The New York herald., 1866-03-16
NEW YORK, FRIDAY, MARCH l6. 1866.

10 give 10 g0d dollar legal value as money above
paper dollar dollar Is one hundred cents moro, no
less whether is silver gold paper, and when Con
gresedecores that paper dollar shall be curr n and
pass Tor and represent and be of the value OF hun
dred cents for all purposes Of traffic and paying
debts II becomes the equivalent Of one hundred cents In
any other substance form II has been strongly urged
that Congress- in declaring paper money legal tender
payment Of debts has recognized and preserved -li
uncton between II and coin and the exception In the
sttne OF duties on imports aud interest ON the public
debt, rs mainly relied on 10 establish such distinction. II
Is true that Congress has also from tmo 20 time author
lied the issuing OF bonds and notes the interest and pn
clpal oil which is expressly payable Ia CON p2 7. =
Statutes Large 345 section g. 100, section |; - III.
10 Such pondS ana notes, however, were 10 DC
come part OF the public debt or the
country and accordingly brought within the great
leading principle of the government OF paying In specie,
which has existed at intervals for more than three qar
ters OF century having been originally enacted In l7s9
reenacted In 1910 and again In ls46 The exception there
fore In the statute of duties imports and
the public debt well all subsequent legislation
ang prescribing the manner OF payment Of the pub
lie debt are but rcenactmentso acts referred Co. and
especially Of the act commonly denomnatod the sub.
Treasury act passed by Congress in lS40-t5 = stat
a Large, 3s5and the act OF August s. 1916 % ID t9)
Those acts provided that all sums aecruhg or becoming
PAYABLE TO the United states for duties taxes sales of
public lands other debts should bo paid IN gold and
silver only, and that all payments by the United states
should also be made In gold and silver coin only II was
intended by the Legal Fender act OF 1862 BY amy
Of the subsequent acts 10 change tho policy OF the gen
eral government OF paying In specie ana the exception,
therefore became necessary merely 10 preserve the pro
visions of former statutes since the passage Of the act OF
August lSl6 payments 10 and by the general government
have been made in coin only In notes Issued under
the authority the United States and directed 20 bo
celved by law In thus following the long established
practice OF the government OF paying in con only Con-
ress has Indicated nothing that cou be- construed into
design TO create any legal difference between gold or
silver and paper money legal tender IN payment OF
private debts. Indeed, the exception gives force and
explains the meaning Of tho previous parts OF tho
From the views which have here expressed II
follows necessarily IL seems TO me- that contract which
debt, which debt can be paid with money,
DO satisfied by any money which u legal tender at
the time tho debt IL 10 be paid and can be satisfied In no
other way. Indeed do not how contruct can be
framed by which party u II could be compelled TO
pay money Ia silver gold, when other substance
IL made by law sufficient a. satisfy the debt Let
test II by example Suppose the plaintiffs had sued
20 recover the freight would the judgment ben
for 20 many dollars silver and godf Such Judgment
could not b, rendered The recovery would be FOR 10
many dollars and the Judgment could be sat sied
any money which a legal tender at the time,
The de'cndant consgnors had ar.ed 10 pay certain
OF money, aud they had agreed that II should be
paid In silver and gold dollars Could the owner bave
required specific performance OF the contrnctf Ger
ianiy not IL was to pay money, not gold and silver
dollars, and the of money only was recoverable.
This rule Is recognized aud well settled when applied 10
contracts payable IN chaItels (Pnney ~ Gleason,
Wend., 39, Rockwell w. Rockwell Hll, l04 know
II X said that the practical marketable difference IN
value OF paper money aud coin must BE- or suined 10
have been within the contemplation OF paoG engag ng
10 pay cOn aud that therefore, such difference should
b. recoverable damages and such seems u nave be N
tho viw Iakon by the referee In this cas- IL y also
suppO.d that upon contract a. pas sum of money ia
gold recovery may he had for the value OF fod. A.
ascgrta nod by comparison with paper money Bu' the
nize OF admit the disneimn which exists bct"och Soh
o commodity of traffic and gold used ~ mou ~
deliver housand doafs of gold very
different contract from 10 pay soh sum Ia gold. Tue
former be- specifically enforced and the othof can bc
Ssiisn' by gold or " equivalent Money, bcing the
common measure Of all thng ha not, Ike other things
particular function 10 take the place Of all other
thnrs bui ropres ned only by standards created by
law Bu gold Ia bars k no money than arc
pigs oi iron, lead or copper Like them i may DO
bought sold by weight but Until II " coined aud
the value Of the coin ascerained and declared BY 'hN
A. AtraH er1..
any other metal wou!d b.. am una rquantcd with any
re OF daniagos for The pay meut ~ money Other
than the legal rate or interest upon common law
not interest recoverable. ethcr Incident
to the ocb or othcTwe bat ttlilts and adludcatOnH
have relaxci tho common law and u H. now allowed o.
