The independent., 1903-06-04
Money and the Taxing Power
BY w. II. ASHBY.
BY w. II. ASHBY.

| and silver coin a tender in payment
Of all debts" 1t is not believed that
any considerable number of them
have done so. The result is that no
| article has been designated which has
the power to be tender in payment
Of debts.
| Notwithstanding that such is the
condition, as it exists under the con-
stitution, yet because of the little
knowledge possessed by men upon the
| science OF money the first first coHsr ess
did, without any constitutional au
thority, enact law by which to "fy
the standard of money" and by which
1t did declare what article shall be
"a tender in all payments" And il
| must be admitted that the power to
declare what shall be tender is not
| An incident to the power to coin
money.
! Although entirely without author
ity, it is believed that, having been
acquiesced in for more than a hun
dred years-bad as such a precedent
is in case of bold usurpation, the
courts would hold the act constitu-
tional and that the power to Elk the
standard of money" and the power to
declare what article shall be a "ten.
der" in all payments passed to Goa
gress as power necessary in the
exercise of the powers actually
granted.
It becomes apparent, then, that
three separate and distinct things are
involved in this discussion:
/. The power to ''fix the standard
OF money which is exercised by tie
selection Of the symbol to be the term
by the use Of which the valuation
of quantity Of the force of demand
for commodities may be expressed, SO
that the taxing power may be exer-
cised and justice administered il
making tax leyies and in the rendi-
tfon Of judgments-'in the public
offices and in the courts of the United
States"
2. The power ''to coin'' that
money" when it is so fixed, is the
power to stamp or "coin" the symbol
adopted upon suitable substance =
as means OF anticipating the rev.
enues, thus making receipts against
future tax levies and exchanging them
for needed services and materials, to
enable government to carry on it's
operations.
3. The power to declare what thing
or things shall be "a tender in all
payments by which is meant the
power to declare what article by d.
livery shall peremptorily perform tn
office of conclusive receipt and can
eel, by it's tender" all tax levies "in
the public offices" and all judgments
in the courts OF the United States"
Notwithstanding our habits OF
thought have fixed sucn an idea in OF.
minds, yet coin is only one thing law
might endow with power of tender
While it is clear that the constitu-
tion fails to give congress any pow
er over two Of these points; yet con-
greSS having exercised that power,
though without authority, for so long
a period of time, we VIII consider the
matter settled by prescription; and
"coin,' therefore, or it's substitute, is
the only thing endowed by statute
with the power of tender.
evolved such certificates of payment
of tax levies, for any number of years
in advance of such leyies, as a means
of anticipating it's revenues, and in
-scribes upon these certificates Tin the
money" symbol, with the numerals)
the quantity of value 1t received for
them and for which they must be ac-
cepted as peremptory receipt and
conclusive proof of payment against
all tax levies, then that government
has exercised the power to "coin'' it's
money" To coin money is to stamp
or print the symbol (which is the
''money') Of the government that is
performing the act. To "coin money"
is phrase Of the same character as
is to print words" The result of one
is coin" the result of the other may
be composition" an editorial"
"poem," or a drama The phrase
ito coin money has no reference to
riol ,h-&o~