Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-05-09

tors were extensive. They destroy-
ed public credit and confidence be-
tween man and man, injured the
morals of the people, and in many
instances insured and aggravated
the ruin of the unfortunate debtors,
for whose temporary relief they werc
brought forward. - Ramsey's
Hist. s. g., 429.
Besides the large issues of CONT
mental money, nearly all Of the States
issned their own bills of credit. In
many instances the amount was very
large---2 Phillips Hist. Amer. Pa.
per Money, 80 The depreciation
of both became enormous. Only
one per cent. of the continental
money" was assumed by the new
government. Nothing more WAS
ever paid upon it.-Act of August
4, 1890, sec. 4, l Stat, 140;2 Phil
lips Hist American Paper Curren-
cy, 1874. 1t is needless to trace the
history of emissions by the States.
The treaty of peace with Great
Britain declared that "thc creditors
on either side shall meet with no
lawful impeachment to the recovery
Of the full amount in sterling money
of all bona file debts heretofore con.
tracted " The British minister com.
planned earnestly to the American
secretary of State OF violations Of this
guaranty. Twenty-Five instances
of laws in conflict with it in differ
cnt States were specifically named.
Il Amer, State Papers, PIP. 1875,
1876, 1919, and 237. In Scnth Caro-
Lima "laws were passed in which
property of every kind was made a
legal tender in the payment of debts,
although payable according to con-
contract in gold and silver. Other
laws installed the debt, SO that .ot
sums already cue. only third, and
afterwards only fifth, was sccura-
BILE in law. - Ramsey's Hist. S.
c., Ibid. Many other States pass
ed laws Of u similar character.-
The obligation of the contract was
as often invaded after Judgment as
before. The attacks were quite as
common and effective in one way
as in the other. To meet these
evils in their various phases the
national Constitution declared that
''no State should emit bills of credit,
make anything but gold and silver
coin legal teder in payment of
debts, or pass any law i'm
pairing tho Obligation of contracts %
Ail these provisions grew out of
! previous abusps.-2 Curtis Hist Of
the Const., 366. See, also, the Fed
eralist, Nos. Z and A. La the num-
ber last mentioned Mr.. Madison
said that such laws were not only
forbidden bg the Constitution, but
were ''contrary to the first principles
OF the social compact and to every
principle Of sound legislature.
The treatment of the nsiady was
severe. but the cure was complete.
mo sooner did the new govern
mcnt begin its ausp;cious course than
order seemed to arise out of confusion.
Commerce and industry awoke and
were cheerful at their labors, for CT ed
it and confidence awoke with them.
Everywhere vas the appearance of
Y prosperity, and the only fear was that
its progress was too rapid TO consist
with the purity and simplicity of an
cient manners. ."-Ames' Sup. 122.
''Public credit was reanimated.-
The owners Of property and Holders
| al fpooIU nartn1 with hOfh
well knowing that no future law could
, impair the obligation Of the contract.
2 Ramsey, sup. 433.
Chief Justice Taney, in Bronson,
VS.. keuzie, sup 218, speaking of the
protection of the remedy, said: II IS
this protection aUhich the clause Of the
Eonstitution no,o n. question mainly an
, tented to secure"
The poiut decided in the Dartmouth
College vs.. Woodward, 4 Wheat, 518,
had not, It is believed, when the Con-
stitution was adopted. occurred to any
one. There is no trace of it in the
, Feieralist nor in any other contempo-
raneous publication. 1t was first
made ard iudiciously decided under
the Constitution in that case. Its
fnoveHy was admitted by Chief Justice
Marshall, but it was met and conclu-
sively answeredin his opinion.
: We think the views we. have ex-
pressed carry out the intent of con-
t I.tracts and the intent of the Constitul-
, ton. The obligation Of the fo:mcr is
placed under the safeguard of the
latter. No State can invade it and
Congress is incompetent 20 authorize
such invasion. LIS position is i'm
pregnable, and will be SO while the or
9anic daw of the nation remains as it
is. The trust touching the subject
= with which this court is charged is
: one of magnitude and delicacy. We
S must always be careful TO see that
S there is neither nonfeasance nor mis-
4 feasance on our part.
The Importance Of the point invoiY-
= ed in this controversy induces us. to
re-state succinctly the conclusions at
, which we have arrived and WHICH will
: be the ground of Our iudTmtnt