The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-12
THE LEGAL TENDER DECISION.
What tho Newspapers Say About L

The leading New York presses generally
comment upon the decision of the United
States Supreme Court declaring that debts
contracted before the passage of the Legal-ten
der act of July, 1862, are payable in coin. The
Tribune says the opinion ''does not go to the
question of the right to make United States
notes legal tender in all contracts made after
the passage of the bill, but Its general ten.
dency is plain. Get your houses in order,' is
the meaning of the warning sounded to the
whole business community from the bench o.
the Supreme Court. This decision means a
speedy resumption of specie payments !" The
New York Journal of Commerce says:
The court has heretofore decided that pa
per money Is not legal tender for debts where
coin is expressly promised, and now adds that
1t will not suffice for debts contracted previous
to its issue, even if no special mention was
made of coin. This sweeps away the success
sion of falschoods that grew out Of the govern
ment's unreasonable promises, and at one step
carries the whole country back 10 the position
taken by the fathers Of the republic. We con-
gratulatc our readers on this result, as it set
Ties the disputed question for all time on the
principles of truth and justice. 1t will be seen
that even the dissenting opinions find no war
rant for the action Of Congress In forcing this
money on the people except in the war power,
and we trust the final adjudication OF the re-
naming issue will dispose OF that dangerous
heresy, and leave the country at peace in po-
sltion where Its honor can be eVermore main
tanned.
The New York World, however, thinks that
the Judgment Of the Supreme Court would
have been of great importance had it been
more timely; but at this late day it is about as
valuable as set of medical prescriptions for
all the diseased persons who have died within
the past eight years. This remark, however,
will hardly apply to the extent Indicated, at
the South, at least. The World thinks the class
of debts included in th; decision have nearly
all been paid; but the holders OF State and
railroad bonds and other long securities, will
hereafter receive their interest in coin, and
this is nearly the whole extent to which the
decision will be of any practical value The
World adds:
1t will be perceived by those who read the
decision that the court keeps very cautiously
alooffrom the question whether the Legal-ten-
der act is valid in respect to debts incurred
subsequent to its passage But, In spite Of all
their canton, much OF the reasoning Of the
Judges seems pertinent to the whole scope Of
the Legal-tender act, and to bear with asmuch
force against the constitutionality OF Its appli-
cation to subsequent as to prior debts. But
we apprehend that decision to that effect
would be of no great consequence, except as
1t would tend to hasten return to specie pay
ments If the Legal-tender act were setaside,
a contract to pay greenbacks would probably
be treated like contract to pay wheat or any
other commodity, and the courts would either
enforce specific performance or award equit-
able damages, payable In coin.
The Herald remarks:
1t is enough that the majority Of the court