control. the stock or the property of its constituent members. Congress has also taken action in this matter. The Anti-trust Law of 1890 makes illegal any combination in restraint of trade or commerce among the several States or with foreign nations. The enforcement of this law has given rise to many interesting cases. In connection with the Chicago strike of 1894, the Supreme Court held that the Anti-trust Law forbade not only combinations of capital, but combinations of labor as well, if they were in restraint of interstate commerce. † It has been decided that a trust engaged in the business of refining sugar did not fall within the scope of this law, since the manufacturing process in question did not constitute commerce. Again, an agreement among the railroad companies of the Trans-Missouri Freight Association to establish and maintain rates was considered a violation of the law of 1890, because this was a contract in restraint of interstate commerce (1897). Another decision, made in 1899, declared illegal a combination of iron pipe manufacturers & who had made an agreement not to compete with each other; but their action was illegal only as to the sale of pipe in interstate business. * The laws of New Jersey and a few other States facilitate the formation of corporations of this nature. Most of the trusts formed in 1899, with a total capitalization of three billion dollars, were incorporated in New Jersey. + The case of the United States vs. Debs et al. Case against American Sugar Refining Company. § The Addyston Pipe and Steel Company, The Federal Anti-trust Law. SUPPLEMENTARY QUESTIONS AND REFERENCES. 1. Should the United States adopt the policy of granting ship subsidies? Rev. of R's, 21: 319-325; 325-326; 326328; 23: 197-203; 21: 319-328; N. Am. Rev., 156: 398407; 163: 470-478. The ship subsidies of other countries are displayed in United States Consular Reports, No. 112, Jan. 1890. 2. How is it apparent that the powers of Congress "keep pace with the progress of the country?" Cooley, Principles of Constitutional Law, 64–65. 3. For statements of cases involving the control of interstate commerce, see Cooley, 69-75. 4. River and Harbor Bills, N. Am. Rev., 158: 343-352. 5. On the powers of the Interstate Commerce Commission, see N. Am. Rev., 167: 543-557; 168: 62-76; Pop. Sci. Mo., 56 614-616; Forum, 17: 207-216; 27: 223-236; 551556. Outlook, 64: 626-628. 6. What are the grounds for opposition to railroad pooling? N. Am. Rev., 168: 321-335; 506–509. 7. The economic aspects of trusts are treated in Jenks, The Trust Problem; Ely, Trusts and Monopolies; Wright, Practical Sociology, 411-413. Also, Bulletin of the Department of Labor, No. 29, July 1900; Hadley, The Good and Evil of Industrial Combinations, Atl. Mo., 79: 377-385. A list of trusts is given in Rev. of R's, 19: 675-678; Hadley, The Formation and Control of Trusts, Scribner's Mag., 26 604-610; The Danger in Trusts, Century, 38: 152–153; Industrial and Railroad Consolidation, N. Am. Rev., 172: 641-700 (a group of articles). 8. State control of trusts; Forum, 24: 107-118; Atl. Mo., 85: 47-53; Nation, 71: 4-5; N. Am. Rev., 168: 210-217; 169 210-217; Arena, 22: 312-319; Outlook, 62: 879-881. 9. The National Anti-trust Law. Forum, 26: 452–458; 23: 298-307; 28: 732-736; N. Am. Rev., 169: 375-398; Nation, 70: 431-432. 10. On Chinese exclusion, see N. Am. Rev., 166: 85-97; 226-233; 171: 214–220. 11. Should more restrictions be laid upon European immigration? N. Am. Rev., 152: 27-36; 154: 424-438; 158: 494-499; 162: 649-657; 163: 252-254; 164: 526-536; 165: 393-402; Outlook, 55: 721-722; 58: 508-509; 59: 951; 60: 990; Arena, 18: 788-801; Pop. Sci. Mo., 49: 625–630; 50: 841-843; Atl. Mo., 71: 646-655; 75: 345-353; 77: 822-829; Wright, Practical Sociology, 46–55; Forum, 30: 555-567. Article I, section 8, clause 5. Clause 6. The mints. CHAPTER XIX MONEY OF THE UNITED STATES I. METAL MONEY OR COIN. WHENEVER men trade or exchange commodities they find some form of money very convenient, if not really necessary. A variety of things have served as money among peoples in different stages of civilization. Gold and silver have become the chief money metals of civilized countries on account of their high value, and certain other characteristics. The function of coining money has been assumed by governments because in this way only can uniformity in the size and composition of coins be secured. The government stamp becomes a guarantee of the value of a coin when otherwise each might have to be weighed and tested before it could be accepted. Congress has been vested with the power To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures. To provide for the punishment of counterfeiting the securities and current coin of the United States. The government coins money at its mints, which are located at Philadelphia (established in 1792), Denver, New Orleans, and San Francisco. Gold or silver ore must first be refined before it is sent to the mint as bullion. Here it is assayed* to determine its purity. The pure metal is too soft for use as money, so an alloy of * Assay offices are also maintained at New York, St. Louis, Deadwood, Helena, Boisé, Seattle, and Charlotte, N. C. copper is added in the making of gold coins and silver dollars. In the "standard" metals thus produced the alloy is one-tenth of the whole; that is, the metal is nine-tenths (or .900) "fine." In the process of minting, the standard metal is first rolled into strips of the thickness of the coin. From these strips round pieces are cut by heavy machinery. Process of coining. The weight of each piece is tested and when found accurate it goes to another machine, from which it comes with the edge slightly raised on both sides. This device decreases the wear on the faces of the coin. In the next operation, the disk of gold or silver is subjected to immense pressure between two engraved dies; in this way the proper inscriptions are stamped upon its faces. At the same time the edge of the coin is milled. tender. The money of a country is not only the common medium of exchange, ordinarily accepted at its face value; it is also a standard of value in terms of which all commodities are measured. By its use all trade is greatly Legal facilitated and rendered secure. With the same object in view every government declares certain kinds of money to be "legal tender," i.e., money that must be accepted by a creditor in payment of a debt. This does not mean that one must sell his goods for the legal tender money; but if a debt has been contracted without agreement as to the kind of money with which it is to be paid, the debtor may offer the legal tender in payment and it must be accepted. A government may pursue one of two distinct policies toward the coinage of a certain metal. (1) It may agree to coin all the bullion of that metal that may be brought Free to the mints by individuals; this is free* coinage. (2) *The word free means unlimited. It has no reference to the charge for coinage mentioned on p. 209. The definition of free coinage given above states its meaning as the phrase is commonly used. The following coinage. |
