Monopolies -- United States; Railroads and state -- United States
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 be 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 opinion but the universal and settled conviction
of the 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 from 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 in understanding, if the opinions of courts
avail anything in determine the meaning of the constitution, it seems
impossible to doubt that the power to coin money 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.
Public-domain text, read in full here on John Shaqi.
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