Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1892-07-14

Government is given power, in case
it's expenses are in excess of its re-
eeipUs, to Issue bills of credit and
to borrow money. IL it was inten-
ded that the Government should be
given the power to Issue and thus
create all the money needed to meet
its wants, pray why did the Cousti-
tuition give it the power to borrow
money? What need could there be
of borrowing, when the Govern
ment could readily manufacture, at
almost no expense, an entire sup
ply?
OBJECT OF COINAGE.
The clause giving the government
the right to coin money was a SIM
pie one, and well understood all ov-
er tie civilized world. That clause
gave the government power to fix
the unit of value; and to determine
the iineness of the metal which
should enter into the coin. Fur
Their, to state the value of all for
eign coins wien expressed in our
unit. The whole object of this
clause in the constitution was to
secure to hi people a uniform de
nomination and purity of the metal
in our national coin. The gold
and silver out of which this coin
was TO be made belonged to the peo-
pie, not 10 the Government.
Whenever any metal is received for
the purpose of coming, the Govern
ment is compelled to return the
metal coined to the person present
ing it at the mint; or else give him
ITS full equivalent.
AN IMPORTANT HISTORICAL POINT.
Article /, section 10, of the Con
~stitutioa declares that THAT no
state shall coin money, emit bills
of credit, o. make anything but
gold and silver coin a tender in
payment OF debts"
Until the necessities occasioned
by the enormous expenses of oul
civil Val bad to be provided for, the
power of the Government to make
anything q legal tender except gold
aud silver had been very little dis
Guessed. After the war broke out.
the Government found itself unable.
by the levYing Of ts1es, or by Dor
rowing, to raise sufficient funds L
meet the demands on its resources
As 8 matter Of '.life or death" Con.
gress psssed 8 law authorizing the
issue Of gree lbaeks, spd mads sucl
bills a legal tender for all debts
public and private, except duties oil
imports. These greenbacks, how
ever, we're simply promises TO pay.
They were nothing more nor les'
than a forced loan from the people
rhe Supreme Court has decided
that such so isspe of Government
promises is legal, and the bills ma.
be legally retained in circulation a
the present lime. But the green
backs we're issued for the purpose o
meeting the demands of the gov
eminent on y, and were used oDl,
in place of money which wonlC
otherwise hare to be collected from
the people by taxation. Their is
sue simply laved the people from
raising that amount of money il
some other way. In ali the green
back decisions, the Supreme Cour
treats them rs bills of credit, tina
must be paid IN coin whenever pre-
scented for redemption.
IL 1t not clear that the issuing o
the greenbaeks was simply for tn
purpose of meeting the demands o
the Government itself, aud not 70
the purpose of supplying the need
of the people in their private bust
ness transact IONS? True, the rsis
ing Of money - that way was a re,
lief to the people; but the none,
was issned to supply Government
necessity and TO relieve the peopl,
from what, at that time, woult
have been = terrible public burden
Is there a cit zen foolish enough t,
think that the Government would
have had any right, legally or NOR
rally, to have issued a dollar o
those greenbscks to aid individual
in their private business? Wheth-
er 3 merchsp. has money enough 0
not, with which to buy his stock c
goods aud carry on his business
whether a manufacturer has none,
enough to build his factory an,
keep it in operation; whether a for
mer has moIey enough to pay 70
hia farm, to fence it, and put u.
the buildings needed to shelter hin
and his stock while managing tn
farm-these are not questions WIT
which the Government Is concerne,