Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-06-23


coin Is the best standard Of value, for
| II has inherent value In all commercial
countries; but II IN the couHe OF events
gold and silver cannot be had In guam
titles sufficient TO form medium Of
exchange for the increased wants OF
the country, then congress- may estab-
lIsn another medium OF exchange--an-
other standard OF value. This was
twice done by establishing Bank OF
the United States. much prefer the
credit OF the United States, based as II
10 upon all the productions and prop
erty Of the United States, TO the issues
of any corporation, however well
guarded and managed"
In 1868, Senator Sherman discussing
this subject again, said;
''rhero can be no doubt about the
power OF congress on this subject; and
in order to fortiiy my opinion and
show that the whole question has been
examined by much wiser men, will
read TN extract from the report Of Mr..
Dallas, In December, 1916. read this
short extract TO show that never was
the exclusive power Of congress over
the currency denied even by those gen.
tlemen who were In favor of gold and
silver as the standard Of all values.
Mr., Dallas, In his famous report made
In December 1915, says;
"By the Constitution OF the United
States congress- is expressly vested
with the power to coin money, to rcgu-
late the value OF domestic and foreign
coins in circulation, and las q necessary
implication from positive provisions)
10 emit bills OF credit, while II is de.
clared by the same instrument that mo
state shall coin money or emit bills OF
credit The constitutional
authority to emit bills Of credit has also
been exercised In qualified and limit
ei manner During the existence OF
the Bank Of the United States the bills
or notes Of the corporation were de-
clared by law to be receivable in all
payments to the United States, and
the treasury notes, which have been
since issued for the services OF the late
war, have been endowed with the same
quality. The constitution
nj and legal foundation Of the none.
tary system Of the United States is
thus distinctly seen; and the power of
the federal government to institute
and regulate it, whether the circulat-
ing medium consist OF coin or of bills
Of credit must, in its general policy,
as we'll aS in the terms Of its invest
ment, be deemed an exclusive power,
1t is true that system depending
upon the agency Of the precious metals
will be affected by the various circum-
stances which diminish their quantity
or deteriorate their quality. The
coin OF state sometimes vlnishes un.
der the influence Of political Abrams,
sometimes in consequence Of the ex-
plosion OF mercantile speculations, and
sometimes by the drain OF an unfavor-
able course OF trade, But whenever
the emergency occurs that demands a
change Of system, 1t seems necessarily
to follow that the authority which was
alone competent to establish anatioual
coin is alone competent to create ma
tional substitute.
"These extracts from document OF
great ability state the whole question
in few words. Congress has the pow.
err to regulate commences; congress has
the power to borrow money, which in
wolves thr power to emit bills OF cred
it; congress has the power to regulate
the value of coin, These powers are
exclusive. When, by the force of cir
cumstances beyond our control, the
national coin disappears, either be-
cause Of war, or of other circumstan-
ces. congress alone must furnish the
substitute. No state has the power to
interfere with this exclusive power in
congress to regulate the national cur
rency, or, in other words, to provide
substitute for the national COIN"
The above just and true statements
were expressed by Senator Sherman
before he abandoned the cause Of the
people and was made rich by his new
masters. Since then he has been
great friend Of the banks and bank
notes; and, as great an enemy to the
greenback as were the rebels and cop
perheads during the war. appeal
from Sherman the traitor to Sherman
the pa triot, and have quoted his testi-
mtZy, uttered before he joined the
enemy. JOHN DAVIS.