The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-21
THE REAL INTENT.
SUPREME COURT IN AN OLD GEORGIA TRANS
ACTION.

IMPORTANT DECISION OF THE UNITED STATES
SUPREME COURT IN AN OLD GEORGIA TRANS
ACTION.
WARRINGTON, August 20, 1877.
The following important decision WAS rendered In
tho United States Supreme Court to-day
William D. stewards administrator, &c, ct a up
pellanls vs. Ezcxicl Saaraon ct a. Appeal from the
Circuit Court Of the United States Tor the Southern
District OF Georga-This was original suit IN the
Circui, Court OF the United States. and was not
transferred from the State Court. The bill
does, II true, reier to TWO SUITS ia
the u sass ,o law s Gsorsa
the same mortgage in controversy hore the other IN
equity commenced by Stewart against Mordecai botn
Of which were transferred Tho federal court but all
that bill with respect 10 them Is that the par
ties may BIO enjoined from their further prosecution
and be ured lltigatc with the compliments here
SO lar then US the present Ia concerned does
matter whether The transfer ron the State court
Of the TWO suits was before trial or hearing was had
On them alter the judgment rendered hnd been re-
versed There plea VI the other suit pending, nor
any action asked with respect to the two suits
mentioned except az stated. This case 10 brought TO
forecoso u mortgage executed by ono James tewart
deceased, upon certain real property situated III
the state OF GEORGIA. his promssory for
pay the amount due thereon II does not differ from
ordinary suits OF foreclosure in equity, except max
Ing tenants OF the property parties 10 prevent them,
penang the litigation, from paying over rents
10 the administrator or 70 the heirs OF the
m,nis,raor has unlawiuIly parttioned the premises
The note OF Stewart bears date the 9th Of January,
1853, and Is payable to the order OF Allan Cuts 10
Tor the accommodation Of Cuts, who indorscd IL 10
Mordecai. TO whom also tho mortgage was executed,
upon purchase o certain bonds OF the Georgia and
Pensacola Railroad Company In March, 1866.
Sl5325 were credited upon the note Sub
sau1y tho note ana %orS Ss
contention is whether the note was originally solvable
In Confederate currency or in the legal currency OF
the United States The Circuit Court must have held
that It was solvable In legal currency, ana
tended by the pafttes Tor its decree Tor the full
,s,0S the Court erred Il sseus to US that IN. EVIL
deuce abundansly justlhes the conclusion that tho
transaction Tor which the note WAS In part given was
Al the time the railroad bonds were purchased, JAN
uary o. 1868, the treasury notes of the Confederate
government constituted the principal currency of
Georgia. in which business Transactions wsre con-
quoted. II WAS TO them that reference was always
made when dollars were mentioned, unless coin WIS
specified This condition OF things appearing the pre-
sumption Is that In the purchase OF tho railroad
bonds the parties had these notes contemplation and
the testimony Cults and OF others cognizant OF the
transaction except Mondocai IL positive such
the CASE The conceded facts respecting the
lead 10 the same conclusion. The value OF the
bonds estimated at the time In Confederate money ;
they sold tor eighty cents on the dollar IN that
currency. The cash payment OF over $l2 OO0 was IN
the same currency. The $50. 600 note given at the
time was paid u lew months afterward IN mat cur
rency II is highly improbable that an exceptional
Tor which the note Of Stewart executed Certainly
the presumption - strong the other way The trans
action testimony together leave no doubt
money which The note Of Stewart represented, and
which he promised TO pay must be determined by
tho value In coin or legal currency OF the
United States at the time the note was mado
and NJ the place where II was made, Of
Confederate treasury notes equal In nominal
amount 10 the number OF dollars specified And as
the payment IL Endorsed on the note IN the Same
monetary which used in the motto ITSELF the
credited the scale OF values. II the parties
intended otherwise, some proof on the subject should
have been presented Tho credit was made without
nutAa thass Inn
vauo Of the dollars mentioned in the receipt
different from tho value OF the dollars mentioned in
the note As tho matter presented to tho princi
pal designated on face the is only reduced
to the amount specified IN the receipt The rule
therefore, Tor the rights Of the parties
the case Is 10 calculate the interest the principal
the note up to the time Of the payment
and having then deducted the payment, to
treat the balance the debt then due: the
amount Of money 10 DO determined by the value in
Georgia OF Confederate notes III CON- the legal
rency Of the United States at the time the note
MADE. Interest should be calculated this balance
the date Of the decree The note, with interest,"
amounted when the payment was made to
S55,7s7; tho credit OF $l5,325 reduced IL to
$3S 462 This amount, scaled by the value OF
Confederate currency In Georgia at tho date
OF the note-three 10 one-would make a balance due
in lawful money March IL, 1864, Of $12S20. TINS
amount with interest, will constitute the which
should DO judged due, and Tor Its payment the pro-
ceeds the mOrtgaged premises, when sold, should
be applied. Reversed. Mr. Justice Field delivered
4 ha On0n