Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1909-08-25
The Uniform Currency.

Though at times during the last
few years the country has talked of
nothing but interstate commerce, it is
not so generally known as it might be
that the movement which resulted In
the present constitution of the United
States began in an effort to correct
the unsatisfactory laws for interstate
commerce which were enacted by the
several States under the old Articles
of Confederation.
When the convention of 1887 took
up this task 1t was realized that a
necessary medium of smooth and UNI
INSTRUCTED commerce between the
States was system of money uniform
In all the States. In providing this
medium the makers of the constitu-
tion did not go to the length, now
reached, of prohibiting any other
money except that issued or guaran.
teed by the government; but 1t went
as far in that direction as was possible
In that day and generation.
To facilitate commerce between the
States Congress was given the exclu-
sive power ''to coin money, regulate
the value thereof and of foreign coin,
and to fix the standard of weights
and measures"
In order that there might be no mis-
understanding about the money with
which commodities were to be paid
for, the States were expressly forbid
den to coin money and to issue paper
money In the same section they were
forbidden to make anything but gold
and silver coin tender in payment Of
debts"
The States being denied the right to
issue paper money and the power to
issue 1t not being expressly granted
to Congress, the only paper money con-
templated by the makers of the constt-
tuition was that issued by chartered
banks and payable in coin of the
United States whose weight and fine
ness had been fixed by Congress.
Thus was the currency made abso-
lutely uniform throughout the Union,
except that no way was provided to
enforce solvency in the State banks of
issue. The regeneration of many of
these institutions into wildcat banks"
and the varying rates of discount at
which their notes passed current have
reconciled the people to the destruc-
ton of State banks of issue by the
Federal tax of 10 per cent on their
notes. Even though the constitution
confers upon Congress no power to
tax the creatures of State, the tax
is in this case acquiesced in because
everybody wants it.-St. Louis Repub-
lie.
Payne Tariff a Broken Promise,
President Taft, in his formal
apology for the new tariff, says it is
not "a complete compliance with the
promises made. strictly interpreted"
He signed 1t because he believed it to
be "a sincere effort on the part of the
Republican party to make a down.
ward revision"
The Republican party promised not
an attempt, but an act; not purpose.
SAe ASouAe. ~ udu duu mas Lle power.
1T was and is responsible. Its candi-
date for president and the Interpreter
OF its policies) did not promise "a
sincere effort to make downward re-
vision" That would not have satisfied
the people. He Interpreted the plat.
form to mean revision downward
within the limitations of the protec.
tive principle" He was the party
spokesman; his was the official read
ing of its pledge.
1t was for revision downward"
that the people voted. They have,
instead, "a sincere effort at downward
revision" There are those who fear
that Mr.. Taft's good nature misleads
him even as to the sincerity. The
bill, by the confession of the man
whose personal pledge the voters ac.
cepted and honored, is mot complete
compliance" 1t is a broken promise.
New York World.