The Constitutional Law of the United States of America

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 edition. Excerpt: ... substantial difference (in the proper sense of this word "substantial") between what is called in Europe the "government" and in the United States the "administration." It is the duty of the president and certain organs of the executive authority to administer the affairs of state in the manner prescribed by law. But so far as their determination is concerned, his constitutional, in 1832 asked for the renewal of its franchise, the bill was passed by congress, but vetoed by the president July 10. The bank held, it is true, a charter from the state of Pennsylvania, but was nevertheless unable to maintain itself. It is now generally accepted as a good thing that the connection of the government with the bank was dissolved, but the new order of things was ushered in at the time of a general bank and monetary crisis. "When the conflict between the north and south had ripened into a catastrophe, the government in its embarrassment laid hold of the means used before and issued treasury notes. Besides this it negotiated a number of loans in coin in exchange for interest-bearing bonds from the state banks whose notes were at par. "While its necessities grew apace from day to day to gigantic proportions, it nevertheless continued to issue treasury notes and refused to receive the bank-notes. These were presented to the banks in large amounts for redemption. The banks thereupon, on December 27, 1861, suspended cash payments. On January X, 1862, the government did likewise. Secretary Chase now wished to issue irredeemable paper money. The law of February 25, 1862, passed after a long debate, authorized the government to issue $150,000,000 in notes, the lowest denomination to be $5, which should be "legal tender" for all public and private debts then...