Court Opinion

ID: 9416823
Source: CourtListenerOpinion
Date Created: 2023-08-02 19:56:43.088599+00
Date Added: 2024-06-11T17:21:33.121938
License: Public Domain

The, CHIEF JUSTICE,
dissenting:
We dissent from the argument and conclusion in the opinion just announced.
The rule,'by which the constitutionality of an act of Congress passed in the alleged exercise of an implied power is to be tried, is no longer* in this.court, open to question. It was laid down in the case of McCulloch v. Maryland* by Chief Justice Marshall, in these words: “ Let the end be legitimate, let it be within the scope of the Constitution, and all means which are appropriate, which are plainly adapted to that end, which are not prohibited but consistent with .the letter and spirit of the Constitution, are constitutional.”
And it is the plain duty of the court to pronounce acts of *571Congress not made in the exercise of an express power nor coming within the reasonable scope of this rule, if made in virtue of an implied power, unwarranted by the Constitution. Acts of Congress not made in pursuance of the Constitution are not laws.
Neither of these propositions was questioned in the case of Hepburn v. Griswold.* The .judges who dissented in that ease maintained that the clause in the act of February 25th, 1862, making the United States notes a legal tender in payment of debts was an appropriate, plainly adapted means to a constitutional end, hot prohibited but consistent with the letter and spirit of the Constitution. The majority of the court as then constituted, five judges out of eight, felt “ obliged to conclude that an act making mere promises to pay dollars a legal tender in payments of debts previously contracted is not a means appropriate, plainly adapted, really calculated to carry into effect any express power vested in Congress, is inconsistent with the spirit of the Constitution, and is prohibited by the Constitution.”
In the case of the United States v. De Witt,† we held unanimously that a provision of the internal revenue law prohibiting the sale of certain illuminating oil in the States was unconstitutional, though it might increase the production and sale of other oils, and consequently the revenue derived from them, because this consequence was too remote and uncertain.to warrant the court in saying that the prohibition was an appropriate and plainly adapted means for carrying into execution the power to lay and collect taxes.
We agree, then, that the question whether a law is a necessary and proper means to execution of ah express power, within the meaning of these words as defined by the rule — that is to say, a means appropriate, plainly adapted, not prohibited but consistent with the letter and spirit of the Constitution, — is a judicial question. Congress may not adopt any means for the execution of an express power that Congress maj'' see fit to adopt. It must be a necessary and *572proper means within the fair meaning of the rule. If not such it cannot be employed consistently with the Constitution. Whether the means actually employed in a given case are such or not the court must decide. The court must judge of the fact, Congress of the degree of necessity.
A majority of the court, five to four, in the opinion which has just been read, reverses the judgment rendered by the former majority of five to three, iu pursuance of an opinion formed after repeated arguments, at successive terms, and careful consideration; and declares the legal tender clause to be constitutional; that is to say, that an act of Congress making promises to pay dollars legal tender as coined dollars in payment of pre-existing debts is a means appropriate and plainly adapted to the exercise of powers expressly granted by-the Constitution, and not prohibited itself by the Constitution but consistent with its letter and spirit. And this reversal, unprecedented in the history of the court, has been produced by no change in the opinions of those who concurred in the former judgment. One closed an. honorable judicial career by resignation after the case had been decided,* after the opinion had been read and agreed .to in conference,† and after the day when it would have been delivered iu court,‡ had not the delivery been postponed for a week to give time for the preparation of the dissenting opinion. The court was then full, but the vacancy caused by the resignation of Mr. Justice Grier having been subsequently filled and an additional justice having been, appointed under the act increasing the number of judges to, nine, which took effect on the first Monday of December, 1869, the then majority find themselves iu a minority of the court, as now constituted, upon .the question.
Their convictions, however, remain unchanged. We adhere to the opinion pronounced in Hepburn v. Griswold. Deflection has only wrought a firmer belief in the soundness of the constitutional doctrines maintained, and in the importance of them to the country. .
