Year: 1869

der Act.


The Supreme Court Of the United
States, through Chief Justice Chase,
has decided that contracts made for
the purchase OF Confederate currency
are valid, and that the parties holding
unpaid obligations Of this character
are entitled to recover, in the United
States Treasury notes the proportion
ate value Of the Confederate currency.
This is on import,nt deci4i)n. Ii
sets at rests all questions US to the
legality of contracts, made in the cur
rency of the late Confederate States,
and settles the rule upon which on
account of the total failure of that
currency these are to be adjusted.
But another and perhaps more seri-
Gus question has arisen, and that is
the validity of the United States cur
rency itself.


The Supreme Court has already
held that two classes of contracts arc
payable in gold.


First. Those which had their ORR
gin before the passage Of the Legal
Tender Act, and when gold value was
the basis of all operations.


Second. Those, whenever made, in
which the contract was spcc ial for the
payment Of gold.


But the question has now arisen as
to the validity of the Legal Tender
Act Itself, and whether Congress, in
it's passage, did not exceed it's juris-
diction under the Constitution.


Heretofore, the Supreme Court has
not met this question face to face.
In previous cases the State Courts
held the law to be constitutional, and :,
therefore, under our judici,l system
no appeal lay to the Supreme Court,
unless their decision was against the
constitutionality of the law. But
this has now been done. The case was
argued at the last torn, and in Janua-
ry the ultimate decision is expected.
It's Importance will at once be per-
coivod. 1t affects almost the only
currency in existence in the country.
1t will extend to every department.
and character of business. The great
issues at stake need but to be stated
to be appreciated.


Although the Supreme Court has
not as yet pronounced it's judgment
on this question, yet it is believed by
many of the .ablcst lawyers that tho
decision will be against the power of
Congress, and that the Acts is contra
ry to the Constitution Courier.


The MIDNIGHT Subtitle follow
i,g is description of the scene wit
messed by MIR. Campbell and his party
in the north of Norway, as they stood
on cliff 1000 feet above the sea-
The passage is unsurpassed in graphic
beauty:


The ocean stretched far away in
silent vastness, at our feet; the sound
Of its waves scarcely reached our airy
lookout; away in the north the huge
old sun swung low along the horizon
like the slow beat of the pendulum
iu the tall clock of our grandfathcr's
parlor corner. We all stood silent
looking at our watches. When both
hands came together at II o'clock,
midnight, the full round orb hung
triumphantly above tho wavc-n
bridge of gold running due north
spanned the water between us and
him. There he shown in silent jcs.
ty which knew no setting. We in
voluntarily took off our hats; no
word was said. Combine, if you can,
the most brilliant sunset and sunris-
ing you ever saw, and its beauties will
be pale before the gorgeous coloring
which now lit up ocean, heaven and
m ,untain. In half an hour the sun
had swung up perooptibly on his beat,
tho colors changed to those of morn
ing, fresh breeze rippled over the
flood, one songster after another piped
up in the grove behind us-we had
Slid into another day.