The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1896-03-10

GOLD and Silver as Oebt-Payino Cur
renoy-GoId Contracts Ouso, Not to be
Allowed.
The following is q special message
from Governor McLaurin, of Missis-
sippi, in which he contends that public
interest requires that gold contracts
should not be allowed :
JACKSON, Miss, March 3, 1896.
To the Senate and House OF Represen-
| tativcs:
l respectfully recommend for your
consideration the suggestion that you
enact such law as will prohibit the
making contracts payable exclusively
in gold. Money is the blood of trade
and commerce, and anything that
tends to destroy the money of the
| terests and welfare and of the pros.
| perity OF the State. BY the constitu-
tion Of the United States (section of
| article IL, the power is delegated to
Congress to coin money and regulate
its value. Proceeding under this
authority and exercising this power
Congress has coined u quantity OF gold
and silver and regulated its value, aud
the people ought to have tho right of
the circulation OF this coin as the
money OF the State. l say the people
ought to have tho right to the circula-
tion OF this coin because all tho monoy
thus coined is needed in the business
OF the country and [ may add Il great
deal more could be proftably utilized.
l do not suppose it will be seriously
asserted by any one that there is moro
coin in tho United States than is neces-
sary to serve tho use OF money in order
to secure the greatest prosperity to
all the people of this country. Nor do
| suppose it will be seriously contend
ed that the volume Of money can be
materially Gecreased without nurtful
results. If am correct in this, then
anything that is calculated to shr ink
prevented. When debts are made
payable in coin of one of these two
metals instead of coin Of both of them,
it is to the extent of such debts de-
creasing the volume of money. It
also puts premium upon the coin in
which the debts are made payable and
discredits the other coin. If the debts
alone become considerable in numbers
and amount, considerable amount of
then discredited coin Is driven out OF
and If such debts become
general the reater part of its entire
volume is retired. 1t is no answer to
say that every one make his contract
for himself and if he makes it payable
in gold it is his own concern. 1t might
be replied that everyone makes his
own contract with the usurer, and vet
the law prohibits such contracts. But
there Is a better and more conclusive
reply; the reply is that it is not ex-
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
IN 10 inf fnl IN, %l>,A
destroys the volume of money upon
which the people rely for exchange.
You may use your own property, or
your liberty, in any way you choose 80
long as the use you make of it 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 become general, would
drive out of circulation 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. 1t is not my purpose or de-
sire to elaborate this view Of the sub
ject, but to suggest it for your con-
sideration, and il you reach the con-
clusion that an evil is threatened, 1
briefly suggest to you that in framing
the constitution of the United States,
the States before that time having
power to make anything legal tender,
restricted their power over the sub
ject, in the following language in
Section 10 of Article l "No State
shall make anything but gold and
silver coin legal tender in payment
Of debts"
The power to make the coin had pre-
viouly in section 8 been delegated to
congress. But, when congress ex-
ercised its power and made and coined
and regulated its value, the power to
make that coin q legal tender the
States Rave reserved. If the Legisla-
ture shall enact law that the gold
and silver coin OF the United Statos
shall be legal tender in payment of
all debts hereafter contracted and that
shall apply to all debts, thereafter
contracted), whom 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 judgement, threatens
great danger.
Respectfully,
A. j. MCLAURIN, Governor.