,CON/ITUTIONAL ,LAW1 ,RELATIVE TO ,CR$IT1 ,CURR5CY1 & ,BANK+ 

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,PEOPLE 3 

,AU?OR 3 ,LYS&] ,SPOON] 

,TEXT 3 

  

,PHOTO BY ,NILE ,LIVESEY1,C,C ,B,Y-,N,C-,N,D ,LIC5SE  
,5T]$ ACCORD+ TO ACT ( ,CONGRESS1 9 ! YE> #a#h#d#c1 BY 

,L,Y,S,&,] ,S,P,O,O,N,]1 

,9 ! ,CL]K'S ,(FICE ( ! ,DI/RICT ,C\RT ( ! ,DI/RICT ( ,MASSA*USETTS4 

,*,A,P4 #a4 ,! ,UNCON/ITUTIONALITY ( ALL ,/ATE ,LAWS ,RE4 /RA9+ ,PRIVATE ,BANK+ & ! ,BATES ( ,9T]E/4 

,*,A,P4 #b4 ,:AT ,BANK ,*>T]S >E ,UNCON/ITUTIONAL4 

,C,R,A,P4 #c4 ,:AT ,BANK ,*>T]S >E ,CON/ITUTIONAL4 

,*,A,P4 #d4 ,! ,P[] ( ,CONGRESS OV] ! ,CURR5CY4 

,*,A,P4 #e4 ,! ,REM$Y = ! ,LAWS ?AT RE/RA9 ,PRIVATE ,BANK+ & ! ,RATES ( ,9T]E/4 

,*,A,P4 ,I4 - ,! ,U,N,C,O,N,/,I,T,U,T,I,O,N,A,L,I,T,Y ,( ,A,L,L ,/,A,T,E ,L,A,W,S ,R,E,/,R,A,9,+ - ,P,R,I,V,A,T,E ,B,A,N,K,+ ,& ,! ,R,A,T,E,S ,( ,9,T,],E,/4 

,! ,CON/ITUTION ( ! ,UNIT$ ,/ATES1 7,>T4 #a1 ,SEC4 #a17 DECL>ES ?AT 0,NO ,/ATE %ALL PASS ANY LAW IMPAIR+ ! OBLIGATION ( CONTRACTS40 

,?IS CLAUSE DOES NOT DESIGNATE :AT CONTRACTS HAVE1 & :AT HAVE NOT1 AN 0OBLIGATION40 ,IT LEAVES ?AT QUE/ION TO BE DECID$ BY ! PROP] TRIBUNALS4 ,BUT IT PLA9LY RECOGNIZES TWO ?+S1 AS FIX$1 CON/ITUTIONAL PR9CIPLES - FIR/1 ?AT !RE >E CONTRACTS ?AT HAVE AN 0OBLIGATION20 &1 SECONDLY1 ?AT ! PEOPLE HAVE A RI<T TO 5T] 9TO1 & HAVE ! B5EFIT (1 ALL SU* CONTRACTS4 

,! =CE ( !SE IMPLICATIONS WILL1 P]HAPS1 BE MORE CLE>LY SE51 :5 APPLI$ TO A P>TICUL> CONTRACT1 ?AN :5 APPLI$ TO CONTRACTS G5]ALLY4 ,SUPPOSE1 !N1 ! CON/ITUTION HAD M]ELY SAID ?AT NO ,/ATE %\LD PASS ANY LAW IMPAIR+ ! OBLIGATION ( ! M>RIAGE CONTRACT4 ,?IS PROVISION W\LD HAVE PLA9LY IMPLI$1 FIR/1 ?AT M>RIAGE CONTRACTS W]E 9 !IR NATURE OBLIGATORY1 - &1 SECONDLY1 ?AT M5 HAD A RI<T TO 5T] 9TO ?AT SPECIES ( CONTRACT4 ,BUT ! IMPLICATIONS1 :I* W\LD1 9 ?IS CASE1 HAVE APPLI$ TO M>RIAGE CONTRACTS1 N[ APPLY1 UND] ! CON/ITUTION AS IT IS1 TO ALL CONTRACTS :ATSOEV]1 ?AT >E 9 !IR NATURE OBLIGATORY4 

,?AT ?IS CON/ITUTIONAL PROHIBITION1 AGA9/ 0IMPAIR+ ! OBLIGATION ( CONTRACTS10 IMPLIES ?AT !RE >E CONTRACTS HAV+ AN OBLIGATION1 NO ONE WILL D5Y4 ,BUT ?AT IT ALSO IMPLIES ?AT M5 HAVE A CON/ITUTIONAL RI<T TO 5T] 9TO ALL SU* CONTRACTS1 SEEMS ALSO TO BE P]FECTLY CLE>4 

,SUPPOSE ! CON/ITUTION HAD DECL>$ ?AT NO ,/ATE %\LD 0PASS ANY LAW IMPAIR+ A MAN'S RI<T TO RECOV] ! WAGES ( HIS LABOR0 - ,?IS PROHIBITION W\LD HAVE C]TA9LY IMPLI$ ?AT M5 HAD A RI<T TO LABOR = WAGES - & ANY LAW ?AT %\LD HAVE =BIDD5 !M TO LABOR = WAGES1 W\LD HAVE BE5 AS MU* UNCON/ITUTIONAL1 AS ONE ?AT %\LD HAVE DEPRIV$ !M ( ! WAGES !Y HAD E>N$4 

,OR SUPPOSE AGA9 ?AT ! CON/ITUTION HAD =BIDD5 ! ,/ATES TO PASS ANY LAW IMPAIR+ ! MEAN+ & 9T5T ( WILLS4 ,SU* A .<"9#d.> PROVISION W\LD HAVE MANIFE/LY IMPLI$1 & !RE=E E/ABLI%$ IT AS A CON/ITUTIONAL PR9CIPLE1 ?AT ALL M5 HAD A RI<T TO MAKE WILLS4 ,& ANY LAW ?AT %\LD HAVE =BIDD5 M5 TO MAKE WILLS1 W\LD HAVE BE5 AS MU* UNCON/ITUTIONAL1 AS ONE ?AT %\LD HAVE ALT]$ OR 9VALIDAT$ !IR MEAN+ & 9T5T :5 MADE4 ,SO ALSO ! PROHIBITION AGA9/ IMPAIR+ ! OBLIGATION ( CONTRACTS1 IMPLIES ?AT M5 HAVE A RI<T TO 5T] 9TO ALL CONTRACTS ?AT HAVE AN OBLIGATION4 ,& ANY LAWS ?AT =BID M5 TO 5T] 9TO SU* CONTRACTS1 >E AS MU* UNCON/ITUTIONAL1 AS ?OSE ?AT W\LD IMPAIR ! OBLIGATION ( ! CONTRACTS :5 MADE4 

,! ASSUMPTION1 ALSO1 9 ! CON/ITUTION1 ?AT M5'S CONTRACTS HAVE AN 0OBLIGATION10 IMPLIES ?AT ! P>TIES HAVE A RI<T TO 5T] 9TO !M2 = IF !Y HAVE NO RI<T TO 5T] 9TO !M1 NO OBLIGATION C\LD >ISE \T ( !M4 

,?IS CON/ITUTIONAL RI<T ( M5 TO 5T] 9TO ALL OBLIGATORY CONTRACTS1 IS A NATURAL1 9H]5T1 9ALI5ABLE RI<T4 ,IT EXI/S ANTEC$5TLY TO1 & 9DEP5D5TLY (1 ANY POSITIVE OR MUNICIPAL LAW4 ,IT MAY BE RECOGNIZ$1 ACKN[L$G$1 GU>ANTI$1 & SECUR$1 BY ! MUNICIPAL LAW1 BUT IT IS NOT D]IV$ FROM IT - NOR CAN ! MUNICIPAL LAW RI<TFULLY TAKE IT AWAY4 ,IT IS AN ORIG9AL RI<T ( HUMAN NATURE1 LIKE ! RI<T ( SPEE* - ! RI<T TO 5JOY LIFE1 LIB]TY & RELIGION - ! RI<T TO KEEP & BE> >MS - & ! RI<T ( SELF-PROTECTION4 ,& IT IS AS AN ORIG9AL RI<T1 EXI/+ PRIOR TO ! CON/ITUTION1 ?AT ! CLAUSE QUOT$ FROM ! CON/ITUTION1 RECOGNIZES & GU>ANTIES IT4 

,! RI<T TO 5T] 9TO OBLIGATORY CONTRACTS1 IS ALSO 9VOLV$ 9 ! RI<T TO 0ACQUIRE PROP]TY0 - = ONE MAN CAN ACQUIRE PROP]TY ( ANO!R ONLY BY MEANS ( AN OBLIGATORY CONTRACT4 ,EV]Y PUR*ASE & SALE ( PROP]TY ?AT TAKES PLACE BETWE5 MAN & MAN1 9VOLVES A CONTRACT - ?AT IS1 AN AGREEM5T - AN ASS5T ( !IR M9DS TO AN EX*ANGE ( VALUES4 ,& EV]Y PUR*ASE & SALE1 ?AT TAKES PLACE BETWE5 MAN & MAN1 DEP5DS1 = ITS VALIDITY1 UPON ! 0OBLIGATION0 ( ! CONTRACT OR AGREEM5T ?AT ! P>TIES HAVE 5T]$ 9TO - AN OBLIGATION1 ?AT IS PROTECT$ BY ! ,CON/ITUTION ( ! ,UNIT$ ,/ATES4 

,IF ! ,SLATE ,LEGISLATURES HAD P[] TO DECL>E1 EV5 PROSPECTIVELY1 :AT CONTRACTS %\LD1 & :AT %\LD NOT BE OBLIGATORY1 !Y MI<T >BITR>ILY PROHIBIT ALL TRADE BETWE5 MAN & MAN - !Y MI<T 9VALIDATE1 NOT M]ELY CR$IT CONTRACTS1 BUT EV5 ?OSE CONTRACTS ?AT >E EXECUT$ AT ! TIME !Y >E 5T]$ 9TO - = !RE IS NO DIFF]5CE 9 ! 9TR9SIC OBLIGATION ( A CONTRACT ?AT IS TO BE EXECUT$1 & ONE ?AT IS EXECUT$4 ,! EQUITABLE RI<T ( PROP]TY IS TRANSF]R$ AS ABSOLUTELY BY AN EXECUTORY1 AS BY AN EXECUT$ CONTRACT2 & GOV]NM5T HAS AS MU* RI<T TO DECL>E1 PROSPECTIVELY1 ?AT CONTRACTS ?AT MAY AFT]W>DS BE ACTUALLY EXECUT$1 %ALL1 NOT)/&+1 BE VOID2 & ?AT M5 :O MAY SELL & DELIV] PROP]TY1 MAY NEV]!LESS RECOV] IT BACK1 AS IT HAS TO DECL>E ?AT ?OSE :O HAVE SOLD PROP]TY & PROMIS$ TO DELIV] IT1 %ALL /ILL BE 5TITL$ TO RETA9 IT -OR1 :AT IS ! SAME ?+1 BE RELEAS$ FROM !IR OBLIGATION TO DELIV] IT4 ,A PROMISE TO PAY MONEY1 .<"9#e.> = VALUE ?AT HAS BE5 RECEIV$1 IS A M]E PROMISE TO DELIV] MONEY1 ?AT HAS BE5 SOLD & PAID = - & GOV]NM5T HAS AS MU* RI<T TO DECL>E ?AT IF A BANK] %ALL ACTUALLY SELL & DELIV] MONEY1 HE MAY NEV]!LESS RECOV] IT BACK1 AS IT HAS TO DECL>E ?AT IF HE PROMISE TO DELIV] MONEY ?AT HE HAS SOLD1 HE %ALL BE RELIEV$ FROM HIS OBLIGATION TO DELIV] IT4 ,! LAW1 ?AT %\LD 5ABLE A MAN TO RECOV] PROP]TY1 ?AT HE HAD ACTUALLY SOLD & DELIV]$1 W\LD NO MORE 9T]F]E ) M5'S NATURAL RI<TS TO ACQUIRE PROP]TY1 BY CONTRACT1 OR PUR*ASE1 ?AN ! LAW :I* %\LD RELIEVE A MAN FROM HIS OBLIGATION TO DELIV] PROP]TY1 :I* HE HAD SOLD & PROMIS$ TO DELIV]4 ,BUT WILL ANY ONE PRET5D ?AT GOV]NM5T HAS A RI<T1 EV5 BY A PROSPECTIVE LAW1 TO 9VALIDATE CONTRACTS ?AT MAY AFT]W>DS BE ACTUALLY EXECUT$8 ,IF NOT1 HE CANNOT CONSI/5TLY CLAIM ?AT IT HAS A RI<T TO 9VALIDATE EXECUTORY CONTRACTS - = ! EQUITABLE RI<T ( PROP]TY PASSES AS ABSOLUTELY BY ! LATT] CONTRACT1 AS ! =M]4 

,! RI<T TO ACQUIRE PROP]TY1 IS 5UM]AT$1 9 MANY1 IF NOT ALL1 ( ! ,/ATE ,CON/ITUTIONS1 AS ONE ( ! NATURAL1 9H]5T1 9ALI5ABLE RI<TS ( M5 - ONE ?AT IS NOT SURR5D]$ TO GOV]NM5T - ONE :I* GOV]NM5T HAS NO P[] TO 9FR+E - ONE :I* GOV]NM5T IS B\ND TO RESPECT & SECURE4 ,& ?IS RI<T TO ACQUIRE PROP]TY1 AS WAS BE=E SAID1 9VOLVES ! RI<T TO 5T] 9TO OBLIGATORY CONTRACTS - = M5 CAN ACQUIRE PROP]TY ( EA* O!R1 ONLY BY SU* CONTRACTS4 

,! RI<T ( M51 !N1 TO 5T] 9TO OBLIGATORY CONTRACTS1 & TO HAVE ! B5EFIT ( !M1 IS GU>ANTI$1 NOT ONLY BY ! NATIONAL CON/ITUTION1 BUT ALSO BY MANY1 IF NOT ALL1 ( ! /ATE CON/ITUTIONS4 ,IT IS1 9 %ORT1 A FUNDAM5TAL PR9CIPLE 9 \R SY/EMS ( GOV]NM5T - AS MU* SO1 AS ! RI<T ( SPEE*1 OR ! RI<T TO LIFE & LIB]TY1 OR ! FREE EX]CISE ( RELIGION1 OR ! RI<T TO KEEP & BE> >MS1 OR ! RI<T TO ACQUIRE PROP]TY4 

,BUT NOT)/&+ ! G5]AL & ,/ATE CON/ITUTIONS HAVE ?US GU>ANTI$ TO ! CITIZ5S ( ?IS GOV]NM5T !IR NATURAL RI<T TO 5T] 9TO ALL OBLIGATORY CONTRACTS ) EA* O!R1 & TO HAVE ! OBLIGATION ( !IR CONTRACTS RESPECT$1 & 5=C$1 IT IS NEV]!LESS PROBABLE ?AT ! /ATUTE BOOKS ( EV]Y ,/ATE 9 ! UNION1 CONTA9 LAWS1 OR ! =MS ( LAWS1 :OSE AV[$ & ONLY OBJECT IS TO ABRIDGE ?IS RI<T1 & IMPAIR ! OBLIGATION ( !SE CONTRACTS2 & :I* DECL>E ?AT C]TA9 CONTRACTS1 ?AT MAY BE 5T]$ 9TO BY BANK]S & O!RS1 TO PAY MONEY - CONTRACTS ?AT >E 9 !IR NATURE AS OBLIGATORY AS ANY O!RS ?AT M5 EV] 5T] 9TO - %ALL BE 5TIRELY VOID1 OR ESS5TIALLY IMPAIR$1 OR ?AT ! 9DIVIDUALS 5T]+ 9TO !M %ALL BE F9$ OR IMPRISON$4 

,TO AN UNSOPHI/ICAT$ M9D1 NO?+ C\LD BE MORE SELF EVID5T ?AN ! UNCON/ITUTIONALITY ( !SE LAWS4 ,YET !Y >E 5=C$ BY ! C\RTS1 & SUBMITT$ TO BY ! PEOPLE1 )\T !IR CON/ITUTIONALITY BE+ S]I\SLY QUE/ION$4 

,! ,C\RTS ADMIT ?AT ! CONTRACTS1 :I* >E ?US NULLIFI$ OR IM- .<"9#f.> PAIR$1 W\LD BE OBLIGATORY1 W]E IT NOT ?AT ! LAW HAS DEPRIV$ !M ( !IR OBLIGATION4 ,BUT ?IS IS NO ANSW] TO ! OBJECTION1 BECAUSE TO IMPAIR !IR OBLIGATION IS ! V]Y ?+1 :I* ! LAW IS =BIDD5 TO DO4 ,TO SAY1 !RE=E1 ?AT ! LAW HAS DEPRIV$ !SE CONTRACTS ( !IR OBLIGATION1 IS EQUIVAL5T TO SAY+ ?AT A 0LAW IMPAIR+ ! OBLIGATION ( CONTRACTS0 IS CON/ITUTIONAL4 ,! V]Y TE/ ( ! CON/ITUTIONALITY ( ! LAW1 ON ?IS PO9T1 IS1 :E!R1 IF SUFF]$ TO HAVE ITS EFFECT UPON CONTRACTS1 IT W\LD IMPAIR !IR OBLIGATION4 ,IF IT W\LD1 IT IS UNCON/ITUTIONAL1 &1 ( C\RSE1 VOID4 

,BUT LET US N[ 9QUIRE1 MORE P>TICUL>LY1 :AT CONTRACTS >E OBLIGATORY8 OR1 RA!R1 9 :AT CONSI/S ! OBLIGATION ( CONTRACTS8 

,!RE HAVE BE5 DIFF]5CES ( OP9ION ON ?IS PO9T - BUT !Y HAVE ALL >IS5 FROM A DESIRE TO UPHOLD ! >BITR>Y P[] ?AT IS ASSUM$ BY LEGISLATURES OV] ! SUBJECT4 ,BUT = ?IS1 A D\BT C\LD NEV] HAVE >IS5 AS TO :AT CON/ITUT$ ! OBLIGATION ( A CONTRACT4 ,! V]Y PHRASE 0OBLIGATION ( CONTRACTS1 0 IMPLIES ?AT ! OBLIGATION IS SOME?+ 9TR9SIC 9 ! CONTRACTS !MSELVES4 ,IT ASSUMES ?AT ! OBLIGATION IS SOME?+ ?AT P]TA9S TO ! CONTRACT NATURALLY1 & AS A MATT] ( C\RSE - & NOT ?AT IT IS A QUALITY CONT+5T UPON ! WILL ( ?OSE :O HAD NO H& 9 =M+ ! CONTRACT4 ,! FACTS1 ALSO1 ?AT ! RI<T ( ACQUIR+ PROP]TY BY CONTRACT1 IS A NATURAL RI<T1 & NOT ONE D]IV$ FROM MUNICIPAL AU?ORITY1 & ?AT ! CONTRACTS 5T]$ 9TO BY M5 9 A /ATE ( NATURE1 )\T REF]5CE TO ANY MUNICIPAL LAW1 >E OBLIGATORY1 PROVE ?AT ! OBLIGATION ( CONTRACTS MU/ BE SOME?+ 9TR9SIC 9 ! CONTRACTS !MSELVES1 DEP5D+ UPON ! ACTS ( ! P>TIES1 & NOT UPON ANY EXTRANE\S WILL4 

