The advocate and Topeka tribune., 1893-10-04
THE MONEY QUESTION.
Continued from page u

competent snd valid authority, Is made the
medium Of account and payment"
Mr.. Justice Marvin, on psge 6l9, says:
"It isssnot, however, denied that congress
may reconstruct the dollar, and make IT.
though nOminally the same, Of Far less value
az compared with the coined quantity OF the
precious metals.
''The precious metals, IL is said, possess q
real intrinsic value in the estimation OF all
civilized nations, and that they are gen.
orally used as the representative OF values az
money. And all this is true. Still. the
precious metals are a mere article Of COM
merCe between nations and among the peo-
ole or subjects Of euch nations, in chat the
nations, By an act Of legislation, give to
them a different character bytaking certain
portions and imprsssing upon them che
sgamp Of the government, and give them
names which tho people may use in their
contracts; and also declaring that the dam
age for the breach Of all contracts shall be
estimated in the stamped precious metals,
according to their denominations, and shall
be satisfied by them"
And sgain, on page $40:
"Although nation has once establishadR q
system Of money composed Of the precious
metals 40 an aid to commerce, 10 does not
follow that 1t may not change that system,
OF, indeed, wholly abrogate 1t and substi-
tute something else 90 the representatives Of
values, classifying il by numerals, and Civ
ing them names.
''The nation may, and ought to do 90, 1t
in its judgment il has discovered a better
system for the development Of It's industry
and the encouragement and protection of
commerce"
In the legal tender cases in 81 PennsVl-
vania state reports the supreme court OF
Pennsylvania, on page 6S, says:
'eThe state may not enact that anything
bat gold and silver shall be legal tender, but
congress may coin money; that is, say the
opponents Of the constitutiOnality Of this
act, give the character Of money to pieces Of
metal. Il has made money out Of copper
and declared it q legal tender for small
amounts. Its power 10 do this has not been
questioned. Nor is there any provision that
q piece Of metal which congress- may coin as
money shall have legal value correspond
ing st oil to the intrinsic value Of the metal
in the market. Upon this subject the con-
stitution is silent. The regulation Of value
may be changed from time to time. It has
been more than once, without denial Of the
power Of congress- to change il. Our coins
have been debased and a smaller weight OF
pure gold or silver is now required than was
formerly required.
''It seems, therefore, to have been left TO
congress to determine how far the statutory
value Of coined metal shall correspond with
the market value Of the same metal as bull
lion. Il Is not claimed that the expression
TO coin money and regulate the value
thereof expresses or implies any other re-
striction than that the substance Of which IL
Ia coined rhall be metallic. But IL 10 posi-
BILE for gold or silver to be formed into q
Leaf NO thicker than bank note paper. II
upon such q leaf, stamped in any way, q
value be affixed BY congress Of 500, Why is
it not money, even in the view Of those who
insist that coming money is applicable only
10 metallic substancesH There is no pre-
scription Of any form for the pieces Of
money that may be coined"
The courts Of last resort Of at least fifteen
other states have held, in substance, the
same doctrine. But, Mr.. President, the su-
preme court of the United States has fire.
quently spoken to the same effect.
In Knox Va. Lee and Barker vs. Davis, II