The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-31

only lawful currency The provisions or these acl
making Treasury notes lawful money and legal tendd
the highest court OF appellate Jurisdiction in the Satl
valid and IN all respects IL perfect accord and sxqu
fore had been disputed that tho obligations Of debtor
to his creditor invoable except the former
yency. Tho constitution ITSELF In the section cor,a
Ing tho restrictions ami prohibitions upon the su-
thory Of the States plainly shows that incse obiisa-
tions were so regarded by Its framers bat these sts
compel creditors who thus entitled payine.f
gold and silver coin. 10 accept In lieu thsreo, pares
promises at indefinite limo 10 tue distant fviusr
II may, therefore. be commended soms srmhir
OF plausblity that tho effect Of this nothing
or less lhAn NEUTRALITY-SUSPICIOUS. OF one-naL one
third or tho onefourth OF vested rights whs'eve-
proportion Il might be according tbs varying saRe
The paper promises - the time OF payment irat lsn
these wholesale conHscations are necessary AMI or
for carrying into execution some OF the enumerasd
power to borrow money ana 10 regulate commerce.. 4
ain uncertain whether very startling proposition,
urged dare We say argued With rscondie zeal by one
OF the counsel OF The successful party has been adopted
or rspudiated By tho court namely, thai the issuing
OF promises 50 pay money at indefinite period.
exercise Of tho power to scoin money! under the
constitution tSee article !. section 8, sub 6) That
!, !, = say prons: 70 pay money (which refers
refers and appcrtains the present. Although the
qeson has not been settled BY the Supreme Court Of
these decisions in whatever degree thoy may shock
weI-matured and long cherished convictioni None Of
Paper promises having been substituted Is the national
currency 10 the place or gold and silver tho latter have
disappeared a. currency They no longer possess the
functions Of national instruments OF exchange and they
have become, whatever may DO their FORM whether In
bullion or In coin, merely articles OF commerce, having
the same characteristics and being liable TO the
leva disposition ~ other articles Of commerce when
they are the subject matter or contract Therefore,
promises for any valid consideration 70 return gcd or
silver instead OF the national currency no bound
return those specific things, precisely a no would DO
h0,nd tn inR rrttA
II he had promiced TO do 90 for valid confederation
There be possible difference The fact that
one commodity at former time constituted the legal
currency Is why Il should DO regarded In
different hight from other commodities when 1t is no
longer fe,osnizsa Or employed ~ that capacity No
one would hesitate for moment TO declare what the
obligations Of the defendants n instead Of gold,
they borrowed cotton and promised to return the same
tbere would little hesitation H. In the pres
ent case instead o. indicating the quantity and quality
wop qa % or r@
cinc weight TO indicate the quantity and Of certain
proportion Of alloy number Of carat grains 70 ind
cate the quality OF that 1t should be what IN the trade
10 called jewellers gold or mosaic gold But surely
the employment Of tho word "doliars' can make
OF tho contracted parties. The word was ebr1eGsy
employed merely fur the purpose Of ssgn iag
Gle Gle, lent and q Os returned. sns time Of -, trans
action IL notorious that the word dollar &c
very different thing from What IL was IN gold: and
all know by sad daily experience that toe difference
greatly increased, and that Il IL great
Thus the defendants promised do something dercnt
from paying an ordinary debt; they promised 10
to the plaintiffs gold OF quantity and qualify
that which they received from them: aud the character
Of tho promise is, in no respect altered BY Their en-
ployment Of the word dollars to designate the guam
tiiY and quality, instead OF stati the specified Int
and specified proportions OF alloy specified carat
grains as they probably would have done IL tho gold
borrowed was in she form OF bullion instead OF coin.
The plaintiffs therefore entitled 10 damages for
breach o this contract unless thoy have expressly
implicitly released the defendants from Its obligation.
Se.oad--HAve the plaintiffs done thss Tae Judge
lnds, * matter Of fact thai the 9th Of December,
1865. defendants directed the plaintiffs 10 write up
the bank book, with to Close heir account hav-
ing previously found that tho lst OF September
few minutes after the loan OF the god to ne degepd-
ants they delivered 10 the plaintiffs their check for
$4,000; that plaintiffs received the money Tor said
check in legal tender notes; that this check
TO the defendants in the general account they
kept with the bank and closing this acc oYut y
defendants, which tho plaintiffs paid Flo hlds,
Also that tho accounts settled wcro made
up exclusively Of the defendants deposits on one
side and the drafts against these deposits on the
Other, and did not incllde any charge Of gold
prcmium sold 10 the defendants. lhe check OF
$4,000 received . deposit like any other de-
post and lave seen credited, hKe any
pay of the balance due 10 the dcfenoants ON
bank account the cashier demanded tho return OF the
ot and the defendants promised 70 return H. AMI that
PLAINTIFF did not Intend by recsaviu thu check
goo TO satisfy or discharge the defcndants opliga-
ION under the contract BY which the gold Dor.
xht Ia concluding that the defendants bound by
contract to retura $4,000 In god tho juds ncnt
should 10 reversed and triai ordered. costs 70
abide event