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Quotation from Norman v. Baltimore & Ohio Railroad Co. (Gold Clause Cases) by Supreme Court of the United States
“It requires no acute analysis or profound economic inquiry to disclose the dislocation of the domestic economy which would be caused by such a disparity of conditions in which, it is insisted, those debtors under gold clauses should be required to pay $1.69 in currency while respectively receiving their taxes, rates, charges, and prices on the basis of $1 of that currency.”
Norman v. Baltimore & Ohio Railroad Co. (Gold Clause Cases), Opinion of the Court (Chief Justice Hughes) (U.S. Reports text (Legal Information Institute))
Chief Justice Hughes explains why Congress could reasonably find that enforcing gold clauses after devaluation would disrupt the economy.
Citation: "It requires no acute analysis or profound economic inquiry to disclose the dislocation of the domestic economy which would be caused by such a disparity of conditions in which, it is insisted, those debtors under gold clauses should be required to pay $1.69 in currency while respectively receiving their taxes, rates, charges, and prices on the basis of $1 of that currency." — Supreme Court of the United States, Norman v. Baltimore & Ohio Railroad Co. (Gold Clause Cases), Opinion of the Court (Chief Justice Hughes) (U.S. Reports text (Legal Information Institute)). (id norman-v-baltimore-and-ohio-railroad-q3)
Portrait: Charles Evans Hughes cph.3b15401 (3x4a), Underwood & Underwood, Public domain.
