The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-11
GOLD CONTRACTS.
Gov. McLaurin, Of Mississippi Rec
ommends Legislation to Pro-
hibit the Making of Gold
Contracts.

Jackson, Miss, March "A special
message from Gov. McLaurin was deliv-
.ered to both houses of the legislature
yesterday in which the governor recon-
mends for consideration the suggestion
that the legislature enact such laws as
Will prohibit hereafter the making of
contracts payable exclusively in gold. The
message continues as follows:
Money is the blood Of trade and COM
merce, and anything that tends to de-
stroy the money of the people is in dero
CATION of their interests and welfare and
Of the prosperity of the state. BY the con-
stitution Of the United States, section s.
article l. the power Is delegated to con-
gress to .coin money and regulate its
value. Proceeding under this authority
and exercising this power congress has
coined quantity of gold and silver and
regulated it's value, and the people ought
to have the right to the circulation Of
this coin as the money Of the state l
say the people ought to have the right
to the circulation Of this coin, because all
the money thus coined is needed in the
business of the country, and, l may add,
a great deal more could be profitably
utilized. l do not suppose it would be
seriously asserted by any one that there
IS more coin in the United States than Is
necessary to serve the uses of money in
order to secure the greatest prosperity to
all Of the people of this country. Nor do
suppose it will be seriously cOntended
that the volume of money can be mate
rally decreased without hurtful results.
Ii am correct in this. then anything that
is calculated to shrink the volume Of
~ oh ho toN
debts are made payable in coin of one Of
these metals instead of coin Of both of
them, it is to the extent of such debts de-
creasing the volume of money. 1t also
puts premium upon the coin in which
! the debts are made payable and diScredlts
the other CON. If the debts made payable
| in one of these coins alone become con-
| siderable in numbers and amount con-
siderable amount of the discredited coin
| is driven out OF circulation, and if such
| debts become general, the greater part Of
| It's volume is retired.
ut is no answer to say that any one
makes his contract for himself and if
| he makes it payable in gold it is his own
concern. 1t might be replied that every
| one makes his own contract with the
us,lrer and yet the law prohibits such
contracts. But there is better and
more conclusive reply. The reply that
it is not exclusively the concern of him
who makes the gold contract. The pub
| lie interest is involved in the consequent
| ces Oh these contracts if they should be-
| come general The public is interested
in anything that destroys the volume OF
money upon which the people rely for
exchange. You may use your own prop
| erty or your liberty in any way you
choose, SO long as the use you make Of
it does not injuriously affect the rights
of others, but when the rights of the pub
lie are touched you must pause. So when
| the right to make contracts as one
| chooses is used to make contracts which
| if they should become general, would
| drive out of circulation medium OF ex-
change that is not only convenient, but
| necessary for the business of this state
the public interest requires that such
contracts should no longer be allowed
1t is not my purpose or desire to elabo-
rate this view of the subject, but to sug-
gest it for your consideration and If yOr
reach the conclusion that an evil is
threatened briefly suggest to you that ir
framing the constitution of the United
States. the states before that time hav.
ing power to make anything legal ten
der, restricted their power over the sub
| JcCI Ill lno lOllOWluS language III ScCtloi
10, of article l: No state shall make
anything but gold and silver coin lega
tender in payment of debts The power
to make the coin had previously in sec
ton s been delegated to congress. Blu
when congress exercised it's power an(
made and coiLed and regulated it's value
the power to make that coin legal ten
der the state reserved. If the legisla
ture shall enact a law that gold and sill
yer coin of the United States shall be ;
legal tender in payment OF all debt
hereafter contracted and this shall appl.
to all debts thereafter contracted, wher
the process of law or of the courts, stat
or federal. may be invoked for their col
lection in this state, all will be done tina
is in the power of the state to avoid al
evil that in my judgment threatens grea
| danger"