The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1892-03-24
From the Century.
CHEAP MONEY.

From the Century.
CHEAP MONEY.
CONTINUED from last week.
In August, about two months after
the establishment OF the bank, affairs
became 20 desperate that q State con-
venti0n controlled by the country
towns adopted a report recommending
tho General Assembly to enforce and
amend the penal laws in favor of paper
money. and advising farmers to with
hold their produce from the opponents
of the bauk. The General Assembly,
convened in special session
for the purpose, passed 40
additional forcing act, which suspend
ed the usual forms Of justice in regard
to offenders against the bank, by re-
qniring an Immediate trial, within
three days after complaint Was entered
without u jury and before q court Of
which three judges should constitute 4
quorum, whose decision should he
6nal. and whose judgment should be
final, and whose judgment should be
INSTANTLY complied with on penalty
Of imprisonment. The fine for the
irst offense was fixed ut from six to
thirty ponds, and for the second at
from ten to thirty pounds. This mon
strous act Of injustice" says ). G. Ar
mold, in his history of the State of
Rhode Island, Twas carried through
the legislature BY II large majority, aud
the solemn protest against it as a vio-
lstion Of every principle of moral and
civil right. Of the charter, Of the sr,i-
clrs Of confederation, OF treaty obliga-
lions, and of every idea of honor or
honesty entertained among men," pre-
sented by a minority of the members,
Was not allowed to appear GU the
record.
This second forcing act brought
matters to crisis. A butcher in New
port was brought into the Superior
Court on a charge Of refusing to re-
ceive paper money at par in payment
for meat. A great concourse Vt spec
tators sttended the trial, which ", s
before full bench of judges. Leading
lawyers appeared for both sides, and
their arguments occupied an entire
day. Two Of the judges spoke against
the forcing acts, and the other three
were Of the same mind. On the 'fo1-
l"wing morning the formal decision Of
the court was announced, declaring the
acts unconstitutional and void, ard
Diminishing the complaint. The wrath
Of the General Assembly ut this de-
cision Was great. A special session
WAS at once convened, and the judges
were summoned, in language Of in
credible arrogance, to appear bef"r+
the Assembly to assign the "reasons
and grounds" for their decision. Three
of the judges obeyed the summons, but
as the other two were detained by sick
ness the hearing was postponed until
the next session. At the next session
four of the offending judges were re-
N ,ved. Before adjournin9 the Gener-
al Assembly prepared . new act t.
''stimulate and give efficacy to the pa
per bills" This was called the Test
Act, and it contained one Of the mos,
remarkable oaths ever prescribed to u
free people. Every one taking the oath
bound himself in the most solemn
manner to do his utmost to support
the paper bank ana to take its money
| at par. All persons refusing to take
the oath were disfranchised. Ship cap
tsins were forbidden to enter or 70
| out of ports Of the State, lawyers we,
not tobe allowed to practise, men were
/ not to be allowed to- vote, politicians
weresnot TO be allowed to RIM for Office,
and members OF the legislature were
not. to DO allowed to take their seats
until the oath had been taken. This
was 10 stringent q measure that the
General Assembly was sfraid to take
the responsibility Of enacting it, and,
after considering It, referred 1t to the
people OF the towns for approval. Only
three towns in the state voted in its
favor, all the others rejecting it.
This ended all efforts to force the
people to take money 1T par in all ordi-
nary business transa ctions. The Cen
eral Assembly, in January, 1857, for
mally repealed the forcing acts, and
| then took the first step toward the re-
quotation of the state debt by order
ing the treasurer to pay of one-fourth
of it in the bills received for taxes;
that is, in the deprecated paper money,
which, ut that time, was circulating on
the basis of six to one. By successive
steps of this and similar kinds the en-
tire State debt was extinguished, pub
lic creditors being forced to take it on
terms prescribed by the State, or to
forfeit their claims. The last install
ment Of the debt was got rid Of In 1850,
In forced settlement, when the paper
money which the helpless creditors re-
ceived was worth only one twelfth as
much in coin. Had = general act of
insolvency says Arnold, "relieving
all debtors from their liabilities and
the State from its legal obligations,
been passed in the first instance, tho
same end would have been moro easily
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