Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-01-10
United States, except duties on imports,

#H
The interest on the debt and duties on
imports are payable in gold coin, or in
silver coin to the extent Of So. Now, the
laws Of the United States made gold coin
and silver coin a legal tender in payment
OF all debts, not excepting anything, until
1852, when the new law declared that
silver coin should be legal tender only for
50, and that foreign coin should no longer
be a legal tender at oil. The law making
gold a legal tender, in payment for all
debts, has never been repealed to this day;
consequently, there exists, by laws Of
Congress, four legal tenders, viz:
First-Gold coin; legal tender for all
private debts, for customs duties, and for
interest on the public debt.
Seoond-United States notes, second
issue; legal tender for all debts, except
customs and interest on the public debt.
Third-United States notes, first issue
legal tender for all hebts and customs
revenue. -
Fourth-Silver, to the amount Of five
dollars. ... .
There arc four kinds of legal tenders,
with important distinctions. Now 1t may
be said that O debtor may have the option
in paying in either Of these tenders. 1t
may be allowed that he has the option.
But the creditor, has he no rights: Can
he not ~stipulate in what kind of legal ten
ders he will be paids Most clearly he
can, and when he parts with his legal ten
ders he takes q note, which expresses upon
its face what kind of a legal tender he
must have in payment. The debtor in
signing that note makes his selection Of
the kind Of legal tenders in which he will
paw, and the law binds him to that selec-
ton. There is clearly here no conflict
whatever with the law Of Congress. The
creditor specifies before loaning or selling
his property, which Of the kinds Of legal
tender created by Congress he requires,
and the law justly binds the debtor to the
contract and by 10 possibility can such a
contract be Justly construed into a conflict
with one law Of Congress when it con-
forms to another law Of Congress. An
other point arises here. The Judges state
that the contract law conflicts with the
law OF Congress. But the high legal au-
thorities and the highest officers OF the
Treasury deny the constitutionality OF the
legal tender law. The Secretary Of the
Treasury. in his annual report, emphati-
cally denies the constitutionality OF the
legal tender paper issues by the Govern
ment. He ~iterates and reiterates the un-
constitutionality Of such issue, and urges
Congress to return to the constitutional
currency"
In relation to the decision that notes
drawn payable in gold or its equivalent
can only be enforced dollar for dollar,
since the law recognizes no difference be-
tween the two kinds of legal tender, there
might be some foundation for such a po-
sition, if we are to throw out of the &C.
count the practice of the Government
itself. Us administered by the same indi-
viduals who devised and caused to be en-
acted the Legal Tender Acts. In April,
1864, the Secretary began selling gold for
United States notes, as follows:
UNITED STATES TREASURY,
New York, March %, 1864.
BY direction Of the Secretary Of the
Treasury. notice is hereby given. that I'M
til further order, l will issue to importers.
for payment of duties on goods imported
by them, certificates Of deposit OF
gold coin. to the credit Of the Collector
of any port as desired in exchange for
notes. at a quarter Of one per centum be-
low the current market value of gold.
These certificates are not a~ssignablc,
but will be receivable by the Collector
from the party to whom they are issued.
]. J. Cisco,
Asst Treasurer Of the United States"
The market price of gold was then l62,
consequently the Government bought one
of its legal tenders at 371 discount for the
other. 1t has continued to sell gold ever
since at the market price. and counts the
premium among its sources Of revenue,
1t bought many supplies, such as coffee,
etc., paying in United States notes at the
equivalent for gold" 1t has held many
cotton sales for gold, taking pay in the
equivalent United States notes at the
market price Of the day. All its opera
tons are on the same basis. The propo-
sails for Government supplies here state
uniformly as follows:
Bidders are requested to state their
prices in United States coin, or its equiv
alent in Government currency on the day
Of settlement.
Payment to be made on delivery Of the
stores, in the funds furnished by the Gov
eminent for that purpose"
We mention all these facts to show
that the uniform action of the Govern
ment has been to establish n difference
between these two kinds Of legal tenders.
It takes for duties one paper legal tender
and not another paper legal tender. Un-
der such a state of things the decision
that there is no difference between legal
tenders cannot be sound. 1t is at vari-
ance with the facts. This decision will
have little practical effect, because, as we
think. the amount of notes so drawn is
very limited. The lapse Of thirty days
may find them all matured, and there
will be no more so drawn. Now the
time has arrived when the special emer-
gency for which the paper dollar was cre-
ated has passed, and the whole welfare Of
the country demands their %abrogation.
In the words Of Mr.. Greeley. in the New
York Tribune Of November 9th:
Now, then. what right has the Gov
eminent to persist in the utterance of false
tokens-engraved and printed lies. 1t is
no dishonesty in any one suddenly over
taken by some great unforeseen calamity,
to ask his creditors to give HIM a years
forbearance on their several demands !;
but suppose the ordeal passed, prosperity
returned, and his means once more ade-
ouate, can he honestly persist in substi-
tuting his indefinite promises for the cash
he truly owes. Suppose he could make a
pile Of money by this course, what upright
man would pursue it ?"-S. F. Alta.
ACH1LD WITH THREE Observation-Disclosures
", the wife of John Crawford, slater, Eve
and Lamb Close, Dumfries, Scotland, gave
birth to a son, who exhibits the rare, il not
unprecedented, peculiarly Of having three
toncues We saw the child, and found il to