The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1890-11-27
TIE SUB-TREAsURY SCHEME.
Col. Ellison S. keitt Argues in Favor of
it.

COL Ellison S. keitt Argues in Favor of
it.
From the Cotton Plant.1
Last summer in my argument dis
cussing the sub-Treasury bill the fol-
lowing language appears: "Wherein
II IS unconstitutional? The writer who
has been student Of the government
and Of constitutional and International
law for more than thirty years, unhesi-
tatingly attirms that no man who un-
derstands the constitution Of the coun-
try and the legislation Of the govern
ment and is familiar with the decisions
of the Supreme court Of the United
States and has anaiyzed the 'billn ana
lytically and synthetically, if he has
any pride of opinion as constitutional
lawyer will say it is unconstitutional" !"
[ will now proceed to make good and
clear the above affirmation and demon-
strate as clear as a mathematical prob
lem that every principle contained in
the "bill' prepared by the Legislative
committee and introduced in the
House of Representatives by Hon. Mr.
Picker is constitutional; and the
chosen leaders of the Alliance in its
preparation displayed more wisdom
than has been accorded to them.
Upon an analysis of the "biil'' it will
be found that it contains six principles.
The right of the government to pur-
chase land and to build warehouses. to
appoint agents and to receive deposits,
10 create money and to lend money.
1hese and these alone are the princi-
pies involved in the bill"
There can be no DISPUTE as to Tho
-rrgut OF Tue government to purchase
land and build warehouses, to appoint
agents and to receive deposits of whis-
ky, merchandise and the precious
metals, in the execution of the internal
revenue laws and the customs law,
which are intimately interviewer with
the United States Treasury. That
right has been aud is now in full prac-
tical operation. We have now only to
make clear the right of the govern
ment to create money and to lend
money. In regard 10 the former, the
following is the decision of the Su-
preme Court of the United States,
opinion delivered by Justice Gray:
"The Court holds, therefore, that Con-
gress has power to issue obligations Of
the United States in such form and to
impress upon them such qualities as
currency for the purchase of merchan-
disc and payment of debts as accord
with the usage Of a sovereign govern
ment This power Of
making notes of the United States legal
tender in payment of private debts
included in the power to borrow money
and to provide a national currency Is
not defeated or restricted by the fact
that its exercise may affect the value
of private contracts
Congress as the legislature of sover-
eign nation, being expressly en:now-
cred by the constitution to levy and
collect taxes, to pay debts and proT!de
for the common defense and general
welfare of the United States, and to
borrow money on the credit OF the
United States, aud to coin money and
to regulate the volume thereof and OF
foreign coin and being clearly author
lied to coin as incidental to the eXer-
else of those great powers, to emit bllls
of credit, to charter national banks ana
to provide a national currency for the
whole people in the form Of coin, treas
ury notes and national bank bills, ana
the power to make notes OF the govern
ment legal tender in payment OF pr
vate debts, being one Of the powers be-
longing to sovereignty in other civilized
nations, and not expressly withheld
from Congress by the constitution, We
are NISSlSllolS 4lAIPSile" w |''S
sion that impressing upon treasury
notes of the United States the quality
of being legal tender in payment OF
private debts is an appropriate means
conducive and plainly adapted to the
execution of the undoubted power OF
Congress consistent with the letter and
spirit of the constitution; therefore
within the meaning of that instrument
necessary and proper for carrying into
execution The powers vested by this
- constitution in the government Of the
United States.
"Such being our conclusion in the
matter of law, the question whether at
any time in war OF peace the eXigency
is such, by reason Of unusual and press
ing demands on the resources Of the
government, or Of inadeQuacy Of the
supply of geld and silver coin 20 furnish
the currency needed for uses Of the
government and of the people that It is
matter of fact wise and eXpedient 10
resort to this means, is political Ques-
ton to be determined by Congress
when question of exigency arises, and
not p judicial quest on to be afterward
passed upon by the courts.'
1t is clear from the above decision
that Congress has the constitutional
right to order an issue Of Treasury notes,
such as is contemplated in the sub
Treasury bill, and make them legal
tender in payment % all debts, both