People's Pilot, Volume 4, Number 11, Rensselaer, Jasper County, 31 August 1894 — AN IMPORTANT BILL. [ARTICLE]

AN IMPORTANT BILL.

It Would Be a Great Advance Towards Bimetallism Because It Would Curtail the Power of Gold Monemetallists. As we understand the bill just reported favorably from the house judiciary committee and which is,designed to prevent discriminations against any of the coin or currency of the nation, it simply provides that all contracts hereafter made which may ; be discharged by the nayment of money such payment may be made in any legal tender money of the United 'States, notwithstanding any provision ■to the contrary in any such contract. The practical and far-reaching effect of the act, if it should pass, would be to prohibit specific contracts for payments in gold or any other particular money. Congress clearly has the power to pass such a law. The constitution vests in congress the full and exclusive control of the money of the nation. The supreme court in construing the constitution bas decided that it is within the power of congress to determine what money shall constitute a legal tender. While it would be unconstitutional, perhaps, at all events unwise and reprehensible, to attempt to interfere with any existing contract, there can be no constitutional or legal objection to a statute forbidding discriminations in private or public contracts against any of the issues of national money. In commenting on his bill Mr. Lane, of Illinois, speaks of discriminations made by the courts in ordering judgments to be paid in coin. There is probably nothing in this. Courts have simply carried out specific contracts for payments in gold. The trouble has been in the recognition by congress of the right of individuals to make such specific contracts, which occurs in several of the acts providing for different issues of currency. * But Mr. Lane mentions an interest-

ing fact not generally known. He states that the courts of France have held. that parties cannot by specific contracts discriminate against the bank notes of the Bank of France, which are legal tender and coin money. The bill ought to pass. It would tend to assist in maintaining the absolute parity of all of" the money of the nation. It would remove all possibility of cornering any particular form of money. It would be in the interest of bimetallism, because it would deprive the gold monometallists of all power of discriminating against silver. It wtjuld ■work absolute justice to the debtor class, because it would prevent creditors from demanding payment in manipulated and appreciated money, and it would work no injustice to the creditor class. —San Francisco Chronicle.