, 1863-01-31
The Legal Tender Law


The following is the law passed by tn
Legislature, Jan. 9th, in relation to the de
probation of legal tender notes:
AN ACT TO PREVENT THE DEPRECIATION
OF THE Q. $. LEGAL TENDER NOTES.
SEC. /. Be at enacted by the Legisla
tire Assembly of the Territory of Wash
fngton, That it shall be unlawful for an,
person or persons, by agent or otherwise
to buy from, sell to, or exchange with any
person or persons, United States legal ten.
der notes for less sums of money than thos,
expressed in said notes.
SEC. 2. 1t shall be unlawful for any
person or persons engaged in any busines:
or trade, by agent or otherwise, to refuse tc
receive United States legal tender notes
for any goods, chattels, or articles of mer.
chandise exposed for sale in the course OF
business, or to receive them, in the course
of business, for less amount than the
sums of money expressed in said notes.
SEC. 8. Every person convicted of anv
of the provisions of this act shall be fined
in any sum not exceeding five hundred dol
lars, ana imprisoned in the county Jail for
term not exceeding six months, at the
discretion of the court.
SEC. 4. This act to take effect and be
in force from and after its passage.
Passed Jan. 6, 1868.
While we admire the patriotism mani
Tested by the Legislature in the endeavor
to sustain and uphold the credit of the
Government, we cannot but regard it as
fortunate for the people of tile Territory
that there are defects in the law which will
prevent it from ever being enforced. In
the third section the words "violation OF"
are omitted, without which the law must
remain dead letter. and even if this de-
fciency we're remedied by supplementary
act we doubt whether the law could be
made effective. Its provisions are not
more explicit than those of the general law
upon the subject, and it seems to us use
less for anything more than "buncombe"
If the intent of the law-which we pre-
sumo Is the prevention of making gold and
silver premium over these notes-could
be carried out, the result would be that we
soon would have no other currency in our
Territory. Spectators from California and
Oregon, and even our own citizens, would
find here fine field for operations in this
line. So long as greenbacks could be
bought up at 5 per cent discount in those
States and sold here at par they would be
made an article of merchandise and all the
gold and silver of the Territory would be
exchanged for them. We would not like
to be swindled out of Is cents on every
dollar for the benefit of any State or per-
son, and we believe the people generally
look at it in this light. Until law by
Congress regulates this currency in such
manner that gold and silver cannot be made
a premium over them it is useless for any
State or Territory to attempt it. When
we have general law upon the subject
which will compel the brokers of Wall
street to receive greenbacks at the same val
lie they do coin, then if necessary, the
States OF Territories may reasonably fol-
ow with their enactments. So long as the
of the east depreciate treasury
notes those of San Francisco are compelled
% do likewise; and so long as the mer-
chants of San Francisco will only give 80
or IS cts on the dollar for them it cannot
De expected that those of Oregon and Wash
ngton can give any more.
NoTE-Since writing the foregoing, we have
eceved news of the further depreciation of legal
ender notes, which will make some alteration in
he above figures.