Monopolies -- United States; Railroads and state -- United States
This quotation from the opinion of the court may be taken as a sample of
the reasoning in favor of a reversal of former decisions on the question
of legal tender. After elaborate argument in the same strain, by Justice
Strong, and also by Justice Bradley, a majority of the court decide that
the legal tender acts are constitutional, while the four judges
remaining on the bench, who but a short time before had made a contrary
decision, dissent from the opinion of the majority. The argument of the
majority in favor of the decision seems to ignore the real question,
to-wit, the constitutionality of the acts of congress, and to place the
decision upon the ground that a contrary holding would be ruinous to the
financial interests of the country. The assertion is made that the
decision "_will affect the entire business of the country, and take hold
of the possible continued existence of the government_." The decision
was made about one year ago, and its effects on the business interests
of the country are made manifest. If the court believed that the
decision sustaining the legal tender acts would prove beneficial to the
people, it was sadly mistaken. But if it believed such a decision would
strengthen monopolies, and enable a few railroad managers and Wall
street brokers to corner and control the finances of the country, then
the decision was a success. The effect has been to unsettle the
commercial and financial interests of the country, and to show that
treasury notes, if they are the standard of values, are a fluctuating
standard. The consequence of the decision has taken "_hold of the
possible continued existence of the government_," and has enabled the
gold and stock gamblers in Wall street to suck the life-blood of the
nation. The decision gives strength to corporations, who, uniting with
Wall street brokers, are depleting the treasury of the nation to advance
their own private purposes. By the decision two standards of value are
fixed: one that is stable, and must ever remain so--the standard of
money--gold and silver; the other, the standard of fluctuating paper, of
no intrinsic value, liable to be inflated or depressed, as shall best
subserve the interests of the parties who, by combining, have got such
absolute control of the market as to be able to change the value of this
_legal tender_ paper at pleasure. The idea advanced in the decision,
that to declare that nothing but coin could be a legal tender, would
cause widespread ruin, presents but a partial view of this matter. As a
matter of fact, no act of congress prior to 1862 had ever been passed
making anything but coin a legal tender; nor was there any decision of
the supreme court recognizing or deciding that paper money could be a
legal tender until 1872; and yet no such widespread ruin had overtaken
the financial interests of the country as has manifested itself since
that decision was rendered.
Public-domain text, read in full here on John Shaqi.
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