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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 31

29.
than any one particular power. As to the argument used in Hepburn v Griswold that the act of Feb. 25, 1862 was unconstitutional because it impaired the obligation of contracts, the court said, that the act did impair the obligation of contracts; and, second, that Congress is prohibited from taking any action that would have that effect. But neither of these assumptions are true. A contract to pay money at a future date, in the absence of a specific agreement of something else, means not what was money at the time the contract was made but what is lawful money at the time it is to be paid. Nor does the Constitution say that Congress shall not pass a law impairing the obligation of contracts, though it does place such a restriction on the states. In Juilliard v Greenman the court also bases the power of Congress to make a legal tender of paper currency upon its right to pass needful laws for carry out the power

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29. than any one particular power. As to the argument used in Hepburn v Griswold that the act of Feb. 25, 1862 was unconstitutional because it impaired the obligation of contracts, the court said, that the act did impair the obligation of contracts; and, second, that Congress is prohibited from taking any action that would have that effect. But neither of these assumptions are true. A contract to pay money at a future date, in the absence of a specific agreement of something else, means not what was money at the time the contract was made but what is lawful money at the time it is to be paid. Nor does the Constitution say that Congress shall not pass a law impairing the obligation of contracts, though it does place such a restriction on the states. In Juilliard v Greenman the court also bases the power of Congress to make a legal tender of paper currency upon its right to pass needful laws for carry out the power