Abstract

If the Court Turns Thumbs Down
Hazlitt, Henry | January 30, 1935 issue

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This article focuses on the decision of the U.S. courts on devaluation of the dollar. If in America, any bond, whether public or private is taken, it is payable in gold coin of or equal to the standard of weight and fineness as it existed on the date of issuance of the bond. It is imaginable that the U.S. Supreme Court would hold that just as an individual corporation in bankruptcy must have its debts scaled down, regardless of the previous contracts, so must a nation when it would otherwise face general bankruptcy. There can be little doubt that most of the judges, as economic men, want to support the government, would like to see the gold contracts abrogated.

See Also:

DEVALUATION of currency; BONDS; GOLD coins; BANKRUPTCY; COURTS -- United States; JUDGMENTS; UNITED States
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