The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-08

| said Paper money ~ lcgal-tender In
no country OF Europe" and he was un-
| lust to withhold from the Government OF
the United States power TO make IL so.
Madison interposed. win II not be sum
| cient TO prohibit the making the bills
| tender" Gorham. tn reply TO Aad'soh'
| held that no accompanying prohibition
was sufficient to make 1t safe to grant 10
! the Legislature OF the United States POI"
| or 10 emit bills of credit. lie spoke alb
| solutels "for striking the words OUT,
saying: IF the words stand, they may
suggest and lead 10 the measure
oliver Ellsworth said: This IL Ia
vorable moment TO shut and fr the door
against paper money. The mischiei OF
the various experiments which nave peeA
made are now fresh in the public iniho'
and has excited the disgust of all the
respectable part of America George
Reed said: 1.-The words If not STRUCK out
would be as alarming az the marx Oh '"c
beast in Revelation" John i.angdoh sa'o'
81 had rather reject the whole plan thah
retain the three words. and emit piiis'
,rbaro car be no possible question that
~ convention intended TO make IL Inn
noss,ble that there could ever be any
napcr currency i'm this country paseo uPo"
the credit of the United states.
Having got this clearly before the lmhho'
we will be in favorable position Ior
seeing and understanding just what Tue
trainers OF our Constitution did' anu
what they meant by what they did. ihey
gave the United States Government power
.to coin money. regulate the value 'hefe-
Of and of foreign coin," and they gave IL
no other power whatever IN respec' 10
finance The Government can, OF course
claim nothing under written instrument
oxcept what Is expressly given or what IS
necessary TO make an express grant Ell
| fect,ial and we have this acconpahSi"s
testimony that it was intended TO DENY
| it power to issue paper currency lneS
| then forbade the states IN express terms
to issue bills of credit, and forbade then
also TO make anything legal-tender ex-
| cont gold and silver. Can any one on
| this record doubt that they intended 10
| say that this was to be hard-mohey
| country. and that the governments sore
| connection with finance should be 10 com
| the precious metals and stamp on each
| coin the quantity of metal IT contaiheu'
and thai there should be no paper cur
rency of any sort resting upon the credlt
| of either the United States Government
or any State government
Rn this becomes all the clearer by con-
sidering some other features OF their nom
action. Not one word is said In the Con-
| siitution Of any power whatever IN the
General Government to abridge the crea-
| lion and assignment of private credit.
| In addition. this remarkable fact IS 10 DE
borne especially I'm mind: There were ac-
tually in existence at that time p"hks
chartered by the States when had our
| their notes performing the part OF paper
| ourrencv most satisfactorily to the peo-
nile and they said not one word about
nose in the Constitution They plainly,
therefore. intended that these should con-
| tinue in being and that the states h'ltn'
| char,er as many more of them as they
pleased And Alexander Hamilton VINO
knew as much of what was intended pS
| the convention as any member OF H. sa'd'
| as soon as the Government commenced
| operating under the Constitution, III MS
celebrated report as Secretary OF the
| Treasury upon the finances IN which ne
recommended the establishment OF
national bank. that when the Constltu-
| tlon was framed It was expected mat
| state banks would CONTINUE 10 put
oft their notes
If is perfectly plain. then. that the con-
| stitntion intended that this shouiu ne
| hnrd-money country: that there shoulo
DE no paper currency based upon p"pl'o
| credit: that private credit should be alb
solutely Tree, and that we should nave
| such aids to the money of the country III
| the way of paper currency as indiVd-
! mails might choose TO create, including
banks to be chartered by the States that
rested upon private and not upon puolc
| credit. That was and is to-day the scheme
| of our Constitution. Never forget TINS.
! we shall continue this subject on lues-
| day.