Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-02-10
Prom the Springfield Republican, ADM
Law versus Justice-Specie and the
SuureTne Conrf

Even so good a court as the Supreme Court Of
Massachusetts, sometimes chops its logic so fine
as 10 defeat rather than establish justice. There
was an anecdote in illustration in court circles
during Judge Shaw's DAYS, which. if not true had
the merit of being told we'll:
Young Coke was making his maiden law ar
sument, and laying down some rather novel
propositions that stirred the legarthy OF the ven
cradle Chief Justice. he broke IN, without apollo
gy, DO YOU argue such stuff to the Supreme
Court OF Massachusetts as lawr'
The youthful advocate, stunned by the rather
sudden pull up. replied with the utmost simple
ity, ana certainly wttier than he knew: We'll,
your Honor, one of the old lawyers told me this
court made some very queer decisions, and that
had better come and run for luck.
The time Of strange decisions is not past. as
business men will see in looking at the one we
print to day. man. who agreed to pay note
in specie, is sustained by il in his refusal to pay
anything but legal tender notes; and So the
creditor loses 80 per cent. of fair commercial
Indebtedness
This decision will certainly cause surprise and
disorder I'D monetary circles. 1t cuts up sub
stantially large class of commercial transac-
tons constantly being made in our large cities.
Sales are daily occurring in these times payable
in specie, and if this decision stands the buy ers
can turn around, and discharge their obligations
Surely there is no Justice, no fairness in this;
and despute the plausible technical argument OF
the court, We can see no reason why it should be
law. The practices of business, in all CONNER
cia' countries, have long embraced distinctions
between what might times be currency and its
value, and gold or silver specie. All such
countries with a mixed currency OF paper and
specie are subject to periods when difference
arises between the two elements; and during such
sar 4.
the kind of currency in which payment shall be
made
Indeed, long contracts are frequently made in
times of srecie currency, even With the special
provision that their obligations shall be paid in
specie; The object beng to protect the party
making the sale or lease, as the case may be
from such dilutions and cbeaDenings of the cur
rency are now experiencing Such clause
is in the lease of the Old Hadley Falls Company
at Holyoke. The government, State and ma
tonsl, both recognize the same distinction il
agreeing TO pay certain obligations in specie
Aud this custom has been of so long and wide an
experience as to have become law OF trade and
of finance. We supposed it had also become a
law OF the courts long ago; and we believe that il
has been in It's main principle and practice.
II, as some jursts and hnanciers contend gold
and silver the only legal money, then no in
debtedness can be paid except by it or is accept
ed equivalent. If as others aver (like Mr. Chase
and Congress- specie is but commodity. and
anything money which the government custom
establishes as such, then an agreement 10 paw IN
specie is only fully discharged by the payment Of
its current value in the accepted currency FL
Their way. this decision of our Supreme Cour
seems defective and unjust. Ii can be defended
only on a technicality that the Supreme Court o
Massachusetts ought nlt to recognize or sustain
The commercial world makes distinction be
tween dollar in specie and a dollar in paper
money; though the obligation may use the sam,
term in expressing the amount OF indebtedness
And our courts ought, and must and will. in the
end, do the same. a note 10 pay 500 bushels oil
wheat can only be discharged by tender of such
an amount of grain, or its value in money at the
time the payment is due So note to pay $500
in specie, is only fairly and hOnorably met by The
payment of that amount in gold or silver, OF ;he
value of one or the other in the accepted money
at the time the note is due