The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-26

tain IL. There are eight judges, four OF whom are
unquestOnaby allied TO the democratic party and |
two Others are understood TO have leaned toward II
for some time past We think there can be no |
doubt that Messrs Nelson, Grier Clifford and Field
believe the Legal Tender act TO be invalid and 1t Was
a matter OF common rumor at Washington last |
spring that Chief Justice Chase was disposed take
the same view. We think Judge Davis WILL and we
should not be surprised II the court were unant
NOUS
1t is easy to see that such decision would scatter
to the winds all the ingenious schemes that have
been devised for pretending TO pay the public debt
strained from passing laws impairng the obligation
OF contracts the legal tender clause OF the act OF 1862
II declared unconstitutional at all must be held void
ones II cannot fall on account OF its retrospective
operation, and must therefore fall as whole. 1t
follows that the holders OF the ivetwenties and IN
fact, OF every species OF claim against the govern
ment would have an absolute legal right to payment
In gold. The holders Of greenbacks and other obj
cations OF the government not bearing interest
would Of course, have no means OF enforcing their
bonds would have such plain right to the payment
OF interest until the government was ready to pay
the principal in gold that their claims could not be
evaded without unequivocal, undsgulsed repudia-
tion Honest men would then get face to face with
political Jeremy bidders and we should have no
more paiation of fraud by reference to 1.-THE letter Of
the law"
But there is another result certain to follow this
Judgment, and not agreeable to contemplate. The
decision which we predict Will involve forced and
sudden return to specie payments among private
tors In 1862 and 1863 when debts contracted in gold
were paid OF in deprecated paper, will now be in
ricted upon debtors, who must pay in gold debts
contracted in paper In the majority of cases, such
payment will not be eXacted, because paper VIII
continue to constitute the actual currency and gold
Will be paid only upon legal compulsion; but debts
secured by good mortgages will be largely collected
in gold unless the courts feel at liberyo 90 behind
the technical word money" and inquire what the
parties really meant when the bond was drawn. In
any event, the decision which we anticipate must
seriously unsettle business for time and produce
some hardshlp yet we believe that its ultimate bene
hts Will FAR outweigh Its temporary disadvantages
The existing system is demoralzing the nation; and
getting back TO solid bottom Congress Will we fear
never dare to return to specie basis, ana our only
hope Is IN the severe remedy OF judicial decision
The Senate, foreseeing this event. twice passed a
a bill allowing contracts TO be made for payment In
IN god but the House OF Representatives, with It's
usual shortsghtedness refused to concur. The pas
sage OF such measure would have enabled the COM
munity to anticipate and avoid the evil results OF
sudden return to specie payments AS matters
stand it ia dinicult but not quite impossible to do
3d. The courts are more disposed now than they
were during the war to enforce specie contracts;
anu with little care such contracts may be drawn
30 as to protect oil parties. Weshould advise all who
have large sums to pay after next winter, and who
expect to pay In full, to consider well the form OF
their obligation, and either to the right OF
paying In greenbacks or to agree to pay in gold Of
they have receyed Nevertheess' il must be dis
unctlj understood that all warning Is founded
upon urmise, and that no one must blame Us if our
predictions are not fulfilled The Legal Tender act
may be fully sustained. Every one must forecast for
himself. But our belief and expectation are as we
have set forth, and in calling the attention OF The
public to the possibilities Of the case, we have done
all our duty.
The Week.
1t Is hard to say whether II would be better
worse for the republicans TO carry Maine ia the Sep
TENDER election by the usual majority II Is of
siderable importance that Pennsylvania should be
carried in october, and it is not to be denied that
pennsylvania Is to-day doubtful State. On the
one hand, a decided republican gain in Maine would
make some needed republican votes in Pennsylvania.
On the other hand, loss OF some hundreds would
set the republicans of that State hard at work. and
IL Is doubtless apathy sprnging from confidence In
the result, which is at present hurting their CAM
paign. Nearly as bad thing as a heavy republican
loss in Maine would be an average majority tending
to confirm the Pennsylvanians III their sluggshness.
In the two other great states OF the middle tier
which hold elections on the same day with Pennsyl'
vani*-0hio and Indiana, namely-the prospect is
decidedly better reliable accounts from the latter
Hendricks Is to be beaten as Governor, and that he
will not get the Legislature he wants to send him
vorable Legislature, he would not retain the gov
ernorshp. Ohio is confidently claimed by the
democrats but with little or no reason, and
the republicans As to another point in the
fall campaign which Is Of general interest-the
cans of the Fifth district will feel themselves strong
enough to punish General Butler as the better sort OF
them wish-the prospect IL apparently not favorable.
General Butler, with what almost seems display OF
military quality, when he removed from Lowell,
hunting office, shrewdy selected out of ali the Massa-
chusets districts the where the party happens
be the weakest In able men, DR.. LOring, an old
as miniature copy OF the old politicians OF national
reputation who made poHtcs trade and mean
only became republican If we arc not mistaken in
ls64-is perhaps the most influential rep bcan In
the district With him 1t Is rumored that Butler has
made arrangements whereby Loring Is TO be Cover
nor and Butler Is 10 keep his seat In the House. The
71fbune's correspondents begn We see, to speak OF
publlcans regard Loring, and OF the certainty that
Butler whom the Commonwealth praises, wiz be
fact be necessary to beat him in caucus, fear If
he is to be beaten at all. The thing has evidently
been all arranged, and anybody who enjoys seeing
the internal workings OF the political machine will
do well TO read the papers mentioned above.
Letter from Charles Sumncr on Virginia.
In reply to an invitation to address a republican
meeting at Richmond Senator Sumner sent the fol.
lowing letter.
WASHINGTON, August Z, 1868.
DEAR SIR-It will not be In my power to be at the
much shall lose. Such meeting would be full of
inspiration II is beautiful TO think OF Virginia thus
reign OF slavery there was peculiar barbarsm In
this State not to be mentioned without blush. The
vigintial crop OF human flesh was her staple. Thank
slant crops OF prejudice and indecent prcten sion,
born OF slavery should disappear also. This can be
brought ABOUT only by the triumph OF equal rights.
It was a virginian who wrote the Declaration of
Independence. rejoice to believe that the State OF
Jefferson will recognize at last his principles TO do
this IL must begin by renouncing the rebel party,
which IL the true name for our modern democracy.
Accept my thanks and best wishes, and believe me,
dear sir, faithfully yours, CHARLES SUMNER
Cnrpct-Bagscr Come to Grief.
The Georgetown Is; c. Times states that William
l.. Webb, OF Rocky Hill, Conn.,, a brother OF Henry
w. Webb, who figured as q member OF the Charles
ton Negro Convention, and Is now q member OF the
Legislature from that district, was arrested for
bgamy on complaint made by his wife In Connec-
ticut. The Times says Mr.. Webb, the accused, IL
carpet-bagger, who came to these parts soon after
the close OF the war TO seek his fortune. lie was
made register OF voters, and acted In that capacity
as long az there was anything to do In that line Ina
default OF sufficient bail he now occupies apartments
In the Georgetown Jail.
POLITICAL NOTES.
A democratic exchange says Grant Is the ..cominr