Enterea, actorumg

BY JOHN ALEXANDER FERRIS,

In the Clerk's Office of the District Court for the District of California.

12754

PRINTED BY TOWNE & BACON,
No. 536 Clay Street,

SAN FRANCISCO, CALIFORNIA.

TO THE FRIENDS OF OUR CONSTITUTIONAL CURRENCY

GOLD AND SILVER COIN;

TO THE ADVOCATES OF JUSTICE AND RIGHT,

WHEREVER THEY MAY BE FOUND,

IN THE UNITED STATES;

TO ALL WHO RECOGNIZE THE IMPORTANCE OF MORAL PRINCIPLE IN NATIONAL LEGISLATION AND JURISPRUDENCE,

AND ALL WHO DESIRE THE PERMANENT PROSPERITY

OF THE AMERICAN REPUBLIC IN GENERAL,

AND OF THE PACIFIC STATES ESPECIALLY,

THESE PAPERS ARE INSCRIBED,

WITH SUBSERVIENT REGARD,

BY THE AUTHOR.

PREFACE

CONTENTS.

PAGES

xi-xiv

NUMBER I.

THE EFFECT UPON GOLD-AS MONEY-BY INFLATING

ALL THE CURRENCIES OF THE WORLD EQUALLY.

Money should possess intrinsic value to exchange for

value; secured on stocks or property, not an accu-

rate measure of value; should exist in a country

proportionately to the requirements of the same;

rapidity of circulation does not compensate for in-

adequate supply; money adapted to the purposes

of its design-currency no repletive substitute.

Currency often circulates at the par of gold when

far below gold value; effect of sudden inflation, in

equal proportions, in all countries; irrepressible

conflict between gold and paper.

NUMBER II.

AMOUNT OF CURRENCY NEEDED IN THE UNITED

STATES.

The currency of the nation should be governed by Con-

gress, for national defense. Issues of State Banks

should be suppressed. Currency should never be

any form of credit. Congress should not allow

banks to circulate currency of less value than coin;

American mines ample to supply all healthful de-

mands of the nation for money; possibility of

making our entire currency equal to gold coin;

currency and population of the country in 1860;

yield of the Pacific mines in eighteen years; amount

of currency required in 1860.

15-23

24-35

DOES CALIFORNIA NEED THE NATIONAL BANKS?

Gold the staple of the State-no currency should be

tolerated which cheapens gold, or lessens the de-

mand for it as Money. Yield of California Mines,

$50,000,000 yearly-Population not over 400,000.

Laudations of a uniform Paper Currency. No uni-

form currency can exist unless the equivalent of

gold coin. The Currency of California desired by

all honest men in the old States. Losses which

would result from introducing the National Bank

Currency-the system would work interminable

mischief

PAGES.

35-38

NUMBER IV.

THE LEGAL TENDER ACT EXAMINED.

Justice, one of the Fundamental Principles of the Con-

stitution. The Legal Tender Act of Congress

makes the word dollar a meaningless term-de-

stroys it as a standard. The half of a quantity can-

not be equal to the whole of it. The States have

the same right to charter Corporations to coin

money as to charter them to issue Bills of Credit.

When Currency falls below the par of gold, it is

issued in dead loss to the country at large. Con-

gress has no power to enact a new system for rais-

ing funds, when the Constitution provides a definite

system for the same object. The Mint Laws of

Congress are in full force. The Act would estab-

lish a tender far inferior to gold coin in value. A

Double Standard, varying in value, an impossi-

bility. Congress has power to borrow and tax

without any limitation, except public necessity.

Has no right to use means not delegated, to accom-

plish a purpose, where express powers are delegat-

ed to effect such purpose. A hypothetical case in

illustration of the Act (pp. 49–51). Congress fixes

the value of coin by prescribing its weight and fine-

ness. California being admitted into the Union

with a hard-money Constitution, Congress is estop-

ped from forcing on her any other currency. Opin-

ion of Daniel Webster on Legal Tender. The de-

preciation of the Legal Tenders proceeded pari

passu with their issue. The Act had no power to

keep them at the par of gold. The tendency of the

Act is to create a moneyed oligarchy which will

govern the nation, and if it is to remain a perma-

nent enactment, to ruin our Form of Government..

38-74