Idaho semi-weekly world. (Idaho City, Boise County, Idaho Territory) 1867-1868, 1868-02-26
Seali aMlaeekly Msprld.
THE NATIONAL FINANCES.

Il III ~ ~ FL - ##-M88
wards able speech in the House a short
time ago, on the Finances and the pay
rment Of the Public Debt:
Judge, Woodward, of this.State, made
a speech in Congress last week, on the
subject Of the finances and the national
debt, which commands attention beyond
IT'S arguments, from the position the e;
speaker holds as a. prominent member
Of the party with which he is classed.
He takes issue with General Butler,
who in his arguments in favor OF pay
ing the principal Of the national debt
in deprecated legal-tenders, exempts
the Indebtedness of the Government
contracted in coin, and when the basis
of the currency was specie. Judge
Woodward shows that the General is
not true to the cause he espoused, for
the reason that the legal-tender act APP
piled to millions of private debts con-
tracted on a gold basis, which have
been liquidated in deprecated legal
tender notes. The legal-tender act, the
courts have decided, applied; to all an
tecedent debt, public and. private. If
it is right and lawful to except pub
lie debt contractedin gold from the OPP
Grafton of the legal-tender act, the Judge
asks why should not private debts en-
10y the same exemption This ques-
ton is pertinent to the matter at issue,
and is of much force in getting back to
right premises. The Supreme Court
has not yet passed on the Constitution
atty of the legaltender act. and the
right and power of the Government to
make anything but gold and silver a
legal tender, under any. circumstances,
has been very gravely questioned by
the legal and judicial mind, as we'll as
the public generally throughout the
entire country. The opposition-legal,
judicial and popular-have almost uni
versally condemned the issue of green
backs as violation of the Constitution,
while the party authorizing their issue
legal and judicial-have generally
Justified the act only as /" war meas
are," and rested its legality upon the
basis Of the right, duty and necessity
of the nation preserving its own exist
ence from extreme peril. Taking the
most favorable viewof it, there is no
justification for any further issue OF le-
gal tender and paper currency, for there
is now no "war necessity" Any fur
Their issue or use Of them as convent
cnce would be great wrong to the en-
tire creditor class Of the community,
and sure impoverishment of all those
who are dependent upon fixed incomes
These things being true, with the I'M
certainty of confirmation by the SUI
preme Court Of the censtitutionality of
the law. does not good policy and wis
dom invite to the disuse Of this ques-
.tionable currency. Judge Woodward
says, very emphatically, that he does
. not believe that Congress has any Con-
stitutional power to make greenbacks
a legal-tender, and, having filed the
office of Chief Justice of this Common
wealth, he is certainly no mean author
ity; but, SO far as the Courts have de-
cided otherwise, he felt bound to respect
the act as Constitutional; and if Con-
gress had the power to make the law,
it was equally binding. on all classes
af creditors, public as well as private
Hence, SO long as two species legal
tender, differing widely in value, were
8 kept up, be should favor the, paying of
all debts, not expressly excepted, in the
cheapest; "bnt believing it to be an
evil example, destructive of that good
faith which should belong to all coun-
!. tries, violative of. the Constitutional
!. b rights Of citizens. and not within the
delegated power of Congress, he would
vote to wipe out all such stains out Of
the statute book. The effect Of repeal
ing that bad legislation would be hap
BY. 1t would take away the ugly ques-
ton started by Mr.. PendIeton; because,
instead of ,levellings the. bondholders
down to other creditors, ,it,wouH level
sthe other creditors up-to the bondhold-
-crs. It would bring. the country back
!. to gold and silver, the Constitutional
currency" This is sound and reason
able, and will, more directly and more
repeditipusly reach a. resumption of
specie payments than any other means
,,nf e,,rraSfad W. u,ould not have