*573We agree that much of what was said in the dissenting opinion in that case, which has become the opinion of a majority of the court as now constituted, was correctly said. We fully agree in all that was quoted from Chief Justice Marshall. We had indeed accepted, without reserve, the definition of implied powers in which that great judge summed up his argument, of which the language quoted formed a part. But if it was intended to ascribe to us “ the doctrine that when an act of Congress is brought to the test of this clause of the Constitution,” namely, the clause granting the power of ancillary legislation, “ its necessity must be absolute, and its adaptation to the conceded purpose unquestionable,” we must be permitted not ouly to disclaim it, but to say that there is nothing in the opinion of the then majority which approaches the assertion of any such doctrine. We did indeed venture to cite, with approval, the language of Judge Story in his great work on the Constitution, that the words necessary and proper were intended to have “a sense at once admonitory and directory,” and to require that the means used in the execution of an. express power “ should be bond fide, appropriate to the end,”* and also ventured to say that the tenth amendment, reserving to the States or the people all powers not delegated to the United States by the Constitution, nor prohibited by it to the States, “was intended to have a like admonitory and directory sense,” and to restrain the limited government established by the Constitution from the exercise of powers not clearly delegated or derived by just inference from powers so delegated. In thus quoting Judge Story, and in this expression of our own opinion, we certainly did not suppose it possible that we could be understood as asserting that the clause in question “ was designed as a restriction upon the ancillary power incidental to every grant of power in express terms.” It was this proposition which “was stated and refuted” in McCulloch v. Maryland. That refutation touches nothing said by us. We assert only that the *574words of the Constitution are such as admonish Congress that implied powers are not to be rashly or lightly assumed, and that they are not to be exercised at all, unless, in the words of Judge Story, they are i(bond fide appropriate to the' end,” or, in the words of Chief Justice Marshall, “appropriate, plainly adapted” to a constitutional and legitimate end, and “not prohibited, but consistent with the letter and spirit of the Constitution.”
There appears, therefore, to have been no real difference of opinion in the court as to the rule by which the existence of an implied power is to be tested, when Hepburn v. Griswold was decided, though the then minority seem to have supposed there was. Tlie difference had reference to the application of the rule rather than to the rule itself.
The the if minority admitted that in the powers relating to coinage, standing alone, there is not “ a sufficient warrant for the exercise of the power ” to make notes a legal tender, but thought them “ not without decided weight, when we come to consider the question of the existence of this power as one necessary and proper for carrying into execution other admitted powers of the government.” This weight they found in the fact that an “ express power over the lawful money of the country was confided to Congress apd forbidden to the States.” It'seemed to them not an “ unreasonable inference ” that, in a certain contingency, “ making the securities of the government perform thb office of money in the payment of debts would be in harmony with the power expressly granted to coin money.” We perceive no connection between the express power to coin money and the inference that the government may, in any contingency, make its securities perform the functions of coined money, as a legal tender in payment of debts. We have supposed that the power to exclude from circulation • notes not authorized by the national government might, perhaps, be deduced from the power to regulate the value of coin; but that the power of the government to emit bills of credit.was an exercise of the power to borrow money, and that its power over the currency was incidental to that power and to the *575power to regulate commerce; This was the doctrine of the Veazie Bank v. Fenno,* although not fully elaborated in that case. The question whether the quality of legal tender can be imparted to these bills depends upon distinct considerations.
Was, then, the power to make these notes of-the government — these bills of credit — a legal tender in payments an appropriate, plainly-adapted means to a legitimate and constitutional end 1 'or, to státe the question as the opinion of the then minority stated it, “ does there exist any power in Congress, or in the government, by express grant,- in execution of which this legal tender act was necessary and proper in the sense here defined and under the circumstances of its passage ? ”
The opinion of the then minority affirmed the power on the ground that it was a necessary and proper means, within the definition of the court, in the case of McCulloch v. Maryland, to carry on war, and that it was not prohibited by the spirit or letter of the Constitution, though it was admitted to be a law impairing the obligation of contracts, and notwithstanding the objection that it deprived many persons of their property without compensation and. without' due process of law.
We shall not add much to what was said in the opinion • of the then majority on these points.
The reference made in'the opinion just read, as well as in the argument at the bar, to the opinions of the Chief Justice, when Secretary of the Treasury, seems to warrant, if it does not require, some observations before proceeding further in the discussion.
It was his fortune at the time the legal tender clause was inserted in the bill to authorize the issue of United States notes and received the sanction of Congress, to be charged with the anxious and responsible duty of providing funds for the'prosecution of the war. In no report made by him to Congress was the expedient of making the notes of the *576United States a legal tender suggested. He urged the issue of notes payable on demand in coin or received as coin in payment of duties. When the State banks had suspended specie payments, he recommended the issue of United States notes receivable for all loans to the United States and. all government dues except duties on imports. In his report of December, 1862, he said that “ United States notes receivable for bonds bearing a secure specie interest are next best to notes convertible into coin,” and after stating the financial