Court : US Supreme Court
..... they serve only to illustrate the tendency remarked by all who have investigated the subject of paper money, to increase the volume of irredeemable issues, and to extend indefinitely the application of the quality of legal ..... which congress called to its aid the power of making the securities of the government a legal tender, as a means of successfully prosecuting a war, which without such aid seemed likely to terminate its existence, and to borrow money which could in no other manner be borrowed, and to pay the debt of millions due to its soldiers in the field, which could by no other means be paid, seems to be almost prophetic. ..... million of dollars per day, the credit of the government nearly exhausted, and the resources of taxation inadequate to pay even the interest on the public debt, congress was called on to devise some new means of borrowing money on the credit of the nation, for the result of the war was conceded by all thoughtful men to depend on the capacity of the government to raise ..... the currency in use under the act and declared by its terms to be lawful money and a legal tender consists of notes or promises to pay impressed upon paper, prepared in convenient form for circulation and protected against counterfeiting by suitable devices and penalties ..... of property, the derangement of business, the fluctuations of currency and values, and the increase of prices to the people and the government, and the long train of evils which flow from the use of irredeemable paper money. .....
Tag this Judgment!Court : US Supreme Court
..... , 1857, the state established ten banks which, in addition to the powers of receiving deposits, lending money, and dealing in exchange, had also the power of issuing paper money; the ordinary banks of deposit, discount, and issue or circulation. ..... the court in which the suit was brought decided adversely to the position set up, and on appeal the supreme court of the state -- observing that the moneyed associations, saving and banking institutions of the state, were banks to all intents and purposes, and that their shareholders were taxed at the same prescribed rate as the shareholders in the ..... it is conceded the tax exacted from the plaintiff in error was not greater than was assessed on other moneyed capital belonging to individuals or corporations, but it is claimed that it is higher than the rate paid ..... savings banks, loan institutions, saving associations, and the like, though sometimes with the title of banks only -- transacted business often known as "banking" -- that is to say which received deposits, lent money, and dealt in exchange, but which had not the privilege of issuing notes to circulate ..... the state was forbidden to tax them higher than it taxed other moneyed capital in the hands of its own citizens, or to impose on them a tax exceeding the rate imposed upon the shares in any of the ..... in declaring that national bank shares should be taxed like other moneyed capital and that no burdens should be imposed on them from which state banks were exempt, all was done that the .....
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
..... tender, and though it appeared by the order of that court for judgment that on the hearing of the case roosevelt relied on the provision of the constitution that "the congress shall have power to coin money and regulate the value thereof," and of the 5th, 9th, and 10th amendments, which ordain that "no person shall be deprived of property without due process of law," that "the enumeration in the ..... error in that case claimed the right to have the bond of the defendant paid in gold or silver coin under the constitution upon a proper construction of that clause which authorizes congress to coin money and regulate the value thereof and of foreign coin, and of those articles of the amendments which protect a person from deprivation of his property without due process of law, and declare that the ..... to one of the district courts of iowa their petition, reciting the contract to pay "in specie" and setting forth that they had tendered to trebilcock the full amount of money, principal and interest, due, "said money so offered and tendered being united states legal tender treasury notes, commonly called greenbacks;" setting forth further that trebilcock had refused to accept the same, "because," among other reasons ..... general usage among traders, merchants, and bankers, and are the opposite of the terms, in currency, which are used when it is desired to make a note payable in paper money. ..... prescribed by the act, and when, by the creation of a paper currency, another kind of money, page 79 u. s. .....
Tag this Judgment!Court : US Supreme Court
..... bostwick upon an advance of price equal to the depreciation of paper money at the time of sale,' &c. ..... on the 25th of march, 1865, the defendants paid to bostwick $1,500 of the purchase money, and executed the bond and mortgage to secure the payment of the balance. ..... that the receipt of "the first or other payments by the agent " was "an implied waiver of the claim for exchange," and which was the same thing in effect -- a waiver of the stipulation in the contract that the money was to be paid to him "in the city of new york. ..... bostwick having failed and appropriated the money to his own use, bronson now filed a bill against the chappells in the court below to foreclose the mortgage. ..... to repel the construction lately sought to be put on them that the first or other payments, if received by the agent, is an implied waiver of the claim for exchange, and of the stipulation in the body of the contract that the money is to be paid to me in the city of new york. ..... a portion of the purchase money was secured by mortgage, and as it became due it was paid by the chappells to bostwick under the assumption by them that bostwick, who had advertised himself during a term of twelve or fourteen years as the agent of bronson, was ..... twelve of them acknowledge the collection and transmission of moneys for bostwick. ..... these moneys were never paid over to bronson. ..... fourteen of them authorize the collection, or acknowledge the transmission, of other moneys. .....
