The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-07-24
the inns OF inquiry appropriate to be

the lfns OF inquiry appropriate to be
pursued.
10 fix the meaning of the term
ff'money, it must be taken in the ordi-
nary sense Understood by the community
IN their mutual dealings. A strenuous
attempt was made in Craig rs. Missouri,
and In Briscoe ps. Bunk, to limit the
sense at the term ''money," as entering
ihto.the question of what constitutes o
hillpf credit, to the legal or technical
hense of, the term, whioh, embraces only
the legal coinnge Of the country, and
that whioh is its legal equivalent, or, in
other words, is made legal tender; but
that line of argument did not prevail.
The Question properly stated is, whe.
ther q particular obligation is what the
community regards and deals with as
money? The answer to it is, that what
ever is current in form convenient to
pass from hand to hand, and that may
be used to pay dobts or purchase com
moditles, is in this sense money. It is
not essential to such character that ton
der of payment in such substituted me-
dunn should have the force and effect of
legal tender, nor that it should have
an actual capacity for paying debts and
purchasing commodities equal to that of
money possessing intrinsic or legal value
That which passes current as money
may bc deprecated without losing its
character as money, and depreciation
necessarily implies diminished capa-
city for paying debts and purchasing
commodities.
On the other hand, it is not enough to
characterize an obligation as money
merely because certain individuals have
found it convenient to use it in the place
OF money In their mutual transactions.
There must be dealing in this medium,
or money, by the community as such.
although the extent to which such deal
ing by the community rs carried is, per-
haps, unimportant to the question.
There are certain characteristics that
tend to adapt paper expressing pro-
mise to pay money. or representing
money value, to become current in the
community as money. It must be in
form convenient to pass from hand to
hand; it must be based either on the
credit OF government, q corporation or
an individual, or association of indi-
viduals, or upon fund pledged or set
apart for its redemption; it must either
have undoubted credit, such as arises
from its ready convertability into money
value, or it must tend to supply some
want. natural or artificial, of the commu-
nifty in which it is intended for circu-
lation'; it must be placed upon the COM
munitY in quantity or volume sufficient
to create an adequate interest and mo-
tive to secure its currency; and, finally.
it must have certain UNCONVENTIONAL
character adjusted to the wants of the
community in respect to circulating
medium
An examination OF the Act in question
will disclose clear intent to clothe the
obligations in question with attributes
fitting them for general circulation as
money. These attributes will be con-
sidered in the order just stated:
l.. Was it intended that the revenue
bond scrip should be issued in a form
convenient to pass. from hand to hand
in ordinary transaotiQnslQf the commu-
nifty? ,oe, ~ A,n.l
Seotion third gives to the scrip the
form most usual ana convenient to serve
as paper money, viz: that OF the usual
bank or treasury note. Itis to be print.
ed or engraved on steelin such form and
Of such denomination as the State Trea-
snrer and the President of the Blue
Ridge Railroad Company shall deter
mine. The object of referring this au-
thority. as to form and determination, to
the Treasurer and the President OF the
Railroad Company, is obvious. The
Treasurer is, by the Aot, to receive and
pay out this scrip from Che Treasury as
money. and the President, Of the Rail
road Company is to receive! the scrip as
the representative of his company, and
to realize from its employment; and as
most likely to know what qualities, as to
form and denomination, would have the
tendency to give the greatest currency
to the scrip at the time OF its issue, q
certain discretion is left with them for
such purpose. While the third section
determines what shall be the substantial
character of the scrip, as imparting a
pledge of the public faith and credit, the
form OF the instrument, as adapting it
in external appearance to the common
notion OF money, is left with those most
concerned in its currency.
2. It is to be based, by the terms of
the ACT, on the credit of the State Co.
vernment in it's sovereign capacity.
3. The Act attampts to confer upon it
not only the full credit capable of being
conferred by this, as of the full faith
md cradit of fho Ototo bnt ~ osonto :, >,