measures which in his judgment wore advisable, he added : “ The Secretary recommends, therefore, no mere paper money scheme, but on the contrary a series of measures looking to a safe and gradual return to gold and silver as the only permanent basis, standard, and measure of value recognized by the Constitution.” At the session of Congress before this report was made, the bill containing the legal tender clause had become a law7. He was extremely and avowedly averse to this clause, but was very solicitous for the passage of the bill to authorize the issue of United States notes then pending. He thought 'it indispensably necessary that the authority to issue these notes, should be granted by Congress. The passage of the bill was delayed, if not jeoparded, by the.difference of opinion which prevailed on the question of making them a legal tender. It was under these circumstances that he expressed the opinion, when called upou by the Committee of Ways and Meaus, that it was necessary; * and he was not sorry to find it sustained by the decisions of respected courts, not unanimous indeed, nor without contrary decisions of State courts equally respectable. Examination and reflection under more propitious circumstances have satisfied him that this opinion was erroneous, and he does not hesitate to declare it. lie w7ould do so, just as unhesitatingly, if his favor to the legal tender clause had been at that time decided, and his opinion as to the constitutionality of the measure clear.
*577Was the making of the notes a legal tender necessary to the carrying on the war? In other words, was it necessary to the execution of the power to borrow money ? It is not the question whether the issue of notes was necessary, nor whether any of the 'financial measures of the government were necessary. The issuing of the circulation commonly known as greenbacks was necessary, and was constitutional.. They were necessary to the payment- of the army and the navy and to all the purposes for which the government uses money. The banks had suspended specie payment, and the government was reduced to the alternative of using their paper or issuing its own.
Now it is a common error, and in our judgment it was the error of the opinion of the minority in Hepburn v. Griswold, and is the error of the opinion just read, that considerations pertinent to the issue of United States notes have been urged in justification of making them a legal tender. The real question is, was the making them a legal tender a necessary means to the execution of the power to borrow money? If the notes would circulate as well without as with this quality it is idle to urge the plea of such necessity. But the circulation of the notes was amply provided for by making them receivable for all national taxes, all dues to the government, and all loans. This was the provision relied upon for the purpose by the secretary when the bill was first prepared, and his reflections since 'have convinced him that it was sufficient. Nobody could pay a tax, or any debt, or buy a boiid without using -these notes. As the notes, not being immediately redeemable, would undoubtedly be cheaper than coin, they would be preferred by debtors and purchasers. They would thus, by the universal law of trade, pass into general circulation. As long as they were maintained by the government at or near par value-of specie they would be accepted in payment of all dues, private as well as public. Debtors as a general rule would pay in nothing else unless compelled by suit, and creditors would accept them as long as they would lose less by acceptance than by suit. In new transactions, sellers would demand and purchasers would. *578pay the premium for specie in the prices of commodities. The difference to them, in the currency, whether of coin or of paper, would be in the fluctuations to which the latter is subject. So long as notes should not sink so low as to induce creditors to refuse to receive them because they could not be said to be in any just sense payments of debts due, a provision for making them a legal tender would be without effect except to discredit the currency to which it was applied. The real support of note circulation not convertible on demand into coin, is receivability for debts due the government, including specie loans, and limitation of amount. If the amount is smaller than is needed for the transactions of the country, and the law allows the u^se in these transactions of .but one description of currency, the demand for that description will prevent its depreciation. But history shows no instance of paper issues so restricted. Au approximation in limitation is .all,that is possible, and this was attempted when the issues of United States notes were restricted to one hundred and fifty millions. But this limit was soon extended to four hundred and fifty millions, and even this was soon practically removed by the provision for the issue of notes by the national banking associations without any provision for corresponding reduction in the circulation of United States notes; and still further by the.laws authorizing the issue of interest-bearing securities, made a tender for their amount, excluding interest.
The best support for note circulation is not. limitatiph, but receivability, especially for loans bearing coin interest. 'This support was given until the fall of 1864, when a loan bearing increased currency interest, payable in three years .and convertible into a loan bearing, less coiir interest, was substituted for the six per cent, and five per cent, loans bearing specie interest,, for which the notes had been previously received.
It is plain that a currency so supported cannot depreciate more than the loans; in other.words, below the general •credit of the country. It will rise or fall with it. At the ¡present moment, if the notes were received for five per cent. *579bonds, they would be at par. In other words, specie payments would be resumed.
