L. THE BEAV/PB ARXV,S
S PuBLisHE D EVERY WEDNESDAY'I
in the old Avirsbatleting:on.Tinni, 5„,4„,r
Frovt; Ps:. a: •
TWOJOLIARS PER YEAR IS ADYiRCE
a.)pies of the Paper will be furnished,, in
wrapperv, AtitTi_cer,l* each. ,
Cu
patauniations on; subjects of loisd' or 'mint in
west , re respectfulis Solicited. To insuro - attoutton t
(done of this kind meat invariably be accompanied by
the name of the author, not for publication, but Asa
agaltst !imposition.
yea and 'communications should be addressed to
J. WEyAND, Editor ct Proprietor
RAILROADS:
per .. FT. Is - A vcr., S CIIICA6O RAILWAY. •
°loud after April 29, Trains will leave Stations
daily, ( Sundays excepted)as follows. [Train lesvlcg
chiral , . a: 4:7/1, P.M.. leaves daily.]
-----'7 " . TRAINS GOING WEST. .-
- -- ---,--------- 7-Exios. Exr's,iE4or'o. WO;
'...----=
-----.----7-77-7 . 1 615:ts 930Ast 215Pst 2003.11
pithrhergh. :1 815 1040 4,25 810
110 61. - ; te r ', . -
.... 1111 M, • 1224Px 511 458
nll'lm •. • .... - '''''' i 111,10.: 110 • . &Xl' - 559
Alliance i 1231r12 159 70 0 . 629
canton i 1 1 ,255 v. 216 • 730 646
,7•11roillon.. : I, us' 233 1 808 - 119
‘:ITY/P e * '''''''''''''''H on 3'.. I. P4O 746 --
Wooster .!! 045 560 11014 020
Nant:leld
1 ; 445 539 - . ' 1045 9.50 -
Cre-tlice •• : 600 Ax 610.-t-, 1100 1000
t 635 6/0 " 1135 1025
Dory•rn,i 71,9 ''‘‘.l. , 1223 Ax 1100 `
UPP''' S " ndu t kY .I ' - 755 1255 1123
, 1.3,,1 911 216 EV301•34
N
Lim ` l
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;1220PX 114.5 .520 300
(.7.); um J 1
Fort SV " Y"e ' , 1 1 119 : 1z30.t3t 691 346
1•
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200 121 - 554 436
V,"41-...kay; li 300 2311 751 - 549
ph,,,, , ,,:h : 1; 4,g; r,..57 927 713
cl_Erago
\•!1.s;a.1 , 0••1.
'' :,, 700 550 }120R.20
TRAINS GOING EAST . . V'
I 'Exp's:lExies - lEbaos./, bl ' s
, I
'ehicn2o- - ----1 i
720.414 1 1020rit i 4.0' px 11430,49!
••'ll;ars.4.+o .. -, 1 9434 1230 ' a2711.X 637
livniol3ll , 1 tIO3I 259 ' 810 -, 021
w,,,,,,, • .. . ...:111:33 420 : 901 940
colneltea',l2l9rx 530 _ 9.14 ' 1033
Fort I.Vnyne - 11.5 . , 700 - ';' 1080 1135
Von Wert i „ , 2311 IXII -1136 I.2SaPX
11113 •
'. l zrttl 950 •; 1: 1 ,34Ax 215
•
01‘..t.• I 739'• 11100 . : 141 350
I !Ter Sondttolty , 51K1 1135' 206 424
Eecyrtei - ' 538 . 41218Px 221 . 1 511
601 -1250 310 rrio
Crn••• 1
line • •• • 6 625 200 320 600 Ax
•
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1 v v ,„ . . : -,,,.
(11'119 •, '•• - . Ign r 430 - .540 105 ,
.13,4111,,n - • 1, 913 501 613 9411'
ti'anton .• : - ;4004 521 658 . 1000
.5 iii:iiie. , a 100 . 025 730 11, -
Nfloni • 1132 • 657 759 1149
lb.clu-t. , r. 12.5A.3ii 815 940 21545 t
Ptiisimr.:t , 280' 050 1015310,1
_ .
youmr.town. New Castle Erie Express Thave
Vsive , vanut 3:00 p. In; Net Cnstle, 405 p.m: arrit.:,es
p. m:Retaining. leaves PlttsburgE
E-0.10. in: urr.,nt N. Ca , tle, - 8;3'; a. m; Youngatown,o::lo.
7.•:•!* Ct:elle and Pittsburgh Aceomme
datum 1..a,...:(1701:11f1rt0wn. 5:15 a. in; ••.N ew Castle, 7:20
s..ni;,arrives at 4111evIlmiy. 10:04) 'a. in. Ileturnies.
Alloulanty, p. in; ...arrive: , New Castle,
p.'llr YOUlit.' , ltll% 11, tr2o p. nt.
F. It. Gcneral Ticket' AOtit.
On 2,11.1 after April ISt, 18V, trairn
(Lily (Stihdap, excepttd) at fq.)
=EI
7 . ..iiii: 1 1 . i.iWi1..,(T:,;N
—74-7 I • " IL:": . 1 '
!.: 5'20.%,..W1' 111:1Pm • , , 2 , 151 . .*
ttll I , 154; ! 3511
I 1 9:15 I. 1:150 . roo
1,1010 435 1110
1!1110 - 510 . IZO
1'1144 543
....
7,"
ME
as m .
.
WIT, PI
•
• GOING 'NOUTII. - :
MAIL. Accok
" t 850.tm 412 pm. .....
i1(.22 5:26 ...... 1....
1/11.15 64.5 7152.24
• ttv , •.D. - ..z. • • • 111M1pm.643 . 810
f,1230 710 I 8,10
Streetl 137 804 I 1002.
- Clevelawl I /50, 615 1015
• GOING EAST. •
I lsll2° s.lE.stes. Accom
4301 , 311 FM.A.Id I 1040,tx
1 ...... 440 i 6 0 '5. 10 50 •• •
" r,55 ' T 33 :111r.; 8 •- • •
c'2o - 822 1104-.2 010
Ferro,.'. 142 Bl2 : W 2 445
.14•41 or• • I , "12 1112 23 1 11 -733
. 11 820 -. 920 '240 745 .
POtbazh • if ino 1025 350 910
• - 7 -- 7;
GOING, WEAT.
• I MAIL. Ext.' n. Exio 9.:Accoli"
• i
l'lttoltmzh ' 1115AY 2004.3 i 435 r j ••*10k.24
1:• , 8••.4...r • • 725 305 515 1'445
Bean.: ,
.......... 5 . 83 815 5415 I 455
'lBl2 - 343 • 628 j 544
w. 4 .r1;:••045 4%1 720 erbo
t.tet'wr., ....•
.. MO. 520 818 1....
4 3ridt , I.ort ,1112 6io 022 I ....
Ik!lair 1125 , 640 '935 _ • ....
DRAscri
, ..P4rlvea
N. PE.. .I. :•:',il, 6:so.p.m.Bayard. 9: . 55. a. m.
I; ;) d!;1. X2:..1 m. - IN. l'hiladelpida.2:so,r• m
.
F. IL MYERS, General Ticktt ..3g nt.
• .
IUT lET "GONE UNDER."
