New-York tribune., 1867-04-01


made without prejudice to- and saving her right 60 be
paid In gold and silver according TO tho terms OF said
ference in value between the value Of said ties and the
gold and silver coin agreed 10 he paid ana sad sum OF
1000 by stipulation deposited IN tie United states
Trust Company substitute for The morgaged prem
es Judgment was demanded adJudghg th1t sara plln,
Cipa and interest to wit Sl6l 66, was payable IN GOA
and silver CON, aud that the money III Court be pdu Oy
To this complaint tho defendants demurred that the
complaint does not state facts sufficient to constitute
NJ g. Miller, plaintiffs attorney, II, W. Robinson for
Mr. Justice Sutherland has just delivered the following
Without criticisng the complaint IN any other respect
presenting and intending to present for decision the sin
gle question, whether the plaintiff must deem herself anu
Der bond and mortgage satisfied by tho t15 CO which
she has received in legal tender notes or whether she Il
entitled TO receive addition thereto the t21OO In legal
tender notes deposited in the United States Trust COm
pany under the order Of the Court in the partition su
by between the parties as ana Tor thS der
mortgage for principal and interest and the market
oT ycI com of the andSr mentioned in te condition
Of the bond amounting by tale, or denoninsionay TO
lows from the decision Of the Court Of Appeals
in Meyer agt; Roosevelt 27th N Y. r. 400 holding
only TO contracts made after the passage OF the
act but also contracts made before that this Court
paid and satisfied by the 51 which she has received
in legal tender notes. and that there must be Judgment
for the defendants the denurrers The condition OF
the bond dated May 26 ls5S IS to pay sc9 IN tnIee
ard by winch the coins OF the United states regu
lated by the laws existing the goth day Of May, 1896
with interest at tho rate Of per per snnum payable
every year. I'm coin as aforesaid Cold ana silver are
used not only for coinage but extensively for various
other useful purposes; hence gold and silver bullion,
as commodity, or as merchandise. has an intrinsic
poses and hence gold silver coin has an intrinsic
value commodity or as merchandise, ana may
tracts and in constituting and enforcing contracts do
not Why the Courts should not treat gold or silver
coinage stamping OF portions or pieces OF heso metals
alleged with bascr metals by Government prerOgative,
fixes the value of such pieces as money or coined money
but the regulated standard Of gold or silver com OF
metal and alloy determines Its relative value as com
modify Before the Legal Tender Act. money meant
payment or collection Of money debts 1t the office
ofmoney, not only 10 measure the money value OF all
commodities, its own value, viewed or treated as
commodity, but also to pay or satisfy money debts In
deed 0ne may ESe Se 1d in te S Sf pr as
by money, could not be expressed without money.
followed from the office capacity OF coined money the
coinage system OF the United States Its adopted unit of
regulate the value of coins that promise to pay 500
was IN legal effect m pTGmSS 10 pay a. m s1 Ion eI
for C a" hS thine of Snd h hsSGe @ Silver At osT RGe
eagles, 20 halfeages. with or without the additional
words lawful current money OF tho United States was
have been paid in silver dollars. or In either of the gold
this The contract Is to pay 5000 0he
and the interest in gold or silver corn, of the
standard by which the coins OF the United states
date OF the bond As the standard Of gold or silver coin
OF given weight determines IT'S relative value as bullion
tO and interest in gold or silver coin OF the value OF
like coin OF certain standard specified In the contract
plain then. that by the contract the parties to 1t
treated the gold silver coin TO be paid or rendered as
commodity. specific articles OF commodity for the
coin is to DO value valued in money, in dollars
cents BY the contract the coin rendered in payment
be valued and not OF the value standard called
for by the contract the difference in values also to
paid rendered The values. and the difference be-
dollars and cents. Now the thing, the coin, which by
the contract is TO be valued in money cannot by the
contract be treated as money. Money and the thing
which it to measure and express the value OF cannot
thing be gold or silver coin 1t is evident then that the
parties 10 the contract, by IT, treated the com IN wch
tract was to be OF certain value Of value the means
OF asoertaining which are fixed by the contract The
must treat the coin in which the bond payable as
the parties the contract by the contract have treated
IT. what is the results OF course the result Is that
certain sum OF money. money debt, In certain com
modify in specific articles OF certain commodity at
a certain price valuation fixed or provided for by the
contract. And whati the legal RESULT must be deemed
money note for instance specific articles
price or valuation gives TO the paying party he option
at the price OF valuation but does give to the party
entitled TO receive payment the right to enforce
In such articles at the price named any other prce or
valuation that the paying party may pay the specific
articles commodity at the price or valuation but that
the receiving party must receive his debts III money u
legally rendered. Pinney agt Gleason. %end 800;
Smith agt. Smith, John. 235; Brooks agt Hubbard.
Conn IS, 60 Fletcher agt. Derickson, Bosw. is or
course follows II the egatender act had not been
materially debased lowered the standard Of the gold
and silver coin, that the plaintiff would have been
gold silver coin by tale count that her debt
been paid any gold silver coin at 4? then regulated
be legatender for suci sum or amount OF money ~
plain that this result wonid hayS IRON ihs
considerations that II was the evident intention OF Bron
the power OF Congress to regulate the value OF cons OF
course 20 debase them. and that no Court could aid
party thus undertaking by contract TO thwart oyade
conceded power OF Congress The very terms OF the
contract compel the Court to hold that the plaintiffs
claims are not for the coin be valued for It's value
but that claim is FOR her money debt expressed in
paid in gold or silver coin &c am not aware that
the standard or weight Of gold or silver coins except
weight OF half dollars and smaller silver coins by
the acts OF 1885, and which, by the act are made legal
tender do s nSt a d s s tSs Send
therefore, how there could have been occasion for
%c the a "a act had sen
passed. but the LegalTender act passed and has
Sss right to CONTROL the decisions Of this Court The
act does not declare notes 20 be coins The
dreamed Of converting paper into either gold or silver
c but does pSport on s face % be promise to pay
$40 On s face II PnIports to be promise 70 pay money
notes shall be lawful money, and legal tender in
payment Of all debts public and private, within the
on Government bonds, which shal be paid in coin"
Now, anything which is legal tender for q money
debt which party is by law obliged TO receive In pay
men Of he money debt must be money considered TO
be money for il performs office or has capacity
which nothing but money perform have II neces
sary then ftem the terms and legal effect OF the
Legal tender act and the controlling affirming
its constitutionay, that must hold, the complaint
shows, that the plaintiff had received Al51 Cd, the
amount due the bond for principal and interest IN
legaLtender notes. that the bond has been PAID and
that must consider herself bond both satisfied
by such payment; for such IL the controlling law OF
the case. OF course, any one must Btt that when
Old or lverf a