Charles Sumner: his complete works, volume 08 (of 20)Sumner, Charles
History
Charles Sumner: his complete works, volume 08 (of 20)
Sumner, Charles
Slavery -- United States; Speeches, addresses, etc., American
Thus was the whole question practically settled; and the usage of the
Government has been in harmony with this settlement. Treasury notes
were issued during the war of 1812, and in the monetary crisis of 1837,
also during the war with Mexico, and constantly since, so that the
power to issue them cannot be drawn into doubt. If there was any doubt
originally, unquestioned practice, sanctioned by successive Congresses,
has completely removed it. I do not stop to consider whether the power
is derived primarily from the power “to borrow money,” or the power “to
regulate commerce,” or from the unenumerated powers. It is sufficient
that the power exists.
But I see not how to escape the conclusion, that, if Congress is
empowered to issue Treasury notes, it may affix to these notes such
character as shall seem safe and proper, declaring the conditions of
their circulation and the dues for which they shall be received. Grant
the first power, and the rest must follow. Careful you will be in the
exercise of this power, but, if you choose to take the responsibility,
I see no check in the Constitution.
The history of our country furnishes testimony, which has been gathered
with extraordinary minuteness in an elaborate opinion by Mr. Justice
Story.[172] I follow mainly his authority, when I set it forth.
It appears that the phrase “bills of credit” was familiarly used for
bank-notes as early as 1683 in England, and also as early as 1714 in
New England. But the first issue in America was in 1690, by the Colony
of Massachusetts, and the occasion--identical with the present--was to
pay soldiers, returning unexpectedly from an unsuccessful expedition
against Canada. These notes were from two shillings to ten pounds, and
were receivable for dues at the Treasury. Their form was as follows:
“This indented bill of ten shillings, due from the Massachusetts
Colony to the possessor, shall be in value equal to money, and shall
be accordingly accepted by the Treasurer, and Receivers subordinate
to him, in all public payments, and for any stock at any time in the
Treasury.” Here followed the date, and the signatures of the Committee
authorized to issue these notes.[173] Such was their depreciation, that
these notes could not command money or commodities at money price,
although the historian, Hutchinson, who has recorded these interesting
facts, does not hesitate to say that they had better credit than King
James’s leather money in Ireland only a short time before.[174] Being
of small amount, they were soon absorbed in the payment of taxes. But
this example did not stand alone.
Public-domain text, read in full here on John Shaqi.
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