The Union flag. [volume] (Jonesborough, Tenn.) 1865-187?, 1866-01-26

ANMtA ~ 'NNH
ThenNF1 VA A.'.,p General
B Wr9kR berI cantrel, il
eu1f WI eStl Overall.
YAhjBfiR an Action of debt, brought
in tho Ciruuit Court OF Shelby coun,
ty, 70 recover $500, due by a promisory
MnIo, ex01ntBdhh y hDulaiMiIAB i6 eFi
TOR, 70 one Sampson Yprgan, and b.
him assigned 70 Reuben J. 6roll
and By Scoltlto Overall, who sues tbs
makers AloAeA OANU kt &A.
The contest here arises on a receipt
for $500, executed BY Overall on the
9th o. December, 1852 TO Wright,
ono Of the plaintiffs IN error. The
payment was IL. what Is known az
"Confederate money" and the face
OF the receipt shows II was TO be, en-
tered rs q credit on the note sued on
10 this action. The credit was not
entered, and under theinptrHctiunso Of
the Circuit Judge 10 the jury there
was verdict for the full amount Of
the note, with interest thereon, and
judgement pronounced according to
the finding Of che jury, from which M
appeal in error Is prosecuted to this
court.
The Circuit judge among other
things not excepted TO, in substance
told the jury, that the receipt was an
undertaking on the part Of Overall 20
see that the $500 paid, should DO cred
tied on the note. an inasmsuch as the
credit had not been entered the uns
! dertaking was exccutory, and must
DO supported bya good or valuable
consideration and that Confedcr-.
ate money having been issued
against public policy and withoutau .
thority Of law, was neither a good or
q valuable consideration. t9@S
Waving all criticism on his Honor,
the Circuit Judges construction of the
receipt, we think there is co error in
the charge Of which the appellants
have any ground Of complaint. The
whole question turns upon the valid.
ity of Confederate money, and we
are not at liberty to Ovade it, by rein.
ing upon the distiction between exec.
utory and executedicontractS Was
tho " Confederate States" such a SOW
erign and dependent political corpo-
ration or organization, az authorized
it to coin money, issue its bonds or
notes, on the faith and credit Of the
organization, and bind tho people Of
the so.called "Coniederate States
for the payment thereof! This is the
question with which we have TO deal,
and however much the business tran,
sactions of the people Of this State
may be involved in II, we have but
one duty to perform, and that is, T.
tread tho path marked out by the law.
To coin money is m act ~ofssover-
eighty, and by the older authorities
it is held of such vital Importance to
the honor Of the State, hat IL was
placed among the ~perogatives Of mag.
esty-and could not DO delegated
The faith and credit Of tho State
was always pledged for the genuine.
ness Of the coin, and the wisdom and
policy Of the ancient law would not
therefore ehtrust the exercise Of this
right TO any other hands than the
reigning sovereign.
Under our form Of Government the
right to coin money is by the Consu
tuition, expressly delegated TO Con-
gress. But to exercise this right, re-
quirss the exertion Of tho sovereign
power Of the nation, No less power
than the consent Of houses Of Con-
gross, with the approval Of the Pres
ident, can authorize the coming Of
money, or the issuance of the bonds
or notes of the United States, predi
Gated on tho faith and credit Of the
nation.
Tho published constitution Of the
Confederate States" differs 10 moth
ing from our own with respect to the
grant of those powers, and the mode
Of exercising them. II purports fully |
to confer the power to tissue bonds or
treasury notes, but could that poIiti-
cal organization lawfully exercise
such power? Was 1t such an indie.
pendent State as would authorize the
exercise OF sovereign powers2
). II is claimed for them that they had :,
thrown off the power and authority
of the Government Of the United
and 40 far erected q new and
independent government as TO be, at
least, a government de Jaeto, and as
entitled to all the rights and pri.
belonging to q sovereign and
independent nation bl"fs Nh f.i 70
We cannot assent TO this proposition. To ,
90 80, would BE- 10 settle, BY Judicial deter
ninaiion, what the " Confedsrats States" :
allied 10 achieve BY arms The very object
he Confederate States bad 10 view 10 the /
lreat struggle now ended IN The complete
Of the national power, was "a es-
abllsh a Seperate, independent, national eI- /,
and failing TO accomplish this OBJ
eei, the Courts Of The county can afford no /,
'sliet They are bound, as wen upon prin- I,
iple AZ authorities, both In England and ,
america. concnr In firing Ia eharacfeF. IA '