Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-01-07
The Hard Currency Basis on the
Pacific.

California set the example two years ago
of enacting law to enforce contracts for
payments IN specie. BY this means she
protected herself against the dishonest,
who would otherwise have sought to liq-
uidate with deprecated currency debts
contracted on a gold basis, and against the
political and financial spectators who
sought to advance their own interests by
effecting a disastrous revolution in her
solidly founded system of business. The
Specific Contrast Act, so-called, restored
confidence az home, and has invited capital
from abroad. More Eastern money has
been invested in the State during the last
two years, and especially since the firm
refusal of the Legislature to repeal the Act
named, than for many years before. The
State has performed its patriotic obliga
tons none the less thoroughly for thus en-
acting the law Of honor into the law OF the
land, while the correctness of the theory
upon which her financial policy is based
is admitted in the action of the National
Government, which is now considering
how it may best reduce its currency issues
and increase its legitimate resources OF
revenue.
The example of California has lately
been followed by Oregon, Nevada and
Idaho, the Legislatures of the two States
and the Territory named having at their
recent sessions adopted acts for the en-
forcement of specific contracts similar to
the one first passed here. These acts do
not discriminate against the paper and IN
favor of the metallic currency OF the ma
ton, but simply recognize the difference
ir value, and provides that when parties
have elected to pay in a specified currency,
they shall be held to the performance Of
their contract They further recognize
gold and silver to be the basis OF all money
values, Just as Congress does when it
makes provision for redeeming Govern
ment bonds and notes in specie, and makes
the rates of interest on those securities less
when they are paid in coin. So far as
these acts have been passed upon by the
judiciary, their constitutionality has been
sustained. The Supreme Court Of CAL
ifornia has affirmed this point with unan-
unity and convincing clearness. If Con-
eress is imbued with the conviction that
they are in conflict with It's enactments and
policy, and are any more discriminauVe IN
favor of one legal currency over another
than its own measures, it will have the
opportunity to say so in reviewing the
legislation of Idaho, which cannot stand
without its approval. Conness is there to
"explain," and if the Specific CONTRACT
law of that Territory is as unconstitutional
in his opinion as was that of California
less than year ago, he will embrace thus
opportunity to have the question brought
to a test so decisive. 1t is hardly prob.
able, however, that the politicians will
again mount the hobby-horse by which
they have once been thrown so handsome
w.. The hearty aequiescence of the Cal
ifornia public in the policy continued by
their representatives, and which has now
become the law of the Pacific Coast, has
stopped all debate on the subject, and
caused it to sink quietly out of the sphere
of politics, where it never properly be-
lonasd.-S. r BEIstia, De-. Sd,