Year: 1873

The power to make money and regulate
its value, includes the power to control the
value of all the property in the nation and
to effect its distribution, and is, therefore,
an essential attribute of sovereignty. This
was clearly the view entertained by the
trainers of our organic law For the Con-
stitution of the United States declares
that Congress shall have power ''to coin
money, regulate the value thereof, and of
foreign coin, and to fix the standard of
weights and measures, that no State
shall enter into any treaty, alliance, or con-
federation, grant letters of msrqe and re-
prisal, coin money, emit bills Of credit,
make anything but gold and silver coin a
tender i'll payment of bts." 1t will thus
be seen that the founders Of the govern
ment recognized the power to make money
and regulate its value as among the essen
tial attributes of sovereignty, equally SO
with the power to conclude treaties, and
enter iuto alliances and considerations, for
there is none of these powers more care
fully guarded in the constitution than that
to make money and regulate its value. 1t
is, therefore, the imperative duty Of Con-
gress to institute it upon such wise and





control Of the sovereign people who pro-
duce the values it is designed to represent
and exchange, and not be as now, the tY-
rant, master and oppressor of labor and
deranger of legitimate commerce.


To be consistent, those who oppose the
issue of legal tenders by the government
should insist upon purely gold and silver
currency, excluding nicklesnd copper coins,
as well as paper money, and the prohibition
of any circulating medium other than those
so called precious metals. For there is
certainly not one particle more authority
given to Congress to delegate the power to
make money, than there is to delegate any
or all Of the sovereign powers granted to
it by the constitution. The theory Of one
currency redeemable in another, before it
will perform the proper functions Of a cir
culating medium, is, at best, but Gun
ningly devised scheme for enriching the
few money dealers at the expense of the
industrial classes. Besides, a currency
that will not legally discharge judgment
or lien rendered by the highest, as well as
lowest, judicial tribunal in the nation, Ia
not, in legal sense, money. This power
no bank-note, whether issued under State
or national authority, ever possessed, and
Congress should not and cannot, without
committing a breach of trust, permit,
much less sanction, the emission or circu-
lation of such. To do SO, is to give a few
irresponsible banking corporations the pow
er to rob the producing and distributing
classes at pleasure.


The courts have, with almost entire
unanimity, held that Congress has the pow.
er to declare what shall be legal tender
or lawful money without regard to the
quantity or quality of the material upon
which the legal powers Of money are e3.
pressed, and this doctrine is sanctioned by
q very large majority OF those who produce
and distribute the wealth and pay the taxes
of the nation. While what has been said
respecting the nature and properties Of
money, may be admitted as true, 30 far a,
our domestic exchanges are concerned, il
may be objected that the adoption Of such
a monetary system would operate injuri
ously upon our foreign trade that, az al
commercial nations have legalzed the SO
called precious metals, gold and silver, Al
money, we cannot maintain commercial re
lations with them unless we also legals'
them as money. This objection has nt
foundation in practical experience, and {
sufficient answer to it is that our coin il
not current or legal money at the standard
fixed by our laws. Other nations only re
ceive it at the standard fixed by their laws
and greatly prefer our bullion to our coin
Besides, legitimate commerce between ma
tions, il the exchange of the products o
the soil and labor of one nation for thos
OF another, and il never carried on upol
legal, but always upon actual, values
Money, whether Of gold, silver, or an,
other substance, parts with its legal prop
critics and power a. circulating medium
whenever it passes beyond the jurisdiction
of the government instituting it and max
ing it legal tender in payment Of debts
THE RATE OF INTEREST TIE GovERNIx,


POWER IN TIE DIsrRIBUTIoN TO


CAPITAL AND LABOR.


This IL the most important function Q
money. 1t in not only the most governin
and influential power, but il also the mos
unjust and deceitful of all earthly powers
Operating silently and unseen, it entail
on millions excessive toll, poverty, an
want, while il keeps them ignorant of th
cause Of their suiferings for, with thei
tacit consent, il silently and stealthil
J trannfss . laxEs share of thsir earnings