The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-24
UNITED STATES SUPREME COURT.


WARM WHAT DIsCHARGEABLE
WASHINGTON, May 90, 1877.
Tho following decision has been rendered by the
United States Supreme Court
NO. 239. William d. Stewart, administrator, ct al.
VS.. Ezekiel Salamon e. al appeal from tho Circuit
OF the United States for the Southern District OF
Georgia his brought TO ioreclosc a mortgage
executed by one James stewart, now deceased, upon
real properly situated in The state Of Georgia.
his promlssory nctc for $44 O00 and Tor the
sale Of the mortgaged premises 10 pay the amount
due thereon. IL not differ from ordinary OF
foreclosure equity, except in making tenants OF tho
on from paying over rents 10 the administrator or 70
the helrs OF the deceased, among whom, u Is alleged,
ises The note OF Stewart bears date On tho sth Of
January, 1868, and is payable TO the order OF Allen s.
Cuts IN twelve months aftsr uae with interest IL
was made Tor the accommodation OF Cults, who IN
dorsed II 20 Mcrdeca, 10 whom also inc mortgage WAS
Georgia and Pensacola Railroad Company.
In March, 1860, Slb325 were credited upon
the Tote. subsequently the noto aud mort
gage we're assigned TO the complanants
The point OF contention Is whether the note was
originally solTable IN Confederate currency or the
legal currency OF the United states The Circuit Court
must have held that II was sovaUe In legal currency
intended by The parties, for its decree Is Tor
the full claimed. la its ruling in TINS respect
we tnink the Court erred IL that the EVIL
dence aUundaLty just,hes the conclusion that the
transacton Tor which the note was in part gwen was
IN Confederate currency. Al tho time the railroad
bonds purchased, January q, 1862 the treasury
notes OF tho Confederate government constituted tho
actions were conducted. 1t was to them that refer
cnce was always made wnen dollars were mentioned
unless coin VAS specified. rhs condition oil things
appearing the presumption is that IN tho purchase oil
the railroad bonds the parties had those notes
temp laou. Aud the testimony oil Cults aud OF others
cognizanL OF the transaction, except Mordeca Is pos
live that sue was the case The conceded iacis rc
spccing the transaction lead TO the same conclusion
The value oil the bombs estimated a. the time Ia
Confederate currency they were sold Tor eighty cents
tho dollar that currency. The cash payment OF
over $l2 200 10 the currency. the $50, 0O0
n
ward in that currency. II IS highly improbable that
an exceptional distinction made with reference 10
the balance Tor which The note Ut Stewart exc
cuted. Certainly the presumption Is strong tho
other way The Transaction aud testimony together
leave no doubt In minds tho subject
The therefore IN actual money which the noe Of
Stewart represented and which he promised to pay
must be determined ny the value IN coin or legal
currency OF the United states the tine the note
made and at the place where It made OF Concd-
crate Treasury notes. equal IN nominal amount " tho
number OF dollars specified. Add as the pay mcnt
endorsed on the note Ia the same monetary terms
which are used IN Inc Do,e Itself, the presumption IS
that the payment intended 10 be credited In The
same scale OF vaucs II the parties intended other.
wise, proof The subject should have beou pre-
scented. The credit was made without any expiana-
ton aud there Is no evidence that tho value tho
dollars mentioned tn the receipt was different rom
tho dollars mentioned In the note As tho matter ~
presented to us The prncpa tho VI
tho note is reduced 10 tho amount specified 10 the
rrce,nt Tho true rule therefore, 10; asccf tai nj
the rights the parties the calculate the
interest the principal OF the note up TO The time Of
tho ymcn and having then deducted tho pay nent,
to treat the balance tue debt then ductbe amount
money be determined BY the value III Georgia oi
Confederate notes IN coin or The legal currency
Of the United statcs at the tine the note
was made Interest should DO calculated
on TINS balance 10 the date OF the decree.
inc note with interest, amounted, when the payment
made to sos 7SI The credit Oh &l5,325 reduced
10 s3s sG2 Tnls amount scaled by the value OF Con-
fedcrac currency IN georgia al the date OF the note
three to onc-.would make balance due IN lawful
money March IL 1866, OF Sl2 500 This amount, with
interest, Will constitute the sum which should DO ad
Judged cue Tor i,s payment the proceeds OF tho
/
Reversed
Mr. Justice Field delivered the opinion