Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-05-23
THE JUDICIARY ON CONFEDERATE
CURRENCY.

ttflNl a'ttLl % " iilfA hd. N'iiiNhtidlt Aul- |
rency On the ground that it was against
public policy and in violation Of the Con-
Of the United States, the court held
that the collection Of the notes could not be
enforced, and the trust deed was directed to
be cancelled.
Carried to its logical sequences this de-
cision will open a field of litigation most |
disastrous 10 the people of this State, unless |
there were qualifying facts which would |
make il an exceptional case. The opinion |
Of the court has not been published and we
are ignorant Of the facts, and are Of course
unprepared to offer anything either in APP
provai or criticism Of the decision. Besides,
we have no disposition to foster feeling Of
hostility on the part of any portion of the
people toward the Judicial tribunals. They
are the bulwark Of justice and right, and we
will sustain and uphold them to the utmost.
We refer 10 this case TO offer some sugges-
tions which may or may not be proper, but
in which we feel that the welfare and pros
perity Of the people are deeply involved.
1t is freely conceded that, in view of re-
sults, it was greatly against public policy"
that there should have been a combined
civil and military movement in this country
denominatcd ard now accepted and
held as a rebellion. In whatever supposed
truths or demonstrated errors it was found
ed, it still had protracted existence and
involved the entire people of the region in
which it prevailed. These people, whether
in their hearts for or against it, were re-
duced TO the necessity of using its currency
to provide the necessaries Of life. This ne
cessity also required them to continue their
vacations, and, whether in or out of the
army, they were obliged to pursue some
trade or calling-the operations of which
were carried ON through Confederate
money" as a means of exchange. A few
of the more opulent and some whose wits
might serve in the place of ready cash, with
drew; but the masses Of the people in Ten
nessee and throughout the South were
forced, by the condition of things, to conduct
their business transactions in the use of
what is termed "money" by means of Con-
federate treasury notes. In other words, in
all places over which the Confederate iuris-
dictien prevailed, the business of the people
was done upon the consideration and basis
Of Confederate currency. There is scarcely
an individual in Tennessee, or elsewhere in
the South, who has not handled and used
this currency. The administrator used it to
settle estates-the guardian used it to feed,
clothe and educate his ward-the trustee
was compelled TO resort TO it to execute the
trusts conlided to him-the banks did it to
continue their business-they discounted
notes, paid depositors and made their ex
changes and settlements in it. In short, for
three or four years the basis of all Southern
business transactions was this currency. The
people had no choice. 1t was that or moth
ing but starvation and it became a standard
Of business balances, just as much as the
gold coins of the United States-not upon
like valuation, but traders and contractors
estimated, in their dealings, the difference,
and agreed accordingly.
That day has gone by, and this currency
is wholly worthless. The entire Confederate
fabric, currency and all, is dust and ashes.
The question now is what shall be done with
the obligations passed between and assumed
by business men on that basis. We respect
fully suggest that the question is not the
| right or wrong of rebellion in the first in
stance or afterwards, when considering ques-
| tons Of private rights and liabilities incur
ed by individuals in matters wholly discon-
nected with public affairs. Some econo-
mists contend that the thing used as a medi-
um of exchange and denominated money,
should have no intrinsic value and this
theory is every day adopted in practice
where notes, checks, drafts and bills Of ex-
change are given. The thing is nothing, and
| its value consists only in the solvency of the
party who gives or upon whom is drawn the
the pen and ink obligation, aworthless blank.
| So long as this faith or credit lasts the writ
ten obligation has rdlue, fictitious or real,
above or below par; and if it passes as a
circulating medium, yields to each successive
holder that value until it is either redeemed,
or proves wholly worthless. In most of
such cases the holder, in parting with it re-
ceives raluaJlc consideration, until the last
upon whose hands it dies. The person who
gave his notes. la the case decided, doubtless
received valuable consideration, and so
of all like cases. As general rule
Courts will enforce all contracts made by
| persons of sound mind, uniniluenced by fraud
or circumvention. There is another equally
general rule that the Courts may inquire
into the consideration Of engagements, and
NAV Judge whether there is a total or partial
failure, or the consideration is good There
is scarcely one Of these based upon Confed-
crate currency, in this State that is not good
or partially So At one time this now value
less scrip was at premium upon gold IN
this CITY. And what is the difference be-
tween an executed and wnexecuted agree
ment so far as the substantial ends of justice
are concerned? They both rest upon the
same foundation, but the policy Of the law is
to favor and encourage promptness, and 1t
sometimes intervenes to prevent the eXecu-
ton of a contract, when it would not under
take to open closed one And yet there
are ALWAYS some circumstances of equity in
the former that are absent in the latter
which induces the Court to intervene and
vary IT,
Our own view of public policy Is that,
in reference to all individual and merely
private transactions, the Courts would best
promote the public good by not interfering
with executed contracts, and, if appealed TO-
TO carry ont the equities as between man and
man. in those unexecuted. We have held,
and still hold, that no general good can be
accomplished for the present or future gen
erations BY trying TO dig up and straighten
the crooked paths Of the past-that the in
terests and very life of this country is cen
| tired in the future, and that the wisdom and
good efforts Of all should be SO directed.
! The grounds Of this view would, if stated,
embrace a range and space that would be
| wholly inadmissible in 4 newspaper article