Hence in providing a circulating medium they conferred upon Congress the power to coin money and regulate the value thereof, at the same time prohibiting the States from making anything but gold and silver a tender in payment of debts.
Johnson explains Congress's constitutional power to regulate currency and restrict state currency practices.
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I transmit herewith, in answer to a resolution of the House of Representatives of the 16th of December last, a report from the Secretary of State of the 6th instant.
Feeling constrained to withhold my consent, I herewith return the resolution to the Senate, in which House it originated, with a brief statement of the reasons which have induced my action.
With these brief suggestions the bill is respectfully returned, and the consideration of Congress invited to the accompanying preamble and resolutions.
No power exists in the Constitution authorizing the joint resolution or the supposed law--the only difference being that one would be more palpably unconstitutional and revolutionary than the other.
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