Court : Mumbai
Reported in : 2004(2)ALLMR491; III(2004)BC352
..... the custodian under section 4(1) of the special courts (torts) act, (hereinafter referred to as 'the said act'), cancelling the contract and calling upon the petitioners to pay a particular sum of money with interest to the custodian representing that notified party by making payment in the attached account of the notified party and in all these petitions the only one notified party included is hiten p. ..... the indiscriminate use of brs without security backing created a kind of paper money which circulated from bank to bank like a stage army of soldiers and provided an opportunity to brokers to avail ..... in mind that on the basis of these show-cause notices and the consequential orders passed, the custodian is calling upon the petitioners, most of which are banks or financial institutions, to refund money to hpd a notified party which was paid by the said notified party in 1991 in connection with a particular transaction. ..... has said in all these orders is that the banks and financial institutions have diverted money from the account of broker and has called upon them to pay the same to ..... amounts were used by the brokers for their own purpose to make money in the stock market resulting in a very high raise in the ..... statement of objects and reasons of the act clearly show that the fraud was practised on the entire banking system by the brokers and the brokers siphoned off money from the banks and financial institutions and ultimately that money was used in the stock market for speculation. .....
Tag this Judgment!Court : US Supreme Court
..... could not without irreverence (not to use a stronger phrase) be presumed to prohibit names and not things; to aim a blow at the artificial forms in which paper currency might be clothed and leave the substance of the mischief untouched and unredressed; to leave the states at liberty to issue a flood of paper money with which to inundate the community upon their own sole credit, funds, and responsibility, so always that they did not use certain prescribed ..... when, therefore, we find that in the confederation, the acts and resolutions of congress, these various terms are used as synonymous, all referring to the same species of paper, as well known and defined as the term "coin," "money," or any other term could be, and the same term, "bills of credit," used in the constitution, it is not a little strange that those who framed the instrument should be supposed to have used it in a different sense, without ..... upon known facts, and not theories, and meant, by prohibiting the states from emitting bills of credit, to prohibit an issue, in any form, to pass as paper currency or paper money, whose basis was the credit, or funds, or debts, or promises of the states. ..... the crying evils which arose from the issue of paper money by the states cannot be so well described as they are in the language of ..... intended to "relieve the distresses of the community," and the same reason was assigned, it is truly said, for the numerous emissions of paper money during the revolution and prior to that period. .....
Tag this Judgment!Court : US Supreme Court
..... tender, to which the court replied, that the emission of bills of credit and the enactment of tender laws were distinct operations, independent of each other; that both were forbidden by the constitution; that the evils of paper money did not result solely from the quality of its being made a tender in payment of debts; that that quality might be the most pernicious one, but that it was not an essential quality of bills of ..... a secure specie interest are next best to notes convertible into coin," and after stating the financial measures which in his judgment were advisable, he added: "the secretary recommends, therefore, no mere paper money scheme, but on the contrary a series of measures looking to a safe and gradual return to gold and silver as the only permanent basis, standard, and measure of value recognized by the constitution. ..... emergencies might arise when the precious metals (then more scarce than now) might prove inadequate to the necessities of the government and the demands of the people -- when it is remembered that paper money was almost exclusively in use in the states as the medium of exchange, and when the great evil sought to be remedied was the want of uniformity in the current value ..... ellsworth, who said he thought the moment a favorable one "to shut and bar the door against paper money," and others expressed their opposition to the clause in equally decisive language, even saying that they would sooner see the whole plan rejected than retain the three words, " .....
Tag this Judgment!Court : US Supreme Court
..... the whole history and legislation of the time prove that, by bills of credit, the framers of the constitution meant paper money, with reference to that which had been used in the states from the commencement of the century, down to the time when it ceased to pass, before reduced to its innate worthlessness ..... and here the difficulty which presents itself is to determine whether it was a loan or an emission of paper money, or perhaps whether it was not an emission of paper money, under the disguise of a loan. ..... in the war which commenced in america in 1755, virginia issued paper money at several successive sessions, under the appellation of treasury notes. ..... when this is wanting, whatever other designation may be given to the thing -- whether it be called paper money, or a state bill, it cannot be called a "bill of credit. ..... was it even true, that the evils of paper money resulted solely from the quality of its being made a tender, this court would not feel itself authorized to disregard the plain meaning of words, in search of a conjectural intent to which we are not conducted by the language of ..... the subsequent history of massachusetts abounds with proofs of the evils with which paper money is fraught, whether it be or be not a legal tender. ..... it is there used as synonymous with paper money, and we will find it distinctly used in the same sense by the first congress which met under the present constitution ..... the state emissions of paper money had been excessive, and productive of great .....
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..... this construction, nothing was done for british creditors, because the law of nations secured a recovery of their debts, which had not been confiscated and paid to the states, and if the debts paid in paper money of little value into the state treasuries or loan offices were not to be paid to them, the article was of no kind of value to them, and they were deceived ..... . 1st, that british debts, to a great amount, had been paid into some of the state treasuries or loan offices in paper money of very little value, either under laws confiscating debts or under laws authorizing payment of such debts in paper money, and discharging the debtors; 2d, that tender laws had existed in all the states, and that by some of those laws a tender and a refusal to accept by principal or factor was declared an ..... that the treaty intended and did annul some laws of the states, to-wit any laws, past or future, that authorized a tender of paper money to extinguish or discharge the debt, and any laws, past or future, that authorized the discharge of executions by paper money or delivery of property at appraisement, because if the words "sterling money" have not this effect, it cannot be shown that they have any other ..... often exercised the power of divesting rights vested, and even of impairing and in some instances of almost annihilating the obligation of contracts, as by tender laws, which made an offer to pay and a refusal to receive paper money for a specie debt, an extinguishment to the amount tendered .....
