New-York tribune., 1879-01-15
TORK FOR me LhGLSL4TURE.

One of the first duties Of the Legislature OF
this State is TO throw up a breastwOrk by
which the commerce Of this City and state
NAV be protected against intlatiOniSts and re-
pudiators. The Act of 1875, intended a such
a tOrtiiiCatOn, has proved mtenaDle. It's OBJ
vious purpose can no longer he secured by
its terms. The intention was TO require that
debts, taxes and tolls payable in this State
after resumption shall be paid III gold or IFS
equivalent in market value. But the omission
of the word gold in the phrase " shall be
"pavable in United States (sOld) COIN"
though Of no apparent meaning then, because
the United States then had no silver coin,
has become of vital importance. 1t was the
meaning Of the law, when it was passed, that
gold com alone should be payable. But since
the United States has begun to coin silver
again, the law means that debts may he PAID
in gold or silver coin. 1t Is threatened, more
over that the banks of this City and State,
throu.h which vast commerce is transacted
and the savings banks which hold deposits
amounting to many hundred millions, and the
insurance companies, whose assets are iii re-
ality deposits belonging to more than one
hundred thousand of the people Of New ork,
because the business men here are not willing
TO allow Whoever pleaseS to deposit "dolIars
worth 50 cents III order 10 draw out dollars
worth 100 cents. To punish this misconduct, un-
limited coinage of silver is threatened. Though
there is reason to believe that no mischief
will be- done at the present session OF Con-
gresS. il is nevertheless the duty Of the Legis-
lature to protect the business men, the de-
positorS, the bankers and the workers of New
York, against the food of disaster which un-
limited silver coinage would let in upon them.
A very brief bill has been prepared for this
purpose, and we understand that 1t will be pre-
sented at an early date. 1t is so short and plain
that no member of the Legislature can mis-
take its meaning. 1t reads thus:
Section LSechons |. and H. OF chapter seventy three
of the laws of SIS entitled An Act establish specie
payments ali contracts obligations payable III this
STATE dollars. ald made after January L, 1879, are
hereby amended 20 as 10 read as follows:
Section LAl tolls imposed and all taxes and
assessments levied and confirmed after the passage OF
this act PAYABLE in dollars. shall be collected in
United states gold coin United States long
az said United States notes are promptly redeemed in
gold com. and 10 longer; or IN National bank notes
which arc redecmable in gold which redeemable
in United States notes. provided the United States
ar promptly redeemed III United States gold coin"
Strtton Livery contract or obligation made Orim
Piled and payable this STATE. and made In piled
after this act shall take effect payable IN gold or
IN dollars, but not made specifically payable in
United States silver coin or United States notes
shall mean that it is and shall be payable III
United States gold coin, and II not otherwise pro-
vided IN the contract obligation. shall be payable IN
Jnited States goId coin Of The standard OF peight and
GnHesS established 1y e lars Of he U"ited Sates at
ne time the contract 0b galiOa shall hare been nQdc
o1. implied"
The power of the State to determine what
sh II be paid for taxes levied by the State is
unquestionablc. Not less clear is the power Of
the State TO determine the meaning of con-
tracts or obligations which look to the law of
this State for enforcement. Decisions of the
most emphatic character, 10y the United
States Supreme Court, establish the power
and duty of the State to make the
laws which affect the validity. construction,
discharge and enforcement of ii contract. and
affirm that "tIe laws winch exist at the time
land place of making contract. and where
cit is to be performed. enter into and form
"part of itp Thus it becomes the right of
Ncw-York alone to determine what shall be
meant bv dollarsn when Ncw-York is to
enforce the collection Of dollars. The United
States has provided several legal-tenders ;
he who plcases can make contracts pay
able m silver, or in legal-tendeis, and
the proposed act would recognize and
enforce such contracts. But where the
kind of dollars TO be paid is not specified, the
proposed act will cOnstrue all such contracts
10 mean gold dollars, and OF the weight and
fnencss established by law at the date OF the
contract. He who bOrrOws shall pay back The
ralue borrOred. There can be no objection 10
such All enactment, except from those who want
TO borrow much and pay little. And 1t Is a