,:AT1 !N1 IS ?IS 9TR9SIC 0OBLIGATION ( CONTRACTS80 ,IT IS1 & IT CAN BE1 NO?+ ELSE ?AN ! REQUIREM5TS ( NATURAL JU/ICE1 >IS+ \T ( ! ACTS ( ! P>TIES4 ,ALL JUDICIAL TRIBUNALS HOLD IT TO CONSI/ 9 ?IS1 & ?IS ALONE - AS IS PROV$ BY ! FACT1 ?AT :]EV] ?IS REQUIREM5T IS %[N TO EXI/1 !Y HOLD ! CONTRACT TO BE OBLIGATORY AS MATT] ( C\RSE1 UNLESS ! LEGISLATURE HAVE SPECIALLY ORD]$ O!RWISE4 ,& !Y WILL EV5 IMPLY A CONTRACT1 9 MANY CASES1 9 ORD] TO 5=CE ?IS REQUIREM5T4 ,ON ! O!R H&1 :]E ?IS REQUIREM5T IS %[N NOT TO HAVE >IS5 \T ( ! ACTS ( ! P>TIES1 ! CONTRACT IS HELD TO BE DE/ITUTE ( OBLIGATION4 ,= 9/ANCE1 JUDICIAL TRIBUNALS HOLD ?AT CONTRACTS 5T]$ 9TO BY P]SONS ?AT >E M5TALLY 9COMPET5T TO MAKE REASONABLE CONTRACTS1 >E NOT OBLIGATORY - ?AT CONTRACTS 5T]$ 9TO GRATUIT\SLY1 OR )\T A VALUABLE CONSID]ATION1 >E NOT OBLIGATORY - ?AT CONTRACTS OBTA9$ EI!R BY CO]CION OR FRAUD1 >E NOT OBLIGATORY UPON ! P>TY AGA9/ :OM ! CO]CION OR FRAUD HAS BE5 PRACTIC$ - ?AT CONTRACTS TO COMMIT ANY VISE1 CRIME OR IMMORALITY1 OR TO PAY = ! COMMISSION ( ANY VISE1 CRIME OR IMMORALITY1 OR ! OBJECT ( :I* IS TO AID OR 5C\RAGE ANY VISE1 CRIME1 OR IMMORALITY1 >E ( NO OBLIGATION4 ,ALL !SE CONTRACTS >E DE/ITUTE ( OBLIGATION1 & >E HELD TO BE SO BY JUDICIAL TRIBUNALS1 NOT BECAUSE ANY .<"9#h.> LEGISLATIVE 5ACTM5TS HAVE DECL>$ !M VOID - 7=1 9 G5]AL1 !RE >E NO SU* 5ACTM5TS7 - BUT1 SIMPLY BECAUSE NATURAL JU/ICE DOES NOT REQUIRE !M TO BE FULFILL$ - OR1 :AT IS ! SAME ?+1 BECAUSE ! CONTRACTS HAD NO 9TR9SIC OBLIGATION - NO F\NDATION 9 NATURAL JU/ICE4 ,ON ! O!R H&1 JUDICIAL TRIBUNALS1 EXCEPT :]E ! LEGISLATURE HAS ORD]$ O!RWISE1 HOLD ALL CONTRACTS TO BE OBLIGATORY1 :I* JU/ICE & MORALITY REQUIRE TO BE FULFILL$4 ,C\RTS DO NOT REQUIRE /ATUTE AU?ORITY = 5=C+ EA* P>TICUL> CONTRACT4 ,! PR9CIPLES ( NATURAL JU/ICE >E A SUFFICI5T AU?ORITY1 & 9 MO/ CASES !IR ONLY AU?ORITY4 ,& ?IS PRACTICE ( C\RSE PROCE$S ON ! GR\ND ?AT ! REQUIREM5TS ( NATURAL JU/ICE >E :AT CON/ITUTE ! OBLIGATION ( CONTRACTS4 ,& ?IS PRACTICE %[S ALSO ?AT ! QUE/ION ( :AT CONTRACTS >E OBLIGATORY1 & :AT NOT1 IS A JUDICIAL1 & NOT A LEGISLATIVE QUE/ION4 

,! LEGISLATURE1 AS A G5]AL RULE1 PASS NO LAWS DECL>+ EI!R :AT CONTRACTS %ALL1 OR :AT %ALL NOT1 BE OBLIGATORY4 ,! JUDICIAL TRIBUNALS >E E/ABLI%$ AS MU* TO DECIDE :AT CONTRACTS >E OBLIGATORY1 AS TO 5=CE ! FULFILLM5T ( !M4 ,!IR AU?ORITY TO DO ?IS1 IS D]IV$ DIRECTLY FROM ! CON/ITUTION1 & NOT FROM ! LEGISLATURE4 ,9 G5]AL1 ! LEGISLATURE DO NOT SEEK TO 5CROA* UPON ?IS PR]OGATIVE ( ! JUDICI>Y-BUT LEAVE IT 5TIRELY TO !M TO DET]M9E :AT CONTRACTS >E1 & :AT >E NOT1 OBLIGATORY4 ,9 FACT1 ! JUDICI>Y DO DET]M9E1 & MU/ DET]M9E1 9 ! LA/ RESORT1 UPON ! OBLIGATION ( EV]Y CONTRACT ?AT IS BR\<T BE=E !M-= !Y MU/1 ( NECESSITY1 DECIDE UPON ! OBLIGATION ( ALL CONTRACTS1 9 REG>D TO :I* ! LEGISLATURE HAVE NOT SPOK51 & !Y MU/ EQUALLY DECIDE UPON ! OBLIGATION ( ?OSE1 9 REG>D TO :I* ! LEGISLATURE HAVE SPOK51 BECAUSE !Y MU/ DET]M9E ! VALIDITY ( EV]Y LEGISLATIVE 5ACTM5T1 ?AT ASSUMES TO 9T]F]E )1 OR CONTROL1 ! OBLIGATION ( CONTRACTS4 

,! G5]AL PR9CIPLES1 !N1 ?AT OBTA9 9 REG>D TO ! OBLIGATION ( CONTRACTS1 >E1 #a/1 ?AT ! OBLIGATION IS 9TR9SIC1 >IS+ SOLELY FROM ! ACTS ( ! P>TIES1 & ?AT ! REQUIREM5TS ( NATURAL JU/ICE CON/ITUTE ?AT OBLIGATION-&1 SECOND1 ?AT IT IS ! PROV9CE ( ! JUDICI>Y TO DET]M9E 9 :AT CASES ?AT OBLIGATION EXI/S4 

,BUT AL?\< SU* >E ! G5]AL PR9CIPLES ?AT OBTA9 9 ALL \R JUDICIAL TRIBUNALS1 9 REG>D TO ?IS P>TICUL> PO9T ( ! OBLIGATION & VALIDITY ( CONTRACTS1 ! LEGISLATIVE DEP>TM5T DOES NEV]!LESS SOMETIMES ASSUME ! AU?ORITY ( 9NOVAT+ UPON !SE G5]AL PR9CIPLES1 & ( DICTAT+ TO ! JUDICI>Y1 H[ !Y %ALL DECIDE 9 REG>D TO ! OBLIGATION ( P>TICUL> CONTRACTS4 ,9 ! CASE ( ! CONTRACTS ( UNLIC5S$ BANK]S1 = 9/ANCE1 !Y 5ACT ?AT ! JUDICI>Y1 :5EV] !SE CONTRACTS COME BE=E !M1 %ALL DECIDE ?AT !Y HAVE NO OBLIGATION4 ,?IS IS ! :OLE PURPORT ( ! LAW ?AT DECL>ES ?AT !SE CONTRACTS %ALL BE VOID4 ,IT IS NO?+ MORE1 NOR LESS1 ?AN A REQUIREM5T UPON ! JUDICI>Y TO D5Y !IR OBLIGATION-BECAUSE ! CONTRACTS >E NATURALLY OBLIGATORY1 & ! C\RTS W\LD (' C\RSE HOLD !M OB- .<"9#i.> LIGATORY1 IF !Y W]E NOT REQUIR$ TO DO O!RWISE4 ,& ! LEGISLATURE MAKE ?IS REQUIREM5T1 NOT AT ALL ON ! GR\ND ?AT !SE CONTRACTS REALLY HAVE NO OBLIGATION - BUT !Y DO IT >BITR>ILY1 & SIMPLY BECAUSE IT IS !IR WILL?AT ! JUDICI>Y %\LD D5Y ! EXI/5CE ( ?IS OBLIGATION4 ,!Y ?US1 9 EFFECT1 REQUIRE ?AT ! JUDICI>Y %ALL ASS]T A FALSEHOOD - ?AT !Y %ALL DECL>E ?AT A CONTRACT HAS NO OBLIGATION1 :5 IT REALLY HAS AN OBLIGATION4 ,BY ?US REQUIR+ ! JUDICI>Y TO DECIDE ?AT A BANK]'S CONTRACT TO PAY MONEY1 HAS NO OBLIGATION1 !Y1 9 EFFECT1 REQUIRE !M TO D5Y ?AT HE HAS RECEIV$ VALUE = IT- BECAUSE1 IF HE HAVE RECEIV$ VALUE = IT1 HIS OBLIGATION TO PAY HAS NECESS>ILY >IS51 & ?AT OBLIGATION HAS BECOME AN EXI/+1 UNALT]ABLE FACT-& H[EV] MU* ! LEGISLATURE MAY WI% TO HAVE ?IS FACT D5I$1 ! FACT ITSELF /ILL REMA9S4 ,! P[] ( ! LEGISLATURE IS AS P[]LESS TO ANNUL ?AT FACT1 AS IT IS TO ANNUL ANY O!R FACT ?AT HAS EV] OCCURR$4 ,IT IS AS P[]LESS TO ANNUL ?AT OBLIGATION1 AS IT IS TO ANNUL ! P>5TAL1 FILIAL1 OR SOCIAL OBLIGATIONS ( MANK9D4 

,! QUE/ION N[ IS1 :E!R ANY REQUIREM5TS1 ?AT MAY BE MADE BY ! ,LEGISLATURE1 UPON ! JUDICI>Y1 TO D5Y ?IS FACT1 TO D5Y ?IS OBLIGATION1 & TO ASS]T ?AT NO SU* FACT OR OBLIGATION EXI/S1 >E B9D+ UPON ! JUDICI>Y8 

,?IS QUE/ION MAY PROBABLY BE ANSW]$ )\T GO+ TO ! ,CON/ITUTION ( ! ,UNIT$ ,/ATES4 ,! CON/ITUTIONS ( MO/1 IF NOT ALL ! /ATES1 CONTA91 9 SOME =M OR O!R1 ?IS PROVISION1 VIZ3 ?AT ,C\RTS %ALL BE OP51 & ?AT RI<T & JU/ICE %ALL !RE BE ADM9I/]$ TO EV]Y MAN )\T D5IAL OR DELAY4 ,N[ IF ! ,LEGISLATURE 5ACT1 ?AT 9 ADJUDICATIONS UPON BANK]S' CONTRACTS1 RI<T & JU/ICE %ALL BE VIOLAT$1 )HOLD5 OR D5I$1 >E NOT SU* 5ACTM5TS 9 PALPABLE VIOLATION ( ?IS PROVISION ( ! CON/ITUTION8 ,& IF ! ,LEGISLATURE 5ACT ?AT ! OBLIGATION ( BANK]S' CONTRACTS %ALL BE D5I$1 DISREG>D$1 OR NOT 5=C$1 BY ! C\RTS1 IS NOT ?AT EQUIVAL5T TO A REQUIREM5T UPON ! C\RTS ?AT !Y %ALL )HOLD RI<T & JU/ICE FROM ! HOLD]S ( ?OSE CONTRACTS8 ,CLE>LY IT IS-& ! REQUIREM5T IS CONSEQU5TLY VOID EV5 BY ! /ATE CON/ITUTIONS4 

,BUT P]HAPS IT WILL BE SAID1 ?AT ! ,LEGISLATURE DOES NOT ASSUME TO DECL>E ?AT RI<T & JU/ICE %ALL BE )HOLD51 BUT ONLY TO DECL>E :AT RI<T & JU/ICE1 UND] BANK]S' CONTRACTS1 %ALL BE4 ,! ANSW] TO ?IS OBJECTION IS1 ?AT RI<T & JU/ICE1 AS ACCRU+ BY CONTRACT1 >E JUDICIAL1 & NOT LEGISLATIVE QUE/IONS-&1 !RE=E1 IF ! LEGISLATURE DECL>E ?AT RI<T & JU/ICE1 UND] C]TA9 CONTRACTS1 %ALL BE ANY ?+ DIFF]5T FROM :AT ! JUDICI>Y W\LD HAVE DECID$ !M TO BE1 !Y !REBY VIRTUALLY REQUIRE ! JUDICI>Y TO VIOLATE OR )HOLD RI<T & JU/ICE4 ,IT IS ALSO AN USURPATION1 ON ! P>T ( ! LEGISLATURE1 TO PRESCRIBE :AT RI<T & JU/ICE %ALL BE1 OR TO DECL>E :AT RI<TS ACCRUE1 UND] ANY CONTRACTS :ATEV]4 ,IT IS ! BUS9ESS ( ! LEGISLATURE TO PROVIDE & PRESCRIBE ! MEANS1 ! 9/RUM5TALITIES1 TO BE US$1 = 5=C+ ! RI<T & ! JU/ICE1 ?AT MAY AC- .<"9#a.> CRUE TO 9DIVIDUALS1 BY VIRTUE ( !IR CONTRACTS - BUT IT IS ! SOLE PR]OGATIVE ( ! JUDICI>Y TO DET]M9E :AT ?AT RI<T & ?AT JU/ICE >E4 ,! LEGISLATURE CAN PRESCRIBE1 TO ! JUDICIAL TRIBUNALS1 NO?+ ?AT IS ( ! ESS5CE ( JU/ICE ITSELF4 ,IF ! LEGISLATURE MAY PRESCRIBE TO ! JUDICI>Y :AT RI<T & JU/ICE %ALL BE1 UND] ONE CLASS ( CONTRACTS1 !Y MAY1 BY ! SAME RULE1 PRESCRIBE :AT !Y %ALL BE UND] ALL CONTRACTS :ATSOEV]1 & ?US :OLLY USURP ?IS PR]OGATIVE ( ! JUDICI>Y4 ,!Y MAY1 9 FACT1 MAKE ! JUDICI>Y A M]E SUPPLE 9/RUM5T 9 !IR H&S4 

,BUT1 P]HAPS IT WILL BE SAID1 ?AT ! LEGISLATURE DO NOT M]ELY REQUIRE ?AT BANK]S' CONTRACTS %ALL BE HELD VOID1 BUT ?AT !Y ALSO =BID M5 TO 5T] 9TO ?OSE CONTRACTS - & ?AT1 9ASMU* AS ! CONTRACTS !MSELVES >E =BIDD51 NO OBLIGATION OR RI<TS CAN >ISE \T ( !M4 ,! ANSW] TO ?IS1 IS1 ?AT ! LEGISLATURE HAS NO AU?ORITY TO PASS LAWS =BIDD+ AM5 TO 5T] 9TO OBLIGATORY CONTRACTS - & ?AT ALL LAWS ( ?AT K9D >E UNCON/ITUTIONAL1 AS CONFLICT+ ) ! CON/ITUTIONAL RI<T TO ACQUIRE PROP]TY4 ,! NATURAL RI<T ( M5 TO ACQUIRE PROP]TY ( EA* O!R1 BE+ GU>ANTI$ TO !M BY ! CON/ITUTION1 AGA9/ ! ACTION ( ! LEGISLATURE1 ! RI<T TO 5T] 9TO OBLIGATORY CONTRACTS IS NECESS>ILY GU>ANTI$ ALSO-BECAUSE IT IS ! ONLY MEANS BY :I* !Y CAN ACQUIRE IT4 

,IT FOLL[S1 !N1 ?AT ! PEOPLE >E SECUR$1 BY ! /ATE CON/ITUTIONS G5]ALLY1 9 ! POSSESSION ( !SE TWO RI<TS1 VIZ3 TO 5T] 9TO ALL CONTRACTS ) EA* O!R1 ?AT >E 9 !IR NATURE OBLIGATORY - &1 SECONDLY1 TO HAVE RI<T & JU/ICE ADM9I/]$ UPON ?OSE CONTRACTS BY ! JUDICI>Y4 

,IF !SE VIEWS >E CORRECT1 WE NE$ GO NO F>!R ?AN ! ,/ATE CON/ITUTIONS1 TO DET]M9E ! VALIDITY (' ALL ?OSE LAWS1 OR PRET5D$ LAWS BY :I* ! BUS9ESS ( PRIVATE BANK+ IS ATTEMPT$ TO BE PREV5T$4 ,!SE LAWS >E PALPABLY UNCON/ITUTIONAL -& NO MI/ ( WORDS1 NO PR(ESSIONAL QUIBBLES1 NO >GUM5TS ( EXP$I5CY1 NO AU?ORITY ( LONG CONT9U$ CU/OM OR ACQUIESC5CE CAN CONCEAL OR RESI/ ! FACT4 

,BUT LET US N[ 9QUIRE :E!R !SE LAWS >E NOT ALSO 9 VIOLATION ( ! CON/ITUTION ( ! ,UNIT$ ,/ATES4 

,?IS CON/ITUTION DECL>ES ?AT 0,NO ,/ATE %ALL PASS ANY LAW IMPAIR+ ! OBLIGATION ( CONTRACTS40 

,:AT IS 0! OBLIGATION10 :I* IS H]E ASSUM$ TO P]TA9 TO CONTRACTS1 & IS =BIDD5 TO BE IMPAIR$8 

,WE HAVE ALREADY SE5 ?AT ! 9TR9SIC OBLIGATION ( CONTRACTS - ! OBLIGATION ?AT IS RECOGNIZ$ BY ALL JUDICIAL TRIBUNALS - IS ! REQUIREM5T ( NATURAL JU/ICE1 >IS+ \T ( C]TA9 ACTS ( 9DIVIDUALS4 ,= 9/ANCE1 ,A SELLS TO ,B A BU%EL ( GRA91 & ,B PROMISES ?AT HE WILL PAY A REASONABLE COMP5SATION = IT4 ,NATURAL JU/ICE REQUIRES ?AT HE %\LD MAKE ?IS PAYM5T - & ?IS REQUIREM5T ( JU/ICE CON/ITUTES ! OBLIGATION ( ?IS CONTRACT4 ,& ?IS REQUIREM5T ( NATURAL .<"9#a.> JU/ICE IS ! K9D ( OBLIGATION1 & ! ONLY K9D1 ?AT IS RECOGNIZ$ & 5=C$ BY JUDICIAL TRIBUNALS4 ,& IT IS RECOGNIZ$ & 5=C$ BY !M 9 ALL CASES :]E IT IS %[N TO EXI/1 EXCEPT :]E LEGISLATURES SPECIALLY 9T]F]E TO SET IT ASIDE4 ,IS NOT ?IS 0! OBLIGATION10 :I* ! CON/ITUTION ( ! ,UNIT$ ,/ATES DECL>ES %ALL NOT BE IMPAIR$8 ,IF ANY SAY ?AT IT IS NOT1 IT IS 9CUMB5T UPON !M TO %[ :AT O!R K9D ( OBLIGATION IS MEANT4 ,NO O!R OBLIGATION P]TA9S 9TR9SICALLY TO CONTRACTS4 ,NO O!R IS KN[N TO JUDICIAL TRIBUNALS-NO O!R IS KN[N TO ! CONSCI5CES ( M54 ,?IS OBLIGATION1 IT IS TRUE1 IS NOT ALWAYS 5=C$ 9 FULL-SOMETIMES NOT EV5 AT ALL-BUT ?AT IS [+1 AS WE SAY1 TO ! AU?ORITY ALL[$ TO UNCON/ITUTIONAL LAWS4 ,BUT NO O!R OBLIGATION IS EV] 5=C$4 ,NO O!R OBLIGATION IS EV5 KN[N4 ,?IS1 !N1 IS 0! OBLIGATION10 :I* ! CON/ITUTION DECL>ES %ALL NOT BE IMPAIR$4 .<#a.> 

