delivered the opinion of the Court:

The bill must be held at its value in London at the time it was presented. Where parties contract with each other on a gold standard, and with a view to the price of gold, they should be held to respond in gold. No principle of *296the law merchant is better settled than that a bill of exchange shall be paid at its value at the place of payment. To say that when this bill, which was drawn with a view to its payment in gold, came back to this country it might be paid in a currency worth forty per cent, less than gold would be to set aside the contract of the parties.

This bill of exchange was an article of merchandise, and certainly it could not be bought at $4.44 per pound sterling. The error below was in regarding this as a mere money transaction, when in fact it was the purchase of a merchantable article.

Verdict and judgment set aside and new trial granted.