The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-07-22

40 not DeiltNe lnat any paper money
can be constitutional legal tender for
/ debT
The supreme court of the United states
/ has decided that paper promises to pay
, coin, issued by the government are a legal
| tender. and we are all bound to obey the
decision. but | am not bound to believe IN
| Nor do | believe that the tax of 10 per cent
! on the issues OF the state banks is a con-
! stitutional tax. nor that the income tax
obey those decisions.
But l do believe that gold and silver
coins of the United States are fun legal
tender, under the constitution. whatever
I congress may say. state these PROPOSE
/ tons, not because they are necessary to
| the argument, as to the power Of gold
! and silver as legal tender money, but to
( illustrate the power that belongs to all
| legal tender money. whether silver. gold
| or paper. even If we do not admit its
1 rightfulness.
,, Moneys Only Power.
The only actual power money has is the
power to pay debt.
A contract is complete when the parties
express Their assent to its terms. II il is
a contract to pay money. the amount Of
stated in the agreement. and the debtor
| can compel the creditor to accept il. If
| he refuses, the court will ascertain the
I amount that is due him, in dollars and
viii satisfy the judgment. SO that he can
! take the money so rendered, or 30 away
empty. as he may choose.
No greater liberty and none more Just
exists. than the r.ght of the debtor to
compel the creditor to take legal tender
money in payment OF any debt. demand Or
| obligation he is bound to discharge
In al civilized. free countries. where per
sOnal liberty is at all valued, the laws pro-
tect the debtor from tne natural rapacity
I Of the creditor.
/ The divine law takes up this subject and
makes respect for this protection personal
The jubilee was established BY Moses to
prevent Jewish creditors from Cypress. "
! their brethren. II was a statute Of l.rnIta-
ton upon all indebtedness; il gave the
right of redemption By the mortgagor Of
To 10 md dew hoo
sold Tor debt. 70 their liberty. To these
statutes we have added large exemptions
( Of property from sale under execution. and
nave abolished imprisonment Tor debt W =
punish usury with heavy fprfeitures, and
are frequently resort.ns To the laws Of
/ bankruptcy 20 ext nEuish all thu Indebted
ness OF unfortunate men. In this way al
east qualify ourselves TO repeat with
eince-ity the lords prayer. Forgive Us
our debts. as we forgive our debtors"
{ Georgia was the first asylum for imprsoH-
+ Cd debtors. OglethOTpe opened the prison
doors Of England and brought the poor
debtors TO his colony at savannah. cgie-
thorpe was the Moses and Georgia was
the promised land" OF the creditors bonds
/ believe in maintaining the security Of
debts and the inv.Clability Of contracts.
! and that they should be paid in one COM
I mon legal tender money, which the debtor
( Is bound TO pay. and the creditor 5 equally
bound TO accept. II the bond or treasury
note OF the United States is payable. as
they are always payable in coin. ! be
! uevC. indeed / know, that Il is both hon
4 1Gf. lawful and moral tnAE the NoAltE %
+ tuch securities should be willing to accept
+ that sort Of coin. whether of silver or gold.
that Is thus named and described In the
terms of the contract; and, II ne wishes 10
violate his agreement BY refusing 20 CON-
PLY with f.. ne should be compelled 70 a.
cept IT. II no special coin = named in the
ter,Ia~ Soin' at re opt on OF -he Sob.or.
again state that the only real power
that money has under the law Is the
power 10 pay a debt, and il is only through
the legal tender laws that this power. in
its compulsory form. Is available.
In whatever currency. whether foreign
or domestic. whether gold. silver. or pa
per. a debt is measured. or expressed II Is
PAYABLE. under our constitution IN DOL
- confe,.srltIor. and The laws enact
under them made dollars and cents the
money of account. and article Of the
anne ndments TO the constitution HAts tI.e
sum Of twenty dollars" Gs the lowest limit
of the right of trial by jury.
No court III the United states can law
fully render judgment FOR a sum Of
money in pounds shilliuss and pence or in
marks or francs. An money judgments
must be rendered in dollars. They must
be dollars that are a lawful tene,f- " ny :.
To prevent the debtor from paying "a Dc
preciated currency that may he called dot
lars and to prevent the creditor from &c
handing payment in currency that IS
worth a premium over legal tender dol
lars. or IN some coin Or foreign country
that is difficult to obtain
Debtor and Creditor Equal.
In framing our constitution the conyen-
ton was careful 10 protect both dep1oT
ana creditor in these vital points, ana II
took from the states the power 10 enact
legal tender laws except only that they
might make gold and SILVER com esdt
tender. -..-. nj,
mace in the organic law, whether IL relates
to the government, or the people, tnith
was done by this exercise OF one OF the
highest powers Of sohrreienty, IA coming
money into dollars and ia GIVING 10 them
compulsory power in. making pdyin d
debts public and private
IL was provided Tor. liked ana fnade
permanent. in the constitution, as one OF
the essential guards oil the hirItles 81
the people and an Indispensable eNer-
else Of sovereign puwer, without MAith
the United states government would nave
been utterly imbecile.
The legal tender power. that Is the
compulsorv power OF money in the pay
ment Of debts is that, alone. when ois-
tinguishes between money, as II Is known
TO the constitution. and commonly OF
promise TO pay money. as Il - known 10
commerce ana commercial iaw- Money
that a creditor Is not compelled 70 re
ceivc in payment of a debt IS not money
within the meaning Of the constitution
II is not money. such as a shrTlu OF
marshal can receive IN satisfaction OF
judi mcnt, for the colleGtoh OF WhlSh ne
holds an execution. ia his hands
silver coins ana gold coins that are not
a tnral tender for debt are simply bullion
Their value is created by contract. ana
NOS bv the command of the law
Mexican silver dollars and British gold
/ i'm the United States. At home they are
money because they are legal tender Tor
their full face value in the payment OF
| debts. ......,-.
| When the trainers Of our constitution
| conferred upon congress the power 10 com
money. that power was a useless thing
v.ifbout the further p0wer TO make II a
lea.l tender I'm payment of debts That
/ f,i~tbsr power was given IN tho words %
/ ..rarutat. the value thereof, and Of foreign
] coins The value of the coins, whether
| domestic or foreign, was to he regulated
/ Nv Hving the relative weight ard fiueness
III m, metal as between the Inherent
| classes of coins. and by giving 90 them the
| cornpulsory power OF legal tender
/ gsorri.n Coin. Once ir.fi Tender
| For many years, during which our gold and
| SILVER mines were uuUlS-oNcrc'l, coz '-I-ss
I d1d ifntte-t to foreign coins, both EDii ana
silver the compulsory power OF legal irn-
| Ter money That policy was atterW&rdS
| charged and foreign COINS cdd oliIg 'i1e
| commercial value OF the pure bullion thts
| contained. -
| There was lion in the path OF congress;
! In treating LEGAL tender money. that had
| to be- renewed II WIS the right OF tie
| states TO declare what should 90 a l-s"'
! lender i'm the payment OF debts
They had used this poWsr even wien
;h.v wcr. colonies, and nearly tEtiI olle
Of them had its own mints ans us vWi
| banks ard made its own legal tehHer avs
some OF them made legal tender Oh ,.'bi -
and Co5nskius. This had 60 DE chii'-''i ],
and it was done by giving 10 G. mas IN