New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-31
COLOG1DO HAS 4 PLAN or HEX on v.
SIZE WOULD ISSUE SILVER CERTIFICATES AND
SELL. THEN N OPEN MARKET.


Dcnver Julv 3O.-Attorncy- -G"nera Enrlev mas
rendered an opinion 10 the effect that II l. WITHIN
The power Of the Lcgslaur" 10 enact appropriate
LEGISLATION for the establishment Of statutory de-
ns,,iiory OF silver bullion and the Ssuanc" ot GER
ticatcs thereon assgnlbr by delivery ana rec'iN'p'
bv thc state on the payment Of state taxes. III
his opnicM Mr.. Engley SAYS:
The purpose of the inquiry Is. rs understand H.
,o furnish II pos,lblc medium IN part. owing to the
contraction of volume Of money. to bciter t"nNac'
ru,ucss and r,licv. financial depression now existing
n, tbc state. The adviSability practicabiliy oi
remedial legislation by the state along IN" line pro
pos.d Is matter shall not DISCUSS herein but Slla
coninc The inquiry to the legal aspects OF IN" phS
lion Legislation OF the Kind proposed To be- effective
must stand the test OF Judicial Interpretation Of the
Federal legi-ation
The Attorney General then proceeds 10 quote the
United state, Constitution. Article 10, section /, to
,h. .rcrt that no safe shall coin money. emit bills
of credit make anything but gold AMI liver coin
fender I'm piymcnt Of debts. E" The whoi" phrS-
lion he proceeds to say. "as here printed turns
,ron tbc precise meaning Of the words emit bills Of
crrdit =
The opinion Of chief Justice Marshall in tn" case
~ Craig agqin,t Missouri on the right Of state 10
Issue cerlnca"n of Indebtedness. receivable Tor 'aNr
and other state dues, and other opinions ot 'ne
United states supreme Court cited o. the subject
are quoted at length. In concluding his ophl"h the
Attorney General says
From a review of the decision IT i cvli nj ur''
there is practically no Limitation Of tire power oil ''
state in the charcrlng Of banks. The greatest 'n'
barrassmcnl I'm the way of s,as banks Is the " per
cent tax on their issue.
The stIte NAV own the bank and direct thal us
papcr be- received for dues the State and may give
10 the bank al franchises ii may see nj, ~ I'S ~
the Federal legislation is not infringed the r''o
may crcnnizc Il state bank and authorize the Issue vi
money based on bullion deposited In the vaults oil tue
bank ana Oh morl Cages and good p'rsohai secr'''.
A constitutional objection might b. rais'd-i uo "
say successfully rais,d-,o tile i>sne oil money o'''
on deposits Of bullion alone. upon the grouhu 'l'' sun
legislation would be class legislation.
There can be- no constitutional oblecuo" !" NV
state establishing d.po-orcs for the storage o ""
ion and issuing certificates representing o"i''""
stored therein rh,s. certificates may be- maze aa-
,isnablc by DELIVERY. Representing a. they WILL II
i-,.icd. commodity thai nnc;nAtc' III N.u' ,lr
linralcs will huruatc accflluSN' I'm, ,
can In sru,c e. called paper H''hu'' ITO '"N"''
q, money. - AMI I'll, ..
'rnr. sill BE- ,.ii In ia, D"n mar" ] i.,.i "a - -
sales when made VIII be only icErn "i l' Sir, w.. Y
50 many ounce, Of bullion; bars oI ,m'ttii, in'n
value will be controlled by the same rui's INV ,,
that cOnIn the value Of any Othci lersOIii ProPl3
They are In effect nothing more tiaIi warohoscs
receipts stating ON their that the h"u't VIII U;
entitled to tho delivery 10 him Of so many ouhcsS ol
bullion Of certain fnencss. on prcsrhiA.m :" ~" n
certificates " the proper officer o the "o'e'"'"'