The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-19
HOW VIII the Court Decide?


TIE consttutionality of the. Legal-tender act
was argued before the Supreme Court of the
United States, in banc, at Washington, last
week. and rumors are rife as to what will be
its decision. Correspondents, with that saga
city which they claim to possess, have
informed the public of the sentiments of the
Justices, although there were no better indi-
cations to judge by than the attitudes which
their Honors assumed while listening to the
arguments. AS a consequence, public atten-
tion is directed to the subject, and the deepest
solioitude felt as to the ultimate issue of the
question. No one can wonder at this. Every
man, woman, and child in this broad land is
personally interested in the settlement of the
question. The debtor knows that on it de-
pends the question of the payment of his debts.
The merchant konws that on it depends the
existence of his credit. The farmer knows
that OH it rests the price of grain. The dealer
OF every kind and the purchaser of every sort
feel that their relative credit hangs on the
question, SIS the Legal-tender act constitu-
tional ?" Should it be decided otherwise, the
balance of business would be destroyed.
Supply and demand would lose their equi-
1ibrium. All sales would be at the option of
the seller. No one could tell whether
he had any means of purchasing bread
unless he had supply of gold. Let us ina
gine for moment the effect in detail. We
have hundred dollars in greenbscks in our
possession. We cannot tell whether these
greenbacks will buy what we want or not. We
may find the seller unwilling to accept them.
Then we must pay according to the premium
in gold. No longer will gold be forty per cent.
above par, greenbscks will be forty per cent.
below. Everything would fall with the cur
rency and the whole land be placed at the
mercy, of the gold spectators. How long
does any one imagine it would take the specu-
lators TO run the premium up to two hundred
1t would be done in a week, and with the sue
cess Of these conspirators would come fnan-
cial panic and universal ruin. 1t would in
truth be violent resumption of specie pay.
ments. II would be an immediate aud in
voluntary resumption, and one for which the
country is not prepared. Every mortgage
would become at once valuable only according
to the huctuation of gold, and throughout the
whole land would 90 up cry which would
indicate d terrible financial ''crash." We do
not overestimate in predicting such o result.
1t would be attempted by that interested,
and We have no reason to doubt that it would
succeed.
Hence it is that of all the questions at pre-
sent occupying the public mind, there is none
in which it feels so de an interest as in the
roustit tntiOualitv of the Iapal fender act Is
it probable that the woes we have depicted
will come upon the land We do not hes-
tate TO answer no, and for two very good res-
sons. First, it is possible that majority of
the judges of the Supreme Court thinl the
law constitutional, and will so decide. The
case in its favor is very strong, and with the
evidence of the past before them the judges
will lean towards its constitutionalty. The
opinion prevails that a majority of them
will so decide. If such should be the case,
of course no commotion would result.
Secondly, they may think IL unconstitutional,
but If they do they will not say so. 1t is an
established custom of the Supreme Court not
TO pTecipitate the country into eonvulsOn
by any Of its decisions. AS the highest law
tribunal Of the land, it does not recognize the
practice which justice compels inferior courts
to obey. 1t does not give an adverse decision
which will do public injury, even If that
adverse decision is according to technical law
1t adopts the alternative of thinking over the
matter, so that while the ultimate decision is
that which is dictated by law, still the time
OF that decision is 80 remote that when it