,A PROSPECTIVE LAW MAY IMPAIR ?IS OBLIGATION1 AS WELL AS A RETROSPECTIVE ONE4 ,!RE IS1 9 ?IS RESPECT1 NO DIFF]5CE BETWE5 !M4 ,! PROHIBITION ( ! CON/ITUTION IS AGA9/ 0ANYLAW0 - :E!R PROSPECTIVE OR RETROSPECTIVE - ?AT %\LD IMPAIR ! OBLIGATION ( CONTRACTS4 

,! LAWS :I* DECL>E ?AT ! CONTRACTS ( UNLIC5S$ BANK]S1 TO PAY MONEY1 %ALL BE VOID1 >E PALPABLE VIOLATIONS OH ?IS CLAUSE ( ! CON/ITUTION4 ,& ?IS POSITION IS SO SELF-EVID5TLY CORRECT1 ?AT ,I NE$ SP5D NO WORDS 9 MAK+ IT MORE CLE>4 ,I WILL M]ELY REPLY TO ! FICTIONS & QUIBBLES ?AT >E USUALLY URG$ AGA9/ IT4 

#a/4 ,IT IS SAID ?AT IF CONTRACTS >E =BIDD5 BY LAW1 !Y CAN HAVE NO OBLIGATION4 

,?IS GR\ND IS UNT5ABLE = ! FOLL[+ REASONS4 ,FIR/ - ,IT ASSUMES ?AT ! LAW IS CON/ITUTIONAL1 & ?AT ! ,LEGISLATURE HAS AU?ORITY TO =BID M5 TO 5T] 9TO CONTRACTS ?AT >E 9 !IR NATURE OBLIGATORY-:]EAS ?IS AU?ORITY1 AS WE HAVE SE51 IS )HOLD5 FROM ! LEGISLATURE1 EV5 BY ! ,/ATE CON/ITUTIONS-9ASMU* #aeh IT W\LD BE 9 CONFLICT ) ! CON/ITUTIONAL RI<T ( ! PEOPLE TO ACQUIRE PROP]TY4 ,IF ! LEGISLATURE MAY =BID M5 TO 5T] 9TO ONE K9D ( OBLIGATORY CONTRACTS1 !Y MAY1 BY ! SAME RULE1 =BID !M TO 5T] 9TO ANY-& ! NATURAL RI<TS ( M5 TO BUY1 SELL1 CONTRACT1 & EX*ANGE PROP]TY1 ) EA* O!R1 9/EAD ( BE+ SECUR$ BY ! CON/ITUTION1 W\LD BECOME M]E PRIVILEGES TO BE )HELD OR P]MITT$ AT ! CAPRICE OR DISCRETION ( ! ,LEGISLATURE4 ,& IF A BANK]'S CONTRACTS1 = ! PUR*ASE1 SALE1 OR DELIV]Y ( MONEY1 >E =BIDD5 TODAY1 A F>M]'S1 M]*ANT'S1 & ME*ANIC'S1 = ! PUR*ASE1 SALE1 & .<"9#a#a.> DELIV]Y ( !IR RESPECTIVE COMMODITIES1 OR APPROPRIATE >TICLES ( TRAFFIC1 MAY BE =BIDD5 TOMORR[4 

#bD4 ,! ,/ATE LAWS =BIDD+ CONTRACTS ?AT >E 9 !IR NATURE OBLIGATORY1 CONFLICT ALSO ) ! CON/ITUTION ( ! ,UNIT$ ,/ATES-BECAUSE ! PROVISION AGA9/ IMPAIR+ ! OBLIGATION ( CONTRACTS1 IMPLIES ?AT M5 HAVE A CON/ITUTIONAL RI<T TO 5T] 9TO ALL CONTRACTS ?AT HAVE AN OBLIGATION4 ,& ALL LAWS ?AT =BID M5 TO EX]CISE !IR CON/ITUTIONAL RI<TS1 >E ( C\RSE VOID4 

#cD4 ,TO =BID M5 TO 5T] 9TO CONTRACTS ?AT HAVE AN OBLIGATION1 & !N TO 9F] ?AT ! CONTRACTS1 SIMPLY BECAUSE =BIDD51 HAVE NO OBLIGATION1 IS ONLY A CIRCUIT\S WAY ( COAT+ TO ! SAME 5D4 ,IT IS ONLY DO+ BY 9DIRECTION1 :AT ! CON/ITUTION =BIDS BE+ DONE BY 0ANY LAW0 :ATEV]4 ,= IT IS /ILL ! LAW1 & ! LAW ONLY1 ?AT IMPAIRS ! OBLIGATION ( ! CONTRACT - & 0ANY LAW 0?AT W\LD PRODUCE ?AT EFFECT1 IS VOID4 

#d?4 ,! E/ABLI%M5T ( A CON/ITUTION PREC$ES1 OR IS PRESUM$ TO PREC$E1 9 PO9T ( ,LIME1 ANY LAWS ?AT >E TO BE GOV]N$ OR TE/$ BY IT4 ,( C\RSE ANY PR9CIPLES1 :I* ! CON/ITUTION E/ABLI%ES1 AS A GUIDE TO LEGISLATION1 >E PR9CIPLES ?AT >E PRESUM$ TO EXI/ 9DEP5D5TLY (1 & ANT]IOR TO1 ANY LEGISLATION UND] ! CON/ITUTION4 ,! PROVISION !N1 9 ! CON/ITUTION1 AGA9/ IMPAIR+ ! OBLIGATION ( CONTRACTS1 ASSUMES ?AT ! OBLIGATION ( CONTRACTS IS A PR9CIPLE EXI/+ AT ! TIME ! CON/ITUTION IS E/ABLI%$1 & ( C\RSE EXI/+ 9DEP5D5TLY ( ANY LEGISLATION UND] ! CON/ITUTION-& ?AT IT DOES NOT DEP5D UPON ANY M]E >BITR>Y RULE1 ?AT MAY SUBSEQU5TLY BE E/ABLI%$4 ,IT ASSUMES ?AT ! OBLIGATION ( CONTRACTS IS A PR9CIPLE EXI/+ 9 ! NATURE ( ?+S1 OR AT LEA/ 9DEP5D5TLY ( ANY LEGISLATIVE WILL - BECAUSE IT REQUIRES ?AT ! VALIDITY ( LEGISLATION %ALL BE TE/$ BY IT4 ,IT SETS UP ! OBLIGATION OH CONTRACTS AS A /&>D1 BY AN APPEAL TO :I* ! CON/ITUTIONALITY ( SUBSEQU5T LEGISLATION MAY BE DET]M9$4 ,BUT IF A LAW W]E TO BE PASS$ BY ! LEGISLATURE1 ANTI ! OBLIGATION ( CONTRACTS %\LD !N BE TE/$ BY IT1 ! CON/ITUTIONAL ORD] ( ?+S W\LD BE REV]S$4 ,! OBLIGATION ( CONTRACTS W\LD !N BE TRI$ BY ! ASSUM$ AU?ORITY ( ! LAW1 9/EAD ( ! CON/ITUTIONALITY ( ! LAW BE+ TE/$ BY ITS CONSI/5CY ) ! OBLIGATION ( ! CONTRACT4 ,! OBLIGATION ( ! CONTRACT IS ! CON/ITUTIONAL /&>D1 BY :I* TIME VALIDITY ( LEGISLATION IS TO BE TRI$3 & LAWS MU/ CON=M TO ?IS /&>D1 & NOT ! /&>D BE BR\<T D[N TO ! MEASURE ( ! LAWS4 

#e?4 ,! CON/ITUTION IS1 9 ITS NATURE1 A FUNDAM5TAL LAW1 EXPRESSLY 9T5D$ TO GOV]N ALL LAWS ?AT >E1 9 !IR NATURE1 TEMPOR>Y1 OR NOT FUNDAM5TAL4 ,?IS FUNDAM5TAL LAW1 LIKE O!R LAWS1 TAKES EFFECT FROM ! TIME ( ITS ADOPTION1 & CONTROLS ALL O!R LAWS PASS$ SUBSEQU5TLY TO IT4 ,! ONLY QUE/ION ( TIME1 !RE=E1 7IF ANY17 ?AT CAN >ISE 9 ! CASE1 IS1 NOT :E!R ! IMPAIR+ LAW W]E PASS$ PRIOR OR SUBSEQU5TLY TO ! CONTRACT1 ON :I* IT W\LD OP]ATE1 BUT :E!R IT .<"9#a#b.> W]E PASS$ SUBSEQU5TLY TO ! ADOPTION ( ! CON/ITUTION4 

#f?4 ,TO SAY ?AT ! /ATE LEGISLATURES HAVE P[] TO DECL>E :AT ! OBLIGATION ( CONTRACTS %ALL BE1 OR :AT CONTRACTS %ALL1 & :AT %ALL NOT1 HAVE AN OBLIGATION1 IS EQUIVAL5T TO SAY+ ?AT !Y HAVE P[] TO DECL>E :AT ! ,CON/ITUTION ( ! ,UNIT$ ,/ATES %ALL ,M,E,A,N4 ,& US ?IS MEAN+ W\LD ( C\RSE BE >BITR>Y1 ! LEGISLATURE ( EA* /ATE SEP>ATELY MI<T DECL>E ?AT IT %\LD BE SOME?+ DIFF]5T FROM :AT IT WAS 9 ANY ( ! O!R /ATES - & WE MI<T CONSEQU5TLY HAVE1 9 EV]Y /ATE 9 ! UNION1 A DIFF]5T CON/ITUTION ( ! ,UNIT$ ,/ATES ON ?IS PO9T4 ,NOT ONLY ?IS1 BUT EV]Y /ATE LEGISLATURE MI<T ALT]1 AT PLEASURE1 ! MEAN+1 :I* IT HAD ITSELF GIV5 TO ! CON/ITUTION ( ! ,UNIT$ ,/ATES4 ,! CON/ITUTION ( ! ,UNIT$ ,/ATES1 !RE=E1 MI<T NOT ONLY BE DIFF]5T 9 EV]Y DIFF]5T /ATE1 BUT IT MI<T BE ALT]$ 9 EA* /ATE AT EV]Y SESSION ( ! LEGISLATURE4 ,SU* IS ! NECESS>Y CONSEQU5CE ( ! DOCTR9E1 ?AT ! /ATE LEGISLATURES HAVE P[] TO PRESCRIBE OR DET]M9E :AT ! OBLIGATION ( CONTRACTS %ALL BE1 OR :AT CONTRACTS %ALL BE OBLIGATORY4 

,ANO!R GR\ND URG$ AGA9/ ! VIEWS H]E TAK51 IS ! COMMONLY RECEIV$ DOCTR9E1 ?AT ! LAW MAKES A P>T ( ! CONTRACT4 ,& IT IS SAID ?AT A LAW1 OP]AT+ ONLY UPON FUTURE CONTRACTS1 CANNOT IMPAIR !IR OBLIGATION1 BECAUSE IT MAKES A P>T ( !M4 

,9 ! CASE ( ,OGD5 VS4 ,SAUND]S 7#a#b ,:EATON71 :]E ?IS DOCTR9E WAS EXAM9$ MORE FULLY1 PROBABLY1 ?AN IT HAS EV] BE5 9 ?IS C\NTRY1 & COMBAT$ & MA9TA9$ BY ! ABLE/ C\NSEL 9 ! C\NTRY1 ! JUDGES W]E V]Y MU* DIVID$1 HOLD+ NO LESS ?AN F\R DIFF]5T OP9IONS1 AS TO ! RELATION :I* A LAW BORE TO A CONTRACT4 ,A MAJORITY W]E ( ! OP9ION ?AT ! LAW DID NOT MAKE A P>T ( ! CONTRACT4 ,NEV]!LESS A MAJORITY 7CONSI/+ ( F\R1 \T ( SEV51 ( ! JUDGES71 WAS MADE UP1 ?AT UNIT$ 9 SAY+ ?AT A LAW PASS$ PRIOR TO A CONTRACT1 DID NOT IMPAIR ITS OBLIGATION4 ,?IS MAJORITY WAS MADE UP 9 ?IS WAY4 ,JU/ICE ,WA%+TON 7PAGE #b#e#i7 & ,JU/ICE ,?OMPSON 7PAGE #b#i#h7 HELD ?AT ! LAW MADE A P>T ( ! CONTRACT4 ,JU/ICE ,JOHNSON HELD ?AT IT DID NOT MAKE A P>T ( ! CONTRACT1 BUT ?AT P>TIES W]E B\ND TO SUBMIT TO ALL 0LAIR & C&ID' LAWS ON ! SUBJECT ( CONTRACTS1 :E!R MADE BE=E OR SUBSEQU5TLY TO ! CONTRACT4 ,JU/ICE ,TRIMBLE 7PAGE #c#a#g7 HELD ?AT ! LAW DID NOT MAKE A P>T ( ! CONTRACT1 BUT CON/ITUT$ ITS OBLIGATION4 ,?US A B>E MAJORITY WAS OBTA9$ = ! DECISION4 ,BUT SU* A DECISION1 BY A B>E MAJORITY1 & ?AT MAJORITY DISAGREE+ AS TO ! GR\NDS ON :I* IT %\LD RE/1 IS ( C\RSE GOOD = NO?+4 ,BESIDES1 ONE ( !M 7,WA%+TON7 EXPRESS$ GREAT D\BTS :E!R HIS OP9ION W]E CORRECT1 & SAID ?AT HE ADOPT$ IT ONLY BECAUSE 0HE SAW1 OR ?\<T HE SAW1 HIS WAY MORE CLE> ON ?AT SIDE ?AN ON ! O!R 0-7PAGE #b4#e#a74 ,! M9ORITY ( ! C\RT1 CUN#dI/+ ( ,*IEF ,JU/ICE ,M>% ,I,I1 ,JU/ICES ,DUVALL & ,/ORY1 HELD ?AT ! LAW MADE NO P>T ( ! CONTRACT - ?AT M5 HAD A NATURAL RI<T TO CONTRACT-?AT ?AT RI<T HAD NEV] BE5 .<"9#a#c.> SURR5D]$ TO GOV]NM5T-?AT ! CONTRACT WAS SOLELY ! ACT ( ! P>TIES - ?AT ITS OBLIGATION WAS 9TR9SIC - ?AT ! LAW WAS M]ELY ! REM$Y PROVID$ BY GOV]NM5T = ! BREA* ( CONTRACTS1 & PRODUC$ NO EFFECT UPON A CONTRACT UNLESS ! CONTRACT W]E FIR/ BROK5 - ?AT P>TIES1 9 MAK+ !IR CONTRACTS1 C\LD NOT LEGALLY BE SUPPOS$ TO LOOK AT ! LAW O!RWISE ?AN AS ! REM$Y ?AT W\LD BE 5=C$ 9 CASE ! CONTRACT W]E BROK5 - &1 F9ALLY1 ?AT A LAW PASS$ PRIOR TO A CONTRACT1 MI<T IMPAIR ITS OBLIGATION1 & !RE=E BE UNCON/ITUTIONAL1 AS WELL AS ONE PASS$ SUBSEQU5TLY4 .<#b.> 

,SO MU* = AU?ORITY4 ,LET US N[ LOOK AT ! PR9CIPLE ITSELF4 

,9 ! FIR/ PLACE1 !N1 ! DOCTR9E ?AT ANY LAW IS A P>T ( A CONTRACT1 ( NECESSITY ASSUMES ?AT ! LAW IS CON/ITUTIONAL - BECAUSE1 IF IT BE NOT CON/ITUTIONAL1 IT CLE>LY CAN MAKE NO P>T ( A CONTRACT4 

,N[ ! LEGAL DEF9ITION ( A CONTRACT1 IS SIMPLY AN AGREEM5T1 TO DO1 OR NOT TO DO1 A P>TICUL> ?+4 ,IF ! LAW /RICTLY CON=MS TO ! 9TR9SIC OBLIGATION ( ?IS AGREEM5T1 IT OBVI\SLY HAS MADE NO P>T ( ! AGREEM5T ITSELF1 BECAUSE ! AGREEM5T REMA9S ! SAME ?AT IT WAS BE=E4 ,! LAW HAS CONTRIBUT$ NO?+ TO IT1 & ( C\RSE MAKES NO P>T ( IT4 ,ON ! O!R H&1 IF ! LAW IS DIFF]5T FROM ! CONTRACT1 V>Y+ ITS 9TR9SIC OBLIGATION 9 ANY MANN]1 OR 9 ANY DEGREE1 IT IS UNCON/ITUTIONAL1 AS IMPAIR+ ITS OBLIGATION4 ,& IT CONSEQU5TLY CAN MAKE NO P>T ( ! CONTRACT1 = ! REASON ?AT AN UNCON/ITUTIONAL LAW IS VOID1 & HAS NO LEGAL EFFECT UPON ANY ?+4 

,:E!R1 !RE=E1 A LAW AGREES ) A CONTRACT1 OR DIFF]S FROM IT1 IT IS NO P>T ( ! CONTRACT ITSELF4 ,IF IT DIFF]S FROM ! 9TR9SIC OBLIGATION ( ! CONTRACT1 IT IS UNCON/ITUTIONAL1 & HAS NO EFFECT :ATEV] UPON ! CONTRACT4 ,IF IT AGREE ) ! CONTRACT1 IT IS /ILL NO P>T ( IT - IT IS ONLY SOME?+ SUBSIDI>Y & REM$IAL4 

,BUT IT WILL BE SAID ?AT P>TIES1 :O EXPECT TO HAVE !IR CONTRACTS .<"9#a#d.> 5=C$1 MU/ BE PRESUM$ TO HAVE 9T5D$ TO MAKE !M ACCORD+ TO LAW4 ,?IS IS TRUE4 ,!Y MU/ BE PRESUM$ TO HAVE 9T5D$ TO MAKE !M ACCORD+ TO ALL CON/ITUTIONAL LAWS - BUT CLE>LY !Y CANNOT BE PRESUM$ TO HAVE 9T5D$ TO MAKE !M ACCORD+ TO ANY UNCON/ITUTIONAL LAW4 ,N[1 9 ORD] ?AT A CONTRACT MAY BE ACCORD+ TO LAW1 IT IS ONLY NECESS>Y ?AT IT %\LD HAVE AN 9TR9SIC OBLIGATION4 ,SO F> AS ANY CONTRACT HAS ?IS OBLIGATION1 IT IS ACCORD+ TO LAW1 = IT IS ACCORD+ TO ! FUNDAM5TAL LAW-! CON/ITUTION4 ,& ?IS FUNDAM5TAL LAW HAS ALSO PROVID$ ?AT ! PEOPLE %ALL NOT BE REQUIR$ TO WAKE !IR CONTRACTS ACCORD+ TO ANY O!R LAW4 

,AGA94 ,NO ONE WILL PRET5D ?AT ! LAW CAN MAKE 5TIRE CONTRACTS = P>TIES1 )\T !IR CONS5T1 & !N PRESUME !IR CONS5T1 & 5=CE ! CONTRACTS AS IF ! P>TIES HAD ACTUALLY AGRE$ TO !M4 ,NO ONE1 = 9/ANCE1 WILL PRET5D1 IF ! LEGISLATURE W]E TO PASS A LAW ?AT ,A %\LD PAY ,B AN ,HUNDR$ DOLL>S = HIS HORSE1 & ?AT ,B %\LD SELL HIS HORSE TO ,A = AN HUNDR$ DOLL>S1 ?AT C\RTS W\LD BE B\ND TO PRESUME ! ASS5T ( ,A OR ,B TO ?IS CONTRACT1 :I* ! LAW HAD ATTEMPT$ TO MAKE = !M4 ,ALL ADMIT1 !N1 ?AT ! LAW CANNOT MAKE AN 5TIRE CONTRACT = P>TIES1 & !N PRESUME !IR CONS5T4 ,H[1 !N1 CAN IT MAKE ANY P>T ( A CONTRACT1 & PRESUME !IR CONS5T8 ,IF ! LAW HAS A RI<T TO MAKE ! LEA/ P>T ( A CONTRACT1 IT HAS ! SAME RI<T TO MAKE A :OLE ONE4 

