Gist v. Alexander
Gist v. Alexander
Opinion of the Court
The opinion of the Court was delivered by
A promise to pay "sixty dollars in gold” is not a contract for the delivery of specific articles, the recovery for the breach of which must be in damages, estimated according to the market value at the date of recovery
The comparative value of gold and silver money fluctuates in the market, and yet it would not be proper, in the ordinary condition of the country, when these constitute the only lawful money, to measure the recovery on such a promise as this, according to the ruling value of silver at the time of recovery, if of less comparative value than gold, on the assumption, however reasonable, that the debtor will pay in that form of lawful money which will cost him the least. No more can it now be proper to make the comparative value of treasury notes of the United States the measure of recovery, as has been here done on a similar assumption. To hold that such a mode of estimating the recovery to be had is the legal right of the creditor, would take away from such contracts as the present, one of the essential properties of pi’omissory notes, and convert them into agreements to pay an uncertain sum, varying with the hourly fluctuations of the money markets, and the sport of the multiplied casualties which agitate or compose that.
The plaintiff can only be entitled to a decree for sixty dollars, and such interest as by the terms of the promise sued on shall have accrued and be due at the date of recovery. Whether a tender of the amount due, according to this mode of estimating it, at any time before suit, and the payment thereof into Court in treasury notes, would
The decree of the District Court is set aside, and a new trial ordered.
Motion granted.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.