Case ID: mass_4/html/0096-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

* Edward Edes and Al., Administrators, versus James Goodridge.
    In computing the amount due on a security for money given during the revomtionary war, when the current paper money was depreciated, and on which payments have been made in specie since the war, the original sum must first be reduced by the scale of depreciation, and interest cast on the reduced sum until the first payment
    Ejectment on a mortgage given to secure the payment of a bond, dated October 23d, 1778, conditioned to pay 220Z., lawful money, in one year, with lawful interest from the date. The following payments were endorsed upon the bond, viz.: June 17th, 1785, 3lZ. 14s.; December 20th, 1793, 16Z. 10s. 3d.; October 16, 1794, 11Z. 2s. 2JcZ.
    The plaintiffs had computed interest on the principal sum at its nominal value to the time of the first endorsement, and then deducted the amount endorsed ; and having then reduced the remainder by the scale of depreciation established by law, had calculated interest upon it to the time of the second endorsement.
    
      Gay for the plaintiffs.
    
      Sullivan for the defendant
   But the Court said it was clear that the principal sum must be reduced by the scale of depreciation, and interest cast upon its reduced amount to the time of the endorsement, and in this manner the sum due on the mortgage must be ascertained.

Judgment was accordingly entered that, on payment of the sum of 114 dollars 43 cents, the mortgage should be discharged