The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1869-02-18
The Supreme Court Decision Relative TO
Gold Contracts.


WAsmNGToS. Feb. lG.-Telegrams. from
the west, TO day, say the important decision
of the supreme court yesterday, in one OF
the legal tender cases, is not understood
there. The decision was very simple. II
related wholly to gold contracts made be.
fore tho war, or before the egaltender acts
were passed. The court said that as the
law making gold and silver n legaltender
had never been repealed, they could be ex.
acted for the payment Of coin contracts, and
it volunteered the further opinion that coin
contracts could be made now, which would
be legal and valid. In the course Of its
opinion the court, after roCiting the laws
creating coin currency, held the following
language:
THE inquiry concerning the legal import
Of the wordI dollars paid in gold and silver
! coin, lawful money Of the United States,
| may be answered without difficulty. Every
such dollar is piece Of gold or silver, Ger
tilted to BE- of a certain weight aud purity,
by the form and imprint given 10 it at the
mint of the United States and, therefore,
declared to be legal tender, in payment /;
and any number Of such dollars IS the mum.
Der Of grains of standard gold or silver
IN one dollar multiplied by a given number.
The payment Of money ia the delivery by
one 70 another of tho amount due. 4 con-
tract TO pay a certain number Of dollars IN
. gold and silver coins is therefore, in legal
import, nothing less than an agreement to
deliver certain weight of standard gold, tC
be ascertaned by a count Of coins, each o
which is certified to contain q definite pro
t portion Of that weight. 1t is not distinguish
e ed, as in this, in principle, from cOntrac
to deliver an equal weight Of bullion o.
equal fneness. 1t is distingushable in cir
cumstance only by the fact that the sutlicien
CIV of the amount TO be rendered in payment
must be ascertained, in the case of bullion,
by assay and the scales, while in the case OF
coin it may be ascertained by the count
We cannot suppose that it was intended by
the provisions Of the currency acts to enforce
satisfaction of any contract by the tender Of
deprecated currency, of any description
equivalent only in nominal amount to the
real value Of tho bullion in the coin dollars.
Cur conclusion, therefore, upon this point OF
the case IS that the point under consldera
ton was, in legal import, precisely what II
was in tho understanding Of the pRrties-a
valid obligation, to be satisfied by tender
of actual payment, according to its terms
and not by an offer of mere nominal pay
ment. Arguments and illustrations, OF
much force and value, in support Of this
conclusion might be drawn from the posi-
bic case of the repeal of the legal tender
laws, and the consequent reduction of coin
ed money to the legal consideration of bull
lion and, also from the actual condition Of
partial decentralization to which gold and sill
yer money was reduced by the introduction
into circulation Of the United States notes
and national bank currency, but we think it
unnecessary to pursue this branch Of the
subject further; nor do We think it necessa.
ry to examine the question whether the clau-
SEES OF the currency act, making United
States notes legal tender, are warranted
by the constitution"
After the chief Justice concluded, Judge
Davis said
IL assent to the result which majority
of the court has arrived at, that an express
contract to pay coin of the United Stat es,
made before the act of Feb Is, 1862, com
monty called the legal tender act is not with
} in the clause Of that act, which makes treas
ury notes legal tender in payment o
debts; but think it proper to guar
against possibility Of misapprehensio
that if there be any reasoning in the opinion
of the majority, which can be applicable to
any other class of contracts it does not re.
ceive my assent
Mr.. Justice Swayne said
II concur in the conclusion announced by
the chief justice. My opinion proceeds en-.
tirely upon the language OF the contract,
and the construction of the statutes. The
question of the constitutional power of con.
gress, in my judgment, does not arise in the
case
1t may be added that the conclusion is
generally drawn from the majority opinion
that the court will decide the currency legal.
tender acts to be constitutional.