Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-03-15
WEDNESDAY,. MARCH 10. 1873.
CONGRESS and the Currency.


Before we touch the subject of the
power of Congress over the currency we
must remind the Times that within the
last month that paper has d~enounced
Chief-Justice WAITE for certain agra
ran" opinions Of his, Notwithstanding
that those opinions or decisions were the
opinions or decisions Of the Supreme Court
of the United States. The DISPATCH
modestly suggested, in view OF the legal
tender decision which is now the law OF
the land, that possibly that court might
proftaDly revise its decision that the
issue Of notes payable 10 bearer 10y banks
chartered by the States is not o violation
of the provision OF the Constitution OF the
United States which forbids States to emit
bills of credit" The Times denounces
C~hief-Justice WAITE as comparatively q
"simple Susan" and some of the opinions
of the Supreme Court which he prepared
as reprehensible in the highest degree.
As to the currency question we now
quote the Times as follows:
VIII tho DISPATCH oblige the Times by point
ing out that provision Of the Constitution Of the
United states 10 which It refers which "%confers
upon Congress the power 10 pass any law which
It may consider expedient in order 10 establish
q uniform currency =
The Times might ask US to point ont
that lprovision of the Constitution OF the
United States which conters upon Con-
gress the power to make something other
than gold and silver a legal tender. That
that power is conferred upon Congress by
the Constitution Is proved By the facts
that it has exercised that power, and that
the Supreme Court Of the United States
has decided that it rightfully exercised
it. Congress has no powers which are not
conferred upon it, directly or indirectly,
by the Federal Constitution, which instru-
ment provides as follows:
"The powers not delegated to conferred
upon the United States by the Constitution, nor
prohibited by II 10 the States, are reserved TO
the States respectively or to the people"
The power to establish a uniform cur
rency is not reserved to the States nor
80 the people. Therefore. it must reside
in Congress. If 1t does, 1t was conferred
upon Congress by the Constitution. The
tax Of 10 per cent. on the issues of State
banks was levied in the attempt 10 estab-
iish q uniform currency, and the Supreme
Court of the United States las decided
that that tax is not unconstitutional.
Therefore il is constitutional.
Thirty years ago Congress passed an act
making its own paper issues a legal tender
for the payment Of all debts, public and
private, except duties on imports and IN
terest on government bonds. That was
done in the effort to establish "a uniform
y ~ .. t-oyVtbon tho rrnlf of
The government. Read and see If the OFT
quoted case of the Veazie Bank rs. Fenno
does not Justify all that we have said on
this subject. We quote:
"uaylng thus In the exercise OF Wadispuied
Constitutional polsrs mark that strong languagel
undertaken 10 pror'de a currency for the "hoe
country. II cannot be questioned that Congress
,aqv consftutsonaiig secure the bcneft II IL 10 the
people By APPROPRIATE LEGISLATION. To this end
Congress has denied he quality Of legal tender
20 foreign coins aud has provided by las against
the imposition of counterfeit and base coin on
the community. To the same end Congress may
RESTRAIN by suitable sRaetmerts the circulation as
money Of anV notes not ISSUED Vader is ocn az
thor,tg."
And let us say once moro that II Con-
press may forbid the circulation as money
OF any notes not l5Susu ulNrE lS ONu
authority it is because that power has been
conferred upon that body by the Constltu-
tion.
Again In the case OF The National Bank
rs. the United States, Chief-justice WAITE,
delivering the opinion of the court, said {:
The only question presented Is "a to the
constitutionality Of section 34l3 OF the Revised
Statutes. We think that this case comes
directly within the principles SETTLED In Neazie
Bank Is. Fenno. Where Il wGs distinctly he'd that
the tax Imposed by that section on national and
State banks for paying out the notes OF indi-
viduals OF State banks used for circulation trds
no. VEeOnSti'Uti0naL'
Once more. Mr.. Justice STRONG. in de-
l~ivering the opinion of the Supreme Court
OF the United States in the le~gal-tender
case which Is the law Of the land, said
livery contract for the payment OF money
simply IS necessarily subject 10 the c~Onstitu-
uonal power Of the government over the cur
rency."
Note that Mr.. Justice STRONG calls it
1.-THE constitutional power of the govern
meat over the currency"