suffer it so to collapse as to
wipe out or unreasonably shrink values. The
banks-or, more exactly speaking, dozen
men in Wall street who control the banks
are not averse 10 regulating the currency to
suit themselves but it is as well they should
understand that great sovereign regulator
stands between them and the people, able to
check any intolerable oppression exercised
through that subtle medium upon which the
fortunes of men most directly depend.