THE I NI)E1;;;IGN El) WoULD RESPECTFULLY
iNforni lli. friends and the public generally. that
and keeps constantly on hand a large
rod ivt.l.tlectetl'stuck of
LADIE 7 .-;', - •
.(.;IiNTLEME'S
AND CHILDREN'S
Boots. anil Shoes,
_ -
. liT ALL KINDS,
• ; ji •
wh!..% 1 , l i . ,01! at tiv• low , tq posglble prices. In
,:,:, .:: :J-3-1::1-t.2rti made stock of Boots and Shoes,
..!a:- , .. ..11 hand a lame ns , ortment of his own
! , .a ., :`,.. , ,,•. :01.1 is propared to do job work or repair
t-- I.rlng notice. add as -well as imit be done
...- -1. , .p to tint 6otty.
- , .,11, puldic"for past favors in my btvdne..s.
..,11 , ..- - a,k that they ma , : be continued. All
a 4 , . , :i: that rips will be repalr'd freo of elotrge.
HOBERT TA LIMN.
BEI
- elis9 ) xis , I J n lrerxal
Coixiportud.
lalmr raving invention now being in
' eryivhere. „t fair trial will convince
no wash bikini necivertry. Three
, tinte,,and labor gayer! by its Lae.—
f:.briv,.`"rd'anY kind. and meet,. a want
!. remove paint- ?rare or
~.eftetart and ix... Antilles the
I 'i•.t:ilyand cheaply nuide, costing far
• n•ld .tiperior to the best of soap. It
;:r.arte,t favor wherever introduced.
‘.;,1 Family !lights for ma k •
l'• Kirkland. The C orn .
I , it for sale at the FtOrt..,4 of 31r. S. C.
s:., Itucliester; L - F. Kramer. North
, nd 11. H. A Beaver. Orden4 for
lie left at tho hoarding litne.c of
i..m the point. ItocheAter, or sent by
to J. Kirkland, Itoctiester, I'a.
=I
1..`
r
I=AN:CE AGENCY.
T•,•.4 - !1 , 1i;:s:E1) TINS BEEN APPOINTED
.
na Insurarteil Company, of Dart
..l 1 ht.kxise fur tin. Niitzara Insurance
•t `'ti Y. , rl:, and the Enterprise Insurance
•
, .. -
•
, •
t•itit
•••• • V ••.e. far. &e. ate,. 11T:thin loss by .
t•tt.t yens or ifw.
adiu.teri :tild promptly paid when
• .110.1..1.. All hr•ine,t , cann , Ttrd with
11 to trit l t di. rgiteli
1,7 JO*. 3PCIXIZE. Artent: •
Beaver, Pa.
I LAUGIIING
" " 1 r: A I-I. TY. THAT II.kVE BEEN St'FIOERING
of tnothaelie. and dread 44
at,d Ina wi:l tad . that Dr. Chandler it. o•
N-riy r.•;ie ve von hr the 11.1 C of the great pain
trqiii.NG ( - 4A • s,:aP,i make their extrac
of I • l «amire.ratiter'than of pain.
• r 2:; • ,,... ' l i.erforeted in the bert pottrillle
•Pn re-1,41111131e tome 1.4 by any good Den
tJl :h. o'llll' ;
rarer Station. Roelteatir • Pa •
• :"'"‘C"." i t .
• *
'P. CHANDLER it, CO..
L I 31E. 14 131 1.1.
T th'anktitl for pa 4 favors. takes
mut the le'ople in Burr both
and . 1 Y. lhao he eont inter, manufacture
of 1„11%1E, at-tim
- [
tnnprlClll LIME KILN'S."
, .
• 'i.r:_r, plll .„i lt o. P. .•rs Nv..••st of Hearer. Pa. All order!
care.ully lte beet of brie tot.
..t my at eta per •b uabel.
ANOS norr.r.
I
V01.. - 49.4N0:1..29,
sjuirsiv Q o on 4.4ikiar 7.,nders.
DLSTRICT. COVET Ole PHiLt.DEXPIII.L.
Boris vs_ Trott. Constitutionality of le
gal.tender nt)tm. -Case dated. 9pinlon
ShatswoodiP. J.
If any point may be considered ai w ell set
tled; it is that the Constitution' of the :United
States hi a special grant' or delegation oflini-
Red poviers to the Federal .Goirernment.--
"It has been truly said," observes C. J. Mss
shall, in the United States .y& .Fisher ~2
Cranch, 2 . 12, "that under a Constitution Con
ferring spocific p6wers, the power contended
for must he granted or it cannot be exercia:
ed." The same thing has been affirmed by .
Mr. Justice Story in i Martin vs. limiter s
Lessees, 1 Wheaton,, 26, "toe Government of
the United States cuff claim no powers which
are not granted to it, by the Constitution, and
the powers actually - granted must be such as
are expressly given, or given by necessary
implielatiifu. And nit to multiply citations
—on-_ so clear' a principle—again by C. .T.
Marshall in McCullough vs. The State of
Maryland, 4 Wheaton, 405. = "This Govern:
ment is acknowledged by all to be ono of en
umerated powers: i The principle tIMS it can
exercise only the powers granted to it, Would
seem too apparent to, have, required to be
enforced by all those •arguments which its
enlightened friends,. While it was depending
before the people, found it necessary to urge.
Tlitit prikeige to now Ittniver.tully admitted.'
It follows that to sustain the constitution
ality of an act of Cimgress---to determine
that it is a law—an - authority for it must be
affirmatieely shown. , That authority must
exist in the ; Constitution in express words,
or
,i he act A ntst appear to be necessary and
proper for carrying into execution some
Hoffer or polders vested in Congress, in the
Govermient of the United States,. or in some
department or of thereor -. '
By this rule' we are now to decide whether
that clause of the act of Congress approved
February 25;1'882, entitled "An act to author-,
ize the 'Otte of United States notes, and for
thelrednptinn or funding thereof, and for
funding the floating debt of the United
1
States;", which provides that the notes is
mil in pursuance of that act "shall be law
ful: mo ey, and a legal tender in payment
of all II 4.its public and priVate"—is or is
not' a l a w of the land.
. - -
The ceunsel of the defendant—recognizing
that on rhim retied the burden of 'maintain
ini,the a affirmative of this' issUe—claimed
that the' provision referred to .was an exercise
of authority visited in Congress under one or
other of the following clauses of the enumer
atihn in section 8 of article 1:
Paragraph 12. To ' borrow money on the
credit of the United Stptes.
im rar. 3. TO regulate commerce with foreign
tio qs and ninon); the sevetal ' States, ' and
with the in4ll:lit tripes. ,
Par. 5. clin money, regulate the value
thereof,, and of foreign coin, and fix the stan
' daid_of'iveielits and measures.
Par. 18. 're !make all s which shall be'
necessary antEproper for carrying into exe
cution the foregoing powers, and , all other
powers vested by, the Constitution in the
Government of the United litotes, or in any
department or Officer thereof
/ propose to examiue -these- clauses with
such other parts of the- Constitution as have
been supposed, in the course,of the argument,
to illustrate them. I yid some degree of con
fulerice,not only from the well known ability,
learning, and research of the counsel for the
defendant, but from my own investigations,
that if the act of Congress in question cannot
be sustained on either of these clauses, it can
not be sustained at all. • a
. . . . . ,
I will begin with the last pitmgraph• of the
enumeration, because its proper construction:
has an important bearing onithe other—Par.