Now, does making'the notes a legal tender increase their value? It is said that it does, by giving them a new use. The best political economists say that it does not. When the government compels the people to receive its notes, it virtually declares that it does not expect them to be received, without compulsion. It practically represents itself insolvent. This certainly does not improve the value of its notes. It is an element of depreciation. In addition, it creates a powerful interest in the debtor class and in the purchasers of bonds to depress to the lowest poiut the credit of the notes. The cheaper these become, the easier the payment of debts, and the more profitable the investments in bonds bearing coin interest.
On the other hand, the higher prices become, for everything the government needs to buy, and the greater the accumulation of public as well as private debt. It is true that such a state of things is acceptable to debtors, investors in bonds, and speculators. It is their opportunity of relief or wealth. And many are persuaded by their representations that the forced circulation is not only a necessity but a benefit. But the apparent benefit is a delusion and the necessity imaginary. In their legitimate use, the notes are hurt not helped by being- made a legal tender. The legal tender quality is only valuable for the purposes of dishonesty. Every honest purpose is answered as well and better with- . out it.
We have no hesitation, therefore, in declaring our conviction that the making of these notes a legal tender, was not a necessary or proper means to the carrying on war or to the exercise of any express power of the government.
But the absence of necessity is. not our only, or our weightiest objection to this legal tender clause. We stilL think, notwithstanding the argument adduced to the contrary, that it does violate an express provision of the Constitution, and the spirit, if not the letter, of the whole instrument. It cannot be maintained that legislation justly *580obnoxious to such'objections can be maintained as the exercise of an implied power. There can be no implication against the Constitution. Legislation to be warranted as the exercise of implied powers must not “be “prohibited, but consistent with the letter and spirit of the Constitution.”
The fifth amendment provides that no person shall be deprived of life, liberty, or property without compensation or due process of law. The opinion of the former minority says that the argument against the validity of the legal tender clause, founded on this constitutional provision, is “ too vague for their perception.” It says that a “ declaration of war would be thus unconstitutional,” because it might depreciate the value of property; and “the abolition of tariff on"sugar, or iron,” because it might déstroy the capital employed in those manufactures; and “the successive issues of government bonds,” because they might make those already in private hands less valuable. But it seems to have escaped the attention of the then minority that to declare war, to lay and repeal taxes, and to borrow money, are all express powers, and that the then majority were opposing thé prohibition of the Constitution to the claim of an implied power. Besides, what resemblance is there between the effect of the exercise of these express powers and the operation of the legal tender clause upon pre-existing debts? The former are indirect effects of the exercise of undisputed .powers. The latter acts directly upon the relations of debtor and creditor. It violates that fundamental principle of all just legislation that the legislature shall not take the property-of A. and give it to B. It says that B., who has purchased a.farm of A. for a certain price, may keep the farm without paying for it, if he will only tender certain notes which may bear some proportion to the price, or be even worthless. It seems to us that this is a manifest violation of this clause of the Constitution.
We think also that it is inconsistent with the spirit of the Constitution in that it impairs the obligation of contracts. In the opinion of the then minority it is frankly said: “Undoubtedly it is a lawr impairing the obligation of contracts made *581before*its passage,” but it is immediately added: “While the Constitution forbids the States to pass such laws, it does not forbid Congress,” and this opinion, as well as the opinion just read, refers to the express authority to establish a uniform system of bankruptcy as a proof that it was not the intention of the Constitution to withhold that power. It is ifue'that the Constitution grants authority to pass a bankrupt law, but our inference is,, that in this way only can Congress discharge the obligation of contracts. It may provide for ascertaining the inability of debtors to perform their contracts, and, upon the surrender of all their property may provide for their discharge. But this is a very different thing from providing that they may satisfy contracts without payment, without pretence of inability, and without any judicial proceeding.
That Cougress possesses the general power to impair the obligation of contracts is a proposition which, to use the language of Chief Justice Marshall,* “ must find its vindication in a train of reasoning not often heard in courts of justice.” “It may well be added,” said the same great judge,† “ whether the nature of society and of government does not prescribe some limits to legislative power;- and, if auy be prescribed, where are they to be found, if the property of an individual, fairly and honestly acquired, can be seized without compensation? To the legislature all legislative power is granted, but the question whether the act of transferring the property of an individual to the public is in the nature of a legislative power is well worthy of serious reflection.”