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..... 31 and albren met on the street and retired to an office in south street; that he saw albren hand captain downey a bundle of money, but did not know how much; that it was a bundle of paper money. ..... that it was an attempt to commit him before the trial to a statement which would exonerate captain downey, and that the offered bribe failed, probably because neither party would trust the other by signing the paper or paying down the money first. ..... in reference to the receipt of the money also, while downey flatly denies it, and thus is in direct conflict with albren, the latter is supported by morlina, who tells a consistent story, and whose veracity is unimpeached. ..... the receipt of the money from albren he wholly denied. ..... morlina's testimony corroborated that of albren as to the receipt of the money by downey. .....
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..... actual fraud between chilton and stover in this, that stover, taking advantage of chilton's great pecuniary necessities, induced him to receive the confederate and virginia paper money at par in payment and discharge of the bond. ..... the bill set forth the general history of the transaction, alleged "that the said bond and the deed of trust securing the sum of money specified in the bond were left with the said chilton as the attorney at law of the complainant, the deed of trust for record and the bond for collection at ..... besides this, the authority to receive bank bills at all in the collection of debts only rests on the theory that they pass as money at their par value by the common consent of the community, and can be used by the principal where he lives in the common transactions ..... autumn of 1865, fretz went to fauquier county, where he saw chilton, and chilton then told him that he had received nothing on account of the bond; showed him a letter from stover offering to pay it in confederate money, which money chilton said that he had not taken because it would have been of little use to him, fretz. ..... 1864, he first heard from chilton, he was told his papers were safe and would be kept so, as nothing but confederate money could be collected, which was valueless. ..... intercourse being restored between fauquier county, virginia, and pennsylvania, chilton wrote fretz saying "that the papers were all safe, and that he would keep them safe, as he could collect nothing but confederate money. .....
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..... [ footnote 2 ] in that case, griffin agreed, in consideration of 25,000 paper money, to be paid him by willis in the years 1780 and 1781, to pay the latter 2500 in ..... only ran the risk of the war closing before or after the 1st of april, 1864, but also of the value of money whenever the war did close, be that sooner or later, and of the ability of gavinzel to leave the confederacy. ..... of june, 1865, the war being now ended -- and not till then -- gavinzel returned from europe, went to richmond, and demanded payment in lawful money of the united states of the sum named in his bond, $3,260, which payment crump refused to make. ..... manifestly the leading object gavinzel had in the transaction was to lend his money so that it would not be repaid until the war closed, whether this event occurred before or after the 1st of april, 1864, and this object, on the contingency of his being able to go to europe, the ..... crump to enter into the contract were the present use of the money and exemption from interest, with favorable terms of repayment. ..... that the said $3,260 had no reference to lawful money of the united states; that the loan was made in "treasury notes of the confederate states;" that those notes were issued to sustain a rebellion against the united states, and ..... [ footnote 1 ] it is proved in the case that the money lent was confederate notes, although the fact is not so stated in the bond, and that after the 1st of april, 1864, the war then continuing, crump provided himself with the .....
Tag this Judgment!Court : US Supreme Court
..... " "state legislatures in too many instances yielded to the necessities of their constituents and passed laws by which creditors were compelled to wait for the payment of their just demands on the tender of security or to take property at a valuation, or paper money falsely purporting to be the representative of specie. ..... "the emission of paper money, the delay of legal proceedings, and the suspension of the collection of taxes were the fruits of the rule of the latter, wherever they were completely dominant." id., 86. ..... landed property would rarely command any price, and sales of the most common articles for ready money could only be made at enormous and ruinous depreciation. ..... the treaty of peace with great britain declared that "the creditors on either side shall meet with no lawful impediment to the recovery of the full amount in sterling money of all bona fide debts heretofore contracted. ..... the owners of property and holders of money freely parted with both, well knowing that no future law could impair the obligation of the contract. ..... only one percent of the "continental money" was assumed by the new government. ..... besides the large issues of continental money, nearly all the states issued their own bills of credit. ..... phillips's historical sketches of american paper currency, 2d series, 29. ..... 1 amer.state papers, pp. .....
Tag this Judgment!Court : US Supreme Court
..... this judgment is for coined money, which at the time it was rendered and now is worth more in the market as merchandise than paper money; but our jurisdiction is to be determined by the amount of money to be paid and not the kind. ..... it is true that in the market, as an article of merchandise, one is of greater value than the other, but as money -- that is to say, as a medium of exchange -- the law knows no difference between them. ..... if, instead of paper dollars and gold dollars legalized as money, the law had provided for silver dollars and gold dollars, and this judgment had been for payment in gold, we think it would hardly be contended that this court could take jurisdiction because when ..... held that the amount in controversy, whether payable in coin or any other kind of money, is not sufficient to give this court jurisdiction. ..... notwithstanding, therefore, the judgment is for coined money, we are satisfied that we have no jurisdiction. ..... in principle, from a contract to deliver an equal weight of bullion of equal fineness," but notwithstanding this, it is a contract to pay money, and nonetheless so because it designates for payment one of the two kinds of money which the law has made a legal tender in discharge of money obligations. .....
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