The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1867-08-30

ton as gold had been before. By the
act of FEBRUARY 2I, 1858, much more con
siderable reduction was made in the
weight of silver coins, less than the
dollar, but evidently only for the pur-
pose ofsupplyinga subsidiary currency,
for small payments; for by the same
act it was provided that the silver coins
issued in conformity thereto should be
legal tenders in payment of debts for
all sums not exceeding five dollars. |
have no doubt that all this tampering
with the coin was unwise and unjust.
Whatever may be the advantages of a
double standard they are too dearly pur-
chased by the frequently recurring ne
ceSsity for these changes. But / do
not see that there was, in any of these
instances, a criminal breach of public
faith or an intention to interfere with
private contracts. In 1884, the public
debt had been recently liquidated in
full. and at the period of none of
these measures was anything to be gain
ed by the government from them, but
rather the reverse.
III. There is another important differ
ence between the two measures of de-
basing the coin and issuing paper mon
ey. When an act is passed debasing the
coin, all the mischief is done. On the
day following, the prices of all markets
adjust themselves to the new standard.
Commodities, real or personal, lands
or chattels, are exactly the same eX-
changeable value as before; the only
difference being that their value is eX-
pressed in different figures. An ounce
of gold will still buy the same number
of bushels of wheat whether it is coin
ed into twenty pieces called dollars, or
forty pieces. True, debtors are richer at
the expense of their creditors. But that
gross injustice also is finished. Every
man, creditor or debtor, capitalist or
laborer, knows exactly where he stands.
Not SO with paper money. AS to all
existing contracts, the same and even
worse injustice is done, if the paper
depreciates, than when the coin is de-
based. All equality is at an end. To
day Nan pays at onediScOunt, tO-mOr-
receives at another. There is IN truth
no Std1lddTdOf U0lue lCItdterer. The pa
per money varies like the mercury in
the barometer acted on by the superin-
cumbent column of air, SWayed to and
fro by the tides of the atmosphere
now high, now lOW-noW rarefed,
now condensed. Thus, as confidence
rises or falls, but more certainly as issues
are increased or contracted, the value
of every mans prOperty-and the real
price of his labor, what he can procure
for it of the necessaries and comforts of
life, fluctuates from day to day. This
was just what the men of the RevO-
luton who met in the Federal Con-
VentiOn- who assembled in the State
Conventions and ratified the cOnstitu-
ton, had not merely heard with their
ears, but seen with their own eyes,
touched and handled with their own
hands, and felt in their own pockets.
They had not the advantage of reading
the same history repeated in the paper
money of revolutionary France. But
they needed it not. They had quite e.
nOugh in their own experience to make
them determine to deal an effectual
death blow at paper money.
On the whole, then, | am Ofthe opin-
ion that the provisions of the act of
Congress of February %, 1862, declar-
ing the notes is ued in pursuance of
that act to be lawful money and legal !
tender is unconstitutional.
This renders it unnecessary that / |
should consider the other question,
which has been made as to the effect of
the special agreement to pay in lawful J
silver money of the United States. !
am in favor of entering Judgment for
the plaintiff, but as majority of the
Court are of different opinion, judg- |
ment for the defendant.