18: "To make all laws which shall be neces
sary and proper for airiyinglinto' execution
the foregoing powers." I. will not here re
vert to political and controverted grounds,
nor to the argument by which, in the Feder
alie,lS'o. 44,,-and elsewhere,dhe objections of
the enemies of the Consti ution to the sweep
ing- words of this clause ere . met *and, an
swered by "its enlighten friends." ' I'mean
to take exclusively as . m guide the pyinci
pies judi fially Isettled - by he Supreme Court
of-the C ited States in the leading cases of
McColl° igh vs. The State of Maryland (4
Wheat., 318), , The rule established in that
case is well expressed by the reporter in the
syllabus. If the end- be legimate, and' with
in the! scope of the Constitution, all the
means which arc • appropriate, which 'are
ainly adapted to that; end, and - which
a e not prohibited, may constitutionally be
c ployed to,
.carry it into effect. Let us re
it
cur, however,lto the very words of the
- opinion, as delivered by, C. - J. . Marshall :--!
"-We think the sound construction of the
Constitution must allow' to the, National
Legislature that discretiOn, with -respect to
the Means by which the-powers it •confers
are to be earned into ,exectition, which will
enable that body to perform the - high 'duties
assigned to it' in the, manner most benpficial
to „thepeople. Let the end be legitimate; let
it be within the scope Of the Constitution, and
all .111calLi which arc appropriate, which are
plainly adap ed to that end, - and . which are
not prohibit .d, but consist s with ' the letter
and,spirit o the Constitution, are coristitu ,
i.
tional."--P. 421. , •
•
'This is ceilainly a very . Large charter to
the discretion of Congress, yet as a rule for
judiaal cases lam willing to accept it: It is
apßaiaMt, however, from very terms ' in
which , he
. principle is 'enimeiated, that this
disCretion is not witlioutlimits.
It is not Congress which is to be the final
judge as to whether a. measure is • necessary
and proper for carrying into effect any of
the delegatelpowers.- Nrere it so,. the .enu= .
meration would have been a - vr,in and delu
sive inoekery, and the fundamentaLprinciple
that the Federal Government Ls bite merely
of limited 'authority, an unmeaning formula
of words.
are
'The limits plainly set in this language
these: 1. The end Must be legitimate, and
within the scope of the Constitution. 2.
The means must -be appropriate and adapted
to the cud. 3. The means must not them
selves lie prohibited,but consist with - the
letter and spirit of the Constitution. .
• There is, however, another limitation upon
the discretion Of Congress in the choice of ne
cigisitry and proper means.. It is clearly sta
ted in MeCullough*e. Tha. State of Mary
land. and- indeed the principle of it may be
considered to have ruled , that 'case. I quote
*gain the very words of the opinion:
"The power . or Creating a corporation,
though.appertaining to sovereignty, is not
like the powers oi making war or levying
taxes, or of regulating cobimerce,a great sub
stantive-and independent' power which can
not b: iniptkd asinciclenthl to other powers,
or used as a means of executing them." (4
Wheaton, 411.1 - = .
I understand the. Supreme Court in this
• language to lay down the - simple and reason
able—l might, perhaps; say the self-evident=
propOsition, that no one . enumerated power
can be incidental to another enumerated
power. - Three cases are stated as eiimples
of substantive po but clearly only. as ex
amples. We ha eno right to say that any
one of the . powers is more substan 7
tive ant independent than another. Their
very expression tiuthoritatively stamps their
character. If, thirefore,a power is delegated,
but in terms wbqt import a limitation. or
-'
.1;~>>~i
;
."7"1 - ` :
,
OM
I=
OSE=I2I
• •
.
. 7 .
•
Beaver Pa
, if
131 E
_ , ,
1
qual4;cation,, it (Minot be exercised .as incl-,
dents to some other power; disregarding the
limitation.or q u alification annexed 'to the &-
press grant Indeed, such limitationor qual
tleatlon.may be considered as A; mhibitiatt
againin.thelitercise of that powermany oth
er way, and, therefore, within the limit which
tifeliupremsiCourt pincesspon' the , (Were
ticin of Congress in thelemlnciation t• of the
general prunaple, vial
. that Congreis cannot
employs measure, •h. er necessary and
proper ittnay be for air,. .• Into effect some
exam* power.'tf.that ,` 4. ': 4 , - has been pro
hibited. - , --. ' • .
.I.pags now to the ... 7 :*deration 'of those
grants, from wldch, by he aid .of the last
paragraph of. he eau ~ ' ration, It islcontend-
ed that Corigress have authority :to issue
what this act mllB 4 'l/111 .-, States notes," and
to nuike theme jogai" • rider in payment, .of i
all debts, public and, ,
~ ate. • I
I: "To regulate.. ,
o erce with foreign
nations and among t ' several States and
with the' Indian . t,, " (Art. 1, sect. 8,
par. 8) - ' \ i • - •
It must be admitte standards of val
ue and of weights avail, , urea are means
very appropriate Afi. L L • .ted to the , regale- -
tion of commerce. 131 T hen we have In this
enumeration a clause* - ch:expressly grants
and defines the a,uthotl :NI create such stin:.
Cards. If it directs of l' • t they shall consist,
Congress cannot make " ;SLother kind as incl•!
dental to the regulatitirKT, commerce.
With equal plausibil_. ight it-he pretend
ed that, for the regulai," !of commerce, Con
gress could lay duties, 4iosts, awl exercises,
and pass bankrup t ' , sr"' Such measures
might be very approp and adapted to
that end. Yet surely I ' ill not be maintain
ed. that, assuming these were as incidental,
ss
Congre could disre„,no the rule of -unifor
mity, which limits and ' alifies the express
Ti t
delegation of them. s qualification is, in
fact, a prohibition of a duties, imposts, or
exercises, which shal not be uniform
thoroughout: the Unit ect tates—of any' laws
on the subject of bankruptcies which shall
not; in like manner, be uniformthoroughout
the United. States. , -(Art. 1, see- 8,, par. 14.)'
These cases present a perfect illustration of
the soundness of the limit to the discretion of
Congress, prescribed by the Supreme • Court,
that a substantive power shall not bt exercis
ed as incidental.. I do not however, pontdder
theta as any more perfect than the very -case
begore us.' If the power to create a standard
of ialtie and medium of exchang e is express
ly delegated , but confinee by its terns, as we
will presentlysee that it is, to coins--foreign
onlomestic—it is h prohiSition of any , other
kind of money. Congress cannot, under the
pretext of regulating commerce, infringe the
prohibition thus laid on
It. "To borrow money'. credit of
thelUnited States." (Art- I Vsec: 8, par. 2-)
It has been argued that ; ander thi s c l ause
Congres may issue these "United States notes,"
becituse _they are onl acknowledgments of
debt In a negotiable f orm, and in order , to
giv i them greater credit make them a legal
ten er. That there may be consnitutionally
isa ed to the publiccrealter certificates of the
amelmt due, transferable by assignment—or
honor notes payable to bmrw, which can
p.O from hand to hand by mere delivery—l
do not demi. These 'are all securities, , and
Congress are vested expressly with powo
"to provide kw. the punishment of counterfif
ing the securities and current coin' of the
United States." (Art. 1, soc. 8. par. 6.) This
language is acenraie. Securities= vi termia
are something different Money. - This
view is strengthened when we find the coin
described in the same -paragraph .14' ezti-ieni
coin. 4 ' .
