Monopolies -- United States; Railroads and state -- United States
The court decides that "_legal tender notes have become the universal
measure of values_." This is simply untrue. In all quotations of values,
the measure is fixed by gold, and then legal tender notes are quoted as
being worth such per cent less (or what amounts to the same thing); gold
is quoted as being worth ten, fifteen, twenty, or more cents to the
dollar more than paper, and while the value of gold is fixed, that of
treasury notes is constantly fluctuating. Under this decision railroad
companies, and their associates, the Wall street gamblers, control the
finances, while all the honest and legitimate business of the country
languishes. Had the court designed to place the whole interests of the
government and the people in the power of these corrupt rings and
dishonest brokers, no more effectual means could have been devised or
adopted. Justice Bradley, in his opinion concurring with the opinion of
Justice Strong, makes use of the following bold and dangerous language:
"It is absolutely essential to independent national existence that
government should have a firm hold in the two great sovereign
instrumentalities of the _Sword_ and the _Purse_, and the right to wield
them on occasions of national peril." Let this pernicious doctrine be
accepted as the law of the land; let the _purse and the sword_ be placed
in the hands of government officials without restrictions, and what
vestige of republican institutions is left? What difference is there
between our government and absolute despotism? But more than this, let
the highest court of a nation, by a partisan decision, place the _purse_
of the nation in the hands of a gigantic monopoly, banded together for
the purpose of plundering the public, and what vestige of independence
is left the people? Reader, look carefully at the almost unlimited power
the corporations of the country have obtained over each department of
the government; at the legal tender decision and its effect upon the
people of the country, and then ask yourself if we, as a nation, are not
nearing the point where we cease to be a republic, save in name. This
decision impairs the obligation of contracts, in violation of the letter
and spirit of the constitution. It compels the creditor to take from the
debtor irredeemable paper at par, on a contract payable in money. It
says that a mere promise to pay is a legal tender. It makes it
absolutely impossible to resume specie payment because it withdraws all
coin from circulation, and does away with the necessity for its use in
domestic transactions. The coin of the country is shipped to foreign
countries to meet demands against us in those countries, and to pay for
such commodities as we purchase from them. Credit currency, no matter
whether it is issued by the general or state government is not, nor can
it under the the constitution, be made a legal tender by act of congress
or by a decision of any court in the land, because the laws of trade
Public-domain text, read in full here on John Shaqi.
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