Monopolies -- United States; Railroads and state -- United States
The then 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 and forbidden to the states." It seemed to them not
an "unreasonable inference" that, in a certain contingency, "making the
securities of the government perform the 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 power 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? or, to state 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.
Public-domain text, read in full here on John Shaqi.
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