Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-08-03

The New York T5I6tgs Of some day in
June has the following:
That plank Of the New York platform
which demands that the debts Of the
nation should be paid according to their
letter and spirit, is no Quixotic excess Of
honor. Many OF the bonds were issued
when no other currency than gold eX-
listed. All the Five-Twenties were issued
or authorized before il was dreamed that
this elsmor for paying them in depre-
clated currency would obtain to danger
Gus proportions. IL was not stipulated
in any acts authorizing these loans, prior
10 the Ten-Forties, that they should be
payable in gold. First, because no other
medium of payment was thought Of;
and secondly, because no other medium
Of payment would have complied with
their terms. They cali for the payment
OF " dollars" and "doIlar'' is plainly
defined by the statutes Of the United
States IS coin Of certain weight and
flneness. No set Of the United States
has ever made q gresnback q dollar, or
anything more than note promising 10
pay q dollar. 1t is declared " lawful
money" and a legal tender in pay
ment of debts ~ but none Of the Five
TwentIes are payable In "lawiul
money" or illegal tender" They ale
all expressly payable in "dollsrs;" and
hence the Democratic platform, in de-
clariDg that bonds payable IN dollars"
shall not he paid in +" dollars but in de-
precizted paper notes, or promises,
whether OF the United States, or Pata-
gonia, or John Smith, is Reputation
both of the spirit and the letter. Our
platform is pervaded by tone Of earnest
ness and sincerity in the language in
which it yiEdicstes the national faith,
which shows that il means what Il says.
The courts, even ia New York,
have held that notes expressly made
payable in gold, or coin, may be paid,
nevertheless, in greenbacks, under the
law making these a legal tender. or
course that is q judicial Justification OF
rsscality, As legalized by law. The law
OF Congress is thus the patron Of the
swindler and assists the dishonest debtor
to cheat his creditor, relieving him from
the obligation Of keeping bis promise by
paying his note in coin. But so il has
been decided, nevertheless.
Nobody doubts that a note Of an indi-
vidual, made before the legal tender act
passed, ami promising simply the pay
ment Of so many dollsrs, can be paid in
greenbscks. We DO not believe that Con-
gFess has any power 50 to violate the OBJ.
legation Of q contract. The Constitution
did not mean to say "no State shall psss
any law violating the obligation Of coA-
tract, 6tlt Congress may do it," Congress
can exercise no powers not granted by the |
Constitution. 1t WAS not necessary to |
forbid the exercise Of such power. 1t |
was only necessary not to grant it, and /
to brand it as immoral by refusing it to |
the States.
1t is perfectly certain that if it can so
violate the obligation Of individual con-
tracts, it can equally violate that Of its
Owl. The contracts Of the nation are
no more sacred and inviolabIe than those
of the individual. II the failure to pro-
hibit the exercise Of such power, gives
the power, 1t gives it as to all contracts
and greenbacks are legal tender in psy-
ment Of debts generally, without excep-
ton Of National debts.
To authorize man to psy in depre-
ciated paper note for SO many dollars
simply, may be reputation, to the ex-
tent Of the difference; but the Courts
hold, nevertheless, that this can be done:
and 1t is no worse in government to be
dishonest Itself, and vlolste its own con-
tracts, than to legitimate and legalize,
and offer inducements OF profit for, dis.
honesty in individuals. OF course the
Government has no moral right to force
its creditors to receive it's deprecated
notes in payment of debts which when
contracted were by law payable in geld
and silver. Has 1t moral right to ena-
BILE an individual to do that, while he
can demand gold Of the Government,
sad with 1t buy at discount notes Of the