Capital journal. (Salem, Or.) 1893-1895, 1895-10-12

United states to pay its face value 4
money to the holder on demand.
They are by law made a legal teDde
In payment for all debts, public an
private.
SILVER CERTIFICATES.
Beyond these forms of paper currenc
we have In circulation what are know
as "Silver CertiHcates," aggregatinI
several hundred million of dollars, bu
II you carefully read these you will
see they do not purport to be money
but upon their face they expressly re
cite that they are redeemable, on pre-
sentatIon ct the treasury Of the United
States, in silver dollars.
For each one Of these certificates
the government has on hand In thu
treasury silver either In the form o
bullion, or coined silver dollars, equa
TO the face Of all certificates so issued
and IL has also In addition large eur
plus over and above this amount &C
qulred by the purchases of silver at III
market price as commodity, against
which IL issued many OF these ceiti-
ficates at the coinage value largely In
excess Of the price paid for the silver
against which they were issued.
These certificates also are used by
the government independent Of any
banking ASSOCIATION.
We see, therefore, that our paper
currency which constitutes the great
bulk Of what is generally understood to
be money, but not money ut all, but In.
stead mere promise, either Of some
banking association or OF the general
government to pay money equal to
the face value of the hundreds upon
hundreds Of millions of obligations.
The question, therefore, recurs, what
Is money?
The constitution of the United States
was originally adopted by q seperate
vote Of the several states as they ex-
listed ut that period. The theory upon
which II was adopted was that the
several states Of the union surrendered
to the general government all control
over each subject expressly delegated
TO Its care, and that the states In their
capacity retained to them
selves all legislative authority not ex-
pressly vested In the parent govern
ment.
Among the powers expressly confer
red upon congress, and therefore upon
he general government, was the power
% coin money, regulate the value there
of, and Of foreign coin.
And then In express language II was
provided, "that no state should coin
money OF make anything but gold or
liver coin a legal tender In payment Of
lebts."
1t will be seen from the readiDg OF
hese provisions that the general gov.
rnment, through its congress, is given
he exclusive privilege, first, to coin
money, and second, to regulate It's
Alue, that Is TO determine what shall
the unit Of value In our financial
Vstem, and how much Of a given metal
hall constitute that unit, and theu TO
'ake the meaning Of these provisIons
oubly certain, 1t is provided that the
ates shall not coin money, and shall
ot make anything but gold and silver
I'm a legal tender In payment of
,bts.
Among the very ablest Of American
Atesmen. and the most profound con.
itutional lawyers this country has
er produced, are many who have
that these provisions OF the
makes It an imperatlve
lty Of congress TO provide In some
amer, upon some terms, for the
image Of both gold and silverias mon
Of redemption. 9
The reasoning by which this conclu-
m IL reached seems absolutely oonclu.
- 20 my own mind.
In express terms, the several states
their seperale capacity are deprived