• These United Statei notes are not -securi
ties for money which may be issued' under
thel-authority to borrow, but they are "bills
of Creilit"—things distinct and different
from secaritie.. Thnt there is such -Ails
tinction may be Clearly shown by the
judgment - of the highest • tribunal, which
gives the law on these subjeitta to
all other courts. According to that tribunal,
bills of credit are not certificates of loan—
not treasury bonds or note—'not acknowl
edgments of 'indebtedness, all of which are
mere securities, but: bills • invested
with the : functions bf ' money just such
bills as the United States notes~ &riled
in pursuance of" the act of Congress
in question. In Craig vs. the State of
Missouri (4 Peters 4.31), C. J. Marshall, in
delivering the opinion of the court, says:
"In its enlarged and perhaps literal sense the
term 'bill of credit' may comprehend any in
strument, liv which. a State engagelto pay
money at a future day; thiis including s cer
tificate given for money borrowed. But the
language et the Constitution itself, and the
mischief to be prevent, Which we know from
the historyof our country, equally limit the
interpretation of the term. The word 'emit'
is never employed in describing those con
tra&ts by which ,a State binds itself to pay
money at a future day for services actually
received or for money borrowed for present .
use; nor Are instruments executed for such"
purposes in. common language denominating
'bills of credit.' To 'emit bills of credit con
iveys to the - -2 mind the idea of issuing 'diaper
intended to,fdreulaie through the ex,mmurity for
its ordinary purposes as money, which paper
is redeemable at a future day. " This is the
sense in which the terms have always been
understOod."-' (The definition here given was
subsequently reconsidered , and sustained in
in Briscoe vs.• the Bank of Kentucky; 2 rPe
tors, 257. I • H
According to this clear and authoritative ex
positionx hat distinguishes - bills of credit from
such securities as arcissued to the public cred.
itor is that the former are, and the latter nip
not, intended,to circulate as money. Thesie
United States notes, then arc not acknowledg.
ments of debt nbr "securities of the United:
States," but "bills of credit:" in other words
"money."; Indeed, this act of Congress .of
February 25,1862, intends to leave no, "doubt
on thst point s for it expressly declares that
they shall be "lawful money." In conformity,
then, to the principle,Jis settled by the Su-
Meine Court in McCullough vs. -the State of
Maryland, we must turn to the money clause
to ascertain whether Congris.4. bad authority
to make them "'Awful money." That body
cannot, as incidental to the powqr to borrow,
create any kind of money, which - will not stand
the tent of the express power which is granted
on that; subject. . .
If any "doubt remains as to
. whether the
right toemit bills of credit--4o make paper
. money—can be exercised as Incidental to the
borrowing power, it ought, us it . appears to
me, be entirely dissipated by the proceedings
of the Federal Convention when this ,clause
was before then. I freely admil, that the
opinions expressed in `body are not con
clusive upon the Interpretation of the Consti
tution. .'That instrument is to be construed,
like all others—by its four corners. - - But
surely C. J. Marshall relied "on the history of
our country" in limiting the meaning of the
words "bills of credit, we may resort for
light to the opiniOns and votes of the men
ivho framed. the Constitution, in deciding.
whether, lathe words "totorrow money" was
intended to be included "to emit bills of cred
it," tor that is the .precise question we have
here to consider,
By the ninth of the old articles of confede
ration, section 5, it was declared that "the
United State* in . Congress assembled, shall
have authority to borrow moneyor emit billS
on the credit of the United States." In the
tilan.cf the Constitution, as reported to the
con•tiention by the rommittte of detail, of
, ,7
1 :
..1.11"F;.-.,A,,.,..„
(ie
H 4
=
4,f 1.40
which "
clause
emit hi
Out
Mr.
move
bilir
whir
atom
ter 1
them .
Jame
one of
then Ui
Washit
moat am
United
Per
en!
was carried, sail t) , by a
vote'of nine States t. a bas
added in a foot not Virgin
la in the affirmatieetat 4' by his
auiescence,_.tisfiedthat
striking out the win? ,_ disable the
Government froni f iblic - notes, es
•
far as they could - proper, and
would 'only cm t ' 41 PaPgr eur
reney, and partii .. 4 f0r15...., • 'Abe bills a
tender', either fiat or priests Lk. As. (5 El
liott's Debates, 0 , 1P5.)- , Aide/mot knew how
these proceedings ‘'s#lllll)imther minds, but
they have tonvi • ~ C 2iiittlast thenkleral con
vention under:steed lly %Me -sof credit." not
securities—certlficetleatitiseri -,or indebted
nese. truany notekbe utslequer bills—bu t just w hat Chief Justine 11 a ft erwards
defined - Awn to bu'ilver caley," and meant ,
to denY to Congress the to make such
money,: . . . ...i , - 1 -
, . .
Luther Martin, In ids to the Maly-
Ta u
land Legislature in jtaitld 'moth% comae
in retiring frOnt theYedetirlOmmertion,,has
also glien a briefskettnli &ibis interestingde-
bate, virich corrisPen di in the main withthat Of Mr. Madison. illite , • tires in the most
emphaticmanner tlettl'e t lority of the con-
vention being willing , p , k any pfflitical
' evil rather than admlt-: n• idea of a paper
emission in any poorsibte: - .., • retinae to trust'
this authority to the - . - . t." (Secret
Proceedings of the F ,;,..., • onvention, p 57.
He afterwants inform t,, • •gblature, as in
dicative of the temper 7,,- body from which
.
1 he had withdrawn, Ilion
"was reported by ,I, the
States were only 1. , tennitting
'them (bills of credi vsuent - VI
Congress; but the a bitten '
with Me paper Mont; dated
that the prohibitir . ".1t '
was my opinion am
'that the States out , d e . 1
prived of the right arid'
that as we had not She
General Governmt tiaras
the more necessary ;SC
The members e ttlon
truly represented
tho people of the k
been chosen. No
.history of the Re ,
the
ell
tion o Congress : for the ptirpose,of sustaining .
their redit, had utterly failed. The , amount
of pri 'ate wrong thereby inflicted on individ-,
1
uals ald families was incalculable. Congress
in a c rcular 'address in 1779:--after Kornis;
ing solemnly that the amount of the hills
should on no account exceed $20Q,000,000- 7
indignantly .repelled 1 the idea 'that. there
could be any violation of the public faith, or
that there dinot exist ample funds to re
deem them. The emission , however, very
(1.
soon after swelled to $370,000,000, and hav
ing ceased to circulate quietly died in 'the
hands of its possessors. .(3 Story on. the Con.st.
123-224.); No tinancieringi,was found so ea
sy' and attractive, and at the same time so
delusive and destructive as thfat of resorting
to paper money. "Who," said a me'mber of,
the Revolutionary. Congress in .debate, "will'
consent to load his `constituents with taxes,
when we can send teour - printer and. get a
•atagon-load of money, and pay for the whole
With a quire of paper?" (Breek's history ofl
Continental money, p. 18.) Well said Mr. - 1
Read, of Delaware in the Federal Convention,
that such a power would stamp the Constitu-i
lion with "the mark of the beast in Revela-'.
