Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1869-03-02

The Supssns Court has decided that
gold contract eaanet b. legally ssop,isd
With By the tender u the specified number
81 dollars in grssnhasks. I'VE sannot"
says the Saprems Court Of United States,
''sspposs that IL wss 'intsoded by ths pro.
visions Of the currency acts 70 enforce
sasistassiso Of any contract By The tender Of
deprecated currency. any description.
squivalsst only 10 usaisal amount 70 shs
real value q The bullion IL The coin dollars.
Our ceacluaisa, thsssfsss. upsa this psini
Of the eass, b tAss The poist ssdss ssssld'
esstisa w.. u legal import, PRECISELY What
Il ~ IL To sadssstaadiss y ~ parties
"a vailed oblieAlisa, 10 b. sAtisnsd By
tender 81 aesua! payment, according 70 Ito
terms, and net By a. offer Of mere nominal
payment" II this dscisisn could have
retroactive application. Il would lead T.
endless litigation. Every note drawn prior
to the var was in dssign and TACT, il not in
specific language. payable 'in gold and
silver coin, lawful money Of the United
States" and the court further declares that
contract to pay = certain number Of
to!lArs il gold and silver e,ins il, therefore.
in legal import, nothing ls,s than an agree
ment 10 deliver certain weight Of standard
gold, to be sscestained BY count 81 soins,
each Of which 10 certified 10 contain dsfin.
its proportion Of that weight" Il is. how
ever, yell knewn that since NE Legal
Tsadss act wss passed. ~ dshts have been
psysbls IL gvssabssks. Kvsn uvhso sois
U.s. specified. The esssss have repsstediy
held that gssss hacks ~oa'd asst tie ssgsl
demands Of The case. According 70 The
opinion q Jsdss Davis, the Psiseip's lsid
down applies only to contracts nsds bsssss
The Legal Tender ~ II February -. le6a.
aad cssss 10 which there was IN expseoD
contract y pay In sols sontsaets aay b
snssrcsd without any ED lssislauses 80
,ha. tho pending I'LL. sr bills. y legalizs
such contracts nssd not b enacted. Fsem
whas The Cssss ssysis THE decision. having
bearing upea The legal tender qusssiso, II
10 morally certsin that the oct maklsg
grsenbacks lawful osssy will whsn passed
spsn 1t al. b prsaoussed sesseiestisaal.
Greenbscts received etill further attention,
~hsn the senate took UP and passed the
following highly important bill. previously
passed BY the Heass
Re Il sssctsl, etc., That ~ satieoal
banking assoeiAtisa ohall herDafles o6ds OF
rsosive Uai>ed 0lAAss Heeas q Nasieasl
Bank usses, - escusity. y % eellatssu
security for aay lea or meAsy or for
cen alteration shall sgess y withhold Tn
Sane from use OF shall offer Or reeelv'
the custody Or promise Of custody. Of such
sss - ~ sseasity, o. consideration for tn,
loan II money and any National Banl
oHsnding against the provisions fthis &C.
ahall DO deemed guilty Of misdsmeanor
aud upon conviction in any United States
Court. having jurisdiction, shall be punished
by fine NJ, exceeding $1,000, and by q
further sum equal to one third Of the money
loaned aud tue President aud Cashier o
sa,d bank which shall make ouch loans
shall be liable for further sum equal t.
one-tourth Of the money 40 loaned. TIT
prosecution and conviction shAal 10 I'm leI
the &C, Of June 81, 1864.