The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-09-30

THURSDAY MORNING :;;; SEPT, 30,
RESUMPTION or SPECIE PAY
MEEVR

was declaration viii III neither that
power nor any other could enforce.
When the day comes around IL will
he seen that the law Is but n dead
letter on the Statute book. They might
as well enact that on the first day of
January, 1877, the bankrupt firm of
Duncan, Sherman q Co. shall pay their
liabilities in full to their creditors in
gold. Is there any power in the Gov
eminent to enforce man who Is out
of money to pay bis debts in cash on
II given day +? We know good many
most excellent men, with ample prop
erty, who, If there was special law
requiring them to make payment in
money AT fixed period, would be
found in total disobedience 10 the
plain bchests of the statute. We can
readily foresee that when the day
comes in the calendar of time, on
which gold, by the Requirements of
the law-making power Of the Gov
ernment, must take the place of cur
rancy, the day appointed by one set
of men for another set to redeem the
currency in gold--it will be as If 10
such law was ever passed the
currency will remain unredeemed,
and the gold in the chests
OF those who own it. This is not IL
subject for legislation. There are some
things that human laws cannot con-
trol-that Is to say, statutory laws. The
laws of commerce are indeed human
laws, but they are superior to any
mere enactments of q Legislative body.
Suppose that Congress, In q general
way, should say that the people of the
South must ship their cottotr' to New
Orleans, and that the merchants of
that city should pay them, on receipt,
twenty-five cents u pound for every
bale of it, in gold. IL might be posi-
bic, by the aid of a vast army, to en-
force that clause OF the law requiring
the shipments to be maze to New Or
leans but what power on earth would
force the cotton buyer to p&y twenty
i've cents for 1t in gold. 10 use II ia
miliar illustration, it is very easy
matter to lead the horse to the branch,
but not quite 80 easy to make him
drink when you get him there. Owen
Glendover exclaimed in the grim ego
tism of his nature, 81 can call spirits
from the Vastly deep" but Hotspur re-
piled, In his taunting way. $50 can |,
and so can any man, 6m ,cN Hoy come
When you do cali them ~ Congress in
the majesty of its power, may issue the
edict that at certain day
and u certain hour of the
day all the gold in the world
shall he subservient to its command
and shall leap from its vaults to take
the place of the vast volume OF curren.
cy which now pervades the land but
can such law be enforced? The
lamp of Aladdin might have done
this, but 1t is scarcely in the power of
aradical Congress.
There is not gold enough to pay for
this currency, and by herding 1t all in
together as the prairie man herds his
cattle so us to get them under his COM
plete command, there would not be
enough gold in the whole country to
pay for one.fifth Of the currency.
And the fact that such a law is stand
ing on the statute book, and staring
capital in the face-eapltal, the most
sensitive thing In the world although
1t Is perfectly apparent to all sensible
men that such n law will not aud can
not he enforced, yet the simple fact
that II stands there Is doing more.
to-day, to depress the commerce of the
country than all the panics and con-
fractions produced by the failure of
the great banks and merchants
throughout the country. 1t is the fear
of this law that prevents the easy cir
culation of money aud the investin mt
of capital in public and private enter
prIses. The simple passage of this
law Is what is producing the great
contraction of the day. 1t is the fear
of capital that the law may be en-.
forced that is preventing the invest.
ment of capital. The whole country
Is FEELING the contraction--the calling
IN OF outstanding indebtedness and the
lending OF no more money on the
part OF tho banks and monied men;
this Is the contraction which the coun-
try Is feeling-the contraction which
Is producing widespread depression,
verging upon bankruptcy everywhere
contraction whi,h is not only felt II,
the commercial centres and amongst
The merchants In the cities, but has
extended its deaJening effects upon
every Industry III the country: Che
farmer, the mechanic, the professio nal
man, rich and poor, all too sensibly
feel It's weight, II such are the de-
pressing effects Of such a policy under
the mere shadow ofits coming, what
must be It's terms when the day comes
for It's actual enforcement?
THE Hotiafau. Ana IN N a,l,,n,., 4. al