Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-08-18
Gold Contracts.

been trying TO induce the Greenbackers to
content themselves with the experiment
Of the free coinage of silver have reason to
be disguised at the course of the mono
metallists in the northern cities. who are
either making or threatening to make all
their negotiable notes and other paper
payable in gold. We are not alarmists
but we must say that these blind leaders
Of the blind deserve to be left to their fate.
for. as we said in our last issue. they fiddle
whilst Rome is burning. While the silver
ties are trying TO come TO terms
with the men who would de-
stroy the entire financial system Of
the country rather than submit TO the
exactions Of the Wall.street gang, this same
gang has no better sense than TO threaten
10 induce all capitalists TO make their
contracts payable in gold. This would be
equivalent 10 adding one third to the
debts thus made PAYABLE in kind OF
money so scarce that it is never seen float
ing in the channels of trade. Nay, the
yalue of the contracts thus made payable
in a kind Of money which nobody can OBJ
tain in quantities sufficient to serve the
purposes of international commerce would
be or might be more than doubled.
Then cometh the end" and then the
short-sighted money! rabbers for whom
silver is not good enough will find that all
their contracts will be made payable in
fiat-creenbacks. Remember. We say once
more. that the United States Supreme
Court was packed in order to secure the
legal.tender decision, and that written
constitutions do not bind the unthinking
masses.
We are not writing TO please our Alliance
guests. but we will say once more that
there are in the whole world about fifteen
thousands of millions of dollars of gold
and silver, about half being gold. Make
all contracts payable in gold and you
double the purchasing power of gold and
go far towards pauperizlng the entire
civilized world. Will the intelligent peo-
pie of the United States allow such q
wrong rs this to be perpetratedS Will the
money-grabbers laugh the people to scorn
and proceed TO make their contracts paya-
BILE IN gold: They will fly in the face of
an overwhelming public opInion-a public
dare thus 10 challenge the millions of the
masses 10 combat with the few thou
sands who will have made contracts paya-
BILE in gold. We are not threatening, but
stating facts.
Recoilect that in his letter of the 1st Of
this month, Judge HuGHEs almost as good
as says that contracts payable in gold only
would be unconstitutional His words are
rs they follow:
ais II not time for those American citizens
who take part In this outcry sgains, silver 20 be
held TO some regard for the American Constitu-
tion! That Instrument mak,s gold AND silrer
tie k9aI money Of the United States" "The Con-
siitutlon and laws Of America make ltho silver
DOLLAR the equal in value Of the gold dollar
"Bankers Of the United States forget that they
are Americans living on American SOIL owing
fealiy TO the American Constitution"
In plain words the Constitution OF
the United States provides that no
State shall make anything but gold and sill
yer legal tender for debt. And 50 when
any State shall endeaver TO provide by law
that debts shall be payable in gold only
and the debtor raises the point that this
law makes gold the only legal tender for
debt, and thus violates the Constitution of
the United States, o case will be made for
the Supreme Court Of the United States.
which will not get out of that court until
1t Is decided Alright.
The Supreme Court Of the United States
has always recognized the right Of each
State to pass its own usury laws. II you
make your debtors contract TO pay moro
than the lawful rate OF interest you can
not hide behind the constitutional inhibi-
ton that no State shall pass any law
violating the obligation Of contracts.
Every State in the Union passes laws
violating the obligation Of a contract to
pay a usurious rate Of interest. II an ex-
cessive rate Of interest may thus be pro-
vided against surely a contract TO pay
debt in gold may be by State law pro-
vided against. Why not We venture TO
say that this point will never be sur
rendered. The Supreme Court will DO
made 70 conform It's decisions TO
the plain letter Of the law. The
people. we repeat. will not submit
TO unjust exactions. What reason can any
sane man give for contending that CON-
ttott@ w RHy t>tftouc thtttCot nay W kof-
hidden and rendered void by State laws.
hut contracts red with blood-money In
their very principle cannot by the sane
States be pronounced deadly hostile 10 the
constitutional provision that no State
shall pass any law making anything but
god AND siicr legal tender for debts IL
not the provision that nothing but gold
and silver shall be made legal tender for
debt exactly equivalent to q provision that
no State shall! make gold alone or silver
alone q legal tender for debtS Wherein
would law in the words following be
constitutional?
h enacted. de-. That from and after this
date, no contract making any debt payable In
other eold sloae OF silver alone shall b enforced