Tag this Judgment!Court : US Supreme Court
..... result of years of labor in the examination of all public documents relating to its formation and of the recorded opinions of its framers, and thus he writes: "with the full recollection of the need or seeming need of paper money in the revolution, with the menace of danger in future time of war from its prohibition, authority to issue bills of page 110 u. s. ..... the legislation to which the states were thus induced to resort was not confined to the attempt to make paper money a legal tender for debts, but the principle that private contracts could be legally impaired and their obligation disregarded being once established, other measures equally dishonest and destructive of good ..... "the attention of the convention therefore" says chief justice marshall, "was particularly directed to paper money and to acts which enable the debtor to discharge his debt otherwise than was stipulated in ..... "so the adoption of the constitution," he adds, "is to be the end forever of paper money, whether issued by the several states or by the united states, if the constitution shall be rightly interpreted and honestly ..... , acting through the monarch or the legislature, according to the distribution of powers under their respective constitutions, had and have as sovereign a power of issuing paper money as of stamping coin," and that "the exercise of this power not being prohibited to congress by the constitution, it is included in the power expressly granted to borrow money on the credit of the united states. .....
Tag this Judgment!Court : US Supreme Court
..... it was in consequence of unrestrained is sues of paper money by the colonial and state governments, based alone upon credit, said the court, that this clause in the constitution prohibiting the emission of bills of credit by the states was adopted, and page 177 u. s. ..... bank, supra, was again referred to, and the definition approved that the paper must be issued by a state, upon its faith, designed to circulate as money, and to be received and used as such in the ordinary business of life. ..... the provision in the state is substantially the same as that in the federal constitution, in that the legislature is prohibited from issuing treasury warrants, treasury notes, or paper of any description intended to circulate as money, while in the federal constitution the prohibition is against a state's emitting bills of credit, and the necessity exists in both that the paper shall be issued to circulate as money in order to be in violation of either instrument. ..... ' to 'emit bills of credit' conveys to the mind the idea of issuing paper intended to circulate through the community for its ordinary purposes, as money, which paper is redeemable at a future day. ..... 89 among the people as money, to be used by them as a paper currency or a circulating medium in their dealings with each other. .....
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..... " for philatelic, numismatic, educational, historical, or newsworthy purposes in articles, books, journals, newspapers, or albums (but not for advertising purposes, except illustrations of stamps and paper money in philatelic or numismatic advertising of legitimate numismatists and dealers in stamps or publishers of or dealers in philatelic or numismatic articles, books, journals, newspapers, or albums)." 18 u.s.c ..... any foreign government, bank, or corporation for philatelic, numismatic, educational, historical, or newsworthy purposes in articles, books, journals, newspapers, or albums (but not for advertising purposes, except illustrations of stamps and paper money in philatelic or numismatic advertising of legitimate numismatists and dealers in stamps or publishers of or dealers in philatelic or numismatic articles, books, journals, newspapers, or albums). ..... the committees of people who might wish to use illustrations of money for legitimate purposes -- textbook and newspaper publishers, collectors of paper money, and historians -- could all be said to involve "publications ..... , quoted by justice white, stated that " [n]ewspapers quite often publish pictures of paper money or checks in connection with news articles,'" ante at 468 u. s ..... nothing about specially favored "publications" when they explain that the purpose of the bill, as relevant here, is to "[p]ermit black and white illustrations of united states and foreign paper money and other obligations and securities page 468 u. s. .....
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..... but this is not the opinion of the court, and it may very readily be perceived that the great mass of contracts made during the circulation of paper money may be decided by a general scale estimating the value of those contracts, although there may be very strong features in some few cases which distinguish them as of such peculiar character that ..... the act is applied directly to the date of contract, and the motive for making it was that contracts entered into during the circulation of paper money ought in justice to be discharged by a sum differing in intrinsic value from the nominal sum mentioned in the contract, and that when the legislature removed the delusive standard by which the ..... only real reason for supposing that the law might not be designed to comprehend interminable contracts is that as paper money must unavoidably cease to circulate during the continuance of the contract, the parties must have measured their agreement ..... the circuit court decreed that the rents which accrued during the existence of paper money should be reduced according to the scale for the time when they became payable, but that the subsequent ..... among the bidders was that the rents would be paid in paper money so long as paper should be the circulating medium, after which they would be ..... rents this argument of the counsel for the appellees was correct, it would follow that rents accruing during the circulation of paper money, or leases made before 1 january, 1777, were within the operation of the act. .....
Tag this Judgment!Court : US Supreme Court
..... the act of february 25, 1862, making treasury notes a legal tender, they uniformly made, with their customers depositing with them, a difference, in receiving and paying their deposits, between coin or specie and paper money, and in all cases when the deposit was in coin they paid the checks of their customers in coin when they called for coin; otherwise they paid currency, treasury or bank notes. ..... paid all checks drawn upon the bank by their customers in gold or its equivalent except when the deposit had been made in depreciated paper; that after that time, they uniformly made a difference with their customers in receiving and paying their deposits, between coin, or specie, and paper money, and that in all cases where the deposit had been made in coin, if requested, they paid the checks in coin; that ..... , in times when specie payments having been lately suspended, coin was acquiring one value and currency (paper money) another and less, deposited with them both coin and paper money, the different deposits being entered in his pass book, the one as "coin" the other as ..... after the suspension of the banks, the defendants refused to receive currency as the equivalent of specie; that currency continued to be received and credited to customers as before, but went into the general funds of the bank, and the same money was never returned to the .....
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