An Argument Against the Constitutional Validity of the Legal Tender Clause Cont
An Argument Against the Constitutional Validity of the Legal Tender Clause Cont
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To quickly assess the difficulty of the text, read a short excerpt:
It is only upon the supposi- tion that, after all has been done which Congress can do, or sees fit to do, to sustain the market value of these notes, they may 11 yet be of less value than the coin of the Union, that there can be any object in providing that private creditors shall receive them as "lawful money, " or, to use another and equivalent ex- pression of the act, " the same as coin, at their par value. " Now, the power of Congress to make such a law necessarily implies an authority, in ...the execution of some one or more of the specific powers conferred by the Constitution of the United States, to make anything but the regulated coin of the United States a legal tender in the payment of private debts.
Of course, this supposed authority must be referred to the execution of some particular power or powei's embraced in the Constitution. It will not do to say that the Constitution does not expressly prohibit Congress tVoni issuing " bills of credit, " or from passing " laws impairing the obligation of contracts;" and therefore it may do what is not expressly prohibited.
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You can find similar books in the "Read Also" column, or choose other free books by Zing20the20issue20of20treasury20notes3a20de to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It is only upon the supposi- tion that, after all has been done which Congress can do, or sees fit to do, to sustain the market value of these notes, they may 11 yet be of less value than the coin of the Union, that there can be any object in providing that private creditors shall receive them as "lawful money, " or, to use another and equivalent ex- pression of the act, " the same as coin, at their par value. " Now, the power of Congress to make such a law necessarily implies an authority, in ...the execution of some one or more of the specific powers conferred by the Constitution of the United States, to make anything but the regulated coin of the United States a legal tender in the payment of private debts.
Of course, this supposed authority must be referred to the execution of some particular power or powei's embraced in the Constitution. It will not do to say that the Constitution does not expressly prohibit Congress tVoni issuing " bills of credit, " or from passing " laws impairing the obligation of contracts;" and therefore it may do what is not expressly prohibited.
What to read after An Argument Against the Constitutional Validity of the Legal Tender Clause Cont?
You can find similar books in the "Read Also" column, or choose other free books by Zing20the20issue20of20treasury20notes3a20de to read onlineMoreLess
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