The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-09

| =, the Democratic platform that the tax
,ho Issues of State banks shall be
repealed. It says;
| ia introduction in the House is IN pod-
| suanice niatform. In spirit. however. the
| niaffornn utterance Is more an "a ~
! 81 time-worn party dogiha :, .'' g. an
an urgent economic p rln1clp',h thirty years
| s,,bordinatlon OF a right OF ths, 49, ,he
a ruthless Federal trespass. All Una ~
hank "plank" demands U.s. the repea ,o,es
the i0rencent tax on tae e', r,atter OF po-
lifical right. the demand Is well-l ZION
and equally unanswerable Is ne ~, %" taxing
that the tax is "A perversloh VI ~ ~ raleInQ
power TO purposes foreign 70 a.na vi rea.
~ revenue. which alone Is suiiicieII,o ,orai
son for lis expungement from me, rrt,tIon
statutes. The demand TOT ra1ses these
al" repeal OF the tax ~, a is lust
positions, and 10 thdl 'N'
and unanswerable.
"snohen like tall man." TINS II 'ne
.,,,r,, 90 cav and II the Journal OF ON
roerce had stopped right there /" 49," -
49, rartod in constitutional law as high
., rarks N political economy. But
notwithstanding this cohcesSlo" '''"' '''0
limited States Government mas "o 0o"
s,,,utional power to prevent states lro"
o,,ortoring banks Of issue by taxing th' sc
issuos. II goes on TO claim LOT ."e
r,,,b, 10 prevent them from charterlhB
s,'cn hanks in some other way. 1t says
- IN the creation Of the constitutional
compact. Il was deemed necessary 10
rCeerve All rights OF coinage TO the gen
araI government then, for the same rea,
80 II Is necessary that Congress shall
nrescribe all the conditions needful 10
maintaining the integrity OF Whatever
other forms Of money than coin may at
env time be legaliZed. This reservation
Of the right 10 coinage stamps IL az lhe
doctrine Of the Constitution that IOn-
gress. and not the state lesisi9e IN
shau determine the guarantees needIul -
nrescrye the absolute integrity OF the
peoples money.
Here is. 10 say the least. very striking
doctrine We are totally unable to under
stand the Journals argument. we cannot
at all see why It IS necessary to assume
that II was intended to give Congress
power 10 prescribe all the conditions
needful TO maintaining the integrity OF
whatever other forms of money than
coin may at any time be legalized,' mere
~ because Congress was given express
nower to "cOin money and regulate the
value thereof" The business of furnish
ing TO the community paper substitutes
for money in such quantities as commerce
demands is one totally different In its
nature from that of coming the pre-
cious metals onto money. The advantage
in having this done by the Government
only is in having the supreme powers
certificate that each piece contains the
number of grains Of pure metal that the
trader seeks. But supplying to the COM
munity the paper promises to deliver
certain numbers Of these pieces when
demanded is a thing which has no sort
Of relation 10 the creation Of and stamp
ing the pieces themselves. That Is a
matter of traffic and commerce. 1t is
case Of dealing in those pieces which the
government has created in no sense diff
ferent in nature from dealing in houses
or cattle.
But. laying abstract reasoning aside. we
want to know of the Journal of Com
merce where it finds its authority for
saying that giving 10 Congress power
Ito coin money and regulate the value
thereof necessarily implies a further
power 10 ''prescribe all the conditions
needful TO maintaining the integrity OF
whatever other forms Of money than
coin that may at any time be iegalzed!'
The Journal rightly abandons the deci-
sion Of the Supreme Court Of the United
States In Veazie Bank VS.. Fenno, as one
that cannot be reconciled with the Consti-
tuition Where else viii it find authority
for its propositions? The Constitution ex-
pressly provides that the powers not
delegated to the United States by the
Constitution nor prohibited by it to the
States are reserved to the States res
pectively or 20 the people Here Is an
express prohibition against Congress do
ing anything except what 1t IS in terms
authorized TO do. Where is the provi-
sion of the Constitution or the decision
Of the Supreme Court Weazie Bank VS..
FennO being Abandoned that confers upon
Congress any power 10 prevent the States
chartering banks Of issue? We mean this
question, because we want light, and We
hope most sincerely that the Journal of
Commerce will answer It.