And if the property of an individual cannot be transferred to the public, how much less to another individual?
- These remarks of Chief Justice Marshall were made in a ease in which it became necessary to determine whether a certain act of the legislature of Georgia was within the constitutional prohibition against impairing the obligation of contracts. And they assert fundamental principles of society and government in which that prohibition had its origin, *582They apply with great force to the construction of the Constitution of the United States. In like manner and spirit Mr. Justice Chase had previously declared* that “an act of the legislature contrary to the great first principles of the social compact cannot be considered a rightful exercise of legislative authority.” Among such acts he instances “a law that destroys or impairs the lawful, private contracts of citizens.” Can we be mistaken in saying that such a law is contrary to the spirit of a Constitution ordained to establish justice? Can we be mistaken in-thinking that if Marshall and Story were here fo pronounce judgmeut in this case they would declare the legal tender clause now in question to be prohibited by and inconsistent with the letter and spirit of the Constitution?
It is unnecessary to say that we reject wholly the doctrine, advanced for'the first time, we believe, in this court, by the present majority, that the legislature has any “powers under the Constitution which grow out of the aggregate of powers conferred upon the government, or out of the sovereignty instituted by it.”- If this proposition be admitted, and it be also admitted that the legislature is the sole judge of the necessity for the exercise of such powers, the government becomes practically absolute and unlimited.
Our observations thus far have been directed to the question of the constitutionality of the legal tender clause and its operation upon contracts made before the passage of the law. We shall now consider whether it be constitutional in ' its application to contracts made after its passage. In other words, whether Congress has power to make anything but coin a legal tender.
And here it is well enough again to say that we do not question the authority to issue notes or to fit them for a circulating medium, or to promote their circulation by providing for their receipt in payment of debts to the government, and for redemption either in coin or in bonds; in short, to adapt them to use as currency. Nor do we question the *583lawfulness of contracts stipulating for payment in such notes, or'the propriety of enforcing the performance of such contracts by holding the tender of such currency, according to their terms, sufficient. The question is, has Congress power to make the notes of the government, redeemable or irredeemable, a legal tender without contract, and against the will of the person to whom they arc tendered? In consid- ■ ering this question we assume as a fundamental proposition that it is the duty of every government to establish a standard of value. The necessity of such a standard is indeed universally acknowledged. Without it the transactions of society would become impossible. All measures, whether of extent, or weight, or value, must have certain proportions of that which they are intended to measure. The unit of extent must have certain defiuite length, the unit of weight certain definite gravity, and the unit of value certain definite value. These units, multiplied or subdivided, supply the standards by which all measures are properly made. The selection, therefore, by the common consent of all nations, of gold and silver as the standard of value was natural, or, more correctly speaking, inevitable. For whatever definitions- of value political economists may have given, they all agree'that gold and silver have more value in proportion to weight and size, and are less subject to loss by wear of abrasion than any other material capable of easy subdivision and impression, and that their value changes less and by slower degrees, through considerable periods of time, than that of any other substance which could be used for the same purpose. And these are qualities indispensable to the convenient use of the standard required. In the construction of the constitutional grant of power to establish a standard of. value every presumption is, therefore, agaiust that Which would authorize the adoption of any other materials than those •sanctioned by universal consent.
But the terms of the only express grant in the Constitution of power to establish such a standard leave little room for presumptions. The power conferred is the power to coin-money, and these words must be understood as they were *584used at the time the Constitution was -adopted. And we have been referred to no authority which at that time defined coining otherwise than as minting or stamping metals for money; or money otherwise than as metal coined for the purposes of commerce. These are the words of Johnson, whose great dictionary contains no reference to money of paper.
It is true that notes issued by banks, both in England and America, were .then in circulation, and were used in exchanges, and in common speech called money, and that bills of credit, issued both by Congress and by the States, had been recently in circulation under the same general name; but these notes and bills were never regarded as real money, but were always treated as its represensatives only, and were described as currency. The legal tender notes themselves-do not purport to be anything else than promises to pay money. They have been held to be securities, and therefore exempt from State taxation ;* and the idea that it was ever designed to make such notes a standard of value by the framers of the Constitution is wholly new. It seems to us impossible that it could have been entertained. Its assertion seems to us to ascribe folly to the framers of our fundamental law, and to contradict the most conspicuous facts in our public history.
