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

BY special request we republish the fol-
lowing extracts from the report OF the
National Bi-Metallic Association, feeling
that they contain truths that are very
pertinent just now:
In dwelling upon this subject we are
forced to ask the question; Has Congress
the right under the Constitution to de-
monetize the trade dollar?
Article l., section 8, provides: 'That
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 {:
% 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 he 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.
(2) 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 a 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
right to take away from any gold or silver
coin, or either OF them, this legal tender
function?
Ii 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
the United States Supreme Court, it
would appear to be startling PROPOSE
ton that we have no constitutional
money, that Congress could demonetize
gold also, and this, too, not only in a
great public exigency and indirectly by
introducing "paper currency" but at
any time, and directly by positive enact
ment. And yet, under existing circum-
stances, how can we legally distinguish
between gold and silver dollars, both |
bearing the United States stamp OF au-
thority, which are intended to give them
legal and current value, and also to
serve as guarantee for their weight and |
fineness, or between either or both?
In conclusion, we believe that no ma
ton ever had too much coin OF gold and
silver.
We believe that the highest financial
wisdom was exercised by the founders of
our Government when they established
by law free and unlimited coinage of gold
and silver, and we deplore the repeal OF
that law; and now, in order to remedy
the injury done to all the business inter-
ests of the country by such repeal, we
respectfully and earnestly demand that
Congress re-enact laws for the free and
unlimited coinage of gold and silver, so
that each metal may have equal rights
as money, and that both may have full
legal tender value for the payment OF all |
debts, public and private.
We have carefully considered the state |
ments to which we sign our names, and |
in conclusion we urge upon our country
men the election Of Senators and Repre-
sentatives in Congress who will favor the
re-enactment OF the policy and laws
which were established by the founders
OF the Republic and which gave to the
country free and unlimited coinage of
gold and silver
Forget it not that he who opposes this
policy and these laws is an enemy to
sound money, healthy business and the
masses OF the people