_dons:" and Mr. Lingdon, ofNew Hampshire,
Only, expressed the feelings ofthe entire coun
try when he declared that hp would rather
reject the whole plan than retain the three
Words "and emit bills." tt requires but a slight
knowledge of the times to Conclade that if
these three worth had-beennit:tined, or ' had
it been imagined that, though; stricken out, as
by comparing the new with the old system
everybody could, see that they were, they.still
lurked in the instrument as 11101(1(A:I to some
other 'pow,cr, the Federal Constitution would
never have been ratified by nine 'States. In
the'diseussions anti publications which fol.
lowed on the promulgaticat of the plan, be
fore proceeding to vote on it in the State eon-',
ventions, asrwell as in the debates of those I
bodies, so far as they have been preerved
and handed down .to us,- though every hole
and corner of the instrument was ransacked
to find objections, I ant not aware that it was
. ever suggested that it might, possibly contain
so odious and unpopnlara power. , The voice
of the instrument itself appeared sufliciently
itnarked 'and unmistakable. ' I
IL I come now to consider the remaining
clause, which-has been relied on as the source
of authority to pass the set in question. "To
coin money, regulate thelvalue thereof, and
of foreign coin, and fix the standard of weights
and nunsures." (Art. 1, sec. 8, par. 5.) It is
evident not merely from the words, but from
their juxtaposition with the clause forfixing a
standard of weights and measures, that the
Constitution intends that the 'money,. of the
United States shall be not merely a medium,
of exchange, but a standard of value. Uni
formity and stability were the ends in view,
and for this reason-those powers were vested
exclusively in the Federal Government.—
Here, and here alone, and not as a mere inci
dent to something else, aro we to look for
whatever authority Congress possesses over
the subject of money. These words seem to
me to sanction only coins or metallic canon
cy. In,the Federalist, No - 42,' this is taken
for granted. ."All thAtmeed be remarked on
the power to Coin money, regulate .the value
thereof, and of foreign coin, is, that by pro
viding for this last case the Constitution has
supped a material omission in the articles of
confederation. The authotity,lof the existing
Congress is restrained to theregulation of
coin struck by their own authority or that of
the respective States. It must be seen at
once that the proposed uniformity in the arise
of the current can might be destroyed by WO
jecting that of foreign coin to the different
regulations of the different States:' Judge
Story thought so, forte says 'Tho -' - power
to'coin money - is one of the ordinary prero
gatives of sovereignitY, and is alined univer-
Ally exercised-in order to prmarvn a proper
MEI
.:I : , 4
' ' • ,
•
- -
3
/. 1 . .• 7:.• l• - . --• . ' 1I
Fe t -. a
"- illshm„i
1818.
' ' i
..- .
• - • *teeeaL; the !' 01w it'ts- it • t that h !
thicallatlad *fret nails cf ct--, , 1,11. 7 ~,,; a lettaZ
as secas . 0 me l 9
=
tits(
•
try
,
s4 6 l ll" ,tiie li txltli u t r h t li tb iTulted Str i de!" 1 its aTi l y other but mettdl ußc i:m ut ois h°ll Vn t te - J
lute isetTallis to lisference,leftli die: - ' le - - * . •- '
thsetlyileclared thiamine qphd ones' tisi4 ilt. S. . restrictions on theEtates ilhistrata a
u. Ibeigald,Stllowaret, Me, in wilidettrim act . the opinion whiCh I have expressed
a t C owe s puAgehintovoir 4 heport: upon the proper construction ,of the penel ;
tete aPurkins coin was
-held tote .' filen:. 'graph before us. "No State shall esibi me*,
Won the ground that- the - . proyisioisa ,sof the ey. titbit bills 4 - credit, male. anything but ;
pertained, to esti the : very nests of the gold and - silver Coin a tonderin payment of, •
."to the execution . of =au - ' debts:llo.es any law impairing the oblie,atiou
trust, 'availed by the Conititution, ' • the. lif - contracts.. (Art. 1.. see. '10.) The 'whole
oblkation to ftilfil thit trust on , the pert of pOwer over contraeleirmided -in theStatte be
-the eiroveramenc nanfe , the • trustaid duty fare the ratification otthe Federal Constitie;
df creatingand ' -a. -a - . */b, an tion. This 'homier:- _admit** it; nand - leaves it
pteriesdaiesfandard Of safe re. throughout the there; subject only to two restrietions, - both
Union: The power of coining tnote,Ylfitid of haYing the same end in view—the inviolabil-1
regulating . value wasdelegatedto C,Migress #3 , of coetracte. -. inasrench ere theStateseene
c i t
, brthe C - alien for the very pureMee, as not coin, and the Federal. Government alone
assigned by he framers of that, interim:Rene care mid inasmuch as the States cannot make
lof creating and reserving. th uniform it y anything but gold end silver a tender in . ay
and purity ofauch a etandardetelue." l e merit or debts,,if follows that gold or si - 'r.
The word win is one of WWI settlektriein 7 coins, foreign or.;dormetre, a, regulated, %s
-ing. T. * t rimer' , sense of the aims; accord- Congress, constitute the only lawful money.
leg to D eVebster, is "the dieusedfe_rstamp- This was evidently Mr. Webster's opinion' in ,
Eng , • . " and the undisputed' signification that .able speech on . the Specie Circular,
of the - . . ()cording to most,ifnotall, * tell- which stns cited at the bar, and in which he
'
eographers, is "to stamp•metalaniftearivert it declared "that
. 907 d and eater, at rates fixed by
into coin." In Wharton's Law, Lexie/M; (ad, Congress, constitute the legal standard of yid
;serious° it. Is said: •"Strictly speaking,' coin uean this country, and that neither Congress
differs from money'as the species differs rote nor. any State has authority tO eAtablisli any
the genus. -Money is. - any matter,'. lib ther ottier'standard or to displike this." ' And still
metat paper, beads. shells, dm., wlikh het enr-
_Morn,: emphatically: - "Most unveestionattly
rency aim medium ineammerce. Colin ie• ear- therceis and there can be no legal tender in
tietdar species', direr made of metal and rack this country under the authority of this Gov-
According to a eerfainpreeees ca ll ed cOinin' "It *eintnent, or any other; but gold and silver.' -e%
was urged, at thebar—l. do not know wh then nix is a Cfnulitrlional prinrtge, preeedy Plain,
perlmslYor not—that printing Iseitampin 'and and - of the eery higb.oct fmportthirz. The States
these notes might therefore literally be • id to, are expressly prohibited . from making any
be coined . No inch use of the xeord in, any 'thing but gold and silver a tend er in payeent
author kis been shown.. We may , Afty cur. ;of *lees; and although no such express prohi
ithely to coin a story meaning to ineenteine, titian is alielied t' Congrees,yet. as Congress
but neveii.te coin the book in which :lit le print- has no power granted to it but to coin money
al: ' is a fiction—the coinage Of the end to regulate thevalue thereof, it clearly luie
braine t &hook a reality.. Surely4however, •nopateer to rrilmiltdt e popi,r(or anyching - dee Or
no—one will contend in earnest, that if el Suf- , co i n oe , a tender. The constitutional tender is
ficient number of clerks bad been•empte sd, the thing to be preserved, and it ought to be
and these notes had all been written wa • • the preserved sacredly under a ll eircuatstafiCe,q."--
hand,they would have been uneonstitaiti nal, (4 Welister'a Werke, 271,280) I must Medea
but that printing them nukes . there . ea :Lee that ;uponle - quo:4lon of this inagnitude=amid
To state the case thus is to reduce , the ti gie• the einitlet of :Value by which.l am sureound i
taunt to till absurdity. ; • - 1 ;•-. . . • ,'eri—iny mind has restefrwith confidence. and
: .
