Under this provision, the States retained the right to coin money concurrently with the Government of the Confederation, but only according to the standard of fineness, weight, and value prescribed by the central government.

The right to emit or issue paper money, known as "Bills of Credit," had been exercised by the several States, before the adoption of the Articles of Confederation, and by these, authority was given to the United States to issue such bills.

Paper money continued to be issued by the States, and was also issued by the Government of the Confederation under the authority delegated in the compact.

The object, in delegating to the United States the sole and exclusive right to regulate the alloy and value of coin, was to insure uniformity as to weight, fineness, and value throughout the several States.

Under the pressing necessities attending the transition of the colonies to independence, and again from this position of separate States to a united nation with a Republican Government, the issue of credit money was a matter of necessity. It was, under the circumstances, probably the most convenient and available means of financial support.

Before the establishment of a money system, the Confederation of States gave way to a Constitution,

ordained and established by the people of the United States. The coinage of money and the regulation of what should be used in the payment of debts was placed under the exclusive control of the National Government. The coinage of money, emission of bills of credit, or the making of anything but gold and silver coin a tender in payment of debts, by any of the States of the Union, was expressly prohibited.

The grant of power to "coin money, regulate the value thereof, and of foreign coins," although only briefly outlined in the Constitution, obviously includes as means necessary to execute the same, the right to establish a money of account and to make coined money (gold and silver) a legal tender throughout the United States. The regulation of the value of money coined by the United States and of foreign coins is one thing, and the making of such coins a legal tender, another. The former fixes the value of a certain weight of metal, and the latter renders it obligatory on every one to receive it at that valuation in payment of debts.

The purpose of this grant of power to Congress, and the prohibition to the States (as to the coinage and issue of money, or the making of anything but gold and silver coin a legal tender,) was unquestionably to place the subject under the control of Congress, without limitation or restriction.

The States may make gold and silver coin a legal - tender, but if the right be exercised, it must be in conformity with, and subordinate to, the laws of the United States.

Under the power to coin money and regulate its value, Congress may make both gold and silver the standard or unlimited legal-tender money, and in a fixed relation; or, either may be selected for that purpose, leaving the other in a subordinate position; and this cannot be regarded as in any way interfering with the implied right of the States to make gold and silver coin a tender in payment of debts. The gold and silver coin which they may make a tender must be the gold and silver coins of the United States, and foreign gold and silver coins, but only according to the legal-tender value thereof, as regulated by the laws of the United States.

The power to coin money embraces other metals than gold and silver, and consequently copper and alloys of different useful metals are coined into denominations representing the divisions (fractions) of the money of account, for which gold and silver are not adapted. A coin made of the precious metals to represent the hundredth part of a dollar would be too small in size for convenient use.

In the earlier Acts of Congress, authorizing the issue of cents and half-cents, there was no provision as

to legal tender.

It is probable that some doubts were at first entertained as to the power of Congress to make coins, composed of any other metals than gold and silver, legal tender.

The base-metal coins were first made a limited tender by law in 1864, previous to which they were, in effect, simply declared to be of the value stamped upon them.

If the States possessed any power whatever to alter the legal tender of coin, they might at any time seriously interfere with and disturb the money system established by Congress, to the great detriment of that uniform commercial system which it is the purpose of the Constitution to secure.

If Congress, in the exercise of its unlimited power to regulate the value of money, decides in favor of gold as a single standard, it necessarily places the silver coins in a subordinate position, both as to value and legal tender, and the legal-tender limit cannot be enlarged or removed by a State.

It is worth while to consider what the effect would be, if a State possessed and exercised the right of enlarging the limited tender fixed by United States law for the subsidiary silver coins. The first result would be the accumulation in that State of a great portion of the coinage intended by Congress to be used for change money throughout all the States. Secondly,

the over-valued silver coin would at once expel the standard moneys from that State; and soon such State would find itself with a money system of its own different from that of all other States. Confusion in respect to contracts and all business would follow until it became intolerable and required an immediate repeal of the disturbing legislation.

In this connection it should be observed that there is not a line nor word in the Constitution which in terms gives Congress the right or power to make any thing but coined money a legal tender in payment of debts. There is no provision in that instrument under which the right is even implied, unless it be from the power "to raise and support armies."

Under this war power, the right to issue legal-tender paper money has been asserted and once exercised by the Government. The right, so exercised, has been sustained by the Supreme Court under the plea of necessity, of which necessity Congress is the judge. And the Government will exercise the power whenever the taxing and borrowing power are found insufficient to yield the means of suppressing an extensive rebellion, or repelling a formidable invasion.

Under the power granted to borrow money, Congress may authorize the issue of credit or demand notes, or other evidences of debt, and make the same receivable by the United States Treasury, and there