Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-28
GOLD CONTRACTS.
Can the Pound of Flesh he Cut
without Drawing RlOodr

| Can the Pound of Flesh be Gu
without Drawing Rioodr
On the question of gold contracts
i. {. contracts containing the golt
clause, it seems to us that there il
much confusion in the public mind.
Citizens have an undoubted righ
under the laws as they now exist tC
make contracts payable in gold. Bu'
when it comes to the enforcement O
such contracts, they will find that AZ
against a recslcitrant or defaulting
debtor they can only obtain judg.
ment payable in lawful money-in
money that is legal tender by law
perhaps silver dollars, perhaps paper
money redeemable at the discretion OF
the treasury in gold or silver coin,
perhaps gold coin, might be paid
People who insist on gold contracts
have an undoubted right to do so. But
let them not forget that they live and
do business under the laws OF the
United States and subject to the SOW
ereign powers of our government
There is no safety for the citizen save
under the law, and this as true con-
corning his pecuniary affairs as of his
other relations in life.
Men may make contracts so they
be not in defiance OF the law, but
when it comes to the enforcement Of
contracts the law will only decree a
specific performance of the contract
when it can be shown the court that
compensation for its breach in the
form OF damages payable in lawful
money would not in reality compen-
safe the injured complainant. For
the breach Of the contract calling for
payment in gold of the present stand
ard of weight and fineness OF the coins
of the United States) judgment OF
court would be given, payable in law
full money. and no specific perform
ance would be decreed. The law has
a due respect for it's majesty; it has a
just regard for the rights of debtors as
we'll as those of creditors, and it is
mindful that money only exists be-
cause OF its own mandates. II there
were no law there would be no money
no weights, no measures. In France
we believe that IL is not lawful for
men to make contracts in derogation
of any of the lawful money of France
and We understand i. is not permitted
the citizen to cast any reflection upon
any kind of money existing in the
French Republic by law by stipulating
that contract shall be kept in any
specified kind OF money.
In the case of the Mixed Moneys
davies Report, p. As, Dublin edition
1762), decided in Queen Elizabeth
time, after careful consideration by
the high judges OF England because oi
the Importance of the matter, it was
held that what the sovereign power in
a due and lawful manner decreed should
be money, was money, regardless of the
material OF which the law specified il
should be made. Money is the ere.
alton of law, and is not OF nature mol
of God, being but a legalized invention
of mankind. We wish every lawyer
in Massachusetts, would read this de.
cision.
Under existing conditions our gold
clause friends may deem themselves
fortunate if their debtors are able Il
get hold of any kind of money with
which to pay their debts, for an en-.
hancing standard OF money, like the
present gold dollar, renders it pro
gressively difficult for the most will
ling debtor to keep his obligations.
The FINANCIAL INFORMATION Co.
By Stephen w. Nickerson, Treasurer
Boston, August 5, 1896.