What is 94. 'BANKRUPTCY" and insolvency. Burrill's Law Dic., BANKRUPT. Sturgis v. Crowninshield, 4 Wheat. 122, 194, 198, 203; 2 Kent's Com. 321. 95. BANKRUPTCY.-The act, state, or condition of a bankrupt. bankruptcy? A status or condition fixed by legislative provision. (2 Bell's Com. 214.) A condition following upon the commission of certain acts defined by law. (2 Stephens's Com. 191, 192; Williamson v. Barrett, 13 How. 111. "A breaking up of the bank." Spencer v. Billing, 3 Camp. 312.) In a looser sense, the stopping and breaking up of business, because a man is insolvent, and utterly incapable of carrying it on. (Arnold v. Maynard, 2 Story's R. 354, 359. See Sturgis v. Crowninshield, 4 Wheat. 122, 195, 202). Burrill's Law Dic. BANKRUPTCY. The state of a man unable to pursue his business, and meet his engagements, in consequence of the derangement of his affairs. Crabbe's Rep. 456, 465. See Paschal's Annotated Digest, BANKRUPTCY, note 278, p. 141. What right have the States to pass bank 96. The States have authority to pass bankrupt laws, provided they do not impair the obligation of contracts, and provided there be no act of Congress in force to establish a uniform system of bankrupt laws? ruptcy conflicting with such laws. Sturgis v. Crowninshield, 4 Wh. 132, 273, 275, 280, 306, 314, 335, 369; McMillan v. McNeil, Id. 209. But an act of a State legislature which discharges a debtor from all liability for debts contracted previous to his discharge, on his surrendering his property for the benefit of his creditors, is invalid, so far as it attempts to discharge, on the contracts with his creditors in other States than his residence. Farmers & Mechanics' Bank v. Smith, 6 Wh. 131. A mere insolvent law, however, is not within the prohibition. Ogden v. Saunders, 12 Wheat. 213, Mason v. Haile, Id. 370; Boyle v. Zacharie, 6 Pet. 348, 635; Beers v. Houghton, 8 Id. 329; Suydam v. Broadnax, 14 Id. 67; Cook v. Moffat, 5 How far do How. 295. The State bankrupt laws do not discharge debts constate bank- tracted to citizens of other States, unless the contract be payable rupt laws discharge debts? Money. within the state of the bankrupt. Beers v. Rhea, 5 Tex. 354. This opinion reviews the various decisions of the supreme court of the United States upon the subject, and concurs with their judgments, though it is urged that the opinions have been inconsistent. See Story's Conflict of Laws, § 338-423. The reason of this power is to prevent frauds where the parties or their property may be removed into different States. (The Federalist, No. 32.) Story's Const. § 1105. The Bankrupt Law of 1841 was held to be constitutional. Klein's Case, 1 How. 277. The power of Congress is not an exclusive grant; it may, therefore, be exercised within constitutional limits by the States. Sturgis v. Crowninshield, 4 Wheat. 122. See James's Bankrupt Law, p. 8. This book gives the Bankrupt Law of 1867, annotated. [5.] To coin money, regulate the value thereof, and of foreign coin; and fix the standard of weights and measures. coin? 97. TO COIN.-To stamp and convert into money, as a piece of What is metal; to mint; in a more general sense, to form by stamping; as, to coin a medal. 2. To make or fabricate; to invent; to originate; as, to coin a word. Webster's Dic., COIN. 82-54. 155. "TO COIN MONEY," clearly means to mould into form a metallic What to substance of intrinsic value, and stamp on it its legal value. The coin money? thing so coined is itself "money, ipse loquiter; but a treasury note is only a promise to pay money, and at the utmost, can only be, like a bank bill, or a bill of exchange, a representative of money. Griswold v. Hepburn, 2 Duvall's Ky. Rep. 29. The phrase means "to coin metal as the money of the United States" "They intended that nothing else than metallic coin should be money, or be a legal tender, immutum, as money. Id. 33, 34. Currency" is not money. Id. 33, 46, 47. 66 72. The articles of confederation read "To coin money and emit bills of credit." (Ante, Art. IX., p. 17.) The latter words were stricken out of a draft of the present Constitution. Id. The debate given in full. Id. 31,32; Madison papers, 1343-4-5-6; Daniel Webster; United States v. Marigold, 9 How, 567; Craig v. Missouri quoted. Id. 37, 38. And see the dissentient opinions, in the Pennsylvania legal tender cases. 52 Penn. State Reports, 1-100. A contract may be satisfied by a payment of what is a legal tender at the time the contract is to be performed or the debt falls due, although in depreciated money. (Davies Reports, 48.) 99, 100. Shollenberger v. Brinton, 52 Penn. (2 P. F. Smith), 46. The constitutionality is maintained in the opinions of a majority of the judges, from pages 57 to 100. This clause itself would carry along the right to regulate the value of money. (Madison's Letter to Cabell, 18th Sept., 1828.) Story's Const. § 1117. 98. MONEY.-Is the universal medium or common standard, by What is comparison with which the value of all merchandise may be ascer- money? tained; or it is a sign which represents the respective values of all commodities. (1 Black. Com. 276.) Story's Const. § 1118. 83. Our review of the legislation of Congress has shown us that What is a leCongress has uniformly declared the money so coined, and the gal tender ? value of which has thus been regulated, should be received as a legal tender in payment of debts equally, whether due to the 82-84. government or to private individuals, &c. Metropolitan Bank v 99, 100. Van Dyck, 27 N. Y. 426. The coin has no pledge of redemption; the intrinsic value is not Has coin a a question; the treasury notes have a pledge for redemption; and pledge of rethey may become a substitute for coin. (Madison's Message.) demption? Metropolitan Bank v. Van Dyck, 27 N. Y. R. 430, 431. value? 99. AND REGULATE THE VALUE.