The Daily clarion., 1867-02-05

as. which i the real value oi tne JAP ~ hank
rar which he is purchased. Due .e,i,,na and
paper is Is much clFcui saa snld or silver
Jsbs only difference is. that the aItese aI, !, than
rr higher nominal price IN one ce'i ,,.r al
n fhe ether: but they are botn lAe 80 ,,sey
he respective times. and theteto s4 nv the
u hose real value 4 10 oe
test of the legal standard- a,,ptv if cotton, 1
The same principle would apIise = :; ;;atTirsic /
to1saeeo or any other eonlhoul.ss - - ,.-e.Iiun:
,.aITe were treated a the circulating =: line
Cor IN, n articles would be governei I,. III -.
according to the law of demand s.liu time
Ii they were scarce, at an! psl1 Sith them
and other articles to be purehascd y .tt cir.
Srer, abundant the market value q VI "a - Ibs
e,1I.tinsr i1,e,Iium would be high; anu 4 - ~
rt.Iatiye values were reversed ~ - ,uo ae-
cause the respective values woula i,;,,es.
eordinglv This Is every day = e.salts tha
and indeed the same primo PIE aS aiso stoxFn
n1arket value Of gold and silver, as Nas s-oad
= few wears AGO by the great increase "a 70i
from California and other part~. .l aud i
What shall be money l. convent o"', ',-titcial
chiefly governed bv natural anu Al -
causes proceeding from the state es tIaoe ar ar
~ commerce. Bv reason of natural e.iuSe; t;, ~
of exigencies Of country, eI u 80, from
IN trade the circulating mediuII n1,s 70 the
necessity, be mostly IN paper y, silver
almost if not entire, exclusion oA - st,5ard
and of course deprecated below tna1 i
This has been frequently eNehplIi Ils.5 estateS
periods i'm the history OF Tue 49, 49, 4t,e conn
y
trv has beaD transacted IN bank Iale1r rtIi -
nv the authority of the states OF "a ~ tiie or.,l
Government when gold ana stiN @ - - .tss7}x- i'm
circulating medium, had become t-.:.,,tial
practicable and W hen nearly eNel. -, de-
tr,,terssf n, the couutry would have 1teh "e- '
,troyed if bank paper had not beeii Aue a, -
the circulating medium. To say tHa'' ,Ninp, -
+ circumstances, the rights OF pal S.',,..S,
out Of and founded on the prey alIlils ;S5 a.
+ ~ me country were not TO be cohslueISo a. a.
having been conducted for money NOuio ;;,, L.
take very narrow view OF the u @ ue t;i,,tiea
affecting currency, TO sanction gIoss. ~ ~ ba1
and TO ruin all the important n !. IL bnsiness of
accrued from the necessities oi 'He
ifit ba tue that deprecated paper curreneS! aS,
is not 10 be considered as iAoISy - =
amount of depreciation does not auect l.s :. ~
srter and the smallest rate Of discount Mouiu ~
denrfve ii Of the character of money Leu u
observe the practical effect OF thls' r-;.,,
In the best state of currency III the .i,aciG
Ststes some six wears ago, the notes Vi spc..le -.
as,i,.s hanks in the Southern and W esttLu
states Were derreclated in New ! ork 70 ~, IL,
extent Of the cost of exchange between 'iii
/ city and the place where the pHtieul I Dii
/ was located say Nashville or New Ofleiui>-
/ Sunnose a merchant in New I ork h1u IecelN g =
for his customer in Nashville sum ol IioIies i
in the notes of one of the NashVllle palAs, ~
. / at mar there, but at a discount ot from CIiC y
f i've ncr cent in New York, and had Iaileu y
nav it, without justification, untli tne ciose .
The war when the bank proved to De lllsolt . eII
could ii be said, for moment, tnat ilc NJ hiCi
= . chant in New York had not GecelNeU Htof.Jy
, ( and that the customer could not recover III
value Of the notes in New ork AT the lllie' ~ -
, / ,,one,, had and received? Certainly not. An'
the same principle appears to Apply Wneh 'iL Il ,a
idaprpciation Is great, PROVIDED lhe IuhtS ~
epiyed were current as the ordinary clrcuIatlli;
medium at the time they were received OF "hei
default was made. If this be not true, no pa
| per currency can have the character III law W =
: money. unless it be convertible lnto goia o
. silver at the time. and especially II IL De AT
/ considerable discount, however universally
NAV be the medium Of all the pecunlary busl
ness Of the country, and however eohSttalnin u y
the necessity which caused Its Adoption Il
= such. e.,
The present condition of the currency 1ui
+ niShes a forcible illustration OF the SUBJECT
The United States Treasury notes, anu Nalieil. ~
: Bank currency, are at a discount ol near NJ NJ
pcr cent below gold or silver, and have pee
: more than two hundred per cent below pa
f during the war, and they are not redeemed Z
! par in gold or silver. Yet they pass genefail
i as the circulating medium; and can there be
doubt that a person receiving such 1unus It
!, / another would be liable for the value of tn
. ( notes in gold or silver, as for money had an
= / received?
