Speeches in the Second And Third Sessions of the Thirty Seventh Congress And in
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We do not say the power is not denied, and therefore exists ; but that it is not granted, and there- fore does not exist. The powers granted are express or implied, are given in terms, or are the reasonable in- ferences from the express grants. Now, it is conceded that there is no express power given to Congress to make the notes or bills of the Government legal tender. There is a power given to Congress upon the subject- matter. It has the power " to coin money, regulate the value thereof and ...of foreign coins. " These words, "to coin money, " have a plain and obvious meaning. The only coinage is that of the metals, " hard money. " To coin money, and regulate the value thereof, is to fix its legal value, the value for which it is to be received as an equivalent in commerce and in discharge of obligations and contracts. This constitutional power of coinage was first executed by the statute of 1792, and that statute has a provision making the coins legal tender; but there can be no doubt, that, whenever money is coined by Government under the Constitution, it becomes ipso facto legal tender.
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To quickly assess the difficulty of the text, read a short excerpt:
We do not say the power is not denied, and therefore exists ; but that it is not granted, and there- fore does not exist. The powers granted are express or implied, are given in terms, or are the reasonable in- ferences from the express grants. Now, it is conceded that there is no express power given to Congress to make the notes or bills of the Government legal tender. There is a power given to Congress upon the subject- matter. It has the power " to coin money, regulate the value thereof and ...of foreign coins. " These words, "to coin money, " have a plain and obvious meaning. The only coinage is that of the metals, " hard money. " To coin money, and regulate the value thereof, is to fix its legal value, the value for which it is to be received as an equivalent in commerce and in discharge of obligations and contracts. This constitutional power of coinage was first executed by the statute of 1792, and that statute has a provision making the coins legal tender; but there can be no doubt, that, whenever money is coined by Government under the Constitution, it becomes ipso facto legal tender.
What to read after Speeches in the Second And Third Sessions of the Thirty Seventh Congress And in?
You can find similar books in the "Read Also" column, or choose other free books by Benjamin Franklin Thomas to read onlineMoreLess
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