! damages ,sedG on Damages, 2;4l 'lnie est says
Dofuat nv. vs., az ". soc. l. 's the applied to
the compensation which the law gives the creditor
VINO is cnutei ~ recover sum n money from bis
debtor ~ de nuL Tho loss oxIerieuccd ~ those who
not raid al maturity is as iforsnd the they
might make o. the money, and as Unforeseen the
irun which the iDj glt arse. Bu, such los
recoverable. The damages are limited - the infection
interest merely Tho recovery ~ the curr.u rat Of
cxchangc bc..dca Interest upon debt contracted
Crcnt Br'ain Refused 10 Mari u w. Franklin JOHN
X. l2i AMI in ssoh'd ~ Dsy, ~ ~ iO2, and
Do not "a ~ he found WHICH sgsfhlns
aus mca. n can-gc fr the nou Performance
81 contract 20 pay money, oicr than Interest upon tle
sun in default i" adopt any ptLcr measure would o."
stroy ne rfoscy - the LEGAL Tetfrr art aui
eject by admitting hctIou value a. regulate the dam
ags The piantins' view cannot therefore my iutg
n''ni he spstlined lpon any prnppe applicable TO i"
recovery ~ fha difcrcnre fauo between paper sni
god money o.. damaees nor upon 'ny principle app 81
bic O. tho specific Performance % euntfaiH and 90 other
pr ncipe las been surgssed upon which % h.
a. ned ifr ronirsrt in fhis O. gay eIu %
money which brcano doht The oGcr Dl nnnr, at.rh
bad boen mndr legal tender u payment of an dsbts,
su'fcieBt dchafge the ohgst on and the asrrc
ment - p.y "a sis,r ard gold dollars hpd no greater
effect than N bad ho'n 10 uay u the "awful mOnry ~
TIC country But o." gue.lon is not ue~ 1of vith
out autlouty The casns the Couft ~ Apreals. b..
fore RI. rod TO- subsisuiialy determin" the quHs-
assumed tho sansequencea flowing irpn y ap
lawful money 0f thr United states, made Euch
by g. a4thprtT that uBly D. rfectualy usd Tay
mont ~ de ~hon' f"efees 20 ihe iu'r'tse ,slus -
90 Tin tfri'rrd "f paid W. wefe fr'rTrl 1u th~
afumrn 90 det naio u aonie - thf -tatcs - Ne
tniou cni'ftanng ,ies aif,r' utly opposed q ioso
lsse lore cEIrrsed A. We have Dsen furnished Niih
only ne~spstsr rep0rs of thsfe cse. eaunot b.
tan % the precise questions rpi-e aud dsfidsd Tie
case Of Nersue " SnlDr the District Court Penn.
sylvan held tai quil rent payable M 'lasfui silver
money could not be srunguithe1 ~ he payment ~
sun ~ grO- n lega tender notes Rat TIE decson .ss
SOLELY upon tr ground tat The auit rat noi dsbt
eud therefore net within The prIt sions ~ thH ssa t~n
Der set Thc nsht - ,stlsiy deOt vth legal t~bd'r
~ granl, and Tho ls~ned Jlstce Hsre ssfs fhst
neihcr .oaa ihe p.{in' p, oi ..eh 'snt =, 80 ne .y
silver and esai tender moDsy hs recovered iIfnares.
Two a., prtis cs.es 20 ~ ruprems co.n q ths
disfnrt vrfe aso feirred % iihapin fs FreixfsI-
der, PrSuty P0tirfi and a -f~s si Term
Lgtlng W. AtlaniF A1'us' fnEamuce Company, HoU.
" n - Ths frri two caffs a. seeu have b~en
much eorsier,-f aud te rrt "A az tfnr tst aeayrr
~ enabe ~ shsi Intended o. D. deidff sud
the ifs pfHseefing iu equity ~ frglirr The
tsy ~ aisfsnls Enla Der b. nuihnG there
fofr 10 any ~ thoee Caana beyond a fsfurs
~ them Fhch hf.ir the views hsge hers
taken on M ether haId ssfr rrfeirsd to ngnIrT
decisions IN thn -isia courts extracted from
paper susfa.nrE UfIr fffi1n The only eh.eh laF
into ths ionk D. Eru bod Schllctlns ~ isNs
2i3 u which ur Supreme 'uur ~ thsi ra'r hsd tb.i
= pr1fntfsJfy note psY shae fntst -fstss goo
satisied by 'eniff - gsi tender nDiss The nrlnlu
81 ~ Clief Jlluce y able and hs reesou'ng " ~
mind. o0nciHHlye Ny crpc'uuun IL that thr rlaftrr
party rcguirrg the ffeg ghi 10 ~ rah silver afd r1f
dniafa 1Dud b. aai snfi by fatnsnt ieFsi feadff
charged the dttA The rufsree auuld thsfelpfs hsgs
held the tender Fufhcieui. sBd a srTur assff
judgment fes the plaintiff tha judgment masi D. -
sss- sN ira 0flefrd Nf'h cot ~ tle sTrri
isnts ~ abldr 'he sveui Tlo order 81 fs~rns must
siso b. vwafei ether parry dssru='a
Gavin and Joprs, Justices, cobcar-d
Marine Court.
Before Ilfae AItff