Monopolies -- United States; Railroads and state -- United States
money unit as that there should be a unit of extent, or of weight, or
quantity.
Credit currency, whether issued by the states or the United States, or
by private corporations or individuals, is not recognized by the
constitution as the standard of value, nor can it be made such by any
law which congress or the states can pass, as the laws of trade are
stronger than any legislative enactment. Commerce requires a standard of
value, and all experience warrants the prediction that commerce will
have it, whether the United States agree or disagree, as the laws of
commerce in that respect are stronger than the laws of any single nation
of the commercial world. Values cannot be measured without a standard
any more than time or duration, or length, surface, or solidity, or
weight, gravity, or quantity. Something in every such case must be
adopted as a unit which bears a known relation to that which is to be
measured, as the dollar for values, the hour for time or duration, the
foot of twelve inches for length, the yard for cloth measure, the square
foot or yard for surface, the cubic foot for solidity, the gallon for
liquids, and the pound for weights; the pound avoirdupois being used in
most commercial transactions and the pound troy "for weighing gold and
silver and precious stones, except diamonds."
Unrestricted power "to fix the standard of weights and measures" is
vested in congress, but until recently congress had not enacted any
general regulations in execution of that power. Regulations upon the
subject existed in the states at the adoption of the constitution, the
same as those which prevailed at that time in the parent country, and
Judge Story says that the understanding was that those regulations
remained in full force, and that the states, until congress should
legislate, possessed the power to fix their own weights and measures.
Power to coin money and regulate the value of domestic and foreign coin
was vested in the national government to produce uniformity of value and
to prevent the embarrassments of a perpetually fluctuating and variable
currency.
Money, says the same commentator, is the universal medium _or common
standard_ by a comparison with which the value of all merchandise may be
ascertained; and he also speaks of it as "a sign which represents the
respective values of all other commodities." Such a power, that is the
power to coin money, he adds, is one of the ordinary prerogatives of
sovereignty, and is almost universally exercised in order to preserve a
proper circulation of good coin, of a known value, in the home market.
Public-domain text, read in full here on John Shaqi.
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