Court : US Supreme Court
..... and ingersol, for the defendants, denied that the transaction was founded in a wager; and contended that the plaintiffs had set up a hard and unconscionable demand: for, they instited, that the lawful current money, expressed in the bond, meant what was current at the time of its execution; and they declared the readiness of the defendants either to pay at the rate established by the scale of depreciation, or according ..... can only be done by an act of assembly; and except in the temporary laws for supporting the former emissions of paper-money, there is no pretence that the legislature has ever interfered upon this subject. ..... which repealed the tender law destroyed its currency; so that on the 30th september 1782, when the bond became due and payable, the only lawful current money of pennsylvania, was coin, of gold or silver; and that by the terms of the bond ought to be paid. ..... spanish milled dollars a legal tender, as they are only mentioned by words of referrence; but that which was declared to be a lawful tender, and consequently, became the legal currency of the land, was the money emitted under the authority of congress. ..... a considerable quanitity of tobacco in march 1778, when the pennsylvania scale of depreciation, estimates continental money at the rate of five for one. ..... in confidence that the continental money would recover its original value; and that on the other hand they ran a considerable risque; as, if it depreciated, they would have been bound to take it, provided it .....
Tag this Judgment!Court : US Supreme Court
..... , in this case, held the money as trustee for the plaintiff, and ought, therefore, to be discharged from any payment, except in the identical paper money which he had received. ..... he was an officer in the american army, and probably thought the support of the war depended on the support of the credit of the continental money; it was the only money then in circulation; and though it had depreciated five or six for one, he might reasonably think it would not only be injurious to his own reputation, but to the common cause ..... that hugg had any express authority from the plaintiff to receive this payment of the principal from the mortgagor, and she afterwards refused to accept the continental money, insisting that she was entitled to recover the full sum in specie; for which, accordingly, the present action was brought. ..... the facts were shortly these: the defendant, then sheriff of gloucester county in new jersey, having in his hands a sum of money belonging to the plaintiff, who resided in the city of philadelphia, in the year 1772, with the consent of the plaintiff, lent it to one of his neighbours in new jersey ..... time to time, paid the interest to hugg, and, finally, in the year 1778, paid the whole principal and interest to him in depreciated paper money. ..... the part of the defendant, it was urged, that the defendant being authorized to receive the money, had received it properly, in the then current money, made a legal tender by law, and could be answerable for no more than he had .....
Tag this Judgment!Court : US Supreme Court
..... this court entertains the opinion, that there would not be anything illegal in taking a bond for l200 of the last state emission of bills of credit, when only l100 had been lent; for that paper-money is only made a tender and payment of debts due to the commonwealth, and, in every other respect, must be considered merely as an article of merchandize. ..... seventy-fold in value it would certainly he hard to compel him to return l70,000, for the use of the l1000 which he received: and, on the other hand, it is equally true, that where l500 continental money has been loaned in consideration of a bond for l100 specie, the lender can never claim any more than the last mentioned sum, though a change in the public credit and circumstances, should have made ..... pleaded payment (which in such cases, is made the general issue by a law of this state) and they have shewn in support of their plea, that the bond in question was given in consideration of l500 of continental paper, lent by the plaintiff to the defendants, at their instance, when it was worth no more than at the rate of twenty continental dollars for one in specie. ..... of pennsylvania april term, 1788 this was an action of debt brought upon a bond, dated the 5th june, 1779; the penalty of the bond being in 'l200 hard money computing half joes at l3;' and the condition, for the payment of 'the full and just sum of l100 hard money, or specie, computing half joes at l3; on the expiration of five years, from the date, with lawful interest etc. .....
Tag this Judgment!Court : US Supreme Court
..... and, because a debt had been discharged according to the lex loci, though in the depreciated paper money of north-carolina, lord thurlow, since the revolution, has refused a ne exeat regno. ..... be remarked that neither the defendant, nor connecticut, ask the interposition of this court, but the person who was the object of the law of that state, that the defendant does not intercept the money in its course to the public treasury; but prevents its being remitted to nova-scotia; and that the contest, in fact, lies between an individual and a sister state. ..... liberty given them by the treaty, to reside twelve months in the united states to solicit a restitution and composition with the purchasers of their estates, and congress is to recommend to the states, that they be restored on refunding the money paid for them. .....
Tag this Judgment!Court : US Supreme Court
..... in which, however, the messenger of the company only found a small quantity of soap, and a bundle of paper money; but cummings was gone to georgia to collect debts under the direction of the assignees, and goodwin and smith resided and kept a store at cooper's ferry, in new jersey. ..... amount from his debtor, this, being a security of a higher nature, extinguishes the first debt, and the creditor cannot afterwards sue upon the note, or account but must proceed for the recovery of his money upon the bond alone. .....
Tag this Judgment!Court : US Supreme Court
..... it may be proper here to notice, that there were two bills of thirty dollars each, in the bundle of paper money tendered; and the plaintiff's counsel has said, that there were no bills of that denomination emitted prior to the 29th of january, 1777. ..... in specie, but only so much as that sum in paper money was worth at the time the contract was entered into; which was on the 24th of april, 1777; nor is he entitled to any interest from the date of the tender until this action (which is to be considered as a new ..... ) we find that the state paper money then emitted, was only made a tender at common law; for, the words of the act merely declare that a tender in that money shall have the same effect as a tender in specie, which is clearly no more than a suspension of the interest. ..... a british sergeant, having a licence in the year 1778, to carry clothing from philadelphia to lancaster for british prisoners of war, brought with him some forged paper money, and passed it at the latter place. ..... sergeant answered, that what was surplusage might be rejected, and the paper go to the jury only as proof of the receipt of the money. ..... if, therefore, the tender, on this occasion, was made in continental money emitted by congress page 1 u.s. ..... the paper should be admitted to prove, that payment was made to the treasurer, agreeably to the act of assembly, at the time mentioned in the receipt. ..... lawful money of pennsylvania. .....
Tag this Judgment!Court : US Supreme Court
..... 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
..... the only objection arising on the record was whether a paper money payment of a british debt into the treasury of maryland during the war by virtue of a law of the state was a bar to the creditor's recovery at this time. .....
Tag this Judgment!Court : US Supreme Court
..... 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 vessel and cargo had been sold by the marshal of the state court of admiralty for paper money under an order of the court contained in the sentence of condemnation, and it did not appear what had been done with that money. ..... the answer of the defendants avers that on bringing the george into port, she was delivered up with all her papers to the court of admiralty, and although the answer is not testimony in this respect, yet the nature of the transaction furnishes ample reason to believe that this was the fact, and it is the ..... irregular, and much of the difficulty of this case arises from that cause, but as this case stands, it would seem entirely unjust to decree the defendant to pay a heavy sum of money, because the court of admiralty has done irregularly that which it had an unquestionable right to do. ..... "if the ship or goods are in a state of decay, or of a perishable nature, the court is used, during the pendency of a suit or sometimes after sentence, notwithstanding an appeal, to issue a commission of appraisement and sale, the money to be lodged with the registrar of the court, in usum jus habentis. ..... restoration and redelivery which it orders should be effected by the captors, but by those who in point of law and fact were in possession either of the george and her cargo, or of the money for which they were sold. ..... the carelessness with which the papers of a court created for the purposes of the war and which ceased to exist before the institution of this suit have been kept .....
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