Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-26
THE CURRENCY.
An Eastern Hard Money Maa's T5esrs.


Representative Walbridge Field, OF Bos-
ton, one of the most pronounced Of the
hard-money men in New England, in the
course of On extended interview on the
financial situation, makes the comments
whioh follow upon the recommendation of
the secretary Of tho treasury and of the
President: ITO strike out at one blow with
out any warning the legal tender quality Of
more than one-haH the legal tender money
in circulation might be followed by injuri-
GUS conseq aences. 10 In good times, in such
| times as these are now, in the existing con-
ditions OF trade, az things might go
we'll enough, but the existing ,condi-
ton of trade cannot continue indefinitely.
The large advance in our favor to be settled
by coin or in bonds must some time stop,
and panics ut any time are likely to arise.
Provision should be made for such exigen-
cies, and if the loyal tender character is
taken away by legislation 1t ought to BEGIN
at some future time, and not begin imme-
dintely upon the passage of the resolution.
Some maintain that it should be applicable
only in the discharge of contracts made af-
ter the resolution takes effect" - .-...,
Referring to the case now pending In the
United States supreme court, Mr.. Field
calls attention to the fact that the supreme
court has already decided this question two
different ways, and that it could make
no great difference to the country
if, in the pending case, 1t should
reafirm one of tho conflicting decisions al
ready given. Mr.. Field says: II am not
in favor Of forcing any decision of the
supreme court of tho United States on this
matter. I>have q great dislike to involve
the courts in decision of political questions
unless it is actually necessary. The courts
are, Of course, bound to decide an actual
case brought before them. If that decision
involves q decision of the constitutionality
of law of Congress, they are bound to
declare their opinion, and that opinion is
binding upon the inferior courts of the
United States, and has great weight, indeed,
with both the legislative and executive de-
partments, because most of the actions of the
executive and most laws come ultimately to
have their validity decided before the courts,
and, ii the courts declare them invalid, tho
acts of Congress become practically void; but
it was never meant that the supreme court
of the United States should be the general
supervising paramount authority of the
United States, and, as is we'll known, Con-
gress sometimes has insisted, and the execu-
tive has sometimes insisted, upon policy
that was thought to be unconstitutional by
the supreme court, but which has afterwards
been decided by that court, through changes
which happen in 1t, to be constitutional.
The respect of the people for the judiciary,
the feeling that their rights will be deter
mined with as much impartiality as the
law of humanity will permit by q
court, should be preserved not only
by tho appointment of tho best men for
judges, bat by keeping the court 80 far as
is possible out of partisan strifes and out of
politics. If the case of Ohittenden vs.. But
Ter is fictitious case, and the court find it
out, they with not decide it. II it is o real
case, they must decide it when it is reached.
The court having once decided by small
majority that the legal tendon acts were I'M
constitutional, and by small majority
thereafter that they were constitutional, it
would add no very great wei ght to the ques-
ton if now the court adhered TO its first de-
cision. A great political question cannot
permanently be settled by an act of any
court 1t would be very di f6eult for the
court to say that Congress he the right IN
dor extraordinary exigenoies to issue paper
money as legal-t tender, and that Congress
itself is not the judge of the exfgency.