It may seem like laboring iune • lily satistaction upon this elear and decided eons
Severe:plain 'prOpeaition,.but I will • elusion of a erdat . in - kneel,. • .Mr. Webster's I
some furth e r illustrations. 1.. . fame rests mainly on . his emieence as a; con,
The poke in question draw iiPlaln di ; hie. stitutiomil lawyer. The Constitution' ; :has
Lion On their Ace between thenaselvee and been the study of his life, the subjectat mast
coins. hey promise to pay dollars: • - t Sie his professional and; political.effortii. He i
is a dofthr ? To a similar question, Wha is a .belonged. to no school of strict, construction, I
a. poend4 Sir Robert Peel'eswered.: "4 .but on-all occasions was found always con-
pound lin *Melte quantity of 'gold, wit tending fele the broadest charter to the Fed
mark
upon it to determine its weight and . era] Government. The °pillions he expressed
ness." Many pages 'hare been written to in his' seat! he the Senateofeho United ; States,
controvert tole definition, and toprove th t a, under the sanction of his official oath, are en
pound*a mere abstraction—something ci te' titled to be received as - deliberate and well
n i7
amatheerfatiad point, without length, breadth! considered. • ; - --
or th , eis.. But commen sense, I' • ' -With Mr. Webster I regard - these Prey - 11;-
1410:e Sir Robert Peel A standard ea-. ; ions Of the Conatitntion upon the subject Of
`sure be some actual length or es ty. 'contracts and tenders as "of the very highest
•--a - rd .weight some actual weight.-- mpartalice," 'sad "to be prescved sacredly
~.w.._:. can other weights andmeasure- he ;m.der 'all eirefuestancei" - They rest' upon
' with it? This is thigobjelet of ay fitheitions, which ought to beeconeidOeffes:Of
N standard of valne.mtutt be; the moat inviolable. solentnitt SU - -thnes
an eflie ...,- e¢. strength
.Imndation on
Y ' Aliteisatilefince sluff affection of
.ters4r.ithe aliettrikr- which it gmusin
preetesttre This depetith in tinatolin
--eetZSlllisie -.constitutional.- provisions
*-- iteiy protect, melt+ the - ,Eglsof
.sejustace,itlike the delly.ethistrma.
~.efeAkiffthcieaceetanlatAiieavieg.s:4l
.:telnatt;. notbnlyfroni:Wiffid4W,
,;lititcfrom thregoviereLMe — ittsielfMi4V.
me form of open and equal taxation. • ;
;
, has been: strongly . urged Aron us that
, c s , ~
..., egress has the power of debasing the coin, el
wood; 38. & C., 187; Story on Nett's. Par:. Z i ther in.weight or fineness, without Changing-,
,i 59.) Payable in • what? In themselves, if f ,the denormeatioa or-legal value. What, it 1
1 they are.coins, or dollars. - They are pinini,, Ibis. been asked. is the difference between that
rses to pay on demand payable in promise's teljand issuing paper money, even though ,
pay on demand: A iiromi.se to pav my rep,llpaper should be at the time depreciated be-1
1 resent coin; and circelate as such. his kop. i, low the value of quirt? I answer,. that because
erly designated ..101-etrivite-y, and is •one - of pCongreN3 may: possible accamplish a certain.,
many modes • by Which the use of an extien- ~ end by constitutional means, it does not foil
sive standard May be spared by the- substitu. low that the sonic object can be obtained by
tion, as a medium of exchange, of public or ; means which are not constitutional. Though,
m
Private credit, It is safe and .convenien t as „by the, pylices.s of debasing the metallic sten
well as economical, as lon', as it repreSents ildard. C' tigress • may, piataps, recluse all debts, I
the standard, bv . being immediately,concerti- 'public ri d private, fifty our cent, it does ncit 1
ble into coin. lint in its very nature ith riot .follow at they can enact directly that the.]
coin:. Its value or power of purchasing. oth- - Man - who ow CS one hundred dollars to atioili.-1
cr commodities depends as well upon the eon. er shall be quit upon the tender of fifty. We i
fidence of the community in It he ability!. and..,aPP l s' l4 " such prineiple to other cases. ' Be-1
intention of the issuers to redeentit as upon cause under a power a man may dispose 'of i
the amount issued. Coin, „ upon the othe an estate by will, we do net hold that he can I ,
hand, posse present, actual, intrinsic eel: do the sane in any oth6r way thins that di-1
ue. It you oblit e rate front the pound weight recta; or prescribed. • - ' 1
- the public mar:. which attests its conformity , But considering it merely as an :r gantet t
ie the standanr, it, still weighs the same as of the intention of the framers of the Crush ,
before. Scryen may erase the image fmni the tiition, It appears to me equally inconclusivek, ,
coin, yet , its value remains: Blot: out, how,ev- . There are very imi or ant differences
et. ; the superscription from these pieces of pa- tween debasing the coin . and issuing paper I
Tor, and nothing remains—they are worth- , money, though their Practical results
_may in!
less. The. stamp on the coin is really nothingi some respects. be similar.' It May- we have'
but a,certificate, of the weight and fineiseert i t •beeri intended to-leave to Congress fflicretion '
that piece of Metal. Government guarafftee las 'to the 'One, ;but todeny‘.to either, branch
nothing tut this—makes no contract to dully- l of the Government, State or Federal, any 1
er corn, wool, Or leather in exchange for it.-4 . discretion us to the other. ~.
The_ power of regulating its Value can imly • ; I. The ffsbaSing,,r,f thc c:iiti as a financial
extend to, declaring . that in law a .eettain .measure for t.lie purpose of discharging the
number of one coin sliall be deemed the elui- public debt WOllll be un or(en, gross, and pal-
Talent of another of aldifferentidenominnt on
Pablo breaehlof faith, smrfeelY possible in the
in contracts and other . transactions. .it. the I preient.:(ge of the. world. Changes, lioiVev-
market, unequal values cannot be made equal 1 er: for the re re puziose of reg9ilating! the
by law. , Congress eras no power to enact bow i value of the currency,' may be occasionally
many-. bushels of wheat an 'eagle . sbali ex - 1 reelessary. ": rbiti4iry governments," s.ays
change for, and if they oast, and should Make Albert. Gallatin,/.•lue .at various times, in
the experiment, the act, - like•all attempts '..by order to defraud their cr4ditors, debased the
Government to change the laws of
.value, coin, whilst they presi.trN its denomination,
j which are n a tu ra l laws, would be futile.. . and. thus r l sith titled the standard value, .by
' The legislation of. Congress upon thia Rub- which , the/pa tent of public and private
ject recognizes the differences between these debts, anal ormance of contracts ought
United .States notes
; and coin, and thatiteeY:- to • have bee rtimulated :This' fl a grant
are not iif, equal vale.' .
