The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-02-17
vox PoPULI.
SAYS PAPER MONEY
is UNCONSTITUTIONAL

Editor Pensacola Journal
Every dollar of paper money ever
put into circulation in the United
States is unconstitutional and void,
unless the legal tender United States
paper note is an exception, for the
reason they are emitted bills of
credit"
1t is painful, as an attorney at law,
to make this statement, but l cannot
avoid it. It is true.
The supreme court holds&
THE constitution is the supreme
law Of the land and upon it's adop-
ton the sovereignty of the states
ceased to exist as to all matters con-
fided to the federal government.
dodge Y Woolsey Is How. 331).
Before the adoption of the constitu-
ton the colonies, and independent
states, exercised the sovereign power
to coin money and emit bills of credit
for their especial use and benefit.
This sovereign power was taken
from the states. No state shall coin
money or emit bills of credit"
Only a part of this power taken
from the states was conferred upon
congress-: Congress shall have power
TO coin money, and regulate the value
thereof" The constitution is my au-
thority.
The power to emit bills Of credit
was not granted to congress.
Before March 4, 1888, under the ar
ticles of confederation: Congress
shall have power to borrow money or
emit bills on the credit OF the United
States"
After March 4, 1889, under the con-
stitution: Congress shall have power
to borrow money on the credit of the
United States"
The words "or emit bills" were
stricken out See Juillisrd VS.. Gree
man Clio L. S. 421.)
The constitution says: "All legis-
lative power herein granted shall be
vested in a congress-" etc. If the
power ito emit bills was stricken out
and not granted what is stricken out,
becomes an important question.
In Craig VS.. Missouri CA Peters 400
Chief Justice Marshall, speaking for
the court, said:
What is a bill of credit? What
did the constitution mean to forbid?
To emit bills of credit con-
veys to the mind the idea of issuing
paper intended to circulate as money,
which paper is redeemable at future
day"
Congress and the states have no
constitutional power (and never have
had since March 4, 1880 to circulate
a promise to pay gold for money.
Congress was given the unlimited
power, the sole power, to make money
WHY then permit them or anyone else
to circulate a promise to pay money
for money?
Whether the people, who made the
| constitution and took from the states
! the power to make money and granted
| the sole power to make money to con-
gress, were wise or foolish, is not the
question. They did it!
Whether the people were wise or
foolish, to take from both the states
~. !. 70
of credit, is not the question. They
/ did it,
It was wise financially TO place the
sole power in one body, so that the
money would be good in all the states.
| One money instead Of IS kinds of
money; but whether IL was wise 10
/ have granted to and vested in con-
| gress that power, in view of their
/ failure for 123 years to comprehend
what ssto coin money" means, is the
paramount political issue in 1912.
The wisdom of wiping out the
emission of bills of credit IA promise
/ to pay money for money-is self-evi-
| dent. The people who made the con-
stitution were honest, expert financial
/ students who regarded the rights OF
/ the debtors as well as the creditors
| and their work shows it. 1t will look
| we'll in history.
They also must have known that
4 j
| never would have granted to the legis-
lative power the power to make
! money.
The science of money-the quanti-
| tive theory of money-demands that
money good enough to loan and in
duce men to run in to debt, shall De
| good enough to pay the debt.
/ In the case Of Briscoe VS.. Bank OF
| Kentucky eli Peters 257) the court
refers to Chief Justice MarshalIs den
milton OF "a bill of credit and says:
"A definition so general as this
would certainly embrace every de-
/ scription Of paper money which cir
culates as money. This doc
trine is startling. because it strikes .
/ fatal blow against the state banks
i which have a capital OF near $500, 0o0.-
900 and which supply almost the en-
tire circulating medium OF the coun-
try
The Craig case was decided in 1886
and the Briscoe case in 1887. Since
then< the state bank note. has been
destroyed.
| That is why every dollar of paper