,! IDEA ?AT ! LAW MAKES A P>T ( ! CONTRACT1 CANNOT BE SU/A9$ AT ALL1 EXCEPT UPON !SE SUPPOSITIONS1 VIZ1 ?AT ! NATURAL RI<T ( 9DIVIDUALS TO MAKE CONTRACTS1 HAS EI!R BE5 5TIRELY SURR5D]$ TO GOV]NM5T1 OR 5TIRELY USURP$ BY ! GOV]NM5T-?AT GOV]NM5T EX]CISES ! RI<TS ?US GRANT$ OR USURP$1 SO F> AS IT *OOSES1 & !N GIVES BACK TO 9DIVIDUALS ! PRIVILEGE ( EX]CIS+ SO MU* ( ! REMA9D] ( !IR ORIG9AL RI<TS AS GOV]NM5T ?9KS IT JUDICI\S TO ALL[ !M TO EX]CISE4 ,!SE1 LET IT BE P>TICUL>LY REM>K$1 >E ! ONLY GR\NDS ON :I* IT CAN BE PRET5D$ ?AT GOV]NM5T HAS P[] TO MAKE ANY P>T ( A CONTRACT4 ,N[1 IT IS EVID5T ?AT1 IF !SE SUPPOSITIONS >E CORRECT1 GOV]NM5T HAS ! SAME RI<T TO MAKE 5TIRE CONTRACTS1 ?AT IT HAS TO MAKE P>TS ( CONTRACTS-AMID IT MAY ACCORD+LY PROCE$ TO MAKE B>GA9S TO ANY EXT5T1 BETWE5 9DIVIDUALS - B9D+1 OBLIGATORY CONTRACTS-TO :I* ! 9DIVIDUALS !MSELVES MAY NEV] R5D] ANY ?+ BUT A CON/RUCTIVE ASS5T4 ,! GOV]NM5T1 = EXAMPLE1 MAY COMPEL ,A TO SELL HIS F>M TO ,B1 AT A PRICE FIX$ BY ! GOV]NM5T1 & COMPEL ,B TO BUY IT1 & PAY = IT1 AT ?AT PRICE1 :5 NEI!R ,A NOR ,B CONS5T TO ! CONTRACT4 ,IS ?IS ! C\NTRY1 9 :I* A PR9CIPLE1 MORALLY & POLITICALLY SO MON/R\S1 IS TO EXI/ & BE RECOGNIZ$ AS LAW8 

,?IS :OLE DOCTR9E1 ?AT ! LAW IS A P>T ( ! CONTRACT1 IS A M]E FICTION1 9V5T$ OR ADOPT$ BY ,5GLI% C\RTS TO UPHOLD ! SUPREMACY ( !IR GOV]NM5T OV] ! NATURAL RI<TS ( ! PEOPLE TO MAKE !IR [N CONTRACTS4 ,& IT HAS BE5 ACT$ UPON 9 ?IS C\NTRY ONLY 9 .<"9#a#e.> OB$I5CE TO >BITR>Y PREC$5T1 & 9 DEFIANCE ( \R FUNDAM5TAL LAW1 :I* PROVIDES ?AT ! NATURAL RI<T ( ! PEOPLE TO MAKE !IR [N CONTRACTS1 %ALL SET LIMITS TO ! P[] ( !IR GOV]NM5TS4 

,BUT SUPPOSE1 = ! SAKE ( ! >GUM5T1 ?AT ! LAW W]E A P>T ( ! CONTRACT1 ! RESULT W\LD /ILL BE ! SAME - = !N ! CON/ITUTION W\LD BE A P>T ( ! CONTRACT-= ?AT IS ! FUNDAM5TAL LAW4 ,& ! 9TR9SIC OBLIGATION ( ! CONTRACT W\LD /ILL HAVE TO PREVAIL OV] ANY LAW ?AT WAS 9CONSI/5T ) IT4 

,ANO!R GR\ND ASSUM$ BY ?OSE :O OPPOSE ! VIEW H]E ATTEMPT$ TO BE MA9TA9$1 IS1 ?AT ! WORD 0CONTRACT10 9 ! CON/ITUTION1 IS US$ 9 A TE*NICAL S5SE1 BORR[$ FROM ,5GLI% PREC$5TS1 & ?AT !RE=E ! PHRASE 0OBLIGATION ( CONTRACTS10 MEANS ONLY ! LEGAL OBLIGATION ( CONTRACTS1 OR ONLY SU* OBLIGATION AS LEGISLATURES MAY PLEASE TO ALL[ CONTRACTS TO POSSESS4 

,BUT ! SUPREME C\RT ( ! ,UNIT$ ,/ATES HAVE DECID$ ?AT ! LANGUAGE ( ! CON/ITUTION IS NOT TO BE TAK5 9 ANY TE*NICAL OR LIMIT$ S5SE1 UNLESS IT BE SOME P>TS ( IT ?AT >E PLA9LY 9T5D$ TO BE SO UND]/OOD - BUT ?AT IT IS TO BE TAK5 9 ITS POPUL> S5SE-9 ?AT S5SE1 9 :I* ! PEOPLE1 = :OM IT WAS MADE1 & :O ADOPT$ IT1 & GAVE IT ALL ITS VITALITY1 MAY BE SUPPOS$ TO HAVE UND]/OOD IT4 

,IF IT BE SAID ?AT ! WORD 0CONTRACT10 9 ! PHRASE 0OBLIGATION ( CONTRACTS10 IS TO BE UND]/OOD 9 A TE*NICAL S5SE1 & TO MEAN NO?+ MORE ?AN LEGISLATURES MAY PLEASE TO ALL[ IT TO MEAN1 IT MAY JU/ AS WELL BE SAID ?AT ! T]MS FRE$OM ( SPEE*1 FREE EX]CISE ( RELIGION1 RI<T TO KEEP & BE> >MS1 RI<T TO ACQUIRE PROP]TY1 & RI<T TO 5JOY LIFE & LIB]TY1 >E ALL TO BE TAK5 9 A TE*NICAL & LIMIT$ S5SE1 & TO MEAN NO?+ MORE ?AN SU* A LEGAL FRE$OM ( SPEE*1 SU* A LEGAL FREE EX]CISE ( RELIGION1 SU* A LEGAL RI<T TO KEEP & BE> >MS1 SU* A LEGAL RI<T TO ACQUIRE PROP]TY1 & SU* A LEGAL RI<T TO 5JOY LIFE & LIB]TY1 AS LEGISLATURES MAY SEE FIT TO E/ABLI%4 ,SU* CON/RUCTIONS W\LD ABOLI% EV]Y BILL ( RI<TS 9 ! UNION4 ,IT W\LD TAKE FROM ! PEOPLE ALL ! SECURITY AF=D$ BY !IR CON/ITUTIONS = ! 5JOYM5T ( !IR NATURAL RI<TS4 ,IT W\LD ABOLI% ALL RE/RA9TS UPON ! LEGISLATIVE P[]1 & PLACE EV]Y RI<T ( ! 9DIVIDUAL AT ITS DISPOSAL4 

,AGA94 ,IF !RE C\LD BE ANY D\BT AB\T ! MEAN+ ( LANGUAGE SO PLA9 AS ?AT :I* DECL>ES ?AT 0,NO ,/ATE %ALL PASS ANY LAW IMPAIR+ ! OBLIGATION ( CONTRACTS10 ?AT D\BT W\LD HAVE TO BE DECID$ 9 FAVOR ( ! NATURAL RI<TS ( M5 TO MAKE !IR [N CONTRACTS - BECAUSE \R 9/ITUTIONS1 /ATE ANTI NATIONAL1 PR(ESS TO BE F\ND$ ON ! ACKN[L$GM5T ( M5'S NATURAL RI<TS1 & TO BE DESIGN$ TO SECURE !M4 ,& ! G5]AL PR9CIPLES ( AN 9/RUM5T MU/ ALWAYS DECIDE ANY D\BTS ?AT MAY >ISE AS TO ! MEAN+ ( P>TICUL> P>TS4 

,F9ALLY4 ,IT IS OBVI\S ?AT ALL !SE >GUM5TS 9 FAVOR ( LAWS CONTROLL+ ! OBLIGATION ( CONTRACTS1 >E M]E QUIBBLES1 PRETEXTS & FIC- .<"9#a#f.> TIONS1 RESORT$ TO1 TO EVADE1 OR CIRCUMV5T A PLA9 UNAMBIGU\S PROVISION ( ! CON/ITUTION-A PROVISION TOO1 ?AT SEEKS ONLY TO PLACE M5 ON !IR NATURAL LEVEL ) EA* O!R-TO PROTECT ! NATURAL RI<TS ( ALL AGA9/ ! DESPOTIC ACTION ( LEGISLATURES-& TO E/ABLI% ! PR9CIPLES ( NATURAL JU/ICE AS ! BASIS ( LAW - A PROVISION1 :I* ALL M51 :O DO NOT WI% TO HAVE !IR MO/ IMPORTANT RI<TS MADE ! FOOTBALL ( LEGISLATIVE FACTION1 FOLLY1 IGNORANCE1 CAPRICE & TYRANNY1 \<T TO UNITE TO UPHOLD4 

,IT IS ALSO OBVI\S ?AT !SE >GUM5TS >E URG$ ALMO/ 5TIRELY BY M5 :O HAVE BE5 9 ! HABIT ( REG>D+ ! LEGISLATIVE AU?ORITY AS BE+ NE>LY ABSOLUTE - & :O CANNOT REALIZE ! IDEA ?AT 0! PEOPLE0 ( ?IS NATION1 ACT+ 9 !IR PRIM>Y CAPACITY1 %\LD ORDA9 IT AS A P>T ( !IR FUNDAM5TAL LAW-! LAW ?AT WAS TO GOV]N !IR GOV]NM5T - ?AT !IR NATURAL RI<T TO CONTRACT ) EA* O!R1 & 0! OBLIGATION ( !IR CONTRACTS0 :5 MADE1 %\LD NOT BE SUBJECTS ( LEGISLATIVE CAPRICE OR DISCRETION4 

,IF ! PR9CIPLES ?US ATTEMPT$ TO BE MA9TA9$1 BE CORRECT1 M5 MAY EX]CISE AT DISCRETION !IR NATURAL RI<TS TO 5T] 9TO ALL CONTRACTS :ATSOEV] ?AT >E 9 !IR NATURE OBLIGATORY2 & IT IS ! DUTY & ! PR]OGATIVE ( ! JUDICI>Y ALONE1 TO DECIDE UPON ! OBLIGATION ( ALL CONTRACTS ?AT COME BE=E !M = ADJUDICATION-& LEGISLATURES HAVE NO AU?ORITY TO 9T]F]E 9 ! MATT]1 FUR!R ?AN TO PRESCRIBE ! MEANS TO BE US$ = 5=C+ ! OBLIGATION ( CONTRACTS1 & ! EXT5T TO :I* !SE MEANS %ALL BE EX]T$4 

,FUR!RMORE4 ,IF !SE PR9CIPLES BE CORRECT1 !Y NOT ONLY PROHIBIT ALL LAWS RE/RA9+ PRIVATE BANK+1 BUT ALSO ALL LAWS RE/RA9+ ! RATE ( 9T]E/ = MONEY - ALL LAWS =BIDD+ M5 TO MAKE CONTRACTS BY AUCTION )\T LIC5SE1 & ALL O!R LAWS 9 RE/RA9T ( M5'S NATURAL RI<T TO CONTRACT4 ,!Y ALSO PROHIBIT ! LEGISLATURE FRUITS IMPAIR+ ! OBLIGATION ( M>RIAGE CONTRACTS4 ,IT IS A JUDICIAL QUE/ION :E!R A M>RIAGE CONTRACT HAVE BE5 BROK5 BY EI!R P>TY - ACID IF IT HAVE NOT BE5 BROK51 ! LEGISLATURE HAS NO P[] TO DIS*>GE ! O!R P>TY FROM ITS OBLIGATION4 

,H]E LET ME SAY1 ?AT 9 ORD] TO MA9TA9 ! UNCON/ITUTIONALITY ( !SE LAWS AGA9/ BANK+1 USURY1 @&C1 IT IS NOT NECESS>Y TO SUPPOSE ?AT ! PEOPLE1 :O ADOPT$ ! CON/ITUTION1 ACTUALLY =ESAW ?AT ! PR9CIPLE !Y W]E E/ABLI%+ 9 REG>D TO CONTRACTS1 W\LD1 :5 C>RI$ \T1 PRODUCE ?IS P>TICUL> EFFECT4 ,?IS RESULT1 = AU<T ?AT CONC]NS ! >GUM5T1 MAY BE ADMITT$ TO BE ONE ( ! DETAILS ( ITS' OP]ATION1 :I* !Y NEV] DREAM$ (4 ,!Y DID NOT KN[1 & C\LD NOT PRET5D TO KN[#a ALL ! =MS :I* ! FUTURE CONTRACTS ( AN 5T]PRIS+ & COMM]CIAL PEOPLE MI<T ASSUME-& EV5 IF !Y HAD KN[N !M1 NO SPECIAL NOTE W\LD HAVE BE5 TAK5 ( !M SEP>ATELY1 9 ! 9/RUM5T !Y W]E ADOPT+4 ,! OBJECT ( A CON/ITUTION IS TO E/ABLI% PR9CIPLES-NOT TO FOLL[ \T ! OP]ATION ( ?OSE PR9CIPLES 9 ALL !IR RAMIFICATIONS4 ,?AT IS ! BUSI- .<"9#a#g.> NESS ( ! LEGISLATIVE & JUDICIAL TRIBUNALS UND] ! CON/ITUTION4 ,ALL1 !N1 ?AT IT IS NECESS>Y = US TO SUPPOSE 9 ! CASE1 IS1 ?AT 0! PEOPLE10 :O E/ABLI%$ ! CON/ITUTION1 RECOGNIZ$ ! 9H]5T RI<T ( M5 TO CONTRACT ) EA* O!R-& ! 9TR9SIC MAGNITUDE ( ! PR9CIPLE ?AT %\LD MA9TA9 ! 9VIOLABILITY ( ALL !IR OBLIGATORY CONTRACTS4 ,?AT !Y ALSO SAW ?AT !SE PR9CIPLES W]E VITAL TO ! FREE COMM]CIAL 9T]C\RSE ( ! CITIZ5S ( ! DIFF]5T ,/ATES ) EA* O!R-& ?AT !Y SAW ! DANG] TO :I* !SE PR9CIPLES W\LD BE EXPOS$1 IF LEFT TO ! CAPRICE ( NUM]\S RIVAL1 &1 9 MANY CASES1 ILLIB]AL1 UNWISE & TYRANNICAL LOCAL LEGISLATURES4 ,?AT !Y1 !RE=E1 ORDA9$ ?AT !SE PR9CIPLES %\LD BE RECOGNIZ$ ?R\<\T ! C\NTRY1 & GOV]N ! DEAL+S & CONTRACTS ( ! PEOPLE ) EA* O!R-& ?AT NO LOCAL OR SUBORD9ATE GOV]NM5T %\LD 0PASS ANY LAW IMPAIR+ ! OBLIGATION0 ( ANY ( !IR CONTRACTS4 

,! SUPREME C\RT ( ! ,UNIT$ ,/ATES1 9 ! CASE ( ,/URGES & ,CR[N+%IELD1 7#d ,:EATON #b#i71 HAVE EXPRESS$ ! COMPREH5SIVE PURPOSE ( ! CON/ITUTION1 ON ?IS PO9T1 AS FOLL[S4 ,! C\RT SAY1 0,! PR9CIPLE1 :I* ! FRAM]S ( ! CON/ITUTION 9T5D$ TO E/ABLI%1 W> ! 9VIOLABILITY ( CONTRACTS4 ,?IS PR9CIPLE WAS TO BE PROTECT$1 9 :ATEV] =M IT MI<T BE ASSAIL$4 ,TO :AT PURPOSE 5UM]ATE ! P>TICUL> MODES ( VIOLATION1 :5 IT WAS 9T5D$ TO =BID ALL4 ,HAD AN 5UM]ATION ( ALL ! LAWS1 :I* MI<T VIOLATE CONTRACTS1 BE5 ATTEMPT$1 ! PROVISION MU/ HAVE BE5 LESS COMPLETE1 & 9VOLV$ 9 MORE P]PLEXITY ?AN IT N[ IS40 

,VIEW+ ! PURPOSE ( ! PROHIBITION 9 ?IS LI<T1 IS !RE ANO!R CLAUSE 9 ! :OLE 9/RUM5T1 ?AT DOES MORE CR$IT TO ?OSE :O FRAM$1 OR TO ! PEOPLE ?AT ADOPT$1 ! CON/ITUTION1 ?AN ?IS8 ,IS !RE ANO!R CLAUSE1 :I* MORE /RONGLY DISCLOSES !IR LOVE ( P]SONAL LIB]TY1 !IR S5SE ( JU/ICE1 & !IR RESPECT = ! EQUAL & NATURAL RI<TS ( M58 ,IT 9 FACT E/ABLI%ES A GREAT PR9CIPLE ( CIVIL LIB]TY4 ,IT EMBODIES ALSO ! MO/ WISE1 B5EVOL5T1 & F>-REA*+ PR9CIPLE ( POLITICAL ECONOMY - A PR9CIPLE1 ! NATURAL & NECESS>Y OP]ATION ( :I* IS1 TO PRODUCE ! GREATE/ AGGREGATE 9CREASE1 & ! MO/ EQUAL DI/RIBUTION ( WEAL?1 ?AT CAN BE ACCOMPLI%$1 CONSI/5TLY ) M5'S P]SONAL RI<TS - = IT GIVES TO EA* 9DIVIDUAL1 :AT NO O!R PR9CIPLE CAN1 ! FULL COMM&1 & ! 5TIRE PR(IT1 ( ALL HIS LEGITIMATE RES\RCES4 .<#c.> 

,*,A,P ,I,I - ,:,A,T ,B,A,N,K ,*,>,T,],S ,>,E ,U,N,C,O,N,/,I,T,U,T,I,O,N,A,L4 

,IF ! PR9CIPLES ( ! =EGO+ *APT] >E CORRECT1 !N ALL BANK-*>T]S1 & O!R ACTS ( 9CORPORATION1 :I* W\LD RELIEVE ! /OCKHOLD]S FROM ! FULL LIABILITY 9CURR$ BY ! T]MS ( !IR CONTRACTS1 >E UNCON/ITUTIONAL1 AS IMPAIR+ ! OBLIGATION ( CONTRACTS4 ,SU* >E MO/ ( ! BANK *>T]S1 & O!R ACTS ( 9CORPORATION1 9 ?IS C\NTRY4 

,BUT IT WILL1 P]HAPS1 BE SAID ?AT SU* *>T]S >E !MSELVES CONTRACTS-& ?AT !IR OBLIGATION1 !RE=E1 CANNOT BE IMPAIR$4 

,= ! SAKE ( ! >GUM5T IT MAY BE ADMITT$ ?AT A *>T] IS A CONTRACT-BUT IT DOES NOT FOLL[ ?AT IT IS ONE HAV+ AN 0OBLIGATION40 ,TO DECIDE :E!R ANY CONTRACT HAVE AN OBLIGATION1 WE MU/ DET]M9E :E!R ! CONTRACT BE1 9 ITSELF1 JU/ OR UNJU/1 MORAL OR IMMORAL4 

,SOME *>T]S >E M]ELY AN AU?ORITY TO ! CORPORATORS TO USE A CORPORATE NAME 9 !IR DEAL+S & CONTRACTS1 & 9 SU+ & BE+ SU$-! CORPORATORS /ILL REMA9+ LIABLE1 AS P>TN]S1 TO ! EXT5T ( !IR MEANS1 = ! DEBTS ( ! COMPANY4 ,TO ! CON/ITUTIONALITY ( SU* *>T]S1 !RE IS PROBABLY NO GR\ND ( OBJECTION4 

