The times. [volume] (Richmond, Va.) 1890-1903, 1894-12-02
The CGrrency Question.

Editor Times: / ask a portion Of your
space by way Of replying TO d rev or
your criticisms on my article, entitled
the Currency Question in your issue
OF the 9TH instant. Reference Is made
TO the dtCta OF Judge Story IN the case OF
Brscoe VS.. The Bank, in which it is re-
marked that without stating any au-
thority for il, he Dramatically asserted
that Congress had the right TO control all
the currency of the country"
Justice Story may not have given MS
reason here, as, lnueed 1t was not neCeS-
sary that he should, but good ones were
not lacking 10 sustain ms position anu
in his commentaries on the Constitution,
In quoting thS arguments Of Mr.. Webster
in his speech on the Bank OF the United
States on the 18th and 18th OF May, 49,,
he (Story) says: 1t will be hereafter
seen that this (he power to coin money
is an exclusive power in Congress, the
States being expressly prohibited from
coming money; and 1t has been SAID Dy
an eminent statesman that IL IS dlfAcult
to maintain, on the face OF the constr
tuition itself and independent or long
continued practice, the doctrine mat the
states, not being at liberty 10 coin money
can authorize the circulation OF pank pa
per as currency al all. Ills reasoning
deserves grave consideration, anu Is 10
the following effect: The states cannot
coin money Can they, then, coin that
which becomes the actual, and almost
universal substitute for money! Is not
the right OF issuing paper intended Tor
circulation in the place and as the repre-
sentative OF metallic currency. derived
merely from the power OF coming ana
regulating the metallic currency? Coud
Congress, If 1t did not posses the power
Of coming money and regulating the value
OF foreign coins, create a bank with the
power to circulate bills2 II would be
difficult to make IL out. Where, then,
do the states to whom all control over
the metallic currency Is altogether pro-
OH tai
that in other countries, private bankers
having no legal authority over the coin
issue notes tor circulation. But this
they do always with the consent OF the
Government, express or implied, and gov
eminent restraints and regulates all their
operations at its pleasure. IL would be
a startling proposition in any other part
of the world that the prerogative of
coming money helq py the government
vas liable 10 be defeated, counteracted
or impeded by another prerogative. held
in other hands OF authorizing a paper
circulation 1t is further 10 be observed
that the States cannot issue bills OF
credit. not that they cannot make them
a legal tender but that they cannot issue
them at all This Is az clear indication
OF the intent OF the Constitution 10 re-
strain the States as well from establish
ing a paper circulation as from Interior
ing with the metallic circulation. Banks
have been created by States with no
capital whatever, their notes being put
in circulation simply upon the credit OF
the State. What are the Issues OF such
ranks but bills OF credit issued by the
State?" This opinion, as previously
mentioned, was not peculiar TO Webster
and Story, and had been advanced years
before by Crawford. Calhoun and Dallas
salmon p. Chase. in his report as Sec
retary OF the Treasury. December 8.
| iS6l. was arguing on the line OF some good
| southern Democrats when he said:
1T mas we'll been questioned BY the