The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-04
CREDIT BASED ON GOLD COIN.
GOV. SrLAURIN WANTS DEBTS PAY
ABLE IN EITHER METAL.

A Message Suggesting Legislation
Prohibiting the Insertion of Gold
Clauses in the obligations of BOr-
reversible Claims That the Vel
low Metal Contracts Discredit the
Value of silver.
Jackson. Miss. March S.-Following is
special message from GOV. McLaurin.
which was read to both houses OF the leg
islature to-day:
Executive Office. Jackson. Miss, March
3.-Io the Senate and House of Repre-
sentatiVes; / respectfully recommend for
your consideration the suggestion that
you enact such a law as will prohibit
the making hereafter of contracts paya-
bic exclusively In gold. Money is the
blood OF trade and commerce, and any
thing that tends to destroy the money or
the people is in derogatiOn of their inter
ests and welfare and OF the prosperity or
the state BY the constitution Of the
United States (sectiOn of article y, the
power Is delegated to congress to coin
money and regulate its value
Proceeding under this authority and
exercising this power. congress has coined
a quantity Of gold and silver, and regu-
lated its value, and the people ought 10
have the right of the circulation OF this
com as the money of the state. | say
the people ought to have the right to the
circulation of this coin because all the
money thus coined is needed In the bust
q
great deal more could be prohtahly utii-
lied. do not suppose u Will be seriously
asserted 10y any one that there Is more
coin in the United States than is ncCeS-
sary to serve the uses of money In order
TO secure the greatest prosperity to all
the people OF this country Nor do | sup
pose II will be seriously contended that
the volume Of money can be materially
decreased without hurtful results. II I
am correct in this, then anything that Is
calculated TO shrink the volume of money
IN use should he prevented, When debts
are made payable in coin of one Of these
two metals instead of coin of both OF
them IL is to the extent of such debts
decreasing the volume of money. II also
puts premium upon the coin In which
ITS the other coin. II the debts made pay
able in one OF these coins alone become
considerable in numbers and amount,
considerable amount of the discredited
coin is driven out of circulation. and ir
such debts become general the greater
part of its entire volume is retired. II is
no answer To say that everyone makes
his contract for himself and II he makes
II payable in gold il is his own concern.
II might be replied that everyone might
make his contracts with the usurer. and
yet the law prohibits such contracts. But
there is a better and more conclusive re-
ply; the reply that II is not exclusively
the concern Of him who makes the gold
contract.
The public interest is involved in the
consequence of these contracts II they
should become general. The public is in
terosted in 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 the use you make OF
IL 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 be no
longer allowed.
1t is not my purpose or desire to elab-
oratc this view of the subject, but to sug-
gest 1t for your consideration, and IL you
reach the conclusion that an evil is threat
ened, / briefly suggest to you that the
trainers of 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 / mo state shall make anything
but gold and silver coin a legal tender in
the payment of debts"
The power to make the coin had prevl-
ously I'm section been delegated to con-
gresS. But when congress exercised its
power and made and coined and regulat-
ed its value, the power to make that coin
a legal tender the states have reserved. II
gold and silver coin of the United States
shall be legal tender in payment of all
debts hereafter contracted, and that this
shall apply TO all debts thereafter con-
tracted) where the process of law or of the
courts state or federal may be invoked
done that is in the power of the state TO
avoid an evil that in my judgment threat
ems great danger. Respectfully,
A. j. McLaurln, Governor.