The weekly union record., 1864-01-23
SPEECH OF HON. F. n. SMITH
On the Act Providing for the Repeal of the
Specific Contract Law of 1868. Delivered
In the Senate January I4th, 1864.

Ma. President If We were governed By
the tenor of the articles appearing in the col
uulus Of several of the leading papers Of this
State, we would be forced 10 the conclusion
tha, the proposition to repeal the Specific
Contract Law of the session of 1863, IS not
warrauted by any movement of the people; /;
indeed, that the public mind had settled down
TO the conviction that the law in question is Of
vast utility to The different interests of the
State, aud ought, in consequence OF the great
statute books Fortunately, however, there
are other channels than the press, through
which the legislator is advised Of the wish and
necessities of the people = other and more
direct means of communication, and by the
light Of which ii is quite as safe 10 act. Though
the people have not moved through the press,
they have, since the passage Of that act con-
s.antly ref-cted upon che reasons OF lis adop-
,ion, and the practical effect il has had upon
the interests OF the State, as well as upon the
relation existing between the citizen thereof
aud the nation. They have also as thoroughly
discussed the propriety of its repeal. 1t may
be, and probably is true, that the moneyed the
banking and the specializing interests of The
country have made no call upon the Legislature,
through the press or otherwise, for the repeal
of the act in question, nor is it probable they
will ever advocate or demand this or any other
/ to.- =
count 1t is not probable even that the CON-
mission merchant or importer will importune
US to institute any measure that will take from
them any share OF the enormous profits they
are making and will continue TO make out of
the consumer by virtue OF an Act that dscrim
mates as to the currency Of the nation. From
these quarters do not anticipate such appeals
for thus IS trdr bctlreea capital and the people
Thus far, capital has the victory, and the great
interests of the people in the struggle have
been Injured aud are now dying of heir wounds.
Yet the people are moving in this matter
through the operation Of quiet, serious thought
and to day are more generally discussing this
question than the press would have US believe.
An attempt has been made TO embarrass this
question by the declaration that it is but the
entering wedge of determination to change
the relation now existing between paper and
gold-that it is but the advance step OF q
system OF legislation tending to make Treasury
notes receivable iu payment Of taxes and State
dues; and this, too, has produced fever Of
anxiety and doubt upon the minds Of our State
officials. There is no connection between the
two propositions the one is not necessarily
attendant upon the other-nor will the adop
tion of one necessarily produce the other. Be-
lieving, however, that this debate will take
wide range, and embrace within its scope the
propriety and expedency of the State adopting
the National currency, shall not hesitate to
declare that would now, and shall whenever
the proposition is presented, support the
measure.
My motto is-OsE NATION, OSE CURnESCY.
Sir, believe the exigencies Of the times The
increased and increasing population of the
Golden State-the increase of commerce and
trade-thc necessity of the further and more
complete development of the mining, manufac-
turing and agricultural interests of the country
the building OF Railroads and other internal
improvements demanded by the people, and the
CAPITAL required for the same-that these in
the present and the mighty future upon which
California is fast treadng, demand that there
should be ore uniform currency-that the re
ation now existing between gold and paper
should be changed-that gold should become
the commodity and paper the currency. To
meet the wants and necessities of the people,
and that this great State might be advanced
in her scale of progress, would SO legislate,
and to that end and for that purpose shall so
record MY vote, if the opportunity shall offer.
would do this that the people might have
legislative action in the premises as warrant of
authority for the great transition, and not that
| believe such legislation necessary. / am one
who believes, and shall here hazard the opinion.
that it does not require any legislative enact
ment TO constitute Treasury notes receivable
iu payment of taxes and State dues-that to-
day Notwithstanding the law of the State pro.
hibitng it, aud the decision Of our Supreme
Court sustaining the law, they are full and
complete tender in payment of every obligation
Of this character between the citizen aud the
State Bat l do not propose to discuss this
question farther-it is not before the Senate
l shall wait on opportunity suited to the SUD-
ject cannot pass to the till now under
consideration, however, without quoting the
patriotic sentiment of the Hon. Thompson
Campbell, expressed in resolutions submitted
by him in the other branch Of the Legislature:
ITIe endorse the Legal Tender lar, the so,l aud
life Of the National currency tie greatest imam
e,al success the isorld has erer seen, and rriicl
,rt pledge ourselves 10 defend and uphold"