The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-01-29
From the New York Economist.
Alas! for the Equity OF the Supreme
Court.

The formal decision Of the majority of the
Judges of the Supreme Court OF the United
States on the legal-tcnder case, reversing q
previous decision of the same court on the
same questions, may be regarded as the lead
ing event of the week and in many respects
it is the most painful, if not the most dis
graceful, occurrence i'll American history.
That court heretofore without spot or
stain, high in all mems thoughts, and holding
foremost place in the esteem of tie whole
world, with a reputation for purity and
ability rlnsullicd among all the fierce
clamors of party excitement, and posing
with 4 wise, sure grasp the various con-
flicting functions of our complex system OF
municipal, State, and Federal Government
that Il court of this high standing and au-
thority should deliberately backcn its own
character by resembling its former decision
under circumstances that cast m mcilaccable
stain on It's honor and integrity, is an occur
renee only too well calculated to inspire
mingled feelings of profound regret and i'll
dignation in the minds of all thoughtful men
and true lovers Of their country. The event
is worse than n lost battle, for when justice
is perverted hy It's sworn trained defenders,
it marks degree Of corruption III the body
polite that renders the future forcboding
and terror.
TO understand the position it is necessary
to recpitulate the facts. Two years ago
Chief Justice Chase pronounced the decision
of the Supreme Court in the celebrated Hep
burn case. This decision did not touch the
authority Of Congress to pass the lcSal-tendcr
act, nor did it deny or affirm the right OF
that body to make anything but gold and sill
yer perform the functions of money III the
discharge of public and private Indebtedness.
That point was not raised in the case, and the
court manifested great sagacity and discretion
in carefully avoiding it. But the Judgment OF
the court clearly implied that the Constitution
did notand could not give Congress the power
to make bits of paper equalin value to goldand
silver. All that Chief Justice Chase decided
was that Congress would not impair the obli-
CATION of contracts, which must be discharged
in the spirit or intent in which they were
made. If parties made bargain binding
themselves to pay and receive given
amount of gold or its equivalent, or certain
kinds Of leather, or any other commodity, no
matter what, then no power in the United
States or iii the world could absolve them
from the fulfllment of that bargain in the
plain spirit and intent in which it was made
| Hence the lcgal-tender act Of 1862 only
| applied to transactions after its passage. All
| promises made to pay money entered into be-
fore that date must be discharged in coin or
its equivalent, because there was nothing but
| specie, or paper money Tedcemablc In specie,
| in existence at the time. Debts contracted
on 4 coin basis could. not be discharged in a
| deprecated medium without the consent of
| the parties interested. Therefore all debts
or contracts made previous to the passage of
the legal-tender act, in 1862, not previously
| i ho mid
to the clear meaning and spirit Of the trans
action-in gold or its equivalent.
This manfcstly righteous decision satisfied
the public conscience. It was in accordance
with Justice and equity, and met with de-
gree of approval scarcely ever before ac-
corded to any public or judicial act. 1t was
cordially acluiesced in by men of all political
parties, and received the unqualified eulo-
girms of the leading organs of opinion in
Europe. It was another guarantee by the
very highest tribunal on earth of the rights
Of property.
But there was small minority of stock
jobbers, spectators, railroad managers, and
| politicians, to whom the decision Of Chief
Justice Chase was very distasteful. The
spectators objected to it because it threat
ened to destroy a large proportion OF their
business, which consists in operating for q
rise and fall in values, the losses Of which fall
invariably upon the producing class. The
great railroad companies did not like it be.
cause it forced them to pay in gold the prin-
cipal and interest on their bonded debts con-
tructed before the war; and, finally, the
politicians objected to it for the reason, among
others, that it threatened to curtal the
legislative eXtraYaggances incidental to an era
| of irredeemable paper money by bringing
the people and Government nearer to the
hard pan of sound currency based on spe-
| Gle. All these influences proved wonderfully
potent. Soon after the Chase decision was
announced, the New York Times outraged
public decency aud justice by announcing
| that it must be reversed by " the exercise OF
the appointing power In other words,
| new judges were to be appointed to fill va
cancies as they might occur, pledged before
hand to overhaul and rescind the previous
decisions of the Supreme Court OF the United
| States.
| That this programme was successfully car.
ried out is now biazoned to the whole world
in the decision just rendered. AT the time
the former decision was rendered the SUI
preme Court consisted Of eight judges, i've