Birmingham state herald., 1896-03-04
MESSAGE FROM M'LACR|N HeASked the Legislature of Mis-
 siSsippi to PR0HIBlS GOLD CONTRACTS
 2 The Dangio . of Such Contracts are Clearly
 tc Pointed Out. ALL TH '0"tF COINED IS NEEDED Sectioi jn1 1f Article l of the United States Co q tuition Is Quoted to Show That tho State Has Right to Follow
. of Such Contracts are Clearly -e o Pointed Out.
Il THs loNEY COINED IS NEEDED

Jackson, Miss, March 3-The following is a special message from Governor Me Laurin, which was read to both houses of the legislature today:
 Executive Mansion,
 Jackson, Miss, March g. To the Senate and House of Representa-
 tives:
 l respectfully send for your cons!dera- ton the suggestion that you enact such a law as will prohibit the making here after of contracts payable exclusively in gold. Money is the blood of trade and commerce and anything that tends to destroy the money of the people is in derogation of their interest and welfare and of the prosperity of the state. By the constitution of the United States, sec tion s, article l, the power is delegated to congress to coin money and regulate it's value. Proceeding under this au- thority and exercising this power con gress has coined a quantity of gold and silver and regulated it's value, and the people ought to have the right of the cir culat:on 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 1t will 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 the people of the coun- try. Nor do suppose it will be seriously contended that the volume of money can be materially decreased without hurtful results. If am correct in this, then any thing that Is calculated to shrink the vol ume Of money in use should be prevented. When 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 decreasing the volume of money It also puts 8 premium upon the coin in which the debts are made payable and discredits the other coin. If the debts made payable in one of these coins alone become considerable in numbers and amount considerable amount of the described coin Is driven out or circulation, and if such debts be- come general the greater part of its en- tire volume is retired. It Is no answer to say that every one makes his contract for himself, and if he makes 1t payable In gold 1t is his own concern. It might be replied that every one makes his own con- tract With the usurer, and yat the law prohibits such contracts. But there is better and more conclusive re- ply The reply Is that 1t is not exclusive ly the concern of him who makes the gold contract.
 The public interest is involved in the consequences of these contracts if they should become general. The public is in- tereSted in anything that destroys tho 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 the use you make of 1t does not injuriously affect the rights of others, but when the rights of the public 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 a medium of exchange 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. It is not my purpose or desire to elabor- ate this view of the subject but to sug- gest 1t for your consideration, and If you reach the conclusion that evil is threatened I briefly suggest to you that in framing the constitution of the United States, the states before that time having power to make anything a legal tender, restricted their power over the subject in the following language, in section 10 of article l. No state shall make any thing but gold and silver coin a legal tender in payment of debts"
 The power to make the coin had previ- ously in section been delegated to con- gross. But when congress exercised it's power and made the coin and regulated its value the power to make that coin Q legal tender the states have reserved. If the legislature shall enact a law that the gold and silver coin of the United States shall be legal tender in pay ment of all debts here as contracts. and that this shall apply to all debts (here- after contracted), where the process of law or of the courts. state or federal, may be invoked for their collection In this state, all will be done that is in the power of the state to avoid an evil that, in my judgment, threatens great danger. Re- spectfully, A. J. MLAURIN.
 Governor.