Financial embarrassments, second solely of their disastrous penalties to these which preceded the adoption of the Constitution, arose in direction of the shut of the last was with Great Britain, and it's matter of history that these embarrassments had been too nice and pervading to be overcome by means of treasury notes or any other paper emissions with out a specie basis. Parties might contract to just accept payment in treasury notes, or particular articles, or in financial institution bills, and in the event that they accomplish that they are bound to accept the medium for which they contracted, offered the notes, particular articles, or bills are tendered on the day the payment underneath the contract develop into due, and it is obvious that such a tender, if seasonable and adequate in amount, is an effective defence to the motion. Attentive to that defence the plaintiff insisted that the certificates were not bills of credit, because they had not been made a legal tender, to which the court docket replied, that the emission of bills of credit score and the enactment of tender laws had been distinct operations, impartial of each other; t at each have been forbidden by the Constitution; that the evils of paper money did not result solely from the standard of its being made a tender in payment of debts; that that high quality is perhaps essentially the most pernicious one, but that it was not a necessary quality of bills of credit score nor the one mischief resulting from such emission.
