The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-15
Not CONSTITUTIONAL Dollars.


In view of the fact that much is being
said about the money of the constitution
in this campaign, the letter from ex-Sena-
tor John B. Henderson, published in last
Saturdays New York World. in which the
position is taken that congress cannot
constitutionally declare that 371A grains of
silver, regardless of it's market value,
shall be worth as much as % 22-1OO grains
of gold, and that coins containing these
amounts respectively, shall be accepted as
full dollar in the discharge of debts and
all other commercial transactions among
the people, is an interesting contribution
to the literature of the campaign
Ex-senator Henderson has long been re-
garded as one of the aFblest lawyers of
the country and, therefore, what he says
on a constitutional question is worthy of
thoughtful consideration. The following
extracts from his letter show the general
character of his argument, which is quite
lengthy:
Among the enumerated objects to be
attained by the formation of the consti-
tuition are the following, to wit: To es-
tablish justice to promote the general
welfare, and to secure the blessings Of
liberty to ourselves and our posterity.'
AT the threshold let us ask if Justice
can in any conceivable way be prompted
or established among the people of the
United States by legislative edict which
plainly and confessedly transfers one-half
of their property from one class of our
people to another class"
IF congress can constitutionally declare
that S71A grains of silver, regardless of its
intrinsic value, shall be worth as much as
% 22-1O0 grains Of gold, and that coins con-
| tanning these amounts respectively shall
! be accepted as a full dollar in the dis
charge of debts and in all other CONNER
| cial transactions among the people, 1t fol-
! lows, al matter of course that congress
| may in its discretion, declare that %
| grains of silver, commercially worth, 1-3
| cents, shall be of equal value with the
| gold dollar. The enactment OF such a law
| if conformable to the constitution, would
certainly operate to confiscate by legisla-
tive edict about 9615 per cent. of the total
| inde'bt edness of the country; or more ap-
| propriately 1 should say it would take
| that amount from the holders of all sub
| sisting obligations and transfer 1t TO the
| debtors 1t would enable all banks to pay
| their depositors in full with 3is per cent
| of the amount they agreed to pay. And
the same is true in respect of insurance
| companies and building associations; and
| the employers of labor would, in the same
| manner, be authorized to take acquit-
| lance from the honest demands of labor
! If this power exists, the government it,
| self may legally discharge it's whole debt
| by paying to the holder of it's bonds 81
| per cent. of their par value
The government debt is all pay
| able in coin, but If the gov
eminent can itself make the coins for its
discharge and fix by law the value of the
coins so made of course a single hundred
| dollars worth of silver may suffice to
liquidate the whole twelve hundred mill
ion dollars Of its bonded debt"
Congress has. of course, authority ito
coin money, regulate the value thereof
ana of foreign coin, and fix the standard
Of weights and measures" Mr.. Hender-
son takes up colonial history and the pro-
ceedings Of congress under the articles of
confederation, to show the sense in which
the word regulate" was used by the
trainers of the constitution. He
shows It was not used '1n the sense OF
arbitrarily establishing or fixing values by
law. but only in the sense of ascertaining
and declaring the quality of each metal
necessary TO make equality OF commercial
or market value in the respective coins. -
The foregoing is only bare outline of
| Mr.. Hendersons letter. but 1t Is enough to
make it clear that II the election should
be in favor Of silver the question whether
or not the government has authority to
open It's minis TO free and unlimited sill
yer coinage Of silver at the ratio of l6 TO
| /, and make the silver dollars thus COIN
ed legal tender for all debts, public ana
private, would likely be presented to the
courts for settlement
The New York World observes that
there are -four roads for the democrats
| 70 take" 1t may be remarked that three
! Of them lead to the woods.