Rut this can scarcely be considered an ope
/ 0ue>tion i'm this court. For several years aItt
y / the financial explosion Of 1887, the currency
= this State consisted almost entirely OF our oW
! bank notes, which were greatly deprecated
: During that period, the largest porIl0n OF OF
IF business transactions was conducted by meal
e of this deprecated bank paper and, IN man
+ instances. notes were executed for none
o to be paid in the notes Of those banks.
, some of these instances suits were brought {
NJ on lrOUaiSSO17y notes, and the actions we
maintained in this court, which could not hay
+ been the case if the notes sued on had not bee
j. considered as for the payment OF money.
+ Bonnell vs.. COvington was an action
= nssfDDsJ on a note payable ''in the notes
le either of the banks of Natchez, or of the UniC
E Bank" which it appears We're depreclated al
1t it was held that the plantlh was entltled
n recover the value of the Bank notes at the III
II turity Of the note. How, 322. OF the san
il character as Abbott VS.. Agric. Bank, ii ;. &
20 ! 405. In these eases the objection does not a
e. pear TO have been directly raised, that the
: preciated notes were not money, and tina
le therefore, the paper sued on was not promi
il sorry note. But that point was distinctly mat
4 I and argued in the case of Gordon vs.. Parkt
,e , ;. & NJ. 4S5. and Scott vs. Hamblin. 3 ib. y
both of which were actions of dSSampsjt {
, notes PAYABLE the one in - Brandon moncl
aud The other in ''CitiZens' Bank funds" Whi
q. it appears were deprecated at the time. II
n notes were sued on prOmmissory notes I
fe money, and the actions were sustained, nC
In withstanding the objection here urged, and
e was held that the plaintiffs were entitled to |
n cover the value of the deprecated bank not
~ in gold or siver. These cases appear to be d
Of cisiye of the question in this court.
We think, therefore, there was no error
10 giving the instruction for the plaintiff, in
fusing that asked for the defendants.
nj on the fifth instruction given at the instance
Is the plaintiff below, as follows:
50 If the jury believe that Sizer obtained t
-e I 8 900 Of Treasury notes from Allen to p
ii Green with. on an understanding with All
pr that if Green would not take them they shou
If be returned to Allen, and that SiZer was pl
in vented from returning them TO Allen by Greer
m retention of them, and that thus SiZer lC
$1,000 Of the indebtedness of Allen to hi
G. then the Green's are liable for the whole of t
n 81 900 in gold or silver.
g The evidence IN the record in relation to II
as question is, in substance, that SiZer de
Or rous to pay the note he owed the defendan
o. and conferred with J. Green on the subjes
who agreed to receive payment in those funC
in If he would pay the whole note. There i
ot discrepancy in the statements of the parties
ii to the date of this transaction, Sizer testifyi
IN I that il was, rs he thinks. in November. lSt
a. I and Green testifying positively that it to
la place in April 1862. The latter statement q
pears, by other circumstances, to be correct,
1t appears that one Allen was indebted to Siz
- in a note for gold or silver, and that, short
y ( after this interview with Green, Sfzer called
y Allen and got from him 81 800, in Mississip
.e Treasury Notes, which he agreed to credit
d the note of Allen, provided he could use the
Z, towards the payment OF his note TO Gree
y and if he could not so use them, Sizer was
u return the notes to Allen. Sizer then to-
q these notes 20 the banking house of defendan
u and delivered them to j. Green a special {
, post, and they were 20 entered by Green
= the banking books. y few days thereaft'
III Sizer came to the office of the defendants, al
20 said he could not raise the balance of his nc
: in MissisS ppi Treasury Notes, but proposed
- paw the same with other funds-Cotton al
Ji Confederate money-then to his credit wi
/ defendants; which proposition Green refuse
Sizer states, that he demanded that the 81 6
> should be credited on his note; which Gre
e, refused: and that he thereupOn demanded
- his deposits, (Which Green refused, saying til
l. he intended to hold them as security for t
re note Of Sizeg. Green denies that he demand
e the payment of the other deposits, but adm
al that he demanded the Mississippi Treasu
le Notes obtained from Allen, and that he reftls
d to deliver them, and retained them as a see
l. ritv for Sizers note But they were not ere
n tied on that note, and were never paid back
y SiZer.
: 1t i again contended that ia The form
: action, the plaintiff could not recover eth
i the amount of these funds, or for the loss -
- tanned by him, by reason of the detention
i the funds By the defendants or of their faiIu
to give credit for the amount on the plainfifi
note; and, hence, that the instruction w
Is was wrong.
II As TO the plaintiffs right to recover. in +
u form Of action, II Is above shown that he w
:, entitled TO recover, at all events the mari
;, value of the funds. But party NAV he .
q titled to