It is not doubted that the power to establish a standard of value, by which all other values may be measured, or, in other words, to determine what shall be lawful money and a legal tender, is in its nature, and of necessity, a governmental power. It is in all countries exercised by the government.—Hepburn vs. Griswold, 8 Wallace 615.
The court call a power,
To make treasury notes a legal tender for the payment of all debts [private as well as public] a power confessedly possessed by every independent sovereignty other than the United States.—Legal Tender Cases, 12 Wallace, p. 529.
Also, in the same case, it speaks of:
That general power over the currency, which has always been an acknowledged attribute of sovereignty in every other civilized nation than our own.—p. 545.
In this same case, by way of asserting the power of congress to do any dishonest thing that any so-called "sovereign government" ever did, the court say:
Has any one, in good faith, avowed his belief that even a law debasing the current coin, by increasing the alloy [and then making these debased coins a legal tender in payment of debts previously contracted], would be taking private property? It might be impolitic, and unjust, but could its constitutionality be doubted?—p. 552.
In the same case, Bradley said:
As a government, it [the government of the United States] was invested with all the attributes of sovereignty.—p. 555.
Also he said: