, 1864-12-02
SPECIFIC CONTRACT LAw.-The Lewis

Walla Walla, w n, Friday, Dec. 2, 1864. |
s.11-,1z--,-----2
Specific CONTRACT LAw.-The Lewis
ton Age says a Specific Contract Law has
passed the Council in the Idaho Legisla-
ture, and thinks there is no doubt of its
passing the House and becoming a law
The cage" says upon the subject:
oIf we were leading commercial
community, and were taking the first
step, patriotism unquestionably, and an OBJ
servance of legal principles probably, would
cry out against it. But Wall street.-the
throne of American power-frst declared
the depreciation of Government paper, and
it was deprecated accordingly. Specific
Contract Laws, to protect creditors Of all
classes, then became a business necessity.
AS matters now stand, Idaho is compelled to
make it law that all debts shall be paid in
such currency as is called for by the con
tract, whether expressed or implied, creating
them; otherwise, our creditors must depend
wholly upon the business integrity of their
neighbors as security against imposition, for
California, Oregon, and Washington Terri
tory have their Specific Contract Laws"
That is rather singular argument, First,
Wall street deprecated the Government pa
per, and in so doing, acted disloyally and
secondly, every other community, per con
sequence has been compelled to act dis
loyalty. The same course of reasoning
would Justify all the Northern States in
passing secession ordinances, because, for
sooth, the Southern States had first nau-
rated that policy, and thus compelled the
Northern States to act in like manner But
the legislature Of the State Of New York did
not pass a Specific Contract Law, in conse-
quence of Wall street having deprecated
the Government paper, nor has any East
ern State ever passed a Specific Contract
Law. The system originated in California
and now the policy is being acted upon and
carried out all over the Pacific slope. Wall
street cannot be held accountable for the
depreciation in the value Of greenbacks. 1t
was the Government, partly, and Mr.. Chase,
particularly, that conceived the idea Of
making paper rags the currency Of the coun-
try in place Of gold and silyer,-making
money out Of paper to take the place of gold
and silver coin. But when the paper was
first put ahoat in such enormous quantities.
it was conceded by those best learned in fl
nancial matters, that it could never take the
place of the solid currency for any great
length of time and hence came the depreci-
alton not because Wall street was disloy-
al and therefore deprecated the paper cur
rency, out because its value was fictitious
and would depreciate in spite Of Wall street
or any other street Such a currency never
did succeed in any country and probably
never will, l,-at least never will without be-
coming a general thing throughout the
world, and when gold and silver becomes
less valuable For the present gold is the
standard, and Congress and the concentra-
ted efforts of every department Of our gov
ernment cannot make it otherwise Con
gress made raid upon gold last winter in
passing law to prevent speculation in gold
and to make paper currency more valuable;
but the law entirely failed to produce any
9 such results and it was Immediately repealed
q The passage of the bill demonstrated two
things, particularly; one was that Congress
could not make Government paper worth
any more or make gold worth any less by
such legislation, and the other thing demon
strated was that Congress. as body, was
shOckingly ignorant in believing that the
gold bill would enhance the value of gov
ernment paper.
The Age says Idaho Territory is "com-
PEELED" to have Specific Contract Law, 9TH
erwise the business interests of the Territory
would suffer by the impositions Of Califor-
MIA, Oregon, and Washington Territory
they having Specific Contract Laws. The
Gage" is mistaken in stating that Washing
ton Territory has Specific Contract Law
No such law has ever been passed by our
Legislature So, if there is any "eOmpul-
sion' about the matter, it is altogether in
favor Of this Territory. Instead Of Galifor-
MIA, Oregon, and Washington Territory com
polling Idaho to pass a Specific Contract
Law, it is quite the reverse, and California,
Oregon, and Idaho Territory by their action
will compel our Territory to pass the law
These specific contract laws appear to have
the sanction Of the people Of this coast, and
it is almost certain that our Legislature will
pass a law Of the kind this winter. 1t is
claimed that these acts nullfy the legal ten
der law Of Congress, but as the Union party
does not generally concede anything Of the
kind, the policy promises to become fixed
one, so far at least, as the States and Terri
tories west of the Rocky Mountains are con