Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-09-11
CONGRESS AND SILVER.

by special request we republish the TO
lowing extracts from the report of tn
National Bi-Metallic Association, feelin
that they contain truths that are YER
pertinent just now:
In dwelling upon this subject we ar
forced to ask the question: Has Congress
the right under the Constitution to de
monetize the trade dollar?
Article l, section s, provides: "Tha
Congress shall have power to coin money
regulate the value thereof and of foreign
coins"
The provisions of the Constitution Civ.
ing power to Congress in this matter are
Cd 1t may coin money, and it may in.
deed omit to coin it; but that is all.
1t can hardly be argued that from the
mere right to coin can be derived the
power to deprive it when coined of what
may be called its inherent quality as
coin, namely, to circulate as currency and
be legal tender.
CD 1t may regulate its value. But to
displace it, to deprive it of its natural
function as legal tender is not to regulate,
but to destroy its value as money.
The words ''to regulate its value" as
applied to money, had, when the Consti-
tuition was adopted, and have now, a dis
tinct and obvious meaning consistent
with the other provisions upon the sub
Ject, namely, to prescribe its rate, but
not to prohibit its use or limit the amount
at which it shall pass current.
Having coined it, and having regulated
the rate at which, when coined it shall
be'money and pass current, where does
Congress get its authority to forbid its
passing current at that rate as legal
tender TO any amount?
Money" at common law, is both gold
and silver, and both gold and silver were
legal tender at common law at the time
of the adoption of the Constitution.
Gold and silver derive their legal ten
der function not from Congress, not even
directly from the Constitution, but from
the immemorial common law recognized
in this regard and sanctioned by the
Constitution.
This being the case, has Congress the 1
right to take away from any gold or silver
coin, or either of them, this legal tender
function?
If Congress has the right to take away
from the trade dollar or any other sill
Yer coin its legal tender function, it would
naturally have the right to do the same
with the gold dollar or any other gold
coin of the United States, or as to both
gold and silver coins together.
Under these circumstances. and with
two contrary decisions on the legal-tender
quality OF the ''greenback currency" by
he United States Supreme Court, it {
would appear to be startling PROPOSE
ion that We have no constitutional
money, that Congress could demonetize t
yold also, and this, too, not only in a '
great public exigency and indirectly by I
Introducing a paper currency" but at
ny time, and directly by positive enact r
nent- And yet, under existing circum- s
tances, how can we legally distinguish /
etween gold and silver dollars, both g
caring the United States stamp of au- t
lority, which are intended to give them b
legal and current value, and also to p
erve as guarantee for their weight and b
neness, or between either or both? 81
In conclusion, we believe that no ma 81
on ever had too much coin of gold and h
liver. Il
We believe that the highest financial b
isdom was exercised by the founders Of al
lr Government when they established dl
, law free and unlimited coinage of gold T
ID silver, and we deplore the repeal of fo
at law; and now, in order to remedy W
e injury done to all the business inter If
IS of the country by such repeal, we fr
'pectfully and earnestly demand that so
ngress re-enact laws for the free and vi
limited coinage of gold and silver, SO Pc
1t each metal may have equal rights it
money, and that both may have full an
al tender value for the payment of all of
Dts, public and private. tn
We have carefully considered the state an
nts to which we sign our names, and ch
conclusion we urge upon our country yei
n the election of Senators and Repre- ms
tatives in Congress who will favor the rae
enactment of the policy and laws del
ich were established by the founders for
the Republic end which gave to the eve
ntry free and unlimited coinage of pla
i and silver. sac
orget it not that he who opposes this sho
cy and these laws is an enemy to fit
nd money, healthy business and the leg;
'ses of the people. figh
the