Monopolies -- United States; Railroads and state -- United States
Provision, it must be conceded, is not there made, in express terms,
that the money unit of the United States shall be one dollar, as in the
ordinance passed during the confederation, but the act under
consideration assumes throughout that the coin called dollar is the coin
employed for that purpose, as is obvious from the fact that the words
dollars and units are treated as synonymous, and that all the gold coins
previously described in the same section are measured by that word as
the acknowledged money unit of the constitution. Very strong doubts are
entertained whether an act of congress is absolutely necessary to
constitute the gold and silver coins of the United States, fabricated
and stamped as such by the proper executive officers of the mint, a
legal tender in payment of debts. Constituted, as such coins are, by the
constitution, the standard of value, the better opinion would seem to be
that they become legal tender for that purpose, if minted of the
required weight and fineness, as soon as they are coined and put in
circulation by lawful authority, but it is unnecessary to decide that
question in this case, as the congress, by the 16th section of the act
establishing a mint, provided that all the gold and silver coins which
shall have been struck at, and issued from, the said mint shall be a
lawful tender in all payments whatsoever--those of full weight
"according to the respective values herein declared, and those of less
than full weight at values proportioned to their respective weights."
Such a regulation is at all events highly expedient, as all experience
shows that even gold and silver coins are liable to be diminished in
weight by wear and abrasion, even if it is not absolutely necessary in
order to constitute the coins, if of full weight, a legal tender.
Enough has already been remarked to show that the money unit of the
United States is the coined dollar, described in the act establishing
the mint, but if more be wanted it will be found in the twentieth
section of that act, which provides that the money of account of the
United States shall be expressed in dollars or units, dimes or tenths,
&c., and that all accounts in the public offices, and all proceedings in
the federal courts, shall be kept and had in conformity to that
regulation.
Public-domain text, read in full here on John Shaqi.
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