Considers importance will attach! to the deci Court, which, according to a the U.S. Supreme gram' published elsewhere this iSsue, is to be caited upon and decide upon' the constitutionality of gress's decision to abrogate the "g0'4 Clause" in contracts. The matter has! been decided in a lower court i favour of the Government, and it is now taken before the highest cour'
the land for the purpose of settling! the question once and for all. In the: lower court the Judge held that the "gold clause" was a promise to pay in gold, not as money, but as a mere commodity, reducing the whole tran: Saction, therefore, to one of barter. 'Action' by Congress has made ment in the form. stipulated in the contracts impossible, and the Judge] was called upon to decide whether} the reffer of legal tender as it now established constituted proper payment In finding that it did, the 'Judge made-an effective point' that
the right to" make a contract no person in the United States had effect of which was to nullify, obstruct or elreumvent the power of Congress to say what shall be the national money or medium of exchange. While the Supreme Court will ultimately have to find whether the Judge's finding 1s correct or not, certainly presents a consideration which may come asa surprise 1o most people. If it is upheld it means that contracts requiring a payment by one side or the other can only mean that such payment shall be made in the currency 6f the country, whatever it happens to be for the time being. To a degree this might have an unsettling effect upon busi ness, especially in connection with. ong term contracts, for the party to whom payment is to be paid need hot necessarily know in what form he would receive his money. the ruling Upheld it will mean the! commodity definitions in contracts i civing payment will go. by the Ait is rejected, then large payments in currency will be requir~ ed represent, the gold value stipulated.
It has been made tragically apparent that there is the greatest possible necessity for a considerable modification in the building of such ships with a view, firstly, to prevent the outbreak of fire, and, secondly, to prevent the rapid spread of the flames which has been apparent In teach case under notice. If these Aisasters have proved anything at all tis that present methods of construction are totally unsuited.for ships which large numbers of persons are habitually carried. To a very great extent this has been due to competition in luxuriousness which has led to. the employment of materials wholly unfitted for the urpase on board ship, and if the expected reforms tend' towards the establishment of a greater degree of Simplicity both traveller and ship ping company should benefit thereby.
Text read from the printed page and cleaned; old type leaves the occasional error.