-•-1 . .. mode/ of 'Mat re , public . faith has
.. I, o. ~
: The-act before us (Feb. 25, - 1862) reqUireS been .f ling . proscribefl -by ' public. °pin
duties on Imprirts tied the interest of the Pith , . ion: Governments , have; in. modern times,
lid debt to be paid in coin, and provides that substituted for the some. purpoie, issues
the notes "shall be received the =Me 48 ?via
‘ 1 of paper money, gradually increasing -in
'at their Tar value in payment for any livnal amount and decreasing in value. It was to
that may theieefter be sold or negotiated by 4 - guard against these . evils.-that..the provisions
the Secretary of the Treasury." Sc) by/the fin the Constitution 'in that Subject were in-
Set of March 17, 1862, the Secretary 'of . - theltrodueed." (Considerations on the,Currency,
••Treasuzy is authorized to purchase cotes With p. 72.) ,' , ; . - . ; '
t •
them at such rates and upon suck ,terms as l, -it islrue-that the rein-has been debased in
he. may deem most advantageoini 'to_ the, our 0‘ .,..p, t i mes ;In d country. butliever with a
'piddle interest. And the act°- f Mardi a 4
; View tai defraull eitheT publict-or private cred
-18043 prohibits the loan Of isirrerity or meney ti itois. When the coilinge of the United States
on the security of gold or sillier coins,. [ ex ".i . was first regulateti io 1752, a double standard,
ceding in amount the pareitelae of Me '‘ l4 - 411 4 both of, gOld and silver, was adoeted and the
pledged, or depo.ittst as security. By the itrst. , proportion of these two. metals fixed at one
of these acts coin la-treated as the standard ij j to fifteen, which was then about their true
by the last, paper. Theyonespetks of the f relation iu the market. Ibit though the re
value di the notes, the other of the par value of 'llion between gold and silVer is' certainly
the coins. / . - - I 1
more steady than that between any two oth-
If tie word coin iota any more genera or eeconinandities, at least within Shortperiods
fignrathe sense in"e phrase, to coin money, et time, yet it is not immutable: ' Accordin g .
4.
than that I have assi gned o it, it must Ibe iy, about the year 18731, a change 'ma:L(4p
held to • have I,fie ein other . parts of ; the served to have occurred. An ounce' of gOhl,
article- In foreign:coin will he included for- instead of being-worth only fifteen Ounces of
Olga paper,/money, and Congress may Mgt- silver, was really exchangeable for'abont six
late its,vaha, e, and make it a legal tender.-- teegjouncLs. Of emits° no one would pay a
They may thud treat notes of • the Bank; •of I debdwith sixteen ounces of 'Silver, when he
Englandand • France. . Austrian .and I could do so with fifteen. The. consequence ; Lgoecnunent - money, but ' not t was that the gold collie disappenred entirely
State bank notes. Congress has no power of ' from circulation, in aedierice to the inva ria
regulating the valueof any money except for. • ble law . hat the mental , legally - undervalued
AIM coins and money a ny
by its own. au- is always expelled.. Sayer became practical
authority. If to coin money .means to stamp sly the only standard. - The act of Juno 25
Taper, then the clause which forbids ; 'the 1834, commonly called - the gold bull, under-
States "to emit bills of credit." wasunnoceasa - took to restore the true relation. To (knits.
urgent snlii
ary; the prohibition "to coin money" in
ded it. The terms of that very prohibit
show that in the minds of the makers of
Constitution "to coin money" and "ernifb
of credit" were two entirely distinct and
fcrent things. In short, inwhaterrcr point
Ma
•
1111
■
- i
=
-
• .11 - -, : 1 ,,,f.1
'.:.;? '''. • . .-- .
4 ~1 4 1, 1 .- ~,, - ... •-.
'#4 - i.--
:,,•11, (4
4 ,I . veo. ,- -, • - ,
..,
• _ ' ? '.? . .. 1 1 -.- ' • ' IP
S
• i.,. - ..--.
2 ,1- • -
.., . _
ts,
eit,her the gold coin mixt be debased or the
silver, enhanced. The latter course would
Wive been fraught with more injustice end'
snitieliief than the former.'. Though the true
policy - may have btien to let thlrtpi alone; or.
to have established as the - only legal What
tai
on
Ilshe
~
AD VR liSk
E'liallE2OrS.
1. - I___..')'' ;.. .'. - .•.. 4 " . i....
i • A.9rFrtieerrainte arc iniertett a! tLe rift of it,Otl,Pelt -
slow tut ckfat 14..ortiou, and (or trAlt subset:m:li to--:
.trt.oir 4o u r nik:. A Lille" al iliac oot Ei4ado oti f yeallY
' - A spate cqaal to 7.c.x iiurs.of dile type =Arad as - f.
Iftttittess Notlmitset utylet a 1....1 by ibetaielsra tisk- -
j4noillbiteTY allot the local &ire; tclll INS clistr4 pilturi‘'
sty lett teat:tali= Cut each Uesertitta. . - '• : ..;
Iligurteges - And deaths uouuttuougl tree of eliitrite. : •
1 - The publi.ale:i resertys the tiLht to , thange adc L er
tbuttaiuts from 'one platz;la the paper to enutb* .
:IriletOrbr it is 'claltiblii td44_l4. - ,
,s • ~ -, ~
'A.tratisements should be Itoodtklu before Monday--,
k'boon* insiere lusertbm in 'bite week's paper. - ,
,
had isractioidly:bpeome the. actual tihtildlid ; '
yet really; pure •and'auct claim:id -.atatesmen
were, then aud still aiirtabled LO a different
policy.: Subsequently, by Lite' act:te Jumpily
f ir
18;1217, tie weight an standard :Of the.eeibl
of both - Medals were sii Idly changed wititud ~
design but to maiutaiiiilif powible, a, etirieu
_cy of botlkgeltiand silver. 'Silver, however;
being now undervultuat was'itatindual: from -
chtulatton as told, ha*bc.tat before.
_By thir
act of .February,. 21. 18A -a, much more mi- •
siderable redtiOlon ,was - Made in the weight
of silver coin's `'teas then the dollar, hotovi-,
dently only foi - Alle . purpose.of:supplyieg j. -
subsidiary currency, fur small I,:iyinent4t for
I by the'same act tit.WriS provided that thc ail-
i ver coins i..ssucain conforthitytheryto should
be legai teridefi. in pavulent - of debts for 'all
sums - not expeeding die llollar4. — thaVe 116'
doubt that.all this :tampering With:the coin
,-as unwise and unust. Whatever'tnay be
-
the advantage*lof a-double . standard, .they are
too dearly *purchased •hy' the :frequently. re-
' curving neem. , itySor - these changes. Tait I
do not see thatlthere was, hiany - of these in
stances, a ermOnal breach of public thlth. Or
anlntentita tO interfere with private con-
tracts. In 'ISM, the publio debt had been
thett rceentlyikptidated in full, and at the pe-.
tied of none:of these measures was anything
to b@ gained by the Governient.frinu thezu;:
but rather the:reverse: • :c..-, , . . .:.
. . .
