Monopolies -- United States; Railroads and state -- United States
In proof of the facts that the decisions of the supreme court of the
United States are not always controlled by the constitution, let us
again refer to the legal tender decisions. Here again, the opinion of a
bare majority of the court (five of the judges concurring and four
dissenting) establishes the law for forty millions of people, and does
violence to both the letter and spirit of the constitution. Under the
constitution the power to coin money and regulate its value is vested in
congress. The states are prohibited from coining money, and from making
anything but gold and silver coin a tender in payment of debts. The
letter of the constitution does not deny to congress the power to issue
paper money and make it a legal tender; but when we take into
consideration that the power is denied to the states, the conclusion is
irresistible that the power was intended to be denied to the general, as
well as to the state governments. While as a war measure the power might
be exercised, it certainly could not be in time of peace. Being one of
the extraordinary powers vested in congress in time of war, rising above
the constitutional restriction, if we may use the expression, governed
by the law of necessity, the power should not be enlarged by judicial
interpretation, nor should the plain letter of the acts of congress
passed as war measures be made to extend beyond its express provisions.
When the highest court in the nation decided that the legal tender act
was ultro-active in its operations, that court decided, in effect, that
under the constitution congress possessed the power to annul contracts
made between private citizens, that one might legally take from another
a part of his property without compensation. While that court has
uniformly decided that bonds obtained from counties, cities, and towns
fraudulently, and without consideration, must be paid, it decides that a
retroactive statute may be passed which takes a man's property without
consideration; and that congress, without any such power being conferred
by the constitution, can substitute a new standard of values. Not only
that congress can do this, but that the legal tender act extended beyond
its plain reading, and made paper money, a thing that is of no intrinsic
value, a legal tender for debts generally; that this paper was the
standard of values, and that coin, gold and silver, were but articles
of commerce, the value of which was fixed by this new paper standard. If
one not learned in the law had been called upon to interpret the
constitution he would have arrived at a different conclusion. If ten
years ago one learned in the law had been called upon to interpret the
meaning of the constitutional provision above referred to, he would,
without hesitation, have decided that such an act was unconstitutional.
If the eminent jurists who graced the supreme bench at any time since
the organization of our government had been required to decide as to the
Public-domain text, read in full here on John Shaqi.
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