The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-02
Greniug telegraph
TUESDAY, MAY 9, 1871.
TIE LEGAL-TBNDER GASES

TIE LEGAL-TBNDER GASES
IT is now formally announced that the Su-
preme Court Of the United States have finally
decided, by q maj jorlty Of one, first, that the
act of Congress known as the Legal-tender
act is constitutional and operative in refer
ence to contracts made before its passages
and, second, that it is valid in its application
to contracts made since its passage. Thus
the whole ground is covered, and greenback
dollar is dollar for all valid payments,
despite the theories that have been propagated
from time to time, and despite the decision
made by the Unitsd States Su-
preme Court few years ago to the
effect that the Legpl-tender act could not
constitutionally affect contracts made before
its passage. 1t is, perhaps, to be regretted
that practical change in the law has been
effected by this conflict of judicial decisions,
but there is little doubt that the ends of sub
stantisl justice and the present and future
welfare of the nation are best served by the
decision last rendered. The sovereign power
of the nation originally decreed what dollar
was; subsequently, when sufficient rea-
sons seemed to exist it changed the
intrinsic value Of dollar, even when it was
made of coin, reducing the quantity Of gold
in gold coins of given denomination, of sill
yer in silver coins of given nominations,
and of copper in copper coins Of given de-
nominations so that even in times of peace,
and in the coinage of the country, the Govern
nnent has, at will, exercised the power of
changing the intrinsic value, as well as the
shape of and devices upon gold and sill
yer dollars, the business and contracts
of the country being required TO con-
form to the changes thus made from
time to time. Practically, dollar is
whatever the American people, through their
representatives, choose to make it; and the
original, bona .tde Spanish milled dollar
ceaEed long ago to be the dollar Of commerce
orr of contracts. Taking a common sense
view of the subject, there is as good a reason
to institute suit for the recovery on old
contracts of the Spanish miled dollar, which
is worth about ten per cent. more than the
present gold dollar, as there is to sue for the
recovery of gold dollars for sums which, by a
law of Congress, are made payable in legal
tenders.
1t is, of course, very wrong fer Congress to
abuse such mighty power, but it is also very
and since the nation, as a nation, can and
does, when it sees fit, originate wars which
lead to the destruction of the lives of tens of
thousands of innocent and patriotic citizens,
to the devastation of many tiourishing towns
and cities, and to the most onerous taxation,
it is folly to contend that it cannot also strip
capital represented by bonds and mortgages
of an infinitesimal portion of its accustomed
rewards. Werespectproperty, and drespect all its
rights, but we respect even more the aggregate
liberty life, and property of nation and all
its inhabitants; and when everything which a
great people hold dear is at stake, it remains
for them, through their representatives, to
decide what and how much shall be given p,
so that the greatest possible portion of the
things and interests endangered may be pre-
served. 1t was to meet such an sxigency that
the Legal-tender act was passed; and as it
was commonly and generally accepted,
with all its inevitable gains on
one hand and losses on another,
no mere legal bubbles or lawyers quirks
should be suffered to set it aside now. 1t has
done the State good service; it has saved, in
many instances, to those who have shown q
disposition to bring suit for fraction of their
interest, the principal of their evidences of
Indebtedness; and now and hereafter it will
be better, on the whole, for all concerned,
that the nation shall sustain and respect, in
letter and in spirit, the financial bridge thai
carried it safely over the yawning gulf of the
Rebellion.