Monopolies -- United States; Railroads and state -- United States
Discretion, to some extent, in prescribing the value of the coins
minted, is beyond doubt vested in congress, but the plain intent of the
constitution is that congress, in determining that matter, shall be
governed chiefly by the weight and intrinsic value of the coins, as it
is clear that if the stamped value of the same should much exceed the
real value of gold and silver not coined, the minted coins would
immediately cease to be either current coins or a standard of value as
contemplated by the constitution. Commercial transactions imperiously
require a standard of value, and the commercial world, at a very early
period in civilization, adopted gold and silver as the true standard for
that purpose, and the standard originally adopted has ever since
continued to be so regarded by universal consent to the present time.
Paper emissions have, at one time or another, been authorized and
employed as currency by most commercial nations, and by no government,
past or present, more extensively than by the United States, and yet it
is safe to affirm that all experience in its use as a circulating medium
has demonstrated the proposition that it cannot by any legislation,
however stringent, be made a standard of value or the just equivalent of
gold and silver. Attempts of the kind have always failed, and no body
of men, whether in public or private stations, ever had more instructive
teachings of the truth of that remark than the patriotic men who framed
the federal constitution, as they had seen the power to emit bills of
credit freely exercised during the war of the Revolution, not only by
the confederation, but also by the states, and knew from bitter
experience its calamitous effects and the utter worthlessness of such a
circulating medium as a standard of value. Such men so instructed could
not have done otherwise than they did do, which was to provide an
irrepealable standard of value, to be coined from gold and silver,
leaving as little upon the subject to the discretion of congress as was
consistent with a wise forecast and an invincible determination that the
essential principles of the constitution should be perpetual as the
means to secure the blessings of liberty to themselves and their
posterity.
Associated as the grant to coin money and regulate the value thereof is
with the grant to fix the standard of weights and measures, the
conclusion, when that fact is properly weighed in connection with the
words of the grant, is irresistible that the purpose of the framers of
the constitution was to provide a permanent standard of value which
should, at all times and under all circumstances, consist of coin,
fabricated and stamped, from gold and silver, by authority of law, and
that they intended at the same time to withhold from congress, as well
as from the States, the power to substitute any other money as a
standard of value in matters of finance, business, trade, or commerce.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account