,BUT ! O!R K9D ( *>T]S PR(ESS TO GU>ANTEE TO 9DIVIDUALS ! IMMUNITIES1 7TO A C]TA9 EXT5T17 ( A JO9T1 9CORPOREAL1 9TANGIBLE BE+4 ,!Y DECL>E ?AT !SE 9DIVIDUALS %ALL1 9 C]TA9 CONT+5CIES1 BE DEEM$ TO BE SU* A BE+4 ,& ! OBJECT IS TO PROTECT !TA SEV]ALLY 9 ! NONP]=MANCE ( !IR JO9T CONTRACTS4 ,N[ IT IS OBVI\SLY IMPOSSIBLE = LEGISLATION TO CREATE SU* A BE+1 OR 5TITY1 AS IT H]E PR(ESSES TO DO4 ,=1 AFT] ALL1 ':O >E 0,! ,PRESID5T1 ,DIRECTORS & ,COMPANY0 ( A BANK1 BUT REAL BONA FIDE M51 :O1 9 MAK+ CONTRACTS1 CONSULT !IR [N 9T]E/S LIKE O!R M5--:O >E AS COMPET5T AS O!R M5 TO MAKE CONTRACTS1 & :O1 SO F> AS ! OBLIGATIONS ( JU/ICE >E CONC]N$1 >E AS MU* RESPONSIBLE = !IR ACTS1 AS IF !Y HAD NEV] PASS$ ?R\< SU* AN OP]ATION AS ?AT ( BE+ FICTITI\SLY TRANS=M$ 9TO AN UNREAL BE+4 ,N[1 IT IS TO BE OBS]V$1 & HAS BE5 ALREADY SUGGE/$1 ?AT ! :OLE OBJECT & EFFECT 7IF ANY7 ( ?IS LEGISLATIVE LEG]DEMA91 IS TO GIVE TO !SE 9DIVIDUALS AN IMMUNITY AGA9/ ALL P]SONAL LIABILITY = ! CONTRACTS !Y UNITY MAKE4 ,! QUE/ION N[ IS1 :E!R ?IS 0CONTRACT10 OR PL$GE1 ON ! P>T ( ! /ATE1 ?AT !SE 9DIVIDUALS %ALL BE REG>D$1 9 LAW1 AS AN IMAG9>Y1 9CORPOREAL BE+1 OR RA!R AS SO MANY IMAG9>Y1 9CORPOREAL BE+S1 & ?AT !Y %ALL BE HELD IRRESPONSIBLE1 AS M51 = ! CONTRACTS !Y MAY 5T] 9TO1 IS AN OBLIGATORY CONTRACT8 

,P]HAPS1 ?IS QUE/ION CANNOT BE BETT] ANSW]$1 ?AN BY ASK+ ANO!R4 ,SUPPOSE1 !N1 A LEGISLATURE1 = ! PURPOSE ( 5ABL+ !M .<"9#a#i.> TO P]PETRATE !IR CRIMES ) IMPUNITY1 %\LD ASSUME TO 9CORPORATE A GANG ( BURGL>S1 & TO GU>ANTEE TO !M ALL ! IMMUNITIES1 SU* AS 9TANGIBILITY1 IRRESPONSIBILITY @&C1 ?AT W\LD P]TA9 TO A JO9T 9CORPOREAL BE+4 ,W\LD SU* A *>T] BE AN 0 OBLIGATORY CONTRACT80 ,CLE>LY NOT4 ,BUT W\LD IT NOT BE AS OBLIGATORY AS ONE ?AT %\LD PL$GE TO M5 ! PRIVILEGE ( CONTRACT+ DEBTS1 )\T ! LIABILITY ( BE+ HELD TO PAY !M8 

,A BANK *>T]1 !N1 ( ! K9D N[ UND] DISCUSSION1 SO F> AS IT IS 9 T9E NATURE ( A 0CONTRACT10 IS A M]E AGREEM5T1 ON ! P>T ( ! /ATE1 TO SCRE5 M5 AGA9/ !IR JU/ LIABILITY = !IR DEBTS4 ,9 !IR *>ACT] ( 0CONTRACTS10 !N1 !SE *>T]S >E VOID-VOID = ! SAME REASON ?AT ALL IMMORAL CONTRACTS >E VOID1 VIZ1 ?AT JU/ICE DOES NOT REQUIRE !IR FULFILLM5T4 

,SUPPOSE A LEGISLATURE %\LD SAY TO A S+LE 9DIVIDUAL1 :O WAS WOR? FITLY ?\S& DOLL>S1 0,SIR1 ,IF Y\ WILL 9VE/ T5 ?\S& DOLL>S ( Y\R MONEY 9 M]CANTILE1 MANUFACTUR+1 OR AGRICULTURAL BUS9ESS1 Y\ %ALL BE ALL[$ TO ISSUE UNCONDITIONAL PROMISES TO PAY TO ! AM\NT ( ?REE TIMES ! SUM Y\ 9VE/1 & IF Y\R 5T]PRISE PROVE SUCCESSFUL1 Y\ %ALL HAVE ALL ! PR(ITS - BUT IF IT PROVE UNSUCCESSFUL1 Y\ %ALL LOSE ONLY ! T5 ?\S& DOLL>S :I* Y\ 9T5D$ TO RISK1 & WE WILL !N PROTECT Y\ 9 REFUS+ TO PAY Y\R CR$ITORS ! O!R TW5TY ?\S&1 :I* Y\ %ALL HAVE PROMIS$ !M-& Y\ MAY !N RETIRE TO 9DULGE Y\R DIGNITY ON ! =TY ?\S& DOLL>S ?AT WILT /ILL REMA9 TO Y\40 ,IS !RE A MAN 9 ! :OLE C\NTRY1 ?AT W\LD NOT DECL>E SU* A CONTRACT TO BE A NEF>I\S & SW9DL+ AGREEM5T1 DE/ITUTE ( 0OBLIGATION80 ,VOID = IMMORALITY8 ,YET SU* >E MO/ ( \R BANK *>T]S4 ,ALL ! DIFF]5CE IS1 ?AT 9 A BANK *>T]1 ! AGREEM5T IS ) TW5TY1 OR AN HUNDR$ M51 9/EAD ( ONE4 

,BANK *>T]S1 ( ?IS K9D1 !N1 >E VOID 9 !IR *>ACT] ( CONTRACTS4 ,!Y >E ALSO VOID 9 !IR *>ACT] ( LAWS4 ,!Y >E UNCON/ITUTIONAL AS IMPAIR+ ! OBLIGATIONS ( ! CONTRACTS MADE BY ! COMPANY4 ,!Y DECL>E ?AT ! ABSOLUTE PROMISES1 ?AT MAY BE 5T]$ 9TO BY ! 9DIVIDUALS1 COMPOS+ ! COMPANY1 TO PAY MONEY1 %ALL NOT1 9 LAW1 BE HELD TO BE ABSOLUTE PROMISES1 BUT ONLY PROMISES TO PAY 9 A C]TA9 CONT+5CY - ?AT IS1 9 ! CONT+5CY ?AT !Y CAN BE FULFILL$ )\T REQUIR+ MORE MONEY ?AN ! 9DIVIDUALS W]E WILL+ TO RISK :5 !Y MADE ! CONTRACT4 ,! *>T]S1 !N1 IMPAIR ! OBLIGATION ( CONTRACTS1 BY MAK+ ?OSE PROMISES CONT+5T1 :I* 9 !IR T]MS >E ABSOLUTE4 

,IF A /ATE LAW CAN DECL>E ?AT C]TA9 OBLIGATORY PROMISES TO PAY MONEY1 %ALL BE VOID 9 ! CONT+5CY ( !IR PAYM5T REQUIR+ MORE MONEY ?AN ! PROMISSORS 9T5D$ TO PUT AT RISK1 7A CONT+5CY NOT M5TION$ 9 ! CONTRACTS !MSELVES17 IT MAY EQUALLY DECL>E ?AT CONTRACTS %ALL BE VOID 9 ANY O!R CONT+5CY :ATEV] - 9 ! CONT+5CY1 = 9/ANCE1 ( A HAIL-/ORM1 OR A ?UND]-%[]4 .<"9#b.> 

,BUT IT WILL1 ( C\RSE1 BE SAID ?AT ! PROMISES ( A BANK+ COMPANY >E MADE1 BY ! COMPANY1 9 !IR JO9T1 9CORPOREAL1 9TANGIBLE CAPACITY4 ,! ANSW] TO ?IS >GUM5T IS1 ?AT ?IS IDEA ( A JO9T1 9CORPOREAL BE+1 MADE UP ( SEV]AL REAL P]SONS1 IS NO?+ BUT A FICTION4 ,IT HAS NO REALITY 9 IT4 ,IT IS A FICTION ADOPT$ M]ELY TO GET RID ( ! CONSEQU5CES ( FACTS4 ,AN ACT ( LEGISLATION CANNOT TRANS=M TW5TY LIV+1 REAL P]SONS1 9TO ONE JO9T1 9CORPOREAL BE+4 ,AFT] ALL ! LEGISLATIVE JUGGL+ ?AT CAN BE DEVIS$1 0! COMPANY0 WILL /ILL BE NO?+ MORE1 LESS OR O!R1 ?AN ! 9DIVIDUALS COMPOS+ ! COMPANY4 ,! IDEA ( AN 9CORPOREAL BE+1 CAPABLE ( C>RY+ \T BANK+ OP]ATIONS1 IS RIDICUL\S4 ,! !ORY ( ONE 9CORPOREAL BE+ IS NOT1 & CANNOT BE1 CONSI/5TLY SU/A9$ ?R\<\T ! V>I\S DO+S ( ! COMPANY4 ,= 9/ANCE1 :5 ! AG5TS ( ! COMPANY1 ! ,PRESID5T & ,CA%I]1 5T] 9TO CONTRACTS ON BEHALF ( ! COMPANY1 TO PAY MONEY1 !Y ACT UND] ! DICTATION ( ! /OCKHOLD]S1 VOT+ SEV]ALLY & 9DIVIDUALLY1 AS SO MANY DI/9CT & REAL P]SONS1 ?\< A COMMITTEE ( !IR NUMB]1 CALL$ DIRECTORS4 ,! MA_/R+ ( ! CONTRACT1 !N1 IS ! ACT ( REAL P]SONA - & NECESS>ILY MO/ HE1 = NO O!RS CAN MAKE CONTRACTS4 ,BUT NO SOON] DOES !IR LIABILITY = !IR CONTRACTS COME 9 QUE/ION1 ?AN !SE REAL P]SONS CLAIM ?AT !Y HAVE BE5 RESOLV$1 BY LAW1 9TO AN IMAG9>Y1 9TANGIBLE1 UNTIL PURELY LEGAL BE+4 ,SO ALSO :5 ! PR(ITS ( !IR CONTRACTS >E TO BE RECEIV$ & 5JOY !SE SAME /OCKHOLD]S1 :O AU?ORIZ$ ! CONTRACTS TO BE MADE 9 !IR NAME1 APPE> 9 !IR REAL1 BONA FIDE1 CORPOREAL NATURE1 TO RECEIVE ?OSE PR(ITS1 & PUT !M 9 !IR POCKETS4 ,BUT 9 ?AT MOM5T :5 ! FULFILLM5T ( !IR CONTRACTS COMES TO BE DEM&$1 PRE/O6 ,!Y HAVE ALL VANI%$ 9TO 9CORPOREALITY4 ,!RE IS NO?+ LEFT ( !M1 BUT A 0LEGAL IDEA60 

,N[ DOES NOT A LAW1 :I* ALL[S M5 TO MAKE CONTRACTS 9 !IR PROP] P]SONS1 & W\LD !N SCRE5 !M FROM ALL P]SONAL LIABILITY ON ?OSE CONTRACTS1 BY GIV+ !M ! LIB]TY TO %R\D !MSELVES1 AT PLEASURE1 9 A FICTITI\S1 9CORPOREAL1 9TANGIBLE NATURE - DOES NOT SU* A LAW 0IMPAIR ! OBLIGATION ( !IR CONTRACTS80 ,OR IS ?IS FICTITI\S NATURE A SUFFICI5T PLEA 9 B> ( ! PROMISES !Y HAVE P]SONALLY MADE8 

,SUPPOSE ! ,CON/ITUTION ( ! ,UNIT$ ,/ATES HAD DECL>$ ?AT 0NO ,/ATE %\LD PASS ANY LAW IMPAIR+ A MAN'S RI<T TO BE PROTECT$ AGA9/ BURGL>S40 ,& SUPPOSE A /ATE %\LD !N 9CORPORATE A COMPANY ( BURGL>S1 BY A *>T] ?AT %\LD GU>ANTEE TO !M FULL LIB]TY TO COMMIT BURGL>Y1 9 CONC]T1 9 !IR [N PROP] P]SONS1 & !N AU?ORIZE !M SEV]ALLY TO PLEAD A JO9T1 9CORPOREAL1 FICTITI\S1 9TANGIBLE NATURE1 9 B> ( AN 9DICTM5T BY ! GR& JURY4 ,W\LD NOT SU* A *>T] BE VOID1 AS BE+ A LAW PROHIBIT$ BY ! CON/ITUTION8 ,OR W\LD IT REALLY BE A GOOD PLEA = !SE BURGL>S TO SAY1 0WE COMMITT$ \R CRIMES1 IT IS TRUE1 9 \R [N PROP] P]SONS2 BUT IT WAS1 NEV]!- .<"9#b#a.> LESS1 9 \R JO9T1 9CORPOREAL1 IRRESPONSIBLE CAPACITY1 & ( C\RSE WE CANNOT BE HELD LIABLE TO SU* CORPORAL RESPONSIBILITY & PUNI%M5T1 AS >E JU/LY 9CURR$ BY ?OSE VULG> BURGL>S1 :O >E NOT ?US PRIVILEG$ 9 ! COMMISSION ( !IR (F5SES80 ,! CASE IS A FAIR P>ALLEL TO ?AT ( A BANK *>T]4 

,IF SU* BANK *>T]S >E VALID1 !IR EFFECT IS TO GIVE TO 9DIVIDUALS ! ADVANTAGE ( TWO LEGAL NATURES-ONE FAVORABLE = MAK+ CONTRACTS1 ! O!R FAVORABLE = AVOID+ ! RESPONSIBILITY ( !M1 :5 MADE4 ,ANO!R EFFECT IS1 TO CONV]T AN UNCONDITIONAL PROMISE1 ( 9DIVIDUALS1 TO PAY MONEY1 9TO A M]E PROMISE TO PAY1 PROVID$ !Y %\LD NOT *OOSE TO REFUSE TO PAY - OR PROVID$ !Y %\LD NOT *OOSE TO TRANS=M !MSELVES 9TO A JO9T1 FICTITI\S1 9CORPOREAL1 & NON DEBT PAY+1 BE+4 

,P]HAPS IT WILL BE SAID ?AT !SE BANK *>T]S >E PUBLIC ACTS1 & ?AT ! PUBLIC MU/ BE PRESUM$ TO HAVE KN[N ( !M1 & TO HAVE TRU/$ ! COMPANY ONLY TO ! EXT5T ( !IR *>T]$ LIABILITY4 ,! ANSW] IS1 ?AT ! PUBLIC MU/ ALSO BE PRESUM$ TO HAVE KN[N ?AT ANY /ATE LAW1 :I* ASSUMES TO SCRE5 M5 FROM ! RESPONSIBILITY 9CURR$ BY ! T]MS ( !IR CONTRACTS1 IS UNCON/ITUTIONAL-& ?AT !Y MU/ !RE=E BE PRESUM$ TO HAVE TRU/$ ! COMPANY ON ! /R5G? ( !IR PROMISE1 )\T ANY REG>D TO ANY UNCON/ITUTIONAL LAW1 ?AT W\LD CONV]T AN UNCONDITIONAL PROMISE 9TO A CONT+5T ONE4 ,NO MAN CAN LEGALLY BE PRESUM$ TO HAVE TRU/$ ANO!R ) REF]5CE TO A VOID LAW1 NOT NAM$ 9 ! CONTRACT4 

,IF COMPANIES OR 9DIVIDUALS WI% TO LIMIT !IR LIABILITY ON !IR PROMISES1 T9E LIMITATION MU/ BE EXPRESS$ 9 ! CONTRACTS !MSELVES - & NOT 9 A LAW1 :I*1 IF IT LESS5 ! LIABILITY EXPRESS$ 9 ! CONTRACT1 IMPAIRS ! OBLIGATION ( ! CONTRACT4 

,P]HAPS IT WILL BE SAID ?AT ! T]MS ( A BANK PROMISE - :I* >E ?AT 0! ,PRESID5T1 ,DIRECTORS & ,COMPANY ( A ,BANK1 PROMISE TO PAY10 @&C-NECESS>ILY IMPLY ?AT ! PROMISE IS A CONDITIONAL ONE1 LIMIT$ BY ! AM\NT ( FUNDS ALREADY DEPOSIT$ 9 ! JO9T TREASURY4 ,BUT SU* IS NOT A TRUE OR NATURAL CON/RUCTION ( ! CONTRACT4 ,AN ACT ( 9CORPORATION DOES NOT1 NECESS>ILY1 ATTEMPT TO LIMIT ! P]SONAL LIABILITY ( ! MEMB]S ( ! COMPANY4 ,IT MAY1 & (T5 DOES1 ONLY GRANT !M ! PRIVILEGE ( MAK+ CONTRACTS1 & BE+ KN[N 9 LAW1 UND] A CORPORATE NAME & /YLE1 TO SAVE !M ! 9CONV5I5CE ( REPEAT+ ! SEV]AL NAMES ( ! :OLE COMPANY - !Y BE+ ALL ! :ILE LIABLE1 AS P>TN]S1 TO ! EXT5T ( !IR PRIVATE PROP]TY4 ,! PROMISE1 !RE=E1 ( A 0,COMPANY10 TO PAY MONEY1 IF UNCONDITIONAL 9 ITS T]MS1 C>RIES ) IT NO NECESS>Y IMPLICATION ( ANY LIMIT$ RESPONSIBILITY ON ! P>T ( ! 9DIVIDUALS COMPOS+ ! COMPANY4 ,!Y ALL JO9 9 AN ABSOLUTE PROMISE2 & ! PRESUMPTION ( LAW MU/ BE1 ?AT BO? !Y & ! PUBLIC KNEW ?AT ! LIABILITY1 9CURR$ BY SU* A PROMISE1 WAS UNCONDITIONAL ALSO4 .<"9#b#b.> 

,IF !SE VIEWS BE CORRECT1 ! [N]S ( BANK /OCK1 & ! MEMB]S ( ALL O!R 9CORPORATIONS1 >E LIABLE1 9 !IR PRIVATE PROP]TY1 AS P>TN]S1 ON ! PROMISES ( !IR RESPECTIVE COMPANIES-& EV5 A TRANSF] ( !IR /OCK DOES NOT RELIEVE !M FROM ANY LIABILITIES 9CURR$ :ILE !Y W]E /OCKHOLD]S - & ! RI* /OCKHOLD]S ( EV]Y 9SOLV5T CORPORATION MAY BE SU$1 & MADE TO PAY4 

,IF ! =EGO+ PR9CIPLES >E CORRECT1 ,I SUGGE/ :E!R !Y >E NOT A SUFFICI5T OBJECTION TO ! CON/ITUTIONALITY ( A BANK ( ! ,UNIT$ ,/ATES - OR AT LEA/ TO ?AT FEATURE ( ITS *>T]1 :I* W\LD LIMIT ! LIABILITY ( ! /OCKHOLD]S = ! DEBTS !Y MAY CONTRACT AMONG ! PEOPLE1 9 !IR CAPACITY ( BANK]S4 ,CONGRESS HAS NO DIRECT AU?ORITY TO PASS ANY LAW IMPAIR+ OR LIMIT+ ! OBLIGATION ( M5'S CONTRACTS1 OR SCRE5+ !IR PROP]TY FROM ! OP]ATION ( /ATE LAWS1 UNLESS IT BE A 0UNI=M LAW ON ! SUBJECT ( BANKRUPTCIES ?R\<\T ! ,UNIT$ ,/ATES40 ,A BANK *>T] DOES NOT COME )9 ! DEF9ITION ( SU* A LAW1 & !RE=E IT IS UNCON/ITUTIONAL1 UNLESS SOME O!R AU?ORITY = IT CAN BE %[N4 

