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3735 1 (1899)

handle is hein.usccsset/usconset32669 and id is 1 raw text is: -5TH CONGRESS, SENATE. DocUXENT 3d Session. 5 No. 111. MONETARY LAWS AND MONETARY CONDITION OF THE UNITED STATES. FEBRUARY 10, 1899.-Laid on the table and ordered to be printed. Mr. TELLER presented the following MEMORIAL OF ANSON WOLCOTT, OF WOLCOTT, INDIANA, TO THE CONGRESS OF THE UNITED STATIES, RELATIVE TO THE MONETARY LAWS AND MONETARY CONDITION OF THE UNITED STATES. Your memorialist, An son Wolcott, a native-born citizen of the United States, respectfully presents the following for the favorable considera tion of your honorable body. The great men of the war of the American Revolution of 1776 were mostly of the common people. General Washington was a farmer, General Green was a blacksmith, General Stark was a farmer, Roger Sherman was a shoemaker, General Marion was a farmer, General Morgan was a wagon master, General Putnam was a farmer, General Sumpter was a farmer, Benjamin Frank- lin was a printer. The war was fought by and for the people, against tyranny and oppression. When the war, after seven years and nine months of desperate strug- gle, had been successfully concluded in favor of the people, a constitu- tional form of government for the people was instituted. The preamble to the Constitution the people adopted was in these words: We, the people of the United States, in order to form a more perfect union, estab- lish justice, insure domestic tranquillity, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and to our pos- terity, do ordain and establish this Constitution for the United States of America. All is for and in the name of the people. By this preamble the Con- stitution of the United States is to be construed as to its purposes and powers. Section 8, article 1, of the Constitution declares: Congress shall have power to borrow money on the credit of the United States, to coin money, regulate the value thereof, and of foreign coin. There is no limitation of the financial powers granted to Congress. Section 10, article 1, says: No State shall coin money, emit bills of credit, nor make anything but gold and silver coin a tender in payment of debts. So far as the powers granted to States to make gold and silver coin a tender in payment of debts is concerned there is no limitation. No other construction is possible. Each State, while not permitted to coin money nor emit bills of credit, may, without limitation, make both domestic and foreign gold and silver coin a tender in payment of S. Doc. 11-1

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