The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-01
HOW 10 SECURE SOUND fiNAN'IS-
THIRD AKI1CIf.


What we have 80 far written respect
,ng the theory Of finance when inns
country resolved to operate upon wheh
o,r Constitution was framed and adopt
Al was elementary knowledge OF the
masses of the people at "ise
thir,y-fve years ago out '"'
oxtgencies of the war led the Govern
mont on from one violation Of the Con-
s,,tutlon ia another. until its whole spirit
and purpose in respect to this subject was
abandoned. and we have adopted as the
3nspiration OF the Government TOWARDS "
precisely those ideas that had proved as
astrous failures. and that the Union was
formed and the Constitution was adopted
10 rid ms OF forever This viii be demon-
strated as this series OF articles goes on
but we think 1t better at this point 10
nauso a moment, that we may colla'e
the evidence that proves that our Consti-
tuition intended that this should be
hard-moncy Government, and that what
ever paper money existed here should
rest upon private resources, under private
management.
In the first place. under the Constitu-
,,on. the United States Government has
absolutely no existence at all outside OF
the powers that are conferred upon 1t
by the Constitution itself. 1t can do
nothing except what it is expressly au-
thorized to do. or what is necessary in
order 10 make its power to do an ex-
pressed thing enectual. This proceeds
from its nature as a Government created
and constituted by particular written
instrument, and that was the understand
ing with which the people accepted the
Constitution when the convention had
framed Il. At the moment when the
Constitution was sent out by the conven-
ton TO the States. upon the question
whether II would or would not be rati-
fed by them. its friends held great
public meeting I'm Philadelphia. TO set
the pace, as 1t were, for the friends of
the instrument all over the confederation.
James Wilson, who had been one of the
most distinguished members OF the con-
yention that framed 1t. was put forward
20 make the responsible address at the
meeting. Accordingly. he marked be-
fore the meeting what he called the
Heading discrimination" of the Constitu-
ton they had fromcd from the separate
constitutions Of each state, and he said:
'In delegatng Federal powers. the con-
gressional authority is 10 be collected, not
from the tacit implication. but from the
positive grant expressed in the instrument
OF union"
Alexander Hamilton said. in the FEEDER
aist: AS the plan of the convention
aims only at partial union or CONSOLE
dation. the State governments would
clearly retain all the rights of sovereign
ty which they before had. and which were
not by that act exclusively delegated TO
tie United States" Citation on eta
tion might be piled up to show that this
was the understanding upon which the
people accepted and ratified the ConSti-
tuition. and IT Is nowhere denied. But
the States were jealous upon the point,
and within two years after the Constitu-
ton was adopted and the Union formed
they adopted the tenth amendment to
g. which provides that the powers not
delegated TO the United States by the
Constitution. nor prohibited by 4, TO the
States. are reserved TO the States re-
spectively. or to the people"
This amendment was unnecessary. but
81 placed beyond all possibility Of ques-
zion the proposition that the Government
OF the United States had no authority TO
do anything. except what it was express
by authorized TO do. or what might be
necessary TO make any Of its expressed
powers eifectuai.
Very Well What authority do we find
in the Constitution for the Governments
connection with the countrys finances?
We ind the Constitution providing that
the Government Of the United States shall
have power ito coin money. regulate the
value thereof and OF foreign coin" and
we do not md another word on the sub
,ect Ii Is an utter perversion of all
language TO say that power to coin
money can include a power 10 issue paper
money. or superntend the issue OF paper
money by State agencies. whether in
tended 10 be legal-tender money. or only
notes to be used as currency by the
people. The trainers Of the Consti:u-
ton. knowing the dangers Of paper cur
rency issued upon Government credit. in
tended to debar the people from what
ever convenience there was in 1t. and to
declare that the only paper currency that
could ever exist In this country should be