The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-02-09

Ine AeSlSMCufc OF South Carolina
and the Congress of the United States
have passed laws sanctioning the sus-
pension of specie payments by the
banks, and although I have heard
the constituionality of such laws
questioned, l do not know that the
courts have so ruled.
Do not all of these laws interfere
with the remedy of the creditor?
And yet no court has ventured to
assert that they arc unconstitutional.
There are two revolutions, almost
equally bitter in their consequences,
to which society is continually ex-
posed-the political and the COM
mercial revolution. The first brings
war and all its consequent horrors and
suffering "a devastated land, ruined
and suffering people. The second
brings q deangemcnt Of the whole
financial system and it's consequences
the loss of credit, the depreciation
of the paper Which represents money,
the derangement of values the diff
Guilty in obtaining the means of sup
port; in fine all that is conveyed by
the word porerty. The one inevita-
bly, follows the other. The legislative
department of the Government, when
it inaugurated this revolution, hoped
that it might lead to peaceful set
tlement of principles under the Con-
stitution, but feared that it would
lead to scn, and attempted to protect
the debtor class (which is always the
larger class against the creditor or
smaller class, which is sometimes
Justly and sometimes unjustly called
the hard and gripping class They
knew that, let the matter end as it
may, in the establishment of the
great State rights principles and a
strict constru ction of the Constit11-
ton, for which we had always con-
tended, or in the consolidation of the
Government-stil' there would be a
commercial revolution, which would
inevitably follow, and greatly afflict
the people, unless beneticent provi-
sion was made in advance; and so they
enacted and continued to enact a law
which, while it does not impair the
obligation Of the contract, postpones
and modifes the remedy. Now, if it
be true that Governments are insti-
tuted for the protection Of the many
against the few,'' for the purpose of
contributing the greatest happiness
to the largest number, who will say
that the lawis unwise, unjust or un-
constitutional Who will say that it
is not the duty of q coordinate
branch of the Government-th ju-
diciary-to sustain such law? Our
maxim is: LET justice be done,
though the heavens fall" 1 feel its
truth, its power, and it's force; but
here is a question of doubt; the great
est judicial minds in the country have
hesitated and divided. On the one
hand, is a prospect of gradual resto-
ration to comfort and comparative
prosperity. On the other, is wide
spread ruin and distress. On the one
hand, is multitude of debtors pray
ing for mercy and for time, holding
up the law which they fondly hoped
was their protection. On the other,
is a compact band of creditors cla-
moring for their constitutional rights,
as they are pleased to call it. SO that
if / had graver doubts on the subject
than 1 entertain, [ would unhcsitat-
lngly say, on q question of such vast
Importance, involving such terrible
consequences, that it is the duty of
the judiciary to sustain the lcgisla-
tive department of the Government.
The fact that the law was intended
to protect the property and families
of those who were fighting the battles
of the country; the fact that the Le-
gislature has passed this law again,
and again, and again; the fact that
the great judicial minds of the coun-
try have arrived at opposite conclu-
sions; and the further fact that the
law is wise, benefcent and. just-all
induce me to maintain it's constitu-
tionality.
Let the rule be discharged
A. 2. ALDRICH.