,9 ! CASE ( ,MC,CULLO* & ,M>YL&1 7#d ,:EATON71 ! SUPREME C\RT ( ! ,UNIT$ ,/ATES AFFIRM$ ! CON/ITUTIONALITY ( A BANK-BUT ! GR\NDS ON :I* !Y AFFIRM$ IT1 BY NO MEANS SUPPORT ! CONCLUSION4 ,! GR\NDS1 ON :I* ! QUE/ION WAS DECID$1 W]E1 ?AT ,CONGRESS HAD AU?ORITY TO 0PASS ALL LAWS ?AT W]E NECESS>Y & PROP] = C>RY+ 9TO EXECUTION0 ! SUB/ANTIVE P[]S ( ! GOV]NM5T - & ?AT1 !RE=E1 IF A CORPORATION W]E A CONV5I5T & PROP] AG5T TO BE EMPLOY$ 9 COLLECT+ & DISBURS+ ! REV5UES ( ! GOV]NM5T1 ,CONGRESS HAD A RI<T TO CREATE SU* AN AG5T BY AN ACT ( 9CORPORATION4 ,?IS DOCTR9E ALL LOOKS REASONABLE 5\<1 & IT ,IS PROBABLY CORRECT LAW ?AT CONGRESS MAY 9CORPORATE A COMPANY1 & AU?ORIZE !M TO DO !IR CORPORATE CAPACITY1 ANY ?+ :I* !Y >E TO DO = ! GOV]NM5T4 ,& CONGRESS MAY UND\BT$LY LIMIT1 AT DISCRETION1 ! LIABILITY :I* ! /OCKHOLD]S %ALL 9CUR TO ! GOV]NM5T4 ,& ! COMPANY MAY PROBABLY1 9 !IR CORPORATE CAPACITY1 BUY & SELL BILLS ( EX*ANGE1 SO F> AS IT MAY BE CONV5I5T TO DO SO1 9 MAK+ ! NECESS>Y TRANSMISSIONS ( ! PUBLIC FUNDS FROM ONE PO9T ( ! C\NTRY TO ANO!R - BECAUSE BILLS ( EX*ANGE >E ! MO/ USUAL SAFE1 *EAP & EXP$ITI\S MODE ( TRANSMITT+ MONEY4 

,BUT ALL ?IS IS A :OLLY DIFF]5T ?+ FROM A *>T] AU?ORIZ+ ! COMPANY1 NOT ONLY TO P]=M !SE S]VICES = ! GOV]NM5T1 BUT ALSO TO C>RY ON ! TRADE ( BANK]S1 9 ALL ITS BRAN*ES1 & CONTRACT DEBTS AT PLEASURE AMONG ! PEOPLE1 )\T BE+ LIABLE TO HAVE PAYM5T ( !IR DEBTS 5=C$1 EI!R ACCORD+ TO ! NATURAL OBLIGATION ( CONTRACTS1 OR ! LAWS ( ! /ATES 9 :I* !Y LIVE4 ,! PR9CIPLES ( ! DECISION ITSELF DO NOT JU/IFY ! GRANT ( ANY SU* AU?ORITY TO ! COMPANY4 ,?OSE PR9CIPLES GO ONLY TO ! EXT5T ( AU?ORIZ+ ! .<"9#b#c.> COMPANY TO USE !IR CORPORATE RI<TS 9 DO+ ! BUS9ESS ( ! GOV]NM5T ALONE - = ! C\RT SAY1 ?AT IF AN AG5T BE NE$$ TO P]=M C]TA9 S]VICES = ! GOV]NM5T1 ! GOV]NM5T MAY CREATE AN AG5T = ?AT PURPOSE4 

,! C\RT ADMIT ALSO1 ?AT ! NECESSITY ( SU* AG5T = C>RY+ 9TO EXECUTION ! P[]S ( ! GOV]NM5T1 IS ! ONLY F\NDATION ( ! RI<T TO CREATE ! AG5T4 ,?IS PR9CIPLE EVID5TLY EXCLUDES ! IDEA ( CREAT+ ! CORPORATION = ANY O!R PURPOSE-& ( C\RSE IT EXCLUDES ! RI<T ( GIV+ IT ANY O!R CORPORATE P[]S ?AN ?AT ( P]=M+ ! S]VICES REQUIR$ BY ! GOV]NM5T4 ,N[ 9 ORD] ?AT ! COMPANY MAY COLLECT1 KEEP & DISBURSE ! REV5UES1 7:I* >E ! ONLY S]VICES ! GOV]NM5T REQUIRES1 OR :I* ! DECISION ( ! C\RT CONTEMPLATES ?AT ! BANK WILL P]=M71 IT PLA9LY IS NOT AT ALL NECESS>Y ?AT !Y %\LD ALSO HAVE ! PRIVILEGE ( CONTRACT+ DEBTS AMONG ! PEOPLE1 AS BANK]S1 9 !IR CORPORATE CAPACITY1 OR UND] A LIMIT$ LIABILITY1 OR )1 AN EXEMPTION FROM ! OP]ATION ( ?OSE /ATE LAWS1 TO :I*1 ALL O!R CITIZ5S >E LIABLE4 ,IF CONGRESS MAY1 BY A *>T]1 ?US PROTECT ! PRIVATE PROP]TY ( A COMPANY ( BANK]S1 FROM LIABILITY = !IR BANK+ DEBTS1 ACCORD+ TO ! LAWS ( ! ,/ATES1 M]ELY BECAUSE1 9 ADDITION TO !IR BANK+ BUS9ESS1 !Y P]=M = ! GOV]NM5T ! S]VICE ( COLLECT+ & DISBURS+ ITS REV5UES1 !N1 BY ! SAME RULE1 CONGRESS MAY BY LAW =BID ! /ATE GOV]NM5TS TO T\* ! PRIVATE PROP]TY ( ANY COLLECTOR ( ! CU/OMS1 OR ( ANY CL]K 9 ! CU/OM H\SE1 = ! PURPOSE ( SATISFY+ HIS DEBTS4 ,& ! RESULT ( ?IS DOCTR9E W\LD BE1 ?AT EV]Y P]SON1 :O %\LD P]=M ! SLI<TE/ S]VICE ( ANY K9D = ! GOV]NM5T1 MI<T BE AU?ORIZ$ BY CONGRESS TO CONTRACT PRIVATE DEBTS AT PLEASURE AMONG ! PEOPLE1 & !N CLAIM ! PROTECTION ( ,CONGRESS1 NOT M]ELY = HIS P]SON1 BUT ALSO = HIS PROP]TY1 AGA9/ ! /ATE LAWS :I* W\LD 5=CE ! OBLIGATION ( HIS CONTRACTS4 ,EV]Y PO/MA/]1 = 9/ANCE1 & EV]Y MAIL-CONTRACTOR MI<T HAVE ?IS PRIVILEGE GRANT$ TO !M1 AS P>T CONSID]ATION = !IR S]VICES - = ,CONGRESS HAVE ! SAME RI<T TO GRANT ?IS PRIVILEGE TO PO/MA/]S & MAIL-C>RI]S1 9 CONSID]ATION ( ! P>TICUL> S]VICES !Y P]=M = ! GOV]NM5T1 AS !Y HAVE TO GRANT IT TO A COMPANY ( BANK]S1 AS A CONSID]ATION = !IR COLLECT+ & DISBURS+ ! G5]AL REV5UES ( ! GOV]NM5T4 ,!RE IS NO DIFF]5CE1 9 PR9CIPLE1 BETWE5 AN ACT 9CORPORAT+ A COMPANY ( MAIL-C>RI]S1 ) BANK+ P[]S1 & AN IMMUNITY AGA9/ !IR DEBTS1 & ONE 9CORPORAT+1 ) LIKE P[]S & IMMUNITIES1 ?OSE :O COLLECT & DISBURSE ! REV5UE4 

,SUPPOSE ?AT ,CONGRESS1 9 CONSID]ATION ( ! 5GAGEM5T ( A C]TA9 NUMB] ( M5 TO C>RY ! MAIL BETWE5 SU* & SU* PO9TS1 %\LD ASSUME TO 9CORPORATE !M = ?AT PURPOSE - &1 UND] COV] ( ?AT PRET5SE1 %\LD LIC5SE !M ALSO TO C>RY ON ! ADDITIONAL BUS9ESS ( COMMON C>RI]S ( PASS5G]S AMID M]*&ISE1 &1 9 .<"9#b#d.> ?AT CAPACITY1 TO EXT5D !IR BUS9ESS ?R\<\T ! SEV]AL /ATES AT PLEASURE1 & CONTRACT DEBTS AMONG ! PEOPLE1 ) AN IMMUNITY AGA9/ BO? ! NATURAL OBLIGATION ( !IR CONTRACT1 & ! LAWS ( ! ,/ATES = ! COLLECTION ( DEBTS-IS !RE A MAN :O W\LD NOT SAY ?AT SU* A *>T] WAS UNCON/ITUTIONAL8 ,NO4 ,NOR IS !RE A MAN :O CAN PO9T \T ! DIFF]5CE1 9 PR9CIPLE1 BETWE5 SU* A *>T]1 & ! *>T]S ( ! BANKS ( ! ,UNIT$ ,/ATES4 

,*,A,P4 ,I,I,I4 - ,:,A,T ,B,A,N,K ,*,>,T,],S ,>,E ,C,O,N,/,I,T,U,T,I,O,N,A,L4 

,A ,*>T]1 ?AT M]ELY AU?ORIZES 9DIVIDUALS TO ASSUME1 & HE KN[N 9 LAW BY1 A CORPORATE NAME1 )\T PL$G+ TO !M ANY PROTECTION AGA9/ ! ORD9>Y LIABILITY ( O!R 9DIVIDUALS ON !IR CONTRACTS1 CANNOT BE CONSID]$ UNCON/ITUTIONAL ON ! GR\ND ( 0 IMPAIR+ ! OBLIGATION ( CONTRACTS40 

,! USUAL OBJECTION MADE TO ! CON/ITUTIONALITY ( BANK *>T]S1 IS1 ?AT !Y >E AN EVASION ( ?AT CLAUSE1 :I* DECL>ES ?AT 0NO ,/ATE %ALL EMIT BILLS ( CR$IT40 ,! >GUM5T IS1 ?AT :AT ! ,/ATE DOES BY ANO!R1 IT DOES BY ITSELF-& ?AT ! CREATION ( CORPORATIONS1 = ! PURPOSE ( ISSU+ BILLS ( CR$IT1 IS !RE=E AS MU* A VIOLATION ( ! ,CON/ITUTION AS IF ! ,/ATES W]E !MSELVES TO ISSUE !M4 ,! PR9CIPLE IS ( C\RSE CORRECT1 ?AT :AT ONE DOES BY ANO!R1 IS DONE BY HIMSELF - BUT ! APPLICATION ( ! PR9CIPLE TO ! CASE ( BANKS *>T]$ BY A /ATE1 ASSUMES TWO PROPOSITIONS1 :I* >E FALSE1 VIZ41 #a/4 ,?AT !SE CORPORATIONS D]IVE !IR AU?ORITY TO ISSUE BILLS1 FROM ! GRANT ( ! /ATE-& #bD4 ,?AT 9 ISSU+ !M1 !Y ACT AS ! AG5TS ( ! /ATE4 ,NEI!R ( !SE POSITIONS IS CORRECT4 ,TO ISSUE BILLS ( CR$IT1 ?AT IS1 PROMISSORY NOTES1 IS A NATURAL RI<T4 ,IT IS ALSO A RI<T1 ! EX]CISE ( :I* IS SPECIALLY PROTECT$ BY ! CON/ITUTION ( ! ,UNIT$ ,/ATES1 AS HAS BE5 %[N 9 A =M] *APT]4 ,IT IS ONE ?AT ! /ATE GOV]NM5TS CANNOT TAKE FROM !IR CITIZ5S1 & ALL ?OSE LAWS1 :I* HAVE ATTEMPT$ TO DEPRIVE !M ( ?IS RI<T1 >E UNCON/ITUTIONAL4 ,! ACT ( 9CORPORATION1 !N1 GIVES NO NEW RI<T 9 ?IS RESPECT4 ,IT ONLY AU?ORIZES ! CORPORATION TO USE A CORPORATE NAME1 9 MAK+ SU* CONTRACTS1 & DO+ SU* BUS9ESS1 AS !Y HAD A PREVI\S RI<T TO MAKE & DO 9 !IR [N NAMES4 ,IT ALSO ALL[S !M TO BE KN[N 9 LAW BY ?AT CORPORATE NAME4 

,! RI<T ( BANK+1 OR ( CONTRACT+ DEBTS BY GIV+ PROMISSORY NOTE6 ,= ! PAYM5T ( MONEY1 IS AS MU* A NATURAL RI<T1 AS ?AT ( MANUFACTUR+ COTTON-& AN ACT ( LEGISLATION1 9CORPORAT+ A BANK+ COMPANY1 NO MORE CONF]S ! RI<T ( BANK+1 ?AN AN ACT 9CORPORAT+ A COTTON MANUFACTUR+ COMPANY1 CONF]S ! RI<T ( MANUFACTUR+ COTTON4 ,BASK+ CORPORATIONS1 !N1 >E NOT1 9 ANY ESS5TIAL P>TICUL>1 ! 0CREATURES0 ( ! ,/ATE GOV]NM5TS4 ,?OSE GOV]NM5TS CREATE NEI!R ! 9DIVIDUAL CORPORATORS - NOR FURNI% ! CAPITAL ) :I* !Y C>RY ON !IR BUS9ESS4 ,NOR DO !Y CONF] ! RI<T ( C>RY+ ON ANY BUS9ESS1 :I*1 BUT = ! GRANT1 !Y C\LD NOT LAWFULLY HAVE C>RI$ ON AS 9DIVIDUALS4 ,A BANK+ CORPORATION IS NOT NECESS>ILY ANY TIM+ MORE ?AN A C]TA9 NUMB] ( 9DIVIDUALS1 EX]CIS+ !IR NATURAL & CON/ITUTIONAL RI<TS1 & P]MITT$ TO BE KN[N 9 LAW1 UND] A DIFF]5T NAME & /YLE FROM !IR ORD9>Y ONES4 ,NEI!R >E !Y1 9 ANY S5SE :ATEV]1 ! AG5TS ( ! ,/ATE4 

,!Y DO NOT ISSUE !IR BILLS ( CR$IT1 =1 OR ON BEHALF (1 ! /ATE4 ,! /ATE DOES NOT 0EMIT BILLS ( CR$IT0 ?R\< !M1 ANY MORE ?AN IT MANUFACTURES COTTON ?R\< ! AG5CY ( ! MANUFACTUR+ COMPANIES1 :I* IT 9CORPORATES4 ,NEI!R DOES ! /ATE FURNI% ANY ( !IR CAPITAL1 OR P>TICIPATE 9 !IR PR(ITS4 ,9 %ORT1 ?OSE CORPORATIONS >E M]ELY ASSOCIATIONS ( M51 DO+ A LAWFUL BUS9ESS = !MSELVES ALONE1 UND] A NAME & /YLE :I* ! /ATE P]MITS !M TO ASSUME4 ,IF ! GRANT+ ( CORPORATE NAMES TO BANK+ COMPANIES1 BE A VIOLATION ( ! CON/ITUTIONAL PROHIBITION AGA9/ !0 /ATE'S EMITT+ BILLS ( CR$IT10 ! GRANT+ ( A CORPORATE NAME TO A MANUFACTUR+ COMPANY1 ?AT %\LD1 9 ! C\RSE ( ITS BUS9ESS1 ISSUE ITS PROMISSORY NOTES1 W\LD LIE EQUALLY SU* A VIOLATION4 ,BUT WILL ANY ONE SAY ?AT ! PROMISSORY NOTES ( ALL 9CORPORAT$ MANUFACTUR+ COMPANIES >E UNCON/ITUTIONAL & VOID1 AS BE+ )9 ! PROHIBITION TO ! ,/ATES TO 0EMIT BILLS ( CR$IT40 

,IT MU/ BE EVID5T1 ,I ?9K1 ?AT ! PROHIBITION UPON ! 0/ATES0 TO 0 EMIT BILLS ( CR$IT10 IS A PROHIBITION ONLY UPON ! OMISSION ( BILLS UPON ! CR$IT ( ! /ATES !MSELVES4 .<"9#b#e.> 

,*,A,P4 ,I,V - ,! ,P,[,] ,( ,C,O,N,G,R,E,S,S ,O,V,] ,! ,C,U,R,R,5,C,Y4 

,IT IS A G5]AL RULE ( CON/RUCTION1 ?AT :]E ! CON/ITUTION HAS CLE>LY & P>TICUL>LY DEF9$ A P[] GIV5 TO CONGRESS1 ?AT DEF9ITION LIMITS ! P[]4 ,& ,I KN[ ( NO REASON ?AT HAS EV] BE5 GIV5 :Y ?IS RULE DOES NOT APPLY 9 ?IS CASE1 AS WELL AS 9 ANY O!R4 ,:AT !N >E ! P[]S ( ,CONGRESS OV] ! CURR5CY8 

,ALL ! P[]S ?AT >E EXPRESSLY GIV5 TO ,CONGRESS1 OV] ! CURR5CY1 >E ! P[]S 0TO CO9 MONEY1 & REGULATE ! VALUE !RE(1 & ( =EIGN CO9S0 - & 0TO PROVIDE = ! PUNI%M5T ( C\NT]FEIT+ ! SECURITIES & CURR5T CO9 ( ! ,UNIT$ ,/ATES40 

,!SE P[]S >E C]TA9LY V]Y FEW1 V]Y SIMPLE1 V]Y DEF9ITE1 & P]FECTLY 9TELLIGIBLE4 ,FIR/1 0,TO CO9 MONEY0-WE ALL KN[ :AT ?AT MEANS4 ,SECOND1 0,TO REGULATE ! VALUE !RE(1 & ( =EIGN CO9S0 - ?AT IS1 TO FIX !IR LEGAL VALUE RELATIVELY ) EA* O!R4 ,?IS ALSO IS A V]Y DEF9ITE & 9TELLIGIBLE P[]4 ,?IRD1 0,TO PROVIDE = ! PUNI%M5T ( C\NT]FEIT+! SECURITIES & CURR5T CO9 ( ! ,UNIT$ ,/ATES40 ,?IS P[] IS ALSO SO CLE>LY EXPRESS$1 ?AT ITS LIMITS >E DI/9CTLY SE54 ,IT AU?ORIZES ! PUNI%M5T ( 0C\NT]FEITS0 - ?AT IS1 FRAUDUL5T IMITATIONS1 ( ! SECURITIES & CURR5T CO9 ( ! ,UNIT$ ,/ATES-& IT DOES NO?+ MORE4 ,!SE >E ALL ! P[]S EXPRESS$ 9 ! CON/ITUTION1 ON ?IS SUBJECT - & /RANGE AS IT MAY APPE>1 NOT ONE ( !M EMBRACES ANY P[] 0TO REGULATE EX*ANGES10 OR TO REGULATE ANY O!R CURR5CY ?AN CO91 OR TO PROHIBIT OR PUNI% ! USE ( ANY ?+1 AS A CURR5CY1 EXCEPT IT BE 0C\NT]FEITS10 OR FRAUDUL5T IMITATIONS1 ( ! SECURITIES OR CURR5T CO9 ( ! ,UNIT$ ,/ATES4 

