New-York tribune., 1876-02-04

its ablcst and most popular leaders bore them
selves in the crisis of their countly's penl.
NEg-YORK 10 EESTNE ~ 1879 Any WAY.
There is a complication III taking backward
steps oil specie payments, which they 90 not
seem to have thought of in Washington.
Whatever course Congress OF the other states
may pursue, the State Of Ncw-York has made
her election in favor Of sound currency.
New Yorn in 1888 was the fir-t State to cx-
act and enforce specie payments, and at the
last session of the Legislature Sic look another
decisive aud important step in The same Ill
rcctiOn.
There is more gold here, or easily ohtalnable,
than Is needed for the wants OF this State,
and the less competition We encounter ON
other States ard the National Government the
surcr and easier would seem to be our first
steps toward resumption. There are more
than eleven thousand school district, in this
State, and the total taxes collected, both
State and municipal, amount to more than
ffty-Gve million dollars annually. law,
then. which require. all taxes, including school
district taxes, to bo paid in coin, OF com
bearing bank notes, will practically soon pro-
duce specie payments.
No State can long retain currency which II
not receivable for State and local taxes. Ihe
power of collecting taxes in geld has been the
great and powerful fundamentally Of main
tanning specie payments IN IoNa', Colorado,
Orcgo Nevada, and California. The Unit d
State. Supreme Court in the case of Lane County
agt. Oregon q Wa lace. ~, has decided that a
state can enforce the collection of taxes III gold.
a.. ,t.. ,,, La. al Al a.
"Concrcss of 1862 and 1853, making United
"st tltcs notes IA legal tender for debts have
no reference to taxes imposed by state au-
thOrity.'
If tax collector in this state should fail to
collect taxes in the currency (or even in any
articlc) designated by law. his wliul omission
would be misdcmcanor, and the penalty
minht be the same as WAS imposed upon
Tweed Therefore it is to bc presumed that
the following law, approved March %. 1870,
will he rigidly executed:
srCIios l. All taxes levied and confirmed In THIS
State ON and after Jan ls19 shall b. collected IA gold.
United states gold corincics. oF National bank notes
| which are icd enable IN gold on d' mani.
SIC . Every contract obligation made of implied,
and payabo wihin this State and made implied after
Jan l. 1879 and payable in dollars but no, In spcci-
ed kind dollars shall bc payable United states coin
OF the standard Of weight and fnenc,s established by
the laws Of The United States al the time tho contract or
! Obligation shall have been made or implied
f. Tue laws which exist al the time aud place Of the
making OF a contract aud where II Is to bo performed,
enter into and form part of it, This embraces alike
those which affect It's validity, c0nstrUci'o discharge and
eufcrccmcnt walker Hgt. Whit,hcadlG Wallace. 81 81
Gold contracts are valid and are not pro-
hiblted 10y the United States Constitution or
the Lcgal-tcndcr act as interpreted by the
| United State Supreme Court and therefore
the above law of this State Twill enter into
"and form part of every contract made in
this State after Jan. !, 1879, and will thus
make all contracts made after that date pay
able in con unless some other currency is
designated in thc contract. Whatever patty
managers elsewhere might be willing to do for
the sake of temporary popularity, or local sue
cess, we know of no party in this State which
would dare TO go before the people in the
campaign Of 1876 to advocate such step
backward as the repeal of this law for rosump-
! ton in New York in 1879.