-For a history of the acts How reguregulating the value of money and prescribing legal tenders, see late the Metropolitan Bank v. Van Dyck, 27 N. Y. Rep. 424. This power is limited to the coining and stamping the standard of value upon what the government creates or shall adopt, and to punishing the offense of producing a false imitation of what may have been so created or adopted. Fox v. Ohio, 5 How. 433. This power is exclusively in Congress. Rawle's Const. 102. 155 What are the 97. 84. 71. 100. There is no express grant of power to make gold and restrictions silver, or any thing else, a legal tender. Metropolitan Bank v. as to legal Van Dyck, 27 N. Y. Rep. 426. But the power has been uniformly tender? exercised ever since the foundation of the government, unquestioned by any department of the Federal and State governments. This contemporaneous construction is to be received as evidence of the power. (Martin v. Hunter, 1 Wh. 421; Cohens v. Virginia, 6 Wh. 421; Briscoe v. The Bank of Kentucky, 11 Pet. 527; Moors v. The City of Reading, 21 Penn. 188; Norris v. Clymer, 2 Penn. 277; The People v. Green, 2 Wend. 274; The People v. Coutant, 11 Wend. 511.) Metropolitan Bank v. Van Dyck, 27 N. Y. Rep. 427-8. A discretionary power must exist somewhere in every government. Story's Const. § 425; Anderson v. Dunn, 6 Wh. 204, 220; Metropolitan Bank v. Van Dyck, 27 N. Y. Rep. 429. The intrinsic value of the metal on which money is coined is of no consequence. Id. 430. Is intrinsic value of consequence? 97. What is a standard? What is a ton? 101. What is a standard Where a party deposited money with his banker upon general principles, it became a loan to the bank, which fact is not overruled by the word "gold," against the amount on the depositor's bank book. In such cases a tender of United States legal tender treasury notes is sufficient. The depositor cannot demand gold as his special deposit. Thompson v. Riggs, 5 Wallace. 101. "To FIX THE STANDARD OF WEIGHTS AND MEASURES." To Fix is to make permanent, to regulate. Webster's Dic. FIX. A STANDARD is that which is established by authority, as the rule to measure a quantity, as a gallon, a pound, or a weight. Webster. The States are not expressly inhibited from exercising this power; and in the absence of Congressional legislation, it has been tolerated. Rawle's Const. 102; Story's Const. § 1122. 102. "WEIGHts and MeasurES."-A "ton" is twenty hundred weight; each hundred weight being 112 pounds. Act of 30th Aug., 1842. 1 Brightly's Dig. 370, § 218. The brass troy pound weight, procured by the Minister of the United States in London, in the year 1827, for the use of the mint, pound of U. and now in the custody of the director thereof, shall be the standard troy pound of the mint of the United States, conformably to which the coin thereof shall be regulated. S.? How often is standard regulated? What is the It shall be the duty of the director of the mint to procure and safely keep a series of standard weights corresponding to the aforesaid troy pound, consisting of a one-pound weight, and the requisite subdivisions and multiples thereof, from the hundredth part of a grain to twenty-five pounds. And the troy weights ordinarily employed in the transactions of the mint, shall be regu lated, according to the above standards, at least once in every year, under his inspection; and their accuracy tested annually in the presence of the assay commissioners, on the day of the annual assay. Act of 19th May, 1838, 4 St. 278; §§ 3, 4; 1 Brightly's Dig. p. 635, SS 46, 47. What proof spirit shall be held and taken to be that alcoholic standard of liquor which contains one-half its volume of alcohol of a specific gravity of seven thousand nine hundred and thirty-nine ten thou spirit weight? sandths (7,939) at sixty degrees Fahrenheit; and the Secretary of the Treasury is hereby authorized to adopt, procure, and prescribe for use such hydrometers, weighing and gauging instruments, meters, and other means for ascertaining the strength and quality of spirits subject to tax, &c., and to insure a uniform and correct system of inspection, weighing and gauging spirits subject to tax throughout the United States, &c. Act of 2d March, 1867, 14 St. 481. The following is the first general act of Congress which I find on the subject of weights and measures; and certainly it is of sufficient importance to occupy a place in a Manual of this kind:CHAP. CCCI.-"An Act to authorize the use of the Metric System of Act of 28th Weights and Measures. July, 1866, 14 St., 339, standard of Be it enacted, &c., That from and after the passage of this 340. act it shall be lawful throughout the United States of America to What is the employ the weights and measures of the metric system; and no contract or dealing, or pleading in any court, shall be deemed weights and invalid or liable to objection because the weights or measures expressed or referred to therein are weights or measures of the metric system. measures? 2. The tables in the schedule hereto annexed shall be recognized The metric in the construction of contracts, and in all legal proceedings, as system. establishing, in terms of the weights and measures now in use in What schedule shall be the United States, the equivalents of the weights and measures recognized? expressed therein in terms of the metric system; and said tables may be lawfully used for computing, determining, and expressing in customary weights and measures the weights and measures of the metric system. What power [6.] To provide for the punishment of counterfeiting terfeiting? the securities and current coin of the United States. as to coun What is 103. COUNTERFEITING. [Law Latin, Contrafactum.] That which counterfeit is made in imitation of something, but without lawful authority, or ing? contrary to law, and with a view to pass the false for the true. (Wharton's Lex.) Burrill's Law Dic., COUNTERFEITING. The making in the semblance of true gold or silver coin any coin having in its composition a less proportion of the precious metal than is contained in the true coin, with intent to pass the same; or the altering of coin of lesser value, so as to make it resemble coin of the higher value. Paschal's Annotated Digest, |