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the spirit of this prohibition should pervade the entire body of legislation, and that the justice which the Constitution was ordained to establish was not thought by them to be compatible with legislation of an opposite tendency." Soon after the Constitution was adopted the case of Calder vs. Bull came before this court, and it was there said that there were acts which the Federal and State legislatures could not do without exceeding their authority; and among them was mentioned a law which punished a citizen for an innocent act, and a law which destroyed or impaired the lawful private contracts of citizens. "It is against all reason and justice," it was added, "for a people to entrust a legislature with such powers, and, therefore, it cannot be presumed that they have done it" (3 Dallas, 388). And Mr. Madison, in one of the articles in the Federalist, declared that laws impairing the obligation of contracts were contrary to the first principles of the social compact, and to every principle of sound legislation. Yet this court holds that a measure directly operating upon and necessarily impairing private contracts, may be adopted in the execution of powers specifically granted for other purposes, because it is not in terms prohibited, and that it is consistent with the letter and spirit of the Constitution.
From the decision of the court I see only evil likely to follow. There have been times within the memory of all of us when the legal-tender notes of the United States were not exchangeable for more than one-half of their nominal value. The possibility of such depreciation will always attend paper money. This inborn infirmity no mere legislative declaration can cure. If Congress has the power to make the notes a legal tender and to pass as money or its equivalent, why should not a sufficient amount be issued to pay the bonds of the United States as they mature? Why pay interest on the millions of dollars of bonds now due, when Congress can in one day make the money to pay the principal? And why should there be any restraint upon unlimited appropriations by the Government for all imaginary schemes of public improvement, if the printing-press can furnish the money that is needed for them?
Accumulation of notes in Treasury,
45.
Action of Parliament in 1720, 3; of
Parliament in 1740, 3; of Parlia-
ment in 1751, 3; of Colonies, 3;
of Continental Congress, 9; of
Federal Convention, 13.
Action, Congressional. See Acts.
Action of States in regard to sur-
plus, 181.
Acts of Parliament prohibiting
paper money in Colonies, of 1720,
3; of 1740, 3; of 1751, 3; for
issue of Treasury notes, of June
30, 1812, 29; of February 25,
1813, 29; of March 14, 1814, 30;
of December 26, 1814, 30; of Feb-
ruary 24, 1815, 33; of October 1.
1837, 42; of May 1, 1838, 45; of
March 2, 1839, 45; of March, 31,
1840, 46; of February 15, 1841,
49; of January 31, 1842, 51; of
August 31, 1842, 51; of March 3,
1843, 51; of July 22, 1846, 64; of
January 28, 1847, 69; of Decem-
ber 23, 1857, 70; of December 17,
1860, 75.
Acts authorizing Treasury notes, of
March 2, 1861, 79.
Acts authorizing 7-30 notes, of July
17, 1861, 88; of August 5, 1861,
88; of June 30, 1864, 97; of March
3, 1865, 97.
Acts authorizing demand notes, of
July 17, 1861, 88; of August 5,
1861, 88.
Acts, miscellaneous, of June 22,
1860, 72; of February 8, 1861, 79;
postal note, 100; prohibiting shin-
plasters, 103; for retiring 7-30
notes, 113; authorizing four per
cent. certificates, 117; authorizing
additional issue bank circulation,
114; authorizing issue of legal ten-
ders, 136, 138; authorizing issue of
gold certificates, 115; authorizing
issue of legal-tender note
tificates, 116; authorizing cancel-
lation of legal tenders, 140; repeal-
ing right to fund legal-tender
notes, 138; for resumption of
specie payments, 141; removing
restrictions as to limit of issue of
National bank notes, 140; coinage
of 1792, 148; of 1873, 149; au-
thorizing silver dollars, 152; au-
thorizing silver certificates, 152;
regulating deposits with State
banks, 172; authorizing deposit of
surplus money with the States, 172.
Adams, John Quincy, opposes post-
ponement bill, 187.
Additional issue of notes, 30.
