Monopolies -- United States; Railroads and state -- United States
And we might add that no other decision of the court, and no
act of any department of the government, has proved so disastrous to the
people as this decision. We have already referred to the means used by
these corporations to secure a majority of the supreme court favorable
to their designs, and of their success in the selection of judges
committed to their interests. It only remains for us to review this
decision to convince the most skeptical of the fact that corporations
have captured the supreme court, as well as the other departments of the
government, and the effect of this decision has given to these
corporations, and Wall street brokers, and gamblers, the absolute
control of the finances of the country. But before coming to the
decision, it will not be out of place to remark, that _money_ is always
the standard of value for all commodities; that the universally adopted
idea of money means coin--gold and silver--or, what is called the
precious metals. Bank bills, treasury notes, bills of exchange, and all
kinds of commercial paper are only valuable as the representatives of
money. The fact that they are expected to be converted into money gives
them their value in the market. Let it be understood that they cannot
at some future day be collected in money, and their commercial value
ceases. In proportion to the length of time that must elapse before any
bank bills, treasury notes, or other commercial paper can be paid in
specie, does its value increase or diminish in commercial transactions.
Nothing but money of the standard value can be made a legal tender in
contracts between individuals. Congress does not possess the power,
under the constitution, to say that A who has contracted to pay B $1,000
in money, can discharge that contract by paying him $1,000 in bank bills
or treasury notes, that are worth in money but $800. If such powers
exist, then all standard values of property is destroyed, and it
fluctuates in value as the price of the paper representing money
approaches to, or recedes from, the money standard. The rule that
nothing but gold and silver is, or can be, "legal tender" has been
uniformly adhered to from the formation of our government, until 1872,
when a majority of the supreme court reversed the rule, and decided that
what are termed treasury notes are, under the acts of congress, legal
tender for all contracts and business intercourse among men.
Public-domain text, read in full here on John Shaqi.
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