The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-29

constitutional, while three maintained It's
validity. Congress at once passed an
-, nroxts,ng for two new Judges. and
President Grant appointed two a'o"eo
sreenbackers. This made hve 10 iour'
and the flrst case was overruled.
Then came the question whether Con-
gress could prohibit the Issues OF S'a'e
hanks bv the prohibitory ten per cent
fay The Supreme Court said that con-
Tress had the right to borrow money ana
issue the governments currency LOT j.
| This included the right TO XIII OH III
| competing currency obligations as an
incident 10 the right to borrow money-an
! utter non sequitur-as money can DC Oo'
rowed upon promises not Designer ~
circulate as currency or designed 10 cii
culate as currency along with other cur
| rency. lust as well as on promises "iio"
,.,a tho exclusive right of circulation
Here were two deep inroads MADE upon
the Constitution, but the war was iea'S
| the foundation upon which they Do'"
rested and It was hoped that "heh '"e
question came again before the supreme
Court in a form that would cut IL en-
tirely loose from the war, we shouiu nave
the government brought back TO the oiN
Landmarks. But we deceived ourselves
The right 10 issue legal tender greenbacks
was placed upon the necessities OF war
But long after the war was over an act
of Congress provided that when a lesai
tender greenback came into the treasury
and was thus redeemed, it should be re-
issued as a legal tender in time of peace
Whom this act came before the Supreme
Court (Guilliard VS.. Greenman, ITO L. ;.
r.. 42l) the Court said in answer 10 this
argument made against the act that
when our Constitution was adopted the
RIGHT IN issue paper money and make it a
legal tender for debt was an acknowledge
ed right of ali sovereign powers, and, as
the Constitution did not forbid the United
States to do this, II must be assumed
that IL intended to allow it this power in
common with all other sovereignties. The
doctrine that they could be issued as an
incident Of the war power was bad |
enough. but here is the unequvocal doc !
.rine that the United States government |
has one Of the most important of all pos
sible powers, not granted to it by the |
Constitution, but inhering in ii by reason |
of the fact that it IS a government. II /
was not adopted without protest. however.
Mr. Justice Field, the only Democrat in
the court. delivered a memorable dissent /
ing opinion, in which he plainly showed |
the absurdity Of the decision. This Is the
most startling proposition that ever ema-
mated from an authoritative source in the
United States, and it could have emanated
from ignorant men alone. 1t is an utter
negative of the language Of the Constitu-
ton and of all history-the history Of the
Constitution and of the United States and
the entire history Of Europe.
Where in the history Of European gov
ernments. did the court find authority for
the statement that it was conceded to be
an attribute Of sovereignty TO make paper
money a legal tender for debt? Our own
were derived from England,
and. when our Constitution was adopted
such a thing as legal tender paper money
had never been heard of in England, and
nowhere else as far as we know Of If,
therefore, Congress should provide sys-
-em of conditions and inspections for
State banks, the new doctrine may sus-
tain the act as constitutional. But, if
we can get the act repeating the ten per
cent. tax on no other conditions, let us
have it on these, whether it stands or
falls. once let the country taste the ben
efits of comparatively free banking and
it will take care of the congressional re-
stricton so as to make them harmless.