, 1869-02-20
GpLp CONTRACTS VALID.

The Supreme Court decision In the |
case of Bronson agains! Rodcs opens the !
door for the resumption Of specie pay !
mcnts 10 whstevcr extent the people de-
sire il. The Court decides that there arc
two kinds Of "Eawtul money "-sold and
grecnbacke. Promises 10 pay ccbls in
gold coins can be cn!orc.l IN gold coins.
Promises to pay in monty Ut account
can be enforced in Treasury noses. and
promises to pay 20 many 'Io!lsr!," no,
specifying the kird ol dollars, csn be
satisfied by rendering green hacks.
This decision surcrseccs the NECESSITY
Of any legislation uy Congress tn au ,h'r.
izc gold contracts, and outy rsqu rrs :hc
passage oi short bil' guarding d-b o1s
against cxtcrl,cn Of c1cd,urs VITO may
seek 10 force lhe lormes tn give . lag
tions payable IL geld Ter p.-
per ysiue consilcra Tor. 3 yood
such legislation &c Will prevent .he lsw,
IS now Interpreted by The courts, from
bcirg made an Instrument Of oppression,
nolhirg uetd be dodc, Wns. Congress
had neither tic financisl wisdom nor the
courage to dc, has been tloLe by ccci-
sion OF the supreme t1,hunst; md .vlrY
man, after residing The opinion Ct tic
Court as delivered by Chief J ls'ice C1ase
the father Of the gIclnback system
will admit that the decision Is In accord
arce with ccmmo1 sense, justice aud
equity. VIVA. cou1d be more simple aBd
sensible than that where party receives
geld value AID engages to pay the deb: IN
gold, Re shall be betd 10 fulfill hts engage
nente That is the ctcisian.
There is nothing nov 10 hinder any
man who buys q 10. OF piece OF land, OF
gives g mortgage On his house or farm,
to compute the purchase III ,ney or o5ti-
getion In gold ard give his nosc or mort
gage for that amount. GrecLbacks may
then 1ucrus,c up ard duwn, to suit tue
strife OF the god gamblers. without in
c,easirg his debt. Whtn his note falls
due he will net be obliged 10 pay more
value than he promised when liz ma 1e
his contract.
There is Lo'ling now to prevent
the mcrch ant fran buyi5g his sods a.
their gold value, Ct selling them at it
Importing houses hare all along mad,
their purchases On the coin basis those
dealing with thin relying on their sens
Of loror ior lie collection of debts whicl
they supposed our courts would not en-
force. This practice will hereafter b
widely extended under the protection e
the lsw; aid II will mt be long until III
Eastern banks make their ciscoun 5 O
the geld basis, and that viii force th
Western bsnks TO do likewise. Bet pa
per money will continue to be used tc
the payment Of debls ard the pure 1asc
property Just as hcretotote-~ith tn
difference, that it wll, be taken
paymcn. at what it ia worth
gold. Thus noe payable in CO
to-day for $1,000 would te taken up wi
$3.50 in crrrcncT, rs no1 OFT cred. .ior
tLoueand would be so contrary or CHI
liEh as to insist upon gnld coins, if
were cGtred their market value in gree
backs. AS the value Of wneat, 1lo'
beef, pork, cotton AID petroleum arc is
by the foreign quotations, and those qu
tations are in gold, there would be au q
rious prepriety in the various boards
trade quoting those products 81 their CT
value. This will be dore before long
New York, and that will obl:ge Wes,e
dealers to adopt the same standard
value.
This decision Of the Court will relieve
public mind Of the apprehension that
Lcgal-Tender act might be pronoun'
unconstitutional, for il The Court had
tendtd to so declsre, it would not h
pronounced the present judgment in
vance Of the prior cases which inyt
the direct question OF the constitute
ality Of the act. Indeed, there IS no lou
any necessity for decision Of thai qr
zion, unless creditors seek 10 recover 6
for deprecated currency considcrali'
And it is pretty clear, from an at.ent
reading Of the opinion, that the c.
will declare the Legal-Tender act con
tutional. No other Interpretation csn
placid on the decision.