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History of the Currency, 1848 - 1873 by Walter G. Watt, 1898

History of the Currency, 1848 - 1873 by Walter G. Watt, 1898, Page 28

26.
ment were obliged to take them or nothing in payment of their claims. 
We come now to the discussion of the question of the constitutionality of the issue of the legal tender notes. During the debates on the bill in Congress a great many arguments pro and con were adduced as to its constitutionality, but as most of these arguments are summed up in the so called "Legal-Tender Cases" decided by the United States Supreme Court the subject has been left till the consideration of these cases. In 1870 in the case of Hepburn v. Griswold the Supreme Court by a vote of 5 to 3 decided that the legal tender act was unconstitutional. The grounds for taking this position were stated to be: First: that it impaired the obligation of contracts. This of course had reference to contracts entered into prior to Feb. 25, 1862. The court held that contracts for the payment of money entered into prior to that time, implied that money ment lawful currency at the time the contract

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26. ment were obliged to take them or nothing in payment of their claims. We come now to the discussion of the question of the constitutionality of the issue of the legal tender notes. During the debates on the bill in Congress a great many arguments pro and con were adduced as to its constitutionality, but as most of these arguments are summed up in the so called "Legal-Tender Cases" decided by the United States Supreme Court the subject has been left till the consideration of these cases. In 1870 in the case of Hepburn v. Griswold the Supreme Court by a vote of 5 to 3 decided that the legal tender act was unconstitutional. The grounds for taking this position were stated to be: First: that it impaired the obligation of contracts. This of course had reference to contracts entered into prior to Feb. 25, 1862. The court held that contracts for the payment of money entered into prior to that time, implied that money ment lawful currency at the time the contract