Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
When the Civil War was all over, and these startling vicissitudes of
the paper money were measurably forgotten; though no prominent man,
when they were passed, thought the Legal-Tender Acts constitutional;
the paper money began to be popular; the distinction between a promise
and its fulfilment began to fade out of the minds of the people; there
had always been bank bills circulating as money in the country; these
had been called "dollars" equally with the coin; and in December,
1869, a test case, Hepburn _versus_ Griswold, was decided by the
Supreme Court on the question, whether Congress had the constitutional
authority to make anything but gold and silver lawful money in
satisfaction of _contracts entered into before the first legal-tender
Act was passed_. The question, Can Congress make such notes a legal
tender for contracts made _after_ the passage of the Act? was not
involved in this case; but it was very clear from the Opinion of the
court delivered by Chief Justice Chase, that the majority of the
justices regarded the Act as being unconstitutional in its
application to contracts made _after_ as well as _before_ the Act was
passed. Upon the special question before the Court, the justices were
divided in opinion; five, including the Chief Justice, agreed that the
Act was invalid so far as it made the notes a legal tender on
_contracts executed prior to its enactment_; and the three other
judges were of the opinion that it was valid. Of course, the Decision
of the Court was rendered by a majority of two, that the Act was
unconstitutional. Chase, Nelson, Grier, Clifford, and Field
constituted the majority; Miller, Swayne, and Davis, the minority.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account