The power to coin money was a power to determine the fineness, weight, and denominations of the metallic pieces by which values were to be measured; and we do not perceive how this meaning can be extended without doing violence to the very words of the Constitution by imposing on them a sense they were never intended to bear. This construction is supported by contemporaneous and all subsequent action of the legislature; by all the recorded utterances of statesmen and jurists, aiid the unbroken tenor of judicial opinion until a very recent period, when the excitement of the civil war led to the adoption, by many, of different views.
*585The sense of the- Convention which framed the Constitution is clear, from the account given by Mr. Madison of what took place when the power to emit bills of credit was stricken from the reported draft. lie says distinctly that he acquiesced in the motion to strike out, because the government would not be disabled thereby from the use of public notes, so far as they would bo safe and proper, while it cut off the pretext for a paper currency, and particularly for making the bills a tender either for public or private debts.* The whole discussion upon bills of credit proves, beyond all possible question, that the Convention regarded the power to make notes a legal tender as absolutely excluded from the.Constitution.†
The papers of the Federalist, widely circulated in favor of the. ratification of the Constitution, discuss briefly the power to coin money, as a power to fabricate metallic money, •without a hint that any power to fabricate money of any other description was given to Congress;‡ and the views which it promulgated may be fairly regarded as the views of those who voted for adoption.
Acting upon the same views, Congress took measures for the establishment of a mint, exercising thereby the power to coin money, and has continued to exercise the same power, in the same way, until the present day. It established the dollar as the money unit, determined the quantity and quality of gold and silver of which each coin should consist, and prescribed the denominations and forms of all coins to bo issued.§ Until recently no one in Congress ever suggested that that body possessed power to make anything else a standard of value.
Statesmen who have disagreed widely on other points have agreed in the opinion that the only constitutional measures of value are metallic coins, struck as regulated by the authority of Congress. Mr. Webster expressed not only his opiuion but the universal and settled conviction of *586the country when he said : * “ Most unquestionably there is no legal tender and there can be no legal tender in this country, under the authority of this government or any other, but gold, and silver, either the coinage of our mints- or foreign coin at rates regulated by Congress. This is a ' constitutional principle perfectly plain and of the very highest importance. The States are prohibited frorii making anything but gold and silver a tender in payment of debts, and although no such express prohibition is applied to Congress, yet as Congress has no power granted to it in this respect but to coin money and regulate the value of foreign coin, it clearly has no power to substitute' paper or anything else for coin as a tender in payment of debts and in discharge of contracts.” '
And-this court, in Gwin v. Breedlove;† said: “By the Constitution of the United States gold and silver coin made current by law can only be tendered in payment of debts.” And in The United States v. Marigold,‡ this court, speaking of the trust and duty of maintaining a uniform and pure metallic standard of uniform value throughout the Union, said: “ The power of coining money and regulating its value was delegated to Congress by the Constitution for the very purpose, as assigned by the framers of that instrument, of creating and preserving the uniformity and purity of such a standard of value.”
The present majority of the court say that legal tender notes “ have become the universal measure of values,” and they hold that the legislation of Congress, substituting such measures for coin by making the notes a legal tender in payment, is warranted by the Constitution.
But if the plain sense of words, if the contemporaneous exposition of parties, if common consent iu understanding, if the opinions of courts avail anything in determining the meaning of the Constitution, it seems impossible to doubt that the power to. coin moqey is a power to establish a uniform standard of value, and that no other power to establish such a standard, by making notes a legal tender, is conferred upon Congress by the Constitution.
*587My brothers CLIFFORD and FIELD concur in these views, but in consideration of the importance of the principles involved will deliver their separate opinions. My brother NELSON also dissents.

 4 Wheaton, 421.

 8 Wallace, 606.

 9 Id. 41.

 27th November, 1869,

 29th January, 1870.

 31st January, 1870.

 1 Story on the Constitution, p. 42, § 1251.

 8 Wallace, 548.

 Letters of the Secretary of the Treasury to the Committee of Ways and Means, January 22 and 29, 1862; Spaulding’s Financial History, pp. 27,46, 54.

 Fletcher v. Peck 6 Cranch, 132.

 Ibid. 135.

 Calder v. Bull, 3 Dallas, 388.

 Bank v. Supervisors, 7 Wallace, 31.

 3 Madison's Papers, 1346.

 See infra, pp. 653, 656. — Rep.

 Dawson’s Federalist, 294.

 1 Stat, at Large, 225, 246. and subsequent acts.

 4 Webster’s Works, 271, 280.

 2 Howard, 38.

 9 Id. 567.