The times. [volume] (Richmond, Va.) 1890-1903, 1896-03-04
FORBID GOLD CONTRACTS
A REMARKABLE MESSAGE TO THE
MISSISSIPPI LEGISLATURE.
Governor McLaurin Would Have Law
Passed Prohibiting Contracts Pay
able Exclusively I'm Gold.

JACKSON, MISS. March 3.-Following
is a special message from Governor Nc
Laurin. which was read to both houses
Of the Legislature today:
Executive Office,
jackson. Miss. Marcn 3, 1896.
ITO the Senate and House Of Representa-
uyes.
Il respectfully recommend for your
consideration the suggestion that you en-
act such law as VIII prohibit the making
hereafter OF contracts payable exclusive
~ In gold. Money t. the blood Of trade
and commerce, and anything that tends
10 destroy the money Of the people is IN
derogation Of their interests and wei
fare and OF the prosperity of the state.
by the Constitution OF the United States
section Of Article ID. the power is
delegated TO Congress 30 coin money and
regulate its value Proceeding under this
authority and exercising this power. Con
gress has coined a quantity OF gold and
silver and regulated its value. and the
people ought to have the right Of the
circulation OF this coin as the money
Of the State. ! say the people ought TO
have the right 10 the circulation Of this
coin, because all the money thus coined
is needed I'm the business of the country.
and. / may add. a great deal more could
be proftably utilized.
THE VOLUME or CURRENCY.
Il do not suppose 81 will he seriously
asserted by any one that there is more
coin I'm the United States than is neces-
sary to serve the uses of money in order
to secure the greatest prosperity TO ali the
people Of this country. nor do / suppose
10 Will be seriously contended that the
volume Of money can bc materially de-
creased without hurtful results. II I am
correct I'm this, then anything that IS
calculated 10 shrink the volume ~ money
i'm use should he prevented. When debts
arc made payable i'm coin of ono OF these
two metals. instead of coin Of both ~
them. il is 20 the extent OF such debts
decreasing the volume Of money. II also
puts premium upon the coin in which
the debts are made payable and discredits
the other coin. If the debts made payable
in ono of these coins alone become CON
siderable in number and amount. a con-
siderable amount Of the discredited coin
IS driven out Of circulation, and II such
debts become general. the greater part
of its entire volume is retired. II Is no
answer TO say that every one makes h'a
contract for himself. and If he makes il
payable i'm gold il IS his own concern. II
might be replied that every one makes
his own contract with the Insurer. and yet
the law prohibits such contracts. But
there is "a better and more conclusive
reply: the reply is that it is not eXclu-
sively the concern Of him who makes the
gold contract.
"The public interests is involved In che
consequences of these contracts n they
should become general. The nublic is in
terested I'm anything that destroys the
volume of money upon which the people
rely for exchange You may use your
own your property or your liberty in
any way YOU choose. so long as tho use
YOU make Of IL does not iniuriousIy affect
the rights OF others: bur when the rights
Of the public are touched YOU must pause.
So. when the right 10 make contratfs
as one choose is used 10 make contracts
which. II they should become general
would drive out Of circulation n nfodlrm
of exchange that is not only convenient.
but necessary for the business ~ this
state, the public interest request that
such contracts should no longer be al
lowed
THE CONSTITUTION.
1T is not my purpose or desire 70 elab~
crate this view Of this subject but 10
suggest IL for your consideration. and IL
you reach the conclusion that an cv1 is
threatened, / briefly suggest TO you That
in framing the Constitution Of the Tinted
States. the States before that time hay-
ing power 10 make anything q legal
tender restricted their power over the
subject I'm the following language In sec
ton 10 OF Article l.:
d" No State shall make ANYTHING but
gold and silver coin a legal tender On pay
ment Of debts
'"rhe power 70 make the coin had pre-
yiOusly in section : been delegated 10
Congress But when Congress exercised
its power and made and coined and regu-
lated its value. the power 10 make that
co.n a legal tender the STATES have re-
served. II the Legislature shall enact
law that the gold ana silver coin of the
United states shall be a legal tender in
payment OF an debts hereafter contracted
and that this shall apply 20 all debts
thereafter contracted where the process
Of law or of the courts. State or Fed
eral. may be invoked for their collection
I'm this state. all VIII be done that Is in
the power of the State 10 avoid an eva
that. In my Judgment threatens great
danger. Respectfully,
(Signed) AL McLATRTN.
Governor"
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