Administration, Harrison's,
Van Buren's, 50; Tyler's, 53;
Buchanan's, 71; Lincoln's, 117;
Jackson's, represented by Benton
in Senate, 176; Hayes', 150.
Advances made by banks to Govern-
ment, 96.
Advantages to banks in placing 7-30
notes, 94.
Allegations of favoritism to banks,
29, 175.
Alley, John B. Remarks on legal-
tender bill, 125.
Amendment to Constitution to per-
mit distribution of surplus, sug-
gested by Jackson, 169.
Amount of Treasury notes author
ized in 1812, 25; of bank currency,
31; of Treasury notes outstand-
ing in 1814. 31; of notes author-
ized, 42; largest outstanding at
any one time, 45; amount out-
standing at advent of Harrison's
administration, 50; issued under
Act of February, 1841, 49; of notes
issued from 1837 to 1841, 49;
notes falling due during year 1843,
51; of loan of 1846, 64; issues and
reissues under Act of 1847, 69;
Treasury notes outstanding in 1860,
71; in 1884, 71; of Treasury notes
issued under the Act of March 2,
1861, 79; of 7-30 notes taken by
New York bankers, 93; of fraction-
al currency issued, 104; of surplus
due from States carried as una-
vailable on Treasury books, 188;
authorized under various Acts, 52.
Anticipation of revenues by use of
Treasury notes, 49.
Antipathy to paper money, 10.
Anxiety to obtain fractional cur-
rency, 104.
Apportionment of deposit banks
among States, 182.
Apportionment of surplus revenue
among States, recommended by
Jackson, 169; opposed by Jackson,
171; basis of, 180.
Appropriation of public money for
improvements thought unconsti-
tutional, 169; required to take
surplus from Treasury, 189.
Approval of bills. See Acts.
Arguments for and against Treasury
notes in 1812, 22; in 1813, 29; in
1814-15, 31; in 1837, 41; in 1838,
43; in 1840, 46; in 1842, 51; of
Committee of Ways and Means in
1844, against Treasury notes, 54;
in Federal Convention, 14; in 1862,
125; in legal-tender cases, 156-
166; relative to distribution of sur-
plus, for and against, in 1829, 171;
in 1835, 172; of Jackson's oppo-
nents, 175; of Benton, against, 177;
for and against postponement of
fourth instalment, 183-188.
Arrangements with New York banks
for placing 7-30 loan, 93.
Attorney General Bates' opinion as
to legal tender, 121.
Authority to issue bills, States de-
prived of, 10.
Authority to coin money, States de-
prived of, 10,
Available balance in Treasury at
various dates, 171.
BANKS, land, proposed by John
Coleman, 1; defeat of land, 2;
paper money, under auspices of
Treasury, 2; loan of merchants of
Boston, 2; second land, proposed
by Coleman, 2; plan of, 3; opposed
by Governor Belcher, 3; Hutchi-
son's specie, 3; charter of, by
States, 11; power of Congress to
create, to circulate bills, 11; Na-
tional recommended, 31; Second,
of United States, 41; National,
Hamilton's report on, 19; propo-
sition to tax circulation on, 51.
Banks of New York City strengthen
hands of Government, 143.
Banks, right to issue paper money
when chartered by States, 11; to
circulate bills when chartered by
Congress, 11; bad condition of
currency of, in 1815, 31; great
increase in number of, 31; alleged
favoritism shown to, 29; resump-
tion of specie payments by, 43;
negotiations and agreements with,
95; advances agreed to be made
by, 96; National, bill for, 120; of
deposit in 1837, 182; forms of let-
ters sent to, directing transfer of
deposits, 182; losses from failure to
pay specie, 183; specie payments
suspended by, in 1814, 31; in 1837,
40; in 1857, 70; amounts due Gov-
ernment from insolvent, 43; re-
sumption of specie payments by, in
1837, 43; use of, as depositories of
Government money, 40, 172; favor-
ites of the administration, 172.
Bank circulation, Benton's propo-
sition to tax, 51.