,BUT COLLAT]AL ) !SE P[]S ( ,CONGRESS1 IS A PROHIBITION UPON ! ,/ATES1 0TO CO9 MONEY1 EMIT BILLS ( CR$IT1 OR MAKE ANY ?+ BUT GOLD & SILV] CO9 A T5D] 9 PAYM5T ( DEBTS40 

,!SE >E ! ONLY PROVISIONS RELI$ UPON BY ! ADVOCATES ( A COMPULSORY METALLIC CURR5CY1 TO PROVE ?AT IT WAS ! 9T5TION ( ! CON/ITUTION ?AT ! PEOPLE %\LD NOT BE ALL[$ VOLUNT>ILY TO USE ANY CURR5CY EXCEPT SU* AS MI<T BE PROVID$ = !M BY ! GOV]NM5T1 9 CON=MITY ) !SE PROVISIONS4 

,! CONFUSION ?AT HAS >IS5 ON ?IS PO9T1 SEEMS ALL TO HAVE RESULT$ FROM CONF\ND+ ! T]MS 0MONEY0 & 0CURR5CY40 ,IT SEEMS TO HAVE BE5 TAK5 = GRANT$ ?AT ALL CURR5CY IS NECESS>ILY MONEY4 ,BUT ?IS IS BY NO MEANS ! FACT4 ,IT IS TRUE ?AT 0MONEY0 IS PRETTY LIKELY TO BE US$ AS CURR5CY1 TO SOME EXT5T-?\< IT IS NOT NECESS>ILY SO TO ANY CONSID]ABLE EXT5T-& !RE CAN BE NO LEGAL COMPULSION UPON ! PEOPLE TO USE IT AS CURR5CY AT ALL4 ,BUT !RE MAY BE MANY K9DS ( CURR5CY BESIDES MONEY4 ,CURR5CY MAY BE ANY ?+ HIV+ VALUE1 OR PRESUM$ TO HAVE VALUE1 :I*1 ON ACC\NT ( ITS GREAT] CONV5I5CE1 OR = LACK ( MONEY1 OR = ANY O!R REASON1 IS BY .<"9#b#f.> MUTUAL CONS5T ( ! P>TIES TO B>GA9S1 GIV5 & RECEIV$ 9 LIEU (1 OR 9 PREF]5CE TO1 MONEY4 

,CO9$ MONEY1 :I* IS ! ONLY K9D ( MONEY RECOGNIZ$ BY \R CON/ITUTION1 CONSI/S ( PIECES ( METALS /AMP$ BY AU?ORITY ( GOV]NM5T4 ,! METALS1 PREVI\S TO BE+ /AMP$1 >E M]E M]*&ISE LIKE ANY O!R COMMODITY4 ,! PIECES ( METAL /AMP$1 >E ( A P>TICUL> WEI<T & F95ESS PRESCRIB$ BY LAW - & ! OBJECT & EFFECT ( ! /AMP >E M]ELY TO FIX UPON !M ! GOV]NM5T C]TIFICATE TO !IR AM\NT & QUALITY4 

,IT WAS UND\BT$LY SUPPOS$ ?AT !SE CO9S1 ON ACC\NT ( !IR PORTABL5ESS1 & ON ACC\NT ( !IR AM\NT & QUALITY BE+ ACCURATELY KN[N1 W\LD BE B\<T & SOLD1 TO A CONSID]ABLE EXT5T1 FROM H& TO H&1 AS A CURR5CY1 ?AT IS1 9 EX*ANGE = O!R COMMODITIES4 ,BUT !RE IS NO EVID5CE ( ANY 9T5TION1 ON ! P>T ( ! CON/ITUTION1 TO PRECLUDE ! PEOPLE FROM ! 5JOYM5T ( !IR NATURAL RI<T FREELY TO BUY & SELL1 FROM H& TO H&1 ANY O!R >TICLES ( PROP]TY1 :I* ! P>TIES MI<T AGREE UPON - :E!R ?OSE >TICLES %\LD BE NOTES ( H&1 C]TIFICATES ( /OCK1 BILLS ( EX*ANGE1 DRAFTS1 ORD]S1 *ECKS1 OR :ATEV] ELSE MI<T HAPP5 TO BE CONV5I5T = SU* PURPOSES4 

,! MORE IMPORTANT OBJECT ( ! CO9S PROBABLY WAS TO PROVIDE AN >TICLE OR SUBJECT ( 0T5D] 9 PAYM5T ( DEBTS10 ?AT %\LD BE UNI=M ?R\<\T ! C\NTRY1 & ( NE>LY EQUAL VALUE 9 EV]Y P>T ( IT4 ,IT WAS ( V]Y GREAT IMPORTANCE TO ! E PROMOTION ( FREE COMM]CIAL 9T]C\RSE BETWE5 ! CITIZ5S ( ! DIFF]5T /ATES1 7:I* WAS ONE ( ! GREATE/ OBJECTS ! CON/ITUTION WAS 9T5D$ TO SECURE17 ?AT ! SUBJECT ( 0T5D]0 %\LD BE UNI=M ?R\<\T ! C\NTRY - O!RWISE CONTRACTS1 MADE 9 ONE /ATE1 MI<T NOT BE /RICTLY1 OR EV5 TOL]ABLY1 5=C$1 9 ! O!R /ATES4 ,& H5CE IT IS PROVID$ ?AT 0NO /ATE %ALL MAKE ANY ?+ BUT GOLD & SILV] CO9 A T5D] 9 PAYM5T ( DEBTS40 .<#d.> 

0,CURR5CY0 MAY CONSI/ ( ANY ?+ ?AT IS A LEGITIMATE SUBJECT ( B>GA9 & SALE1 PROVID$ IT BE SO PORTABLE1 & ITS VALUE CAPABLE ( BE+ SO NE>LY & READILY JUDG$ ( AS ?AT P>TIES TO B>GA9S >E WILL+ FREQU5TLY TO BUY & SELL IT1 9 EX*ANGE = O!R COMMODITIES4- ,! USE ( ANY >TICLE AS CURR5CY1 7:E!R ! >TICLE BE CO9$ MONEY OR ANY ?+ ELSE17 CONSI/S M]ELY 9 BUY+ & SELL+ IT FREQU5TLY - OR MORE FREQU5TLY TITAN PROP]TY 9 G5]AL4 ,N[ ! CON/ITUTION ( ! ,UNIT$ ,/ATES LAYS NO RE/RA9T UPON ! FREQU5T PUR*ASE & SALE ( ANY >TICLE ( M>KETABLE PROP]TY :ATEV]4 

,EXP]I5CE PROVES1 ?AT ! VALUE ( PROMISSORY NOTES1 *ECKS1 BILLS .<"9#b#g.> ( EX*ANGE1 C]TIFICATES ( /OCK @&C41 CAN1 9 MANY CASES1 BE SO NE>LY & READILY JUDG$ (1 ?AT M5 AS READILY AGREE UPON !IR VALUE1 & AS WILL+LY BUY & SELL !M 9 ! C\RSE ( !IR DEAL+S ) EA* O!R1 AS !Y DO CO9$ MONEY1 & ?AT 9 MANY CASES !Y EV5 PREF] !M TO MONEY4 ,9 SO F> AS !Y >E VOLUNT>ILY B\<T & SOLD 9 ?IS MANN]1 !Y CON/ITUTE AS LEGITIMATE & LEGAL A CURR5CY1 AS MONEY ITSELF4 ,! PR9CIPAL PRACTICAL DIFF]5CE BETWE5 ?IS K9D ( CURR5CY & MONEY1 IS ?IS4 ,! LATT] IS A LEGAL SUBJECT ( 0T5D]10 ?AT IS1 A DEBTOR CAN REQUIRE HIS CR$ITOR TO RECEIVE IT1 OR NO?+1 9 PAYM5T ( HIS DUES - :]EAS HE CANNOT REQUIRE HIM TO RECEIVE ANY O!R 0CURR5CY40 ,IF ! CR$ITOR VOLUNT>ILY RECEIVE ! O!R CURR5CY1 ! DEBT IS CANCEL$ AS LEGALLY & EFFECTUALLY AS IF ! PAYM5T HAD BE5 MADE 9 MONEY4 ,BUT IF ! CR$ITOR1 EI!R BECAUSE HE D\BT ! SOLV5CY ( ! PAP] CURR5CY1 OR = ANY O!R REASON1 ELECT TO REFUSE IT1 ! DEBTOR MU/ !N PROCURE & T5D] ! MONEY1 BE =E HE CAN DEM& ?AT HIS DEBT BE CANCEL$4 

,! PR9CIPLES CONT5D$ = BY SOME ADVOCATES ( METALLIC CURR5CY1 ?AT CO9$ MONEY IS ! ONLY >TICLE ?AT CAN CON/ITUTIONALLY BE US$ AS A CURR5CY - ?AT IS1 ?AT IT IS ! ONLY >TICLE ( PROP]TY2 ?AT CAN BE LEGALLY B\<T & SOLD FREQU5TLY - W\LD LAY V]Y GREAT RE/RA9TS UPON TRADE1 & BE A MANIFE/ VIOLATION ( M5'S NATURAL & CON/ITUTIONAL RI<T TO CONTRACT1 MAKE B>GA9S1 & EX*ANGE & ACQUIRE PROP]TY4 

,AGA94 ,! CON/ITUTION EXPRESSLY PROVIDES = AN EXCLUSIVE 0T5D]0 - BUT IT HAS NO PROVISION :ATEV] 9 PROHIBITION ( ANY M]ELY VOLUNT>Y CURR5CY ?AT MI<T OBTA9 AMONG ! PEOPLE4 ,NOR C\LD !RE CONSI/5TLY HAVE BE5 ANY SU* PROHIBITION1 UNLESS ON ! SUPPOSITION ?AT ! PEOPLE W]E 9COMPET5T TO MAKE !IR [N B>GA9S4 ,?IS EXPRESS PROVISION = AN EXCLUSIVE 0T5D]10 & ! 5TIRE OMISSION ( ANY PROVISION 9 REG>D TO AN EXCLUSIVE CURR5CY1 C\LD NOT HAVE BE5 MATT]S ( ACCID5T4 ,IT WAS WELL KN[N1 AT ! ADOPTION ( ! CON/ITUTION1 ?AT PAP] CURR5CY WAS 9 USE BO? 9 ?IS C\NTRY & ELSE:]E1 & IF ! CON/ITUTION HAD 9T5D$ TO LAY ANY RE/RA9T UPON ITS USE1 SO F> AS IT MI<T BE VOLUNT>Y BETWE5 9DIVIDUALS1 IT C]TA9LY W\LD HAVE CONTA9$ SOME EXPLICIT PROVISION ON ! SUBJECT4 

,BUT IT IS SAID ?AT CO9$ MONEY IS E/ABLI%$ AS A 0 /&>D ( VALUE10 & ?AT IT WAS ! 9T5TION ( ! CON/ITUTION1 ?AT ALL O!R COMMODITIES %\LD BE 0MEASUR$0 BY IT-?AT IS1 B\<T & SOLD ) & = IT - 7= ?AT IS ! ONLY WAY ( MEASUR+ ! VALUE ( COMMODITIES BY MONEY7 - & ?AT ! USE ( ANY O!R CURR5CY1 V>IES ! VALUE ( ?IS /&>D4 ,?IS IS A V]Y COMMON1 BUT C]TA9LY A V]Y GR\NDLESS & PREPO/]\S >GUM5T4 ,/RANGE AS ! FACT MU/ BE PRESUM$ TO APPE> TO !SE 0/&>D0 ADVOCATES1 IT IS NEV]!LESS TRUE1 ?AT ! CON/ITUTION NO :]E AU?ORIZES OR SUGGE/S ! E/ABLI%M5T ( ANY 0/&>D0 = MEASUR+ ! 0VALUE0 ( COMMODITIES 9 G5]AL4 ,IT EXPRESSLY AU?ORIZES A 0/&>D ( WEI<TS & MEASURES0 - BUT IT NO- .<"9#b#h.> :]E ALLUDES TO A 0/&>D ( VALUE40 ,& ! REASON ( ?IS OMISSION PROBABLY WAS1 ?AT ! FRAM]S ( ! CON/ITUTION UND]/OOD TWO ?+S1 VIZ1 ?AT ! VALUE ( ANY 0/&>D0 MU/ ( NECESSITY BE AS UNC]TA9 & CONJECTURAL AS ! VALUE ( !M CONT9UES TO BE MEASUR$ BY IT - &1 SECONDLY1 ?AT AS ! VALUE ( ANY /&>D MU/ DEP5D PR9CIPALLY UPON ! VALUE ( ! COMMODITY ( :I* IT %\LD BE COMPOS$1 ! /&>D ITSELF MU/ NECESS>ILY & CON/ANTLY V>Y & FLUCTUATE 9 VALUE LIKE O!R COMMODITIES-?AT IS1 ACCORD+ TO ! WANTS1 NECESSITIES & CAPRICES ( MANK9D 9 REG>D TO ! USE (' ?AT COMMODITY4 

,MONEY OR CO91 PROP]LY SPEAK+1 9/EAD ( BE+ A 0/&>D ( VALUE10 IS A M]E COMMODITY1 :OSE QUANTITY & QUALITY >E ASC]TA9$-BUT :OSE 0VALUE0 IS A MATT] ( CONJECTURE1 CAPRICE & FLUCTUATION1 LIKE ! VALUE ( ALL O!R COMMODITIES4 ,9/EAD ( MEASUR+ ! MEASUR+ VALUE ( O!R COMMODITIES1 IT IS M]ELY SOLD = O!R COMMODITIES1 JU/ AS O!R COMMODITIES >E SOLD = IT4 ,IT NO MORE MEASURES ! VALUE ( O!R COMMODITIES1 ?AN O!R COMMODITIES MEASURE ITS VALUE4 

,IT WAS UND\BT$LY SUPPOS$ BY ! FRAM]S ( ! CON/ITUTION1 ?AT ! 0MONEY10 :I* WAS TO BE 0 CO9$10 & :I* WAS TO CON/ITUTE ! ONLY LEGAL 0T5D] 9 PAYM5T ( DEBTS10 W\LD BE ! COMMODITY1 9 :I* DEBTS W\LD G5]ALLY BE PROMIS$ TO BE PAID4 ,& ! GOV]NM5T ITSELF CO9S ?IS MONEY1 & PLACES ITS /AMP UPON IT1 & PROHIBITS & PUNI%ES ANY C\NT]FEIT+ OR IMITATION ( IT1 9 ORD] ?AT P>TIES1 & ESPECIALLY C\RTS ( JU/ICE1 MAY ALWAYS KN[ ) C]TA9TY1 7)\T HAV+ ! >TICLE WEI<$ & ASSAY$ AGA917 :E!R ! ?+ T5D]$ BY ! DEBTOR1 BE ! ID5TICAL TIM+1 9 QUANTITY & QUALITY1 ?AT HE HAD PROMIS$ TO PAY4 ,BUT ! GOV]NM5T DOES NOT AT ALL ASSUME TO FIX ! VALUE ( ?IS MONEY ?AT IS PROMIS$4 ,IT ONLY ADOPTS ! MEANS NECESS>Y = HAV+ ! ?+ ITSELF ID5TIFI$ - ITS QUANTITY & QUALITY PROV$4 ,IT LEAVES ! 0VALUE0 ( ! TIM+ TO BE CONJECTUR$1 AS ! VALUE ( ALL ?+S MU/ BE4 ,! VALUE ( ! TIM+ TOO1 MAY BE GREAT]1 OR IT MAY BE LESS1 AT ! TIME :5 IT IS PAID OR DELIV]$1 ?AN IT WAS AT ! TIME ! PROMISE WAS MADE4 ,?IS WILL DEP5D1 9 A MEASURE1 UPON ! GREAT] OR LESS CONSUMPTION OR USE !RE IS1 BY ! COMMUNITY1 ( ! MAT]IAL ( :I* ! MONEY IS COMPOS$4 ,BUT ! GOV]NM5T TAKES NO NOTE ( ?IS V>IATION4 ,IT LEAVES ! P>TIES1 DEBTOR & CR$ITOR1 TO TAKE EA* !IR RESPECTIVE RISKS AS TO :E!R ! VALUE ( ! MONEY PROMIS$1 WILL BE GREAT] OR LESS1 AT ! TIME ( PAYM5T1 ?AN AT ! TIME ( MAK+ ! CONTRACTS4 ,! GOV]NM5T PROVIDES ONLY ?AT ! ID5TICAL ?+ PROMIS$1 %AH BE PAID - IT AT NO TIME ATTEMPTS TO DICTATE ! VALUE ?AT EI!R P>TY1 OR ! PUBLIC1 %ALL PUT UPON ?AT >TICLE4 ,! GOV]NM5T1 9 %ORT1 PRESCRIBES ONLY ! QUANTITY & QUALITY ( !IR CO9S - LEAV+ !IR VALUE TO BE REGULAT$ BY ! WANTS ( SOCIETY1 & TO BE CONJECTUR$ BY EA* 9DIVIDUAL :O MAY AT ANY TIME BUY OR SELL !M4 ,IT DOES NO?+1 & HAS A RI<T TO DO NO?+1 TO PREV5T A DEPRECIATION 9 !IR VALUE1 9 CONSEQU5CE .<"9#b#i.> ( ! PEOPLE'S BUY+ & SELL+ O!R >TICLES ( PROP]TY 9 PREF]5CE TO !M4 

,BUT IT WILL BE SAID ?AT ,CONGRESS >E AU?ORIZ$ 0TO CO9 MONEY1 & REGULATE ! VALUE !RE(1 & ( =EIGN CO9S40 ,?IS IS TRUE-BUT ITS OBVI\S MEAN+ IS1 ?AT ,CONGRESS %ALL FIX ! VALUE ( EA* K9D OR PIECE ( CO91 RELATIVELY ) ! O!R K9DS OR PIECES1 - ?AT !Y %ALL1 = 9/ANCE1 DECIDE :AT WEI<T & F95ESS 9 A SILV] CO91 %ALL CON/ITUTE IT EQUAL 9 VALUE TO A GOLD CO9 ( A C]TA9 WEI<T & F95ESS4 ,IT MEANS ?AT !Y %ALL HAVE P[] TO DECL>E ?AT A DOLL> ( SILV] %ALL BE EQUAL 9 VALUE TO A DOLL> ( GOLD1 & ?AT !Y %ALL DECIDE :AT WEI<T & F95ESS ( EA* ( !SE METALS %ALL CON/ITUTE ! DOLL>1 OR UNIT ( REF]5CE4 ,CONGRESS1 !N1 HAVE P[] TO FIX ! VALUE ( ! DIFF]5T CO9S1 RELATIVELY ) EA* O!R - OR TO MAKE !M1 RESPECTIVELY1 /&>DS ( EA* O!R'S VALUE4 ,BUT !Y HAVE NO P[] TO MAKE !M 0/&>DS ( ! VALUE0 ( ANY?+ ELSE1 ?AN EA* O!R - OR TO FIX !IR VALUE RELATIVELY ) ANY?+1 BUT EA* O!R4 ,NOBODY WILL PRET5D ?AT ,CONGRESS HAVE P[] TO FIX ! VALUE ( CO9 RELATIVELY ) :EAT1 OATS OR HAY-?AT !Y HAVE P[] TO SAY ?AT A DOLL> %ALL BE EQUAL 9 VALUE TO A BU%EL1 A PECK1 OR EV5 A P9T1 ( :EAT OR OATS4 ,& IT IS ONLY 9 ! S+LE CASE ( A 0T5D] 9 PAYM5T ( DEBTS10 ?AT ! LEGAL VALUE ( ! CO9S1 RELATIVELY ) EA* O!R1 CAN BE SET UP4 ,9 ALL O!R CASES 9DIVIDUALS >E AT P]FECT LIB]TY TO GIVE MORE OR LESS = ANY ONE ( ! CO9S ?AN !Y W\LD = ANY O!RS ( ! SAME LEGAL VALUE4 

