Liberty Quote Of The Day: Justice Stephen J. Field - Part II

Yesterday we mentioned that 19th century supreme court Justice Stephen Field has become one of our new monetary heroes. To partly explain why we'd elevated him to such a status, we provided you with Part I in our two part series on Field's dissents during decisions from the Supreme Court that helped legitimize non-asset backed paper currency within the United States. Today, we bring you Part II. This is a collection of statements from Field's dissent in Knox v. Lee, which overturned Hepburn v. Griswold and upheld Lincoln's efforts to debase the money (in fact, Field refused to refer to paper currency as itself "money" and instead only referred to the assets (i.e. gold) that should back a currency as money).

"The statesmen who framed the Constitution ... had seen in the experience of the Revolutionary period the demoralizing tendency, the cruel injustice, and the intolerable oppression of a paper currency not convertible on demand into money, and forced into circulation by legal tender provisions and penal enactments.
...
"There are unchangeable principles of right and morality, without which society would be impossible, and men would be but wild beasts preying upon each other, so there are fundamental principles of eternal justice, upon the existence of which all constitutional government is founded, and without which government would be an intolerable and hateful tyranny.
...
"Whenever the fulfillment of the obligation in the manner stipulated is refused, and acceptance of something different from that stipulated is enforced against the will of the creditor, a breach of faith is committed; and to the extent of the difference of the value between the thing stipulated and the thing which the creditor is compelled to receive, there is repudiation of the original obligation. I am not willing to admit that the Constitution, the boast and glory of our country, would sanction or permit any such legislation. Repudiation in any form, or to any extent, would be dishonor, and for the commission of this public crime no warrant, in my judgment, can ever be found in that instrument."

- Justice Stephen J. Field

The man brings it hot and heavy. It's hard to argue with logic though.

Liberty Quote Of The Day: Justice Stephen J. Field - Part I

This is the first of two quotes we will provide from one of our new monetary heros, Justice Stephen J. Field of the late 19th century U.S. Supreme Court. Tomorrow, we'll give you Part II.

Today in Part I, we provide Justice Field's concluding statement from his dissenting opinion in Juilliard v. Greenman, 110 U.S. 470 (1884), which affirmed the constitutionality of Congress issuing paper money not backed by gold or other stores of value. Justice Field showed a strong Constrained Vision and remarkable long term prescience. The quote speaks for itself.

“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 due now 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?”

- Justice Stephen J. Field

Turn the printing presses on Uncle Ben. There's nobody to stand in your way.

HT: MAK