Bank vs. Supervisors, legal-tender
Bank of Commerce vs. New York
City, 156.
Banking Act, free, of New York
State, 43.
Banking Act, National, 120.
Bates, Attorney-General, opinion
as to constitutionality of legal-
tender bill, 121.
Bayard, Thomas F., Delaware, re-
marks on legal-tender bill, 133.
Belcher, Governor, Massachusetts,
intrigues of paper money advocates
against, 4; proclamation of, 5;
differences with Legislature, 6;
forced to retire, 4; subsequently
Governor of New Jersey, 4; let-
ter to Hutchison, 6.
Bell, John, Tennessee, opposes bill
for postponement of fourth instal-
ment of surplus, 187.
Benton, Thos. H., Missouri, moves to
increase denominations of Treas-
ury notes, 41; in favor of Treas-
ury notes, 41; in favor of Treasury
note bill of 1838, 45; proposes to
tax bank circulation, 51; objects
generally to issue of Treasury
notes, 41; "Thirty years' view "
upon Jackson's course toward
Bank of United States, 174; made
member of committee to inquire
into Federal expenditure, 175;
defends Jackson's administration,
176; opposes bill for distribution
of surplus, 177; his description
of Jackson's repugnance to sign
bill for distribution of surplus,
178; remarks on use of deposits
made by States, 190.
Bibb, Geo. M., Secretary of Treas-
ury, 52; member of committee to
inquire into extent of Executive
patronage, 175.
Bids, for Treasury notes, 76; for
bonds, 80.
Bills, for Treasury notes 1812, 15;
arguments for and against, 23;
for Treasury notes 1813, 29; for
Treasury notes 1837, 41; for new
issue of Treasury notes 1838, 43;
for Treasury notes 1840, 46;
long debate on bill of 1840, 46;
loan introduced by Millard Fill-
more, 50; objections to Fillmore's
loan bill, 50; Fillmore's loan,
bitter debate on, 50; for issue and
reissue of Treasury notes intro-
duced 1842, 51; Treasury notes of
1843, 51; Treasury notes of 1846,
63; Treasury notes of 1847, 64;
Treasury notes of 1857, 70;
National Bank, 120; legal-tender,
121; exchequer of President Ty-
ler, 53; for loan and issue of
Treasury notes, 63; legal tender
(see Legal tenders) for recharter
of Bank of United States, 174;
for distribution of surplus rev-
enue, 167. 177; for postponement
of payment of fourth instalment
of surplus, 184.
Bills of credit, in Federal Conven-
tion, 13; authority of States to
issue, 13; power of Congress to
emit, 13; discussion of right to
make legal tender, 14; Hamilton's
opinion as to, 19; revolutionary,
bore interest, 44; definition of, by
Chief Justice Marshall, 44; argu-
ment of committee of House in
1844 as to right to issue, 54-61.
Blaine, James G., Maine, discusses
policy of legal tender issues in
Twenty Years in Congress,"
144-147.
Blake, Harrison G., Ohio, remarks
on legal-tender bill, 125.
Board of Supervisors of New York
City claim greenbacks are not
obligations of the United States,
156, 157.
Bollan, Thos., agent of Province of
Massachusetts in England, 7.
Bonds, U. S., discount during period
1812-1815, 39; discount during
1860, 1861, 79.
Bradley, Mr. Justice, of Supreme
Court, separate concurring opin-
ion in legal-tender case, 162.
Brown, Bedford, Senator from
North Carolina, in favor of Treas-
ury note bill, 45.
Bubble Act enacted by Parliament
in 1720, 7.
Buchanan, Jas., President, Treasury
notes of administration of, 70;
amendment to bill for postpone-
ment of fourth instalment of sur-
plus, 186.
CABINET, Jackson's, dissent from
his views, 174; paper read to, 174;
changes in, 175.
Calhoun, Jno. C., of South Carolina,
in favor of Treasury note bill of
1838, 45; makes motion in Senate
for select committee, 175.
Cambreling, Churchill C., of New
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