Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-01-02
SPECIFIC CONTRACT ACT.

The Supreme Court Of the State OF Nc
vada, on last Saturday. rendered q highly
important decision, and n which has
created more than ordinary excitement
and feeling in this community; especially
among that portion whose business it has
been TO loan money under the Specific
Contract law Of this State. The ruling
Of the Supreme Court was made in the
case Of Milliken ct al. VS.. Sloat, and in
efec, completely upSe,s the Specific Con-
tract Act, as in express terms they declare
it is in conflict with the laws of Congress,
and that no man can be made to pay a
debt in coin in preference to greenback
currency. This is about the gist Of the
ruling Of the Court. The authors Of this
opinion are Judges Brosnan and Beatty
Judge Lewis dissenting. That the Court
was ac,uated by honest motives, and sus-
tanned by u thorough examination OF all
law bearing upon the subject we would
for one moment doubt. II is the rul-
ing Of the highest civlytribunai of our
State, and all classes Of business men must
submit to it. While in some cases it may
be a hardship to those who let out money
under the Specific Contract law. and
whose debtors may possibly equivocate or
attempt to shirk the responsibilities OF
their written contracts, there still is an
honor existing among mel" Of integrity
which will not be violated by the liquida-
ton of IN obligation or contract in a de-
precia,ed currency. II the National cur
rency can, by this ruling Of our Courts, be
made more valuable as a circulating me-
dunn for business purposes, be it so. 1t
certainly has been the o scandalously
abused and deprecated paper currency we
have known for twenty-five years-and II,
by this decision of our Courts, this State
acquires u few millions Of dollars more
than she now has, by holding out induce
ments to men to invest that amount in our
mines and business, the community will
be the gamer to that amount. But LsI
NO NAN REPupILrs MS HONEST oBLreA-
rIoNs NOW EXISTING!
The bankers Of Storey county (but for
whose monied assistance to many Of our
mining and mill companies, and business
men generally, q general stagnation would
long since have come upon, them,) are
naturally exercised at this ruling Of the
Supreme Court. They held a meeting in
Virginia city, on Saturday evening, on
hearing of the ruling, and passed the fol-
lowing series OF resolutions:
WHEREAS, Private information has been
received that the Supreme Court have de-
clared the Specific Contract Act null and
void and
WHEREAS, All persons who borrowed
money or contracted debts under the proyis-
ions OF the Specific Contract Act are morally
and honorsbly, il not legally, bound to liqui-
date such debts and obligations in gold or
silver coin; therefore,
ReSoEred, That any person who VIII pay a
debt created under the Specific Contract Act
in any currency except gold and silver, will
not be entitled to any credit with the under
signed, ard will not be permitted to transact
any business directly or indirectly with US.
Resolved, That the undersigned will con-
tinue their business on agold and silver basis,
and that no other currency will be received on
general deposit by US.
B. +. HASTINGS & Co.,
BANK OF CALIFORNIA,
(Per WV. SHARON, Agent,)
WELLS, FARGO & Co.,
" (Per J. H. LATHAM, AGENT
Paxton & T~HoRSBrRo,
E.. RUHLISo 4 Co.