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Updated: May 26, 2025
Missouri * the Court was confronted with a case in which a State had sought to evade the prohibition of the Constitution against the emission of bills of credit by establishing loan offices with authority to issue loan certificates intended to circulate generally in dimensions of fifty cents to ten dollars and to be receivable for taxes.
In these receipts is included a sum of near $5.85 millions, received on account of the loans authorized by the acts of the last session; the whole sum actually obtained on loan amounts to $11 millions, the residue of which, being receivable subsequent to the 30th of September last, will, together with the current revenue, enable us to defray all the expenses of this year.
On the 20th of February Henry Height came to our bank, to see what help we were willing to give him; but I was out, and Nisbet could not answer positively for the firm. Our condition was then very strong. The deposit account was about six hundred thousand dollars, and we had in our vault about five hundred thousand dollars in coin and bullion, besides an equal amount of good bills receivable.
Without due reflection, there being a balance of five thousand dollars to the credit of the firm in bank, which, by the way, was provided for special effect at the time by the cunning senior, Eldridge consented that, for his share of the business, Dalton should be permitted to take bills receivable amounting to six thousand dollars; a check for two thousand, and his notes for ten thousand dollars besides, payable in three to eighteen months.
It showed that in the next two weeks post-notes, amounting in all to one hundred and fifty thousand dollars, would fall due; while not over fifty thousand dollars in bills receivable, maturing within that time, were on hand, and the available cash resources of the company were not over five thousand dollars. The time was, when by an extra effort the sum needed could have been easily raised.
Hence the decrease in wages; the increase in the power of wealth; the luxury of the few; the misery of the many." "How would you help it?" he asked. "I would call the civilized nations together in council, and devise an international paper money, to be issued by the different nations, but to be receivable as legal tender for all debts in all countries.
By August, 1786, even this carefully guarded paper had fallen some twelve cents below par, not a bad showing for such a year as that. New York moved somewhat less cautiously. A million dollars were issued in bills of credit receivable for the custom-house duties, which were then paid into the state treasury; and these bills were made a legal tender for all money received in lawsuits.
In conjunction with Sir William Grant, Mr. Osgoode was appointed on several legal commissions. One of these consisted of the codification of certain Imperial Statutes relating to the colonies. Another commission in which he took part was an enquiry into the amount of fees receivable by certain officials in the Court of King's Bench, which enquiry was still pending at the time of his death.
On looking over our bills receivable, then about six hundred thousand dollars, I found Meiggs, as principal or indorser, owed us about eighty thousand dollars all, however, secured by city warrants; still, he kept bank accounts elsewhere, and was generally a borrower.
From this metallic base she increased her bills receivable by 3,000,000,000 francs, or about the same amount that the Bank of England discounted in pre-moratorium bills under the backing of the government. Each country took on $600,000,000 of mercantile credits, and both countries are now finding this item receding.
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