11, There is another. impertant dlifenmco ,
bet Ween the two me,isttres of: ' debasing the
coin end issuing paper: money.. ~When an act
is pasied debitsur.
.the coin, all mischief ii. -
done; On the diZy fellowing, - ithe prices or .
.iiirmarketa adjusted them - Selves to ,ehe.inew
standard. Commodities; real • orPersonal; - '
lands or chattels; are of exactly the ; sfime, e - X 7 . •
ehangeible value as before ; tbe only difilir
mice being that' their_ value is e. rased id
different figures.. An ounce of geld wilt still. '
buy the. -same number of , bushels of wheat;, _.
whether it be coined into tirentY pieces, cal-
Ted dollars; or • forty .piece.;. True, .debtors'
are richer,at the expense of their creditors;
but that gross injustice also: is finished.—
Every
I •
man, creditor: or debtor., eapitalisti or.
laborer, knows exactly -where he starids.- - -:
Not so with paper money. - As Inuit existing
...
contracts, the same, and even worse injustice • '
is done, if • the 1 itrier clepriy.iates i - than -
when . , the coin - Is fieliased. All = equality
is at an end. To-clay r man pays at .01i. -
discount, to-morrow ,he receives at anoth-,
er. There is, iss truth, - no standard of .t•al-;.. .
tle whatever. The. paper money varies like i •
the mercury in :the_ barometer, acted on -by
the:iinperincunibene column of air, sways e
_o
and fro byrthe t' de's of atinosphere—neitsliio; •
now low—not rarefied,: - now' confienfied.;—
Thus; as co ce r 'ilseg or talia,but thorn
ni l
1 certainl; aribriatissare increased or ciintractett. '
1 the value pfaverii man's.: plop the
real /pike of his Mot; Wye!`: lll3 eat PrO9 l Fit)
for it - oc-itrii necessaries and comrottak.or Ere, .
fluctniites'frent'.`dar to day. This.`tveis Just
whew the nienot the Revolution who met in :
the Federal .Convention-=who assembled in
the .State Conventions and ratified tile OM. ;
Stlention, had not merely: beard with their.
Ears, but seen with their: 60n eym, touched
and handled with'"their.. Own hands.: and felt
in their own pocketit- - They had not ' the ad-
vaniot reading the MAW_ lerstorTretnifited
in amorerapid :anti iiireivrited form in thin
paper Money` of revolutionary Eciptek., , ,ilhit
theyineeded. it not. They liair.quile . enongl(
in tliar*rn_experience.temake:flririte,elt
m enrz.„-,
- : 1 :•4 1,- , : tkin All e11ct04 4(2 4 411 0* - tt! , P,PFr7
l' i i i *PY' .- -: 4 , : iii . e ..44..- ~.;H- : :::- ' -- ' -'-'-r-:, -, ... .
:-,-Ortsihs: -: y
am: -' •, • i ),..4.:(..e.' • -**
liFrisiliii ot' is" - V Congress o .. • , ~t
••
,',.'
25..1iiii2, dottaring the surer, bolted in.piirsildnee - ,:-
of that act lei be lawful money and a . leqp i d , :pato* •
is , unconstitutional. .• . - I .-
~ t .
; - This roders it uneccrssary mat /shfitild 'con-
I;ii:fleillie oiler rivestion, Me=rle ham box *cute (ax
io.the ,Ireet or the aperid, INll4 , inelet to.!pay in.
itawfal se7rrr-moneg of the United Slates. lane
I - in fo co) ,
.of eat ring jurtuizent for the plaintiff,.
but ,f 4 It inljorito ..of the court amt. of a differ- .
int 'opinion,. ji . nigment fol. the ehlenfhint. -•
• •
A wurrEti 'illustrating the- :fact that sonie
errors are lifted into iniliortanee by efforts to
refute thenVphen tiny .need, to be treated
with contempt and ridietile, observes .that all
the bloWs intlictad by the hereniew4t eldb*f
certatri,logicians, are not half So effectual as,a
box on the ear a a eelebra'.ed atheist by the
hand of some charniing beauty. ,After bay - -
.ing in win . preached to a circle of ladles, he
attemped to engage himself by .ziayin4
"Pardon my error; ladies . did not
• itnaginge
that in a house where,Wit Fiera With. grace, I
alone should have the, honor .(,rf not heliering
irilGod." "You are notalone, 'sir,", answered
the mistresi of the house. "My, horse, my dog,
my cat, share the {honor with - you; only,tbese
poor bruteste ihe gelid sense not to boast
Ont."
'i •
THE CHICMIjO TrE74EL CAVED arr .
pears probably' that-the hopes,of.Chicago, rel
speitiog the Liike Tunnel, areidooned 14 4P
ininointhierd. On Friday diorning last•
sides of 'the \V hingt on' st reet tunnel caved
ih. It was acaltenpaniol by a-,trentendnuas
crack and nei:*,.‘vaieh aroused sleepers
in the:vicinity; and cau-,sd malty to suppose
that an eartlinhake had'oecorred. The
net had not ye{ reached the liver, though it.
Was lvit Id.ba few feet of it: I.: , ,airs are now
strongly entertained that the river will break
through, and tUld its .volonte of wal.er.lo the
generardestruetion.
TM:MAG:S6V A 'Tn.t•tll,l:—Thc trade of
"Fenian informer"
.drpeari:. not to • hare
been a bad one, • The Chrk lkodd says that
Corydon, one of these inforthers,- made a de
- , and on the. British irovernment for - 125.90 1 /
as the price of his . services, hut, I hey objecte.l.
`and fmallv agreed-to pa $15,400,w bleb
'Proi4. a comfortable annuity, for this AvOr
thy during the bal:ince of his life. ;;
A GR ., ..vrtr.NrAN once asked a little :lA, an
only child; how inany. Sisters she ten], and , .
was told "three or fottr." • II& inot her - asked:
Mary, when thev were what had
ducal her to tell 'such: an nittruth.: "Why,,
mania," cried Mary "I '<lidn't want him to'
ihink.you Were pooll that you hadn't 'int
one child." • - , •
•
.. .
. .
. . .
..
TH!: Lott(1.11 Speq-in,r, , sap; that th..:! sumo
entlitinsts Nl h- el:niplain -bitterly be
'cause Burke, the Fenitio, is not.' lkangekl .will
lionize Davis, "th&, loan' who is responsible
fur the west thiprovt,ked, i iek..l), antl..tnor
(tenis war -of itie-lt analeru histoty Diatke4
mention." ' . . ' 1
=I
Prtess k .-N sehoolmkter, with a t•tlary of
thtity dollars. a •car, I.e,rites to Berlin pa
llet': hear Prnsia is alsait to send to the
Yan Expasirzon a inoiiel school lionst,... If
Prus-ia ilesires t• mintriete - the specimen by
ng• •at ?snipe tone a seltuslinamer (1.7."
log', of hongerd T -ore the lire that other
modOl rot; a very low rate - or
- pay." . • ' -
A erlmormAx 2-avo teat that whit
very pal:int at fat e tir'enutn'oc eelehteßrn;
"Our fire en in( they be like old maids
—ever reutly, but never wanted.' •-,
-A r,Atrr leasing. home - ..ivas tintk aOurrssed
by her little bob• : will you retietn
nd buy me a a•hi_+tii•, and
II
lIE