RESUMPTION OF SPECIE PAYMENTS. 461 



tingencies, become indispensable, even if they were not 

 when the acts of Congress now called in question were 

 enacted." 12 Wallace 829. 



It will be seen that the question involved in the above 

 decisions, was the constitutional right and power of 

 Congress to say what should be the lawful money of the 

 country, and to issue paper money. The decision of the 

 Court is not, as often claimed, exclusively as a war measure. 

 The court held that the necessity of issuing a paper cur- 

 rency and making it a legal tender was not for it to decide, 

 but for Congress. And if Congress thought the necessity 

 existed it had a perfect right under the constitution to 

 issue paper money and declare it a legal tender. The fol- 

 lowing is conclusive upon this point: 



u There are times when the exigencies of the State 

 rightly absorb all subordinate considerations of private 

 interest, convenience, or feeling; and at such times the 

 temporary though compulsory acceptance by a private 

 individual of the government credit, in lieu of the debtor's 

 obligation to pay, is one of the slightest forms in which the 

 necessary burdens of society can be sustained. 



u When the ordinary currency disappears, as it often 

 does in time of war, when business begins to stagnate and 

 general bankruptcy is imminent, then the government must 

 have power at the same time to renovate its own resources 

 and to revive the drooping energies of the nation BY SUP- 

 PLYING IT WITH A CIRCULATING MEDIUM. 

 What that medium shall be, what its character and quali- 

 ties, will depend upon the greatness of the exigency and 

 the degree of promptitude which it demands. THESE 

 ARE LEGISLA TIVE Q UESTIONS. The heart of the 

 nation must not be crushed out. The people must be aided 

 to pay their debts and meet their obligations. The debtor 

 interest of the country represents its bone and sinew, and 

 must be encouraged to pursue its avocations. If relief 

 were not afforded universal bankruptcy would ensue, and 

 industry would be stopped, and government would be paral- 

 yzed in the paralysis of the people." 12 Wallace, 464,4.65. 



