THE LEGAL-TENDER ACTS, CONSIDERED IN RELATION TO THEIR CONSTITUTIONALITY AND THEIR POLITICAL ECONOMY.
New York: Baker, Voorhis & Co., Publishers. 1875. 104pp. Original printed front wrapper [no rear wrap], a few numbers written in contemporary hand at head of front wrap. Some small chips at spine, small chips and edgewear to top blank margin of later leaves with a few archival tape repairs [no text loss]. Light toning of text. Good to Good+.
The Legal Tender Cases challenged Congress's constitutional authority, which it had exercised during the War, to legislate U.S. Treasury Notes as legal tender for private debts. Creditors-- banks and mortgagees-- wanted payment in gold; railroads, corporations, mortgagors, and other debtors wanted to pay their debts, originally contracted on a gold basis, in paper currency. Issues of wartime necessity and Congressional impairment of contract rights aroused great public excitement. The cases before the Supreme Court involved contracts that had been made both before and after passage of the Legal Tender Acts. The Court narrowly held that the Acts were "a valid exercise by Congress of the war power, in respect to all contracts whether made after or before the passage of the Acts." II Warren, The Supreme Court in United States History 525.
Spear analyzes the Constitutional basis for Congress's actions, as well as early case law, in order to answer the question, "Did the framers of the Constitution...intend to give to Congress the power to authorize the issue of a legal-tender paper currency on the credit of the United States?" His answer, a thorough and sophisticated essay, sharply disagrees with the Supreme Court's decision.
II Harv. Law Cat. 634. Sabin 89094. Item #30397
Price: $175.00