Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1868-06-11
KEEPING AND BREAKING
FAITH.

po,ed in Congress which have excited
deep and general interest. One of these
originated with the Republican majori-
ty on the Committee Of Ways and Means,
in the House Of Representatives, the
other came from Mr.. Holman, a Demo-
cratic Representative from the State of
Indiana. These two measures aptly and
ftly represent the controlling principles
of the two political parties to which
their authors are respectively attached.
The Republican measure proposes to
legalize contracts for the payment OF
gold, the other proposes to levy an on
erous tax upon Government bonds.
There have never been two opinions
among clear.headed and right-minded
men with regard to the duty OF every
man to fulfil his contracts, and the
correlative duty Of the Government to
make laws recognizing this principle,
Only as u matter Of stern necessity has
any other system ever found favor
among just men. But the nations life
and.death struggle created exigeneies
to which no general rules would apply.
The National Government, the embodied
personifcatiou Of the people, was COM
PEELED to employ men, corporations and
manufactures, and promise compensa-
ton for their services to an extent which
/. was absolutely impossible to fulfill in
metallic currency. Against an exaction
of coin payment by its employees and
creditors tho Government of tho United
States could not possibly have main
tanned itself, eyeu if the Golfers Of oil
| civilized nations had been ut its unre-
stricted disposal. Hence arose the ne
cessity that the agreement to pay should
DO put into definite shape, and that it
should be made to the employee OIL creditor
as nearly as possible equivalent to ac-
tual coin payment. To meet these re-
quirements, and as a necessary act Of
self.preservation, greenbacks were is
sued. As, in o Republic, the govern
ment is but an embodied representative
Of the people, the honor Of the people,
equally with that of tho government,
was pledged to make these greeubacks
as nearly as possible equivalent to coin'
When the condition Of trade and finance
were such rs to drive coin u of cireu'
lation and induce those who held to
hoard it, it would not only have ap'
pearee, but would actually have been
outrageous for the Government to have
refused its own obligations in payment
of its demands against its employees
As the people are really the Govern
ment, and the Government is essentially
the people, the ~greenback was the peo-
Plies promise to pay, and the principle
Of fair dealing demanded that the people
should receive it as money where coin
payment was, az a rule, impossible. AS
all men are not fair minded it became
necessary that this fair rule should be
made q law, to bind the unjust and
illiberal equally With the just and lib
eral. On this principle the greenbact
was made q legal tender. 1t must be
remembered, however, that the issue o
y,cenbacks and the enactment Of q law
declaring them q legal tender were en-
forced by the necessities and financial
exigencies of the times, and not rs a
matter Of choice. Any legislation look
ing to the enforcement Of special and
exceptional contracts derogatory to the
credit Of the Government, and reeog.
MIXING this governmental money rs o.
less value than coin, would have tended
to make such contracts general, and
thence have insured the practical repu'
diation of the greenback currency. But
kow the conditions of trade ant
finance arc such as not only permit
but require legislation such as ii
proposed. Without apparent danger
of injuriug the credit Of the Govern
ment, depreciating grecnbacks or inju'
riously affecting the general welfare,
contracts discriminating between gold
and paper money may DO permitted, and
laws to enforce such contracts arc justi'
fed by sound policy.
1t is evident, from its action on this
subject, that Congress takes the same
view of this question that controlled
the Supreme Court of this State in rem.
dering the decision on the local Specific
Contract law. Otherwise, il tho Act Of
Congress declaring greenbacks o legal
teudsr could be nulliied by local legis.
Iation, Congress might better leave tc
the State Legislatures the enactment Of
specific contract laws where they were
deemed necessary or polite.
adversely proportiona,e to the wisdom
and sound policy Of the contract act, il
the dishonor sought to be done tn.
nation and the people by Congressman
Holman. Concerning his proposition
there is no room for argument. AS at
inducement for the loans which these
bonds represent, a fair, square, unequiy'
oeal bargain was made that they should
berexempt from State and local taxation
That States, counties, cities, or Other
corporations shall never tax them, il
admitted on all hands. But what can
not DO directly done without dishonor,
NJ. Holman proposes to do indirectly
and by subterfuge. A tax exactly equal
TO the amount that would be levied
against these bonds if subject to loca'
taxation, is to be collected by the Ma
tional Government off Of this species o.
property exclusively. The meanness o.
this tricky subterfugc is characteristic
Of the party to which its origin belongs