All this talk of the court is equivalent to asserting that congress has the right to alter men's contracts at pleasure, after they are made, and make them over into something, or anything, wholly different from what the parties themselves had made them.

And this is equivalent to denying all men's right to make their own contracts, or to acquire any contract rights, which congress may not afterward, at pleasure, alter, or abolish.

It is equivalent to saying that the words of contracts are not to be taken in the sense in which they are used, by the parties themselves, at the time when the contracts are entered into, but only in such different senses as congress may choose to put upon them at any future time.

If this is not asserting the right of congress to abolish altogether men's natural right to make their own contracts, what is it?

Incredible as such audacious villainy may seem to those unsophisticated persons, who imagine that a court of law should be a court of justice, it is nevertheless true, that this court intended to declare the unlimited power of congress to alter, at pleasure, the contracts of parties, after they have been made, by altering the kind and amount of money by which the contracts may be fulfilled. That they intended all this, is proved, not only by the extracts already given from their opinions, but also by the whole tenor of their arguments—too long to be repeated here—and more explicitly by these quotations, viz.:

There is no well-founded distinction to be made between the constitutional validity of an act of congress declaring treasury notes a legal tender for the payment of debts contracted after its passage, and that of an act making them a legal tender for the discharge of all debts, as well those incurred before, as those made after, its enactment.—Legal Tender Cases, 12 Wallace 530 (1870).

Every contract for the payment of money, simply, is necessarily subject to the constitutional power of the government over the currency, whatever that power may be, and the obligation of the parties is, therefore, assumed with reference to that power.—12 Wallace 549.

Contracts for the payment of money are subject to the authority of congress, at least so far as relates to the means of payment.—12 Wallace 549.

The court means here to say that "every contract for the payment of money, simply," is necessarily made, by the parties, subject to the power of congress to alter it afterward—by altering the kind and value of the money with which it may be paid—into anything, into which they (congress) may choose to alter it.

And this is equivalent to saying that all such contracts are made, by the parties, with the implied understanding that the contracts, as written and signed by themselves, do not bind either of the parties to anything; but that they simply suggest, or initiate, some non-descript or other, which congress may afterward convert into a binding contract, of such a sort, and only such a sort, as they (congress) may see fit to convert it into.

Every one of these judges knew that no two men, having common honesty and common sense,—unless first deprived of all power to make their own contracts,—would ever enter into a contract to pay money, with any understanding that the government had any such arbitrary power as the court here ascribes to it, to alter their contract after it should be made. Such an absurd contract would, in reality, be no legal contract at all. It would be a mere gambling agreement, having, naturally and really, no legal "obligation" at all.

But further. A solvent contract to pay money is in reality—in law, and in equity—a bona fide mortgage upon the debtor's property. And this mortgage right is as veritable a right of property, as is any right of property, that is conveyed by a warranty deed. And congress has no more right to invalidate this mortgage, by a single iota, than it has to invalidate a warranty deed of land. And these judges will sometime find out that such is "the obligation of contracts," if they ever find out what "the obligation of contracts" is.