Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-09-09

The Obligation of Contracts.

We need not repeat-what we have said
so often--that the fathers of the republic
and the trainers Of the Federal Constitu-
ton never dreamed that the United States
Government OF its courts would dare to
construe that instrument as It is now con-
strued. II they had there would never
have been any United States Government.
Let this be as it may. it is true that from
the day Of the decision in the Dartmouth
College case until now the United States
Government hes been frightening its
cords and strengthening its stakes. and
the State governments have been gradu-
ally passing into the condition of pro-
vinces. counties, or satrapies.
And yet during all that time the several
States have been in the habit of passing
laws impairing the obligation of contracts.
To-day the usury laws OF the several States
are in full operation. Virginia has on her
statute-book law which provides thatif
man contracts TO pay moro than per cent.
Der annum interest the contract shall be
of no effect so far as tho excess of interest
over per cent. is concerned. II this is not
O law impairing tho obligation OF con-
tracts we do not know how such q law
could DO worded so as to bring 1t under
the operation of the prohibition of the
Federal Constitution.
II such q law is constitutional. why
would not law be constitutional which
should provide that all contracts TO pay
debts in gold only or in silver only should
be void7 The Federal Constitution en-
ploys the words following: mo State
shall make anything but gold and silver
coin q tender in payment of debts" BY
necessary implication this language would
seem TO mean that any State could make
gold and silver coins tender in payment
of debts Not silver bullion nor
gold bullion. but silver coins and
gold coins. No State has the power
TO coin gold or silver. 80 the language
Of the Federal Constitution would seem to
concede the power Of the several States
over the general subject. However this
may be, the two metals must not be sepa-
rated, or, to use Mr.. CLxvKLAND's words,
must not be allowed TO part company
and II not auo,ced to part company must by
no means be forced TO part company. Ii
the several States have not the power to
provide by law that contracts to pay debts
In one metal only shall be held to be of tho
nature of usurious contracts and shall not
be enforced in the State courts. but shall
be null-nothing worth-then We must join
the alliances in their appeal to Congress
for relief.
And here will come in the contention Of
Judge HuoHEs and Major DooLBY. We are
% ever standing up for right which
seems TO us TO belong to the States. They
discuss different point. We are particu-
lsrly pleased with Judge HuoHrs's remarks
on this point No good lawyer, he says,
viii contend for the validity Of gold con-
tracts made in contravention or circum-
vention of express laws of Congress defining
legal tender. Here, then, is ground for
hopa We must compel Congress to define
legal tender in such terms as viii forever
render 1t impossible for ANYBODY lawfully
70 make o contract payable In gold only or
any contracts Of any sort which would
operate TO render silver inferior TO gold in
any respect. Let US walk on both Of our
legs
Judge HUoHxs further says that IL is not
smatter OF doubt land therefore 1T must
bs matter Of facD that the several
States have the power TO make either
class Of coins Chat is. gold or silver)
legal tender OF valid for the payment
Of any debt. We doubt the soundness of
this proposition. "Gold and silver" are
the words we stand on. Nevertheless, If
q 10 sound. so much the better for the
friends Of free coinage. II Congress has
tho power 10 make silver the only legal
tender. the monomets must take care not
20 cause tho bimets TO resort to retaliatory
measures. However, we are not quite
cure that Judge HuoHEs intended the re-
mark now under consideration TO DO IN
dsstood q We have understood 1t.
Enough for to-day. The subject IL
highly Interesting ons. and will bear much
discussion. But everywhere and on every
oesssson We wish 70 save our own point.