458 THE IMPENDING REVOLUTION. 



We have already seen that the value of money was regu- 

 lated by its volume; and, that upon the volume of money 

 depends the prices of property, of the products of labor, 

 and of labor itself; that the body that is empowered to 

 "regulate the value," must also possess the power to con- 

 trol its volume; and that this power should be always 

 present and exercised with wisdom and justice. In con- 

 nection with this point, the great Daniel Webster has said: 



* ( By denying the states all power of emitting bills of 

 credit, or making anything but gold and silver a tender in 

 payment of debts, the whole control over the standard of 

 value and medium of payment is vested in the general 

 government. Delegating this grant to Congress and pro- 

 hibiting it to the States, a just reading of the provisions is 

 this: 



" Congress shall have power to coin money, emit bills 

 of credit AND MAKE ANYTHING BESIDES GOLD 

 AND SILVER A LEGAL TENDER IN THE PAYMENT OF 

 DEBTS." 



Thomas Jefferson said: 



"And so the nation may continue to issue its bills as 

 far as its wants require and the limits of its circulation 

 will admit" 



John C. Calhoun said: 



"I shall be able to prove that it is within the consti- 

 tution and power of Congress to provide such a paper, 

 according to the most rigid rule of construing the consti- 

 tution." 



But whatever doubts may have existed in the past 

 with regard to the constitutionality of the issue of paper 

 money, they are now put to rest by the decision of the 

 Supreme Court of the United States. The celebrated 

 cases of Parker vs. Davis and Knox vs. Lee were consoli- 

 dated and brought before the court At the request of the 



