New-York tribune., 1891-05-18
LAW AND LEGAL TENDER.
A VIGOROUS REPLY TO RECENT ARGUMENTS
FOR MONOMETALLISM


opinion Of the late Mr.. Justice Miller: No man In
this country is high that he Is above the law.
1t is the only supreme power in our system
Of government All are bound 10 obey it,
And subscribing to this. Mr. Bayard further anlrms
that OF the chief and enduring purposes for which
the Constitution Of the United states was ordained Is
the establishment of Justice This distinguished
statesman's loyalty none will question, and shall
only employ his position to point a moral, Tor the
journal concludes its May number with article from
the pen Of eminent staistlcan, In which he sc0ts
at certain laws of country and desgnaes certain
statutes relating to money as framed TO enable one
citizen to cheat another Furthermore. he teaches
that the laws which he dlsnkes dishonest, and
thus in effect insts the doctrine OF disoyalty into
the minds Of his readers. Anarchy practically exists
whenever individuals permitted TO select the laws
which they will directly indirectly nuy or openly
disobey. II 1t the aim Of the clever editor oil
the monthly in the arrangement Of the articles at his
disposal for publication in the merry month Of May
to illustrate how brief is the step from the sublime
TO the ridiculous his efert IN this instance has been
attended with lofty success.
Free coinage Of sver-why not p asks the status
tcisn, and he proceeds to argue that 1t Is the uuS
Of the Government TO eliminate silver from our
legal-tender money, and that accomplished and gold
made sole legal tender, then to coin free all silver
offered The first and it should ever be the last,
answer TO his question, stated under the conditions
argued is Because there Is not gold enough in the
world to fulfil the functions OF money, II all TIC
great commercial nations use no money but sod a' a
legal tender without robbing debtors and taxpayers by
a CONSEQUENT and inevitable lowering OF the average
scale Of the prices Of all products Of labor and con-
signing large portion Of labor to enforced ldeness'
This is demonstrated by the financial crisis wrought
when England alone attempts 10 demand that all
obligations due TO her people shall be paid IN gold
And the answer to free coinage OF silver "illout
ecaltender value Is that it would be crime against
the best interests OF the Nation and hindrance 70
the prosperity and welfare OF the whole people IL
would delude the masses with material supposed 10 oe
money! in easy times, but which would prove 10 De
worthless at the first mutterings of financial svOhl
And IL would furnish opportunity for an army OF
brokers to levy tribute the people by buying ana
selling at varying discounts material IN the likeness
OF money, but not money, because not legal tehuer
Baron AlphOnse ROthschild, that eminent mercnaho
banker and nnancler whose name Is a synonyme for
knowledge on the subject Of money and its functions
before the Monetary Commission, which met In
Paris in 1869 opposed strongly any purpose to maAn
tain and adopt gold "a a single standard for money
and presented cOgent reasons why Such step Husl
proye alike injurious 10 creditor debtor and enter
prise Baron ROthschld said
Tie simultaneous employment Of the two precious
metals is satisfactory aud gives rise 20 no complaint
Whether gold silver dominates for the time being IL
is always true that the metals concur together IN
forming the monetary circulation of the world and
is the general Of the two metals combined wuch
serves a. the measure Of the value of things The
,uppressiol of silver would amount to vertable de-
struction Of values without any compensation
The president Of the Bank of France in earnest ar
gument presented similar views 10 those eApeSSu uS
Baron ROtlschild.
The statiscan next proceeds to discuss the creation
and functions of money. and says: The Government
rightly assumes the function Of coinage in order to
give absolute assurance that each coin contains
certain quantity Of gold measured by weight in grains
or a certain quantity OF silver measured by weight in
grains.7
The function and power conferred upon Congress
in the iustness benefcence and wisdom Of the Const
tuition is In no sense expressed as stated by the
stcian and the statement that it is in order TO
give implying defined specific purpose or object' IS
perversiOn of fact The Constitution conferred upon
Congress the power 20 coin money, and regulate the
value thereof In the exercise OF that power and in
the fulflmen Of specific purpose, Congress has coined
gold silver and paper aud declared each "a legal tender
I'm the payment Of debts" The doctrine that to coin
money" means, of necessity the use of metals IS as
arrant a piece Of humbug was ever
promulgated by selfproclaimed scientists to mis-
lead the minds of busy and too con-
fdlng people. The time is present when the sham
OF such teaching should be exposed To coin is simply
to stamp ITO coin money is to stamp with any
Device seal and inscription which the Government may
adopt. The authority granted neither asserts nor
directs anything more, and nothing less. The
material to used IS left entir"l tn the option and
discretion of Congress. Every piece Of paper money
issued by our Government for legaltender purport.
contains the coin samp-in red coor-of the Govern
meHt and BY virtue OF this coin stamp, and this
paramount the legaLtender act OF Congress applying
TO the use of paper money. almost unanimously
sustained by the supreme Court Of the United states
Amid the perils which from time 10 tmc have beset
our Republic, Congress has frequently authorized the
issue Of Treasury for currency but those Issued
prior to the act of Congress OF February 70 lo62'
were not made full legaltender and upon those the
stamp of the Government as evidence Of awful-issue
money was not required but upon those issued bearing
the words legal tender in payment Of all debts, public
and prvate the required coin stamp Of the Govern
ment came forth in compliance Nfth the language OF
the law which declares shall bear a. eVl-
dcnce Of lawful issue the imprint OF copy of uh
seal Of the Treasury Department. This was the cr'a
ton of money Of coined paper money aud In te po"1r
granted by the Constitution, with the authority anu
majesty Of law for the bencfcen use Of the people III
pursuance Of the power coin moneyT-not dollars
AZ the attlcan tries TO persuade the peope-CongresS
has declared certain piece Of paper, certain piece o
silver and a certain piece OF gold, each bearing the
national coin stamp shall be ~ money and legal
tender IN the payment OF debts and under the adoph
bv special statute of the decimal system shall be known
as dollars and units thereOf-the name adopted HOm
a foreign language.
And under the power to regulate the value thereof
Congress has declared that metal money and paper
money under the decimal system Of designation sl
lie of equal and uniform vnlue in money Of account
and i'm the payment Of debts Congress has not d
Ted what amount Of money shall be paid for horse
or any other thing Of value. legatender law merey
prescrbes how purchases and contracts shall be legally
fulfilled And a. law and guide 10 the coner III the
selection of metals for metal money the kind 10 be used
has been specified, also the weight and quailty ol
metals but in no instance asserting as to grains OF
weight that they were are OF an exact parity III
bullion value. although defining relative relations III
grains Of weight-at times the silver metal money De
ing Of greater bullion value than the gold; at other
times as at present. the gold metal money being OF
greater bullion value than the silver IL Is pass
ing strange we heard the cries OF our peculiar
patrios as 10 the dishonest gold dollar when silver
was at a premium by the gold standard Ana Con
ress has from time 10 time changed the weight ana ule
- OH ande god