Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-08-16
A WELCOME DECISION.

The decision Of the Supreme. .coqrt.Of
California sustaining the Specific Contract
Law, meets with general appreciation on
this side of the mountains, The announce
ment of the decision appears in the San
Francisco dispatches of the Virginia NOR
ming papers and both the Enioa and En-
tsrpriss have congratulatory editorial ar
ticles upon the subject. The Enterprise
says:
"The Specific Contract Law has at last
been passed upon BY me Supreme Court OF
California. That able body Of Jurists has de-
clared il to be Constitutional Act, and the
decision will be hailed with JOY, not alone BY
the people Of our sister State, but oy all the
hard currency States and Territories west Of
the Rocky Mountains. Capital has, to great
extent. been withheld from investment be-
cause OF the fear lest the loan be repaid in
greenbacks, and the general uncertainty as to
what view the Supreme Court would take Of a
matter upon which lawyers and Judges were
so divided. Now that the question is def
nitely settled-for we presume that no one
will 90 SO far out Of the way as to make up
another case and take it before the Supreme
Court Of the United States-better times will
appear. Confidence being restored, capital
win be brought forth from hidden Golfers and
seek re-investment. This important decision
will also have an authoritative weight in the
consideration Of the subject by the tribunals
of other States, and may have even remoter
hearings.
The plan of specific contracts has worked ad-
mirably on the Pacific coast, and the people
Of the Atlantic States are just beginning to
see il. Before long they will all have their
Sp ciic Contract Acts, the constitutionality
OF which viii, we hope, be universally ac-
knowledged. Again we congratulate the
people Of the Pacific slope upon the decision
OF the California Supreme Court, and hope II
Nevada be voted in as State that we shall
have Judiciary upright and discriminating
enough to do likewise"
We hope the vast benefits which the
Enterprise sees as the results of State
Government, viii prove of sufficient mag
nitude in its estimation to induce it to cast
its influence in support of the adoption OF
the State Constitution.
The Union says:
alt wanted just such action as this de-
cision Of the Supreme Court to give new con-
fidence to capitalists, and put again into
active circulation the full volume Of our cur
rency. We can soon decide the question
whether it is sufficient to satisfy the increas-
ing wants Of this coast. In order that Ne
vada Territory may be benefited as well as
California, she must embrace the present OPP
portunity and become State, so that we may
also have Specific Contract law which will
protect capitalists in making loans upon
property in this Territory as well as Califor.
MIA. Then if money is plenty there 1t will
come here also, for the rates Of interest here
are and always have been much higher than
in San Francisco. The interests OF Califor.
MIA and Nevada Territory are so intimately
connected that they ought to have the same
financial policy, so far as currency and col
lection laws are concerned. BY the adoption
OF the Constitution now before the people we
may have the benefit Of Specific Contract
Act before Christmas, and look forward 70 a
speedy revival Of business. We do not be-
heve any serious opposition would be made
to the passage of such an Act after we shall
have become a State"
We concur most heartily in the views
expressed by our contemporaries, and II
the people generally take the same view Of
the question, there can scarcely be an ar
gument brought to bear against the adop-
ton of the proposed Constitution. which
will have any considerable weight as an
Offset to the advantages which must
accrue to the country from renovation
of the Judiciary and the restoration Of
confidence in the security of contracts.
Those two points alone ought to carry the
Constitution by an overwhelming vote.