The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1886-03-11
An Historical Argument.

A flfd Tor The COHsIttNYiOu OF the
United States Of .fmeri.d. UoundeI,
III tie House Of It's Guardians. BY
George Bancroft Ncr York: Hor-
per d Bros, 1886.
Mr. Bancroft takes for his text up
on which 10 write book entitled az
above. the decision Of the United
States supreme court in March, 1884,
affirming the constitutionality Of the
greenback currency Of the govern
ment, quoting these words from that
decision:
1.-The power to make the notes Of
the government a legal tender in
payment Of private debts being one
or the powers belonging to sover-
eighty in other civilized nations,
and not expressly withheld from
congress by the constitution, We are
irrcsistibly iinpelled to the conclu-
sion that the inlpressinR upon the
treasury notes Of the United States,
the quality Of being legal tender
il payment Of private debts Is an
appropriate means conducive and
plainly adapted to the execution Of
the mndoubted powers OF congress"
Upon this text the eminent histo.
rian proceeds to demolish the su.
preme court. He opens by saying,
.Good money must have intrinsic
value Had he said legal value"
he would have been correct. In.
trinsic value" without law In its be-
half is not money. The eminent
author relies upon these words from
section 10. article !, OF the United
States constitution as applying to
the general government:
NO State shall coin money, emit
bills OF credit, make anything but
gold and silver coin tender in pay
ment Of debts
Prior to the adoption Of the feder-
al constitution each one Of the colo
MES comprising the original thir-
teen States, at different tines. had
exercised the very sovereignty"
that the text Of the supreme court
recites, issuing full legal tender pa
per money. These various issues
OF such money Mr.. Bancroft cites
thus furnishing the evidence that
they rs political organizations both
possessed and exercised this power
OF issuing full legal tender paper
money.
Mr.. Bancroft argues that this SOW
ereign power which they surrendered
to the general government, instead
OF investing it with authority to use
it, was annihilated. Section OF the
constitution says:
THE congress shall have power to
coin money and to regulate the val
ne thereof
ITO coin money as used In the
constitution. does not mean to FASH
ION and weigh bits Of silver or gold.
ITO COIN as used in the constitution
signifies Ito create" ito determine"
what shall constitute the lawful
money Of the country. This sover.
eign right was surrendered by the
states In section 10, and In section 6
Of article l, was delegated 10 con-
gress. But without this delegation
it is a power inherent, and as SOW
ereignty in republic rests with the
people; this prerogative was sur
rendered by the States to congress
that ii might be exercised for the
people.
| And to regulate the value Of
money there is but one method and
that Is in its quantity, because that
is what regulates its purchasing
power. The larger its volume the
less its purchasing power, and the
less Its purchasing power the higher
is the price OF labor and of all Its
products. The power over money
has been delegated to congress to be
exercised for the benefit OF all the
people aud that body ought not to
surrender this power to corporations
or to individuals for their private
benefit.
Mr.. Bancroft has been an author
and a historian for all OF the fifty
years OF life that We have been q
reader and student OF history and
in this little work is to be found his
!; only appeal, and that false one
for 1.-The men who by their Industry
fill the land with wealth." Where
was he, and why silent when the
State banks were issuing their note.
promises for coin which they never
had, and through failures robbine
these men and their families? ST.
lent as the grave! as dumb as al
OK! And the opinions OF eminen,
men quoted by him were in denun
citation OF the bank money agains,
which Mr.. Bancroft has NO word O.
condemnation. Aud when the gov.
eminent was paying of its most de.
serving class Of public creditors, the
federal soldiers, in 4 currency pun
posely deprecated in the interests
of spectators on the ills OF til.
colnfry to 35 cents on the dollar al
compared with coin. Mr.. Bancroft
remained silent. allowing this class
OF creditors IS cents Of their due In
cash and IS cents on the dollar Ii
"undving gratitude.
Poor Fellows!
Frustrated. debilitat,.d. enfcebled