Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-16
4 CREAT PLBLIC QUESTION.

The light OF the Government to Issue
paper money, just Affirm d by the Supreme
e'ur', ls potency full Of danger to the
PEOPLE OF this country and their bushes.
interests. The decision referred to IS well
descibcd ly George Ticknor Curtis as a
proclamation tn t it is constilulionallv com,
p'ttnt 10 the legislative power to make any
form OF tsp'r rurrrucy legal tender ia the
payment OF private deDls, that there is mon
one fixed ind immulaOe standard of vain,
III ms couniry; that no nettcr what NAV
nave been The medium uf payment agreed
upon between crtdliUr aud debtor. II /.
With" tue power Of Congress to force into
private contacts, us Il medium the tender
IL "hl'h is to discharge The debt. apytbinu
mat congress chooses 10 call money. and
mat what Congress shall enact IL he ,nonev
Tor the payment Of all debts is a matter Of
legislative discretion, incapable of berry
ftN,s ed or controlled hy the judicial power.
MI Curts further declares that 'if tb,
constitutional doctrines now PROMULGATED bv
fo'"N N'ui' are upl encountered by
an Amendment of the Constitution, all our
debts OF every description, whether they b
bonds held by millionaire or the WAGES
due 10 day laborcr, may at any time, in
the naked discretion of il majority OF Con.
SreSs, be discharged in medium Of nav.
ment never contemplated in the contract
ana incapable Of satisfying lis value"
gu II az amendment tn the Constitution q
vigorous eilorii now / cling made to promote.
OF the dcsiability Of it there can bo nc
doubt Oar distinguished tovrsman, Hon
Edward j. Phelps said TO an interviewer or
'hIs subject, the other day: II tell YOU
there IS nobody wise enough to frresee IN,
extent # the mischief that might he wro,,rh,
ty that decision OF the Supreme Court. or
course, there is no difficulty now while name,
is al par. People are as wiling TO accen,
paper as gold. But if the present or unv
future condition Of affairs should send all
the goa out OF the country and paper should
appreciate, there i, nobody, as | said before
WHO can loiesce the end During the var.
70 De sure, We had u paper currency and VI,
recovered from the effect of its depreciation
Dnt war is rot the normal condition Of Tho
country. People understood the fact and
governed themselves accordingly. The war
was stimulus Of confidence. lfapothcr war
sH'ulu come, we could make suitable flnan.
cal arrangements for the time of its dura.
ton. But we would not and c,ull mot oor
'inhe Them when peace returned" or the
single dissenting opinion against thai
of the majority Of the Sunreme
Court, Mr. Phelrs says that # seemed
% nm ''an unaHsM erable argument apains,
the Conclusion Of the mai rity Of the court.
1t ought to be widely published and uniycr.
sally read. Because, though the judicial dis
position OF the question cannot now N,
changed, It's consequences might be arrested
by constitutional amendment such a,
leading statesmen ia Congress have alresd,
proposed. / do not believe there can be an,
nnancla! stability in the Country, SO long n,
Congress possesses the dangerous power
sure 70 be exercised when yer suficicn,
pressure comes-ot compelling the accent
ance by creditors, in dsoharg- OF obligations
d an irrdeemable paper currency of fue,u.
atlDg aud uncertain value"