Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1870-05-04

debts contracted before the passage OF that |
act, was received by the great mass Of the
American people with satisfaction. And the
practical effect Of the decision seems to have
been such as to increase that satisfaction
From the day the action Of the court was
made known, the tendency of gold was down
ward, so that it seemed as though the quos-
tion Of a general resumption Of specie pay |
ment was question Of expediency, rather
than power, by the government It was
found that the decision had little or no prac-
tical application to the business Of the grca
mass Of the people, and only seriously affected
the liabilities Of great moneyed corporations.
such as banks, insurance and trust companies
and railroads. The decision was, therefore,
in its practical bearings, in the interest Of the
people, and for that simple reason should be
allowed to stand.
To the general prosperity there is nothing
more important than a stable basis Of values
and Of exchange Without this, nothing in
business or industry is stable. With huc-
tuating currency based on fictitious instead
Of intrinsic values, everything is fuctuatug.
Prices fuctuate. Labor huctuates. Mems
confidence in themselves and in each other
auctuates. And hence come loss Of conf
dence, depressions in trade, stagnations in all
industrial pursuits and finally commercial
bankruptcy and general financial revolution.
As a war measure. and as applicable to
contracts made during the war few doubt
the power Of Congress to enact almost any
law necessary to aye the Union But it is
not easy to see how the law in question could
be necessary, as applied to pre-existing debts.
And if not necessary in that application, it
was not within the constitutional power Of
Congress to enact it. And this is what the
Supreme Court say in their recent decision.
Since the appointment Of two new judges,
however, Attorney General IIoar has, as our
readers know, moved for a re-hearing and
reconsideration Of the whole question, in the
expectation that the former decision Of the
court will be reversed. 1t is asserted that
this result is certain, and that the new judges
were selected by the President with reference
to their views on this very question. 1t is
added that Judges Strong and Bradley have
both been attorneys and counsel for some Of
the great corporations whose pecuniary in
terests are largely involved in the construc-
ton which shall finally be given to the act in
question We trust that such is not the case,
whatever the decision shall be since a decs-
ion so obtained, by placing interested and
t pledged men upon the Supreme Court Bench,
would be a greater cause for regret than any
. honest decision could possibly be.
, This point is strongly and forcibly stated
by the New York EreniRg Post, and ex'
e presses our views generally so we'll, that We
give, herewith, the substance Of very able
r article on the subject, which we commend tc
e the consideration Of all thoughtful men
"Ifit is fact that the administration has un-
} dertaken 10 have the decision reversed, then We
say that the administration has done and IS doing
a most disgraceu and disastrous thing an act
which, If successful, will dishOnor the names o.
r and may bring Calamites upon the country, beside
which even the effect OF the late war will be tri
fling For from the losses of the war we are rap
idly recovering from such n blow at our credi
=, and honor as would be inflicted by the decision
now sought we shall not recover.
'' Consider what the Supreme Court is asked b.
+ Attorney General lloaf 10 do He demands tina
it shall solemly declare that Congress has tn
= right under the Constitution, TO issue paper mon
ey and make it legal tender, whenever Il secs q
i 10 do so. If the Supreme Court 50 decides, an,
y administration may at any time, when party
majority in Congress agree for this corrupt pur
pose make an issue OF notes in any amount, am
r. declare these a legal-ender for existing debts
l. force them, that is TO say, upon the people.
The Attorney General, under instructions iron
i the President, seeks authority through decisi0
of the Supreme Court, 10 dobase the currency a
y the will of the government to any extent whic
II an INSCRIPTIONS set OF politicians in power at an
It time may think best to subserye their own ends
"A As if TO make the case as bad as possible, thi
power IS demanded in a test case, IN which th
N debt itself is a debt Of the United States, con
st tracted in dollars when there was no dollar bu
Is gold. If the egltender act is valid in its app
, cation to the debt Of the United States to Nj
- Denning, why is it not valid in its application
y all other debts of the United States2 The ac
at itself excepts only duties on imports and tn
interest on the public debt, and expressly say
that the paper money shall be legal-tender 70
s. all other debts public and private. The decls
= ion demanded by the Attorney General would tax
away all limits upon the full force Of these words
or and would be direct step towards Reputation
Ii would undo the work which the election d
s Grant did for the public credit and revive, witt
rs renewed strength the Pendleton hereses of 1865
Bad as this is, however, we could recover tror
It. The people understand these questions bette
now, and will not again tolerate the politician
who court power through national dishoner. Bu
from the degradation of the judiciary to be a
li,gtr,,v,pnt Of will portigQu
we can never recover. If Judgment made a
A. final by the highest judicial tribunal in the Ian
can be set aside at the will Of the party in power
u by changing a few judges, the Constitution b,
Sc comes a mere paythng before party passion; an
OF the political conscience OF the people loses II
H. last stronghold
: If public opinion has n right 10 be heard betoi
~ the court, in behalf Of subseryency and OF rept
diaton, it has at least as good right TO be hear
ID on the other side. The intelligence and patrio
I ism Of the country have already begun to speah
with no uncertain voice, against the degradatlo
n of the Supreme Court such as now threatens I
p make, by contrast, the Dred Scott decision T,
an spectacle. For even Mr.. Buchanan never dare
i TO expose himself to the suspicion Of packing tn
- court, or even Of attempting directly 10 intuenc
us it. Let the people once lairly understand I'll
he proposition now before the court, and they wi
n. say without regard to their opinions on the at
stract question of law, that this historic benc
:" might better close its record h0nOrably to-day an
he dissolve, than come down from the independent
," which has been its glory and our national prd'
of and become the tool of the passions and interes
: which now seek to control il.
80 We still look to the seli-respect Of the court
to save the country from this peril, If there are on
ty Judges upon its bench who do not share such
No feeling those who do might at least decline To 5
- upon an occasion forced on them, whose only n
r. suit must be to humiate them and 10 destroy IL
character and influence Of the cOurN
ia
at "A new phase of religious fanaticism hi
u broken out in New Jersey. 1t first appeare
~ ~ in the congregation of the Methodist churc
I at Macopin, two years ago, and has sine
It, spread, until the original church is destrOye'
M and the new religion has entirely supplante