A Treatise On the Law of Commercial Paper Containing a Full Statement of Existi
A Treatise On the Law of Commercial Paper Containing a Full Statement of Existi
Joseph Fitz Randolph
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223) Wilis of exchange must be for the pay- ment of an amount particularly specified " in actual and current money. " 'Chrysler v. Renois, -VA X. Y. 209 (1870), on a bill of exchange payable "in gold dollars;" Wood i>. Bullen, 6 Allen 516 (1863). 122 FORM THE CONTRACT FOR PAYMENT. ity lias j)assed unquestioned. In like manner a note payable "in specie or its equivalent" is a note for money, on which an action of debt, not covenant, will lie. 1 This view is, how- ever, opposed to that of an earl...ier case in Texas, where a . Note payable " in lawful funds of the United States or its equivalent " was held to be a contract for coin, non-negotia- ble and only assign-able in equity. 2 § 98. Legal Tender Act and Decisions. — The United States Legal Tender Act of 1862 provides that the United States notes issued under that act " shall be lawful money and a legal tender in payment of all debts, public and private, within the United States, except for duties on imports and interest on the public debt.
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