,BUT IT WILL P]HAPS BE >GU$ ?AT ! CU/OM ( MANK9D IS TO MEASURE ! VALUE ( COMMODITIES G5]ALLY BY ! VALUE ( CO9 - & ?AT IT WAS ! 9T5TION ( ! CON/ITUTION ?AT CO9 %\LD BE1 9 PRACTICE1 A 0/&>D ( VALUE40 ,BUT ?IS CU/OM IS BY NO MEANS UNIV]SALLY OBS]V$1 = DIFF]5T K9DS ( PROP]TY >E CONT9UALLY EX*ANG$1 OR B\<T & SOLD ) & = EA* O!R1 )\T ! VALUE ( EI!R BE+ E/IMAT$ 9 CO9-& NOBODY D\BTS ! LEGALITY ( SU* PUR*ASES & SALES4 ,& EV5 :5 ! VALUE IS E/IMAT$ 9 CO91 IT IS ! RESULT ( HABIT & CONV5I5CE1 & NOT ( ANY REQUIREM5T ( LAW4 ,BUT1 9 PO9T ( FACT1 :5 ANY >TICLE ( PROP]TY IS SOLD = CO91 SU* >TICLE AS MU* MEASURES ! VALUE ( ! CO91 AS ! CO9 MEASURES ! VALUE ( SU* >TICLE4 ,IF A DOLL> 9 CO9 & A BU%EL ( :EAT >E EX*ANG$ = EA* O!R1 ! :EAT AS MU* MEASURES ! VALUE ( ! DOLL>1 AS ! DOLL> MEASURES ! VALUE ( ! :EAT4 

,WE HE> MU* ( AN ANALOGY BETWE5 A 0/&>D ( WEI<TS & MEASURES10 & A 0/&>D ( VALUE0 - AS IF ! CON/ITUTION RECOGNIZ$ SU* AN ANALOGY4 ,BUT NO SU* ANALOGY IS RECOGNIZ$ BY ! CON/ITUTION1 NOR DOES IT1 NOR CAN IT EXI/ 9 FACT4 ,IT EXI/S MA9LY 9 S\ND4 ,!Y DIFF] 9 ! ESS5TIAL QUALITY ( A /&>D1 VIZ1 ?AT ( BE+ FIX$4 ,/&>DS ( QUANTITY CAN BE FIX$1 & :5 FIX$1 !Y REMA9 UNALT]ABLE-BECAUSE !Y CONSI/ ( C]TA9 AM\NTS ( MATT]1 & MATT] IS 9DE/RUCTIBLE4 ,!Y ALSO BE> A FIX$1 ASC]TA9ABLE & .<"9#c.> UNALT]ABLE PROPORTION TO O!R QUANTITIES ( MATT]4 ,BUT ! VALUES ( DIFF]5T COMMODITIES1 AS COMP>$ ) EA* O!R1 CAN ONLY BE CONJECTUR$ AT ANY TIME1 & ! VALUES ( ALL >TICLES1 7AS WELL ?OSE ?AT MAY HE SELECT$ AS /&>DS1 AS ANY O!RS17 NECESS>ILY FLUCTUATE ) ! EV] V>Y+ WANTS & CAPRICES ( MANK9D-= IT IS ONLY ! WANTS & CAPRICES ( MANK9D ?AT GIVE VALUE TO ANY ?+4 .<#e.> 

,BUT ADMITT+1 = ! SAKE ( ! >GUM5T1 ?AT CO9S >E 0/&>DS ( VALUE0-& ?AT !RE IS PRESUM$ TO BE1 BY ! CON/ITUTION1 & ?AT !RE ACTUALLY IS1 AN ANALOGY BETWE5 A 0/&>D ( WEI<TS & MEASURES10 & A 0/&>D ( VALUE 0-/ILL NO?+ CAN BE 9F]R$ FROM ?AT ANALOGY1 TO JU/IFY ANY RE/RA9T UPON ! FREE USE ( SU* O!R CURR5CY ?AN CO91 AS P>TIES MAY VOLUNT>ILY AGREE TO GIVE & RECEIVE 9 !IR B>GA9S ) EA* O!R4 ,CONGRESS FIXES ! L5G? ( ! Y>D-/ICK1 9 ORD] ?AT !RE MAY BE SOME /&>D1 KN[N 9 LAW1 ) REF]5CE TO :I* CONTRACTS MAY CONV5I5TLY BE MA DE1 7IF ! P>TIES C_/MOOSE TO REF] TO !M17 & ACCURATELY 5=C$ BY C\RTS ( JU/ICE :5 MADE4 ,BUT !RE IS NO COMPULSION UPON ! PEOPLE TO USE ?IS /&>D 9 !IR ORD9>Y DEAL+S4 ,IF1 = 9/ANCE1 TWO P>4 TIES >E DEAL+ 9 CLO?1 !Y MAY1 IF !Y BO? ASS5T TO IT1 MEASURE IT BY A CANE OR A BROOM-H&LE1 & ! ADMEASUREM5T IS AS LEGAL AS IF MADE ) A Y>D-/ICK4 ,OR P>TIES MAY MEASURE GRA9 9 A BRISKET1 OR W9E 9 A BUCKET1 OR WEI< SUG> ) A /ONE4 ,OR !Y MAY BUY & SELL ALL !SE >TICLES 9 BULK1 )\T ANY ADMEASUREM5T AT ALL4 ,ALL ?AT IS NECESS>Y TO MAKE SU* B>GA9S LEGAL1 IS1 ?AT BO? P>TIES %\LD UND]/&+LY & VOLUNT>ILY ASS5T TO !M - & ?AT !RE %\LD BE NO FRAUD ON ! P>T ( EI!R P>TY4 ,! USE ( A PA P] CURR5CY IS SOME:AT ANALOG\S TO ! USE ( SOME O!R MEASURE ( QUANTITY ?AN ?OSE /&>DS SPECIALLY 9/ITUT$ BY LAW4 ,:5EV] O!R CURR5CY ?AN CO9 IS GIV5 & RECEIV$1 IT IS NECESS>ILY DONE ) ! KN[L$GE & CONS5T ( BO? P>TIES - BECAUSE ! DIFF]5CE BETWE5 ! =M & MAT]IAL ( A PROMISSORY NOTE1 & ?OSE ( A .<"9#c#a.> METALLIC DOLL>1 IS SO GREAT AS TO R5D] ! SUB/ITUTION ( ONE = ! O!R1 )\T ! KN[L$GE ( BO? P>TIES1 IMPOSSIBLE4 

,ONE >GUM5T MORE IS P]HAPS WOR?Y ( NOTICE4 ,IT IS SAID ?AT ! 0REGULATION ( ! CURR5CY1 IS A PR]OGATIVE ( SOV]EIGNTY0-& IT IS H5CE TAK5 = GRANT$ TO BE A PR]OGATIVE ( \R [N GOV]NM5TS4 ,IT MAY BE1 & PROBABLY IS1 AN ASSUM$ PR]OGATIVE ( ALL DESPOTIC GOV]NM5TS - = SU* GOV]NM5TS ASSUME TO CONTROL EV]Y ?+ !Y PLEASE4 ,BUT \R GOV]NM5TS HAVE NO PR]OGATIVES EXCEPT :AT ! PEOPLE HAVE GIV5 TO !M .<#f.>& AMONG ?OSE1 IS NO ONE TO DICTATE :AT >TICLES ( PROP]TY MAY1 & :AT MAY NOT1 BE B\<T AMID SOLD SO FREQU5TLY AS TO BECOME PRACTICALLY A CURR5CY4 ,! P[] TO CO9 MONEY1 & REGULATE ! VALUE !RE(1 & ( =EIGN CO9S1 & TO MAKE ?OSE CO9S AN EXCLUSIVE 0T5D]9 PAYM5T ( DEBTS10 >ID TO PROVIDE = ! PUNI%M5T ( C\NT]FEIT+ ! SECURITIES & CURR5T CO9 (' ! ,UNIT$ ,/ATES1 >E ! ONLY PR]OGATIVES CONF]R$ BY ! PEOPLE UPON \R GOV]NM5TS1 ) ANY DIRECT OR EVID5T VIEW TO A 0CONTROL ( ! CURR5CY40 ,! OBJECT ( CONF]R+ !SE PR]OGATIVES ON ! GOV]NM5T1 OBVI\SLY IS1 TO PREV5T LITIGATION1 & FACILITATE ! 5=CEM5T ( CONTRACTS BY C\RTS ( JU/ICE1 BY PROVID+ A LEGAL M$IUM = PAY+ DEBTS1 :]E ! P>TIES CANNOT O!RWISE AGREE BETWE5 !MSELVES4 ,& IT WAS D\BTLESS ALSO ANO!R OBJECT1 9CID5TALLY1 TO FURNI% A CONV5I5T CURR5CY1 :I* ! PEOPLE %\LD BEAT LIB]TY TO USE1 7?AT IS1 BUY & SELL17 IF !Y %\LD *OOSE TO DO SO4 ,BUT SU* PR]OGATIVES AS !SE >E AS DIFF]5T FROM ?AT ( RE/RA9+ ! PEOPLE FROM ! FREQU5T PUR*ASE & SALE ( ANY ?+ ELSE ?AT !Y MAY PREF] TO !SE CO9S1 AS LIB]TY IS FROM TYRANNY4 

,BUT - GRANT+ ALL ?AT ! ADVOCATES ( A COMPULSORY METALLIC CURR5CY CLAIM - ?AT IT IS A PR]OGATIVE ( GOV]NM5T TO REGULATE ! CURR5CY - ?AT \R CO9S >E /&>DS ( VALUE - & ?AT ! VALUE ( !SE /&>DS WILL BE V>I$1 UNLESS ! USE ( ALL O!R CURR5CY BE .<"9#c#b.> PROHIBIT$-GRANT ALL ?IS1 & IT MAKES NO?+ 9 FAVOR (' ANY P[] 9 ! /ALE GOV]NM5TS TO REGULATE ! VALUE ( ?IS /&>D1 EI!R BY USURY LAWS1 OR BY RE/RA9+ ! USE ( ANY O!R CURR5CY ?AT ! PEOPLE MAY *OOSE4 ,CONGRESS HAVE ALL ! P[] ?AT EXI/S 9 EI!R GOV]NM5T1 = REGULAT+ ! VALUE ( CO9$ MONEY10 & IF !Y1 EI!R FROM *OICE1 OR BECAUSE !Y HAVE NO P[] TO DO O!RWISE1 HAVE LEFT ! VALUE ( ?IS MONEY TO BE REGULAT$ BY ! BE/ ( ALL REGULATORS-! LAWS ( TRADE1 & ! WANTS ( ! PEOPLE-ANY ATTEMPT1 ON ! P>T ( ! /ATE GOV]NM5TS1 TO 9T]F]E ) SU* REGULATION1 IS AS IMPORTANT AS IT IS UNCON/ITUTIONAL4 

,],R,A,T,A4 

0,*AP4 #e0 @&C41 9 ! TABLE ( CONT5TS-0 BECOME0 = BECAME1 ON ! #a#c? PAGE1 ONE L9E FROM ! BOTTOM ( ! NOTES4 

.<#a.> ,IF CONTRACTS HAD HAD NO OBLIGATION ( !IR [N1 !RE MI<T HAVE BE5 SOME REASON = SUPPOS+ ?AT ! WORDS ( TIRE CON/ITUTION REF]R$ TO SOME OBLIGATION1 :I* ! GOV]NM5T MI<T ASSUME TO CREATE1 & ANNEX TO CONTRACTS4 ,BUM :5 CONTRACTS REALLY HAVE ! OBLIGATION1 :I* IS SO PRECISELY & NATURALLY DESCRIB$ BY ! WORDS ( ! CON/ITUTION1 & :5 ?IS IS ! ONLY OBLIGATION ?AT IS ACKN[L$G$ OR 5=C$ AMONG M51 IT IS ABSURD TO PRET5D1 BECAUSE ?IS OBLIGATION HAS NOT ALWAYS BE5 5TIC$ TO ! LETT]1 ?AT ! CON/ITUTION 9T5D$ TO PASS ,I BY 9 SIL5CE1 & APPLY ITS LANGUAGE TO SOME O!R OBLIGATION1 !REAFT] TO BE CREAT$1 & ! NATURE ( :I*1 C\LD NOT BE ANTICIPAT$4 ,RETURN 

.<#b.> ,?IS M9ORITY1 H[EV]1 MADE ONE ADMISSION1 ?AT WAS 9CONSI/5T ) !IR G5]AL DOCTR9ES4 ,IT WAS4 ?AT 0ACTS AGA9/ USURY10 :I* DECL>$ ! CONTRACT 7:OLLY7 VOID FROM ! BEG9N+10 & 0D5I$ IT ALL ORIG9AL OBLIGATION10 W]E VALID4 ,!Y ?US HELD ?AT ! CON/ITUTIONAL PROHIBITION AGA9/ 0ANY LAW IMPAIR+ ! OBLIGATION ( CONTRACTS10 MI<T BE =E/ALL$ BY A LAW DECL>+ ?AT CONTRACTS %\LD HAVE NO OBLIGATION TO BE IMPAIR$4 ,BUT !Y MI<T AS WELL HAVE HELD ?AT A CON/ITUTIONAL PROHIBITION AGA9/ IMPAIR+ A MAN'S RI<T TO LIFE & LIB]TY2 MI<T BE =E/ALL$ BY A LAW DECL>+ ?AT NO P]SON1 !REAFT] TO HE BORN1 %\LD HE DEEM$ TO HAVE ANY RI<T TO LIFE & LIB]TY OR ?AT ! CON/ITUTIONAL PROHIBITION AGA9/ 0ANY LAW ABRIDG+ ! FRE$OM ( SPEE*10 MI<T BE =E/ALL$ BY A LAW DECL>+ ?AT1 FROM & AFT] A C]TA9 TIME1 !RE %\LD BE NO FRE$OM ( SPEE* TO BE ABRIDG$4 ,MR4 ,WEB/]1 9 HIS >GUM5T ( ! CAUSE1 MADE ! SAME 9CONSID]ATE ADMISSION4 ,NO REASON1 W]E GIV5 = IT4 BY ANY ( !M1 EXCEPT ! NAK$ UNSU/A9$ ASS]TION1 ?AT ! ,/ATES HAD P[] TO PROHIBIT SU* CONTRACTS4 ,?IS 9CONSI/5T & GR\NDLESS ADMISSION WAS TURN$ AGA9/ !M1 AT ! TIME1 & MADE TO DE/ROY ! =CE ( !IR O!RWISE ABLE >GUM5TS4 

,?R\<\T ! :OLE CASE1 ! C\RT & C\NSEL1 ON ALL SIDES1 SEEM$ TO TAKE IT = GRANT$ ?AT /ATUTE LAW WAS A GUIDE 9 CON/ITUTIONAL 9T]PRETATION1 & ?AT IT WAS MORE IMPORTANT TO SU/A9 C]TA9 /ATUTE LAWS ( ! /ATES1 ?AN TO SUPPORT ! CON/ITUTION ( ! ,UNIT$ ,/ATES4 ,H[ BO? C\LD BE SU/A9$ WAS AN 9EXPLICABLE MATT]4 ,SOME ?\<T IT C\LD HE DONE ONLY 9 ONE WAY1 & SOME ONLY 9 ANO!R-& H5CE ! IRRECONCILABLE DIFFICULTIES & DISAGREEM5TS1 9 :I* !Y BECOME 9VOLV$4 ,NONE ( !M HAD C\RAGE TO COME UP TO ! M>K ( SU/A9+ ! CON/ITUTION1 & QUA%+ \TRI<T EV]Y ?+ 9CONSI/5T ) IT4 ,RETURN 

.<#c.> ,! DISS5T+ OP9ION ( ,M>%ALL1 ,DUVALL & ,/ORY1 9 ! CASE ( ,OGD5 & ,SAUND]S1 7#a#b ,:EATON17 AL?\<1 AS BE=E M5TION$1 NOT A CONSI/5T ONE ?R\<\T1 IS YET A V]Y ADMIRABLE & CONCLUSIVE >GUM5T 9 SUPPORT ( ! 9TR9SIC OBLIGATION ( CONTRACTS1 & ( ! RI<T ( 9DIVIDUALS1 UND] \R CON/ITUTION TO MAKE !IR [N CONTRACTS4 ,! OP9IONS ( ! MAJORITY ( ! C\RT >E ALSO 9/RUCTIVE1 AS %[+ H[ ! M9DS ( ?OSE COMPOS+ \R HI<E/ TRIBUNAL1 B[ TO ! AU?ORITY ( FICTIONS & PREC$5TS DESIGN$ M]ELY TO SU/A9 MON>*ICAL & >BITR>Y P[]1 AMID H[ 9CAPABLE !Y >E ( APPRECIAT+ ! FREE PR9CIPLES ( \R [N CON/ITUTIONS4 ,RETURN 

.<#d.> ,! DECISION1 ( SOME ( \R /ATE C\RTS1 ?AT BANK BILLS >E A LEGAL T5D]1 UNLESS OBJECT$ TO BY ! CR$ITOR1 >E PALPABLY UNCON/ITUTIONAL4 ,! C\RTS HAVE AS MU* RI<T TO SAY ?AT ! PROMISSORY NOTES ( ANY O!R 9DIVIDUALS1 :O >E SUPPOS$ TO BE SOLV5T1 >E A LEGAL T5D]1 UNLESS OBJECT$ TO1 AS TO SAY ?AT ! PROMISSORY NOTES ( A COMPANY ( BANK]S >E SU* A T5D]4 ,RETURN 

.<#e.> ,! VALUE ( GOLD & SILV]1 AS CURR5CY1 DEP5DS MA9LY UPON ! VALUE !Y HAVE 7OR O!R PURPOSES1 SU* AS GILD+1 D5TI/RY1 WAT*ES1 ORNAM5TS @&C4 ,& !IR VALUE = !SE LATT] PURPOSES1 DEP5DS UPON !IR BEAUTY & UTILITY1 COMP>$ ) ?OSE ( O!R >TICLES1 ?AT >E CONT9UALLY MANUFACTUR$1 9V5T$ & DISCOV]$1 & MADE TO COMPETE ) !M 9 GRATIFY+ ! WANTS & VANITY ( M54 ,?IS VALUE IS AFFECT$ AGA91 BY PREVAIL+ FA%IONS1 & ! GREAT] OR LESS L\DNESS ( SOCIETY 7OR TR9KETS1 ORNAM5TS #d4C4 ,?IS VALUE IS MODIFI$ /ILL FUR!R1 BY ! SC>CITY OR ABUNDANCE ( ! METALS !MSELVES-BY ! DISCOV]Y ( NEW M9ES1 ! B>R5NESS & F]TILITY ( OLD ONES1 & ! PRICE ( LABOR 9 M9+ C\NTRIES4 ,!IR VALUE IS ALSO CONTROLL$ & *ANG$1 9 ONE C\NTRY1 BY ! LEGISLATION ( O!R C\NTRIES4 ,& !IR G5]AL VALUE1 ?R\<\T ! WORLD1 IS CONT9UALLY V>I$ BY ! EV] *ANG+ CONDITIONS ( SOCIETY-BY W>1 BY PEACE1 BY ! PROGRESS ( ! >TS1 & ! 9CREASE ( WEAL?1 POPULATION & COMM]CE ,IF IT W]E1 7AS IT IS NOT17 9 ! NATURE ( ?+S1 ?AT A0 /&>D ( VALUE0 C\LD BE E/ABLI%$ AT ALL1 A MORE UN/ABLE & T5SILE /&>D ?AN GOLD & SILV]1 C\LD H>DLY BE F\ND4 ,& EV]Y T\* ( LEGISLATION1 9/EAD ( FIX+ S]VES BUT TO CONTRACT OR EXT5D IT4 ,:5 ! V>I\S ELEM5TS ( VALUE1 VIZ1 FANCY1 FA%ION1 CAPRICE1 UTILITY1 NECESSITY1 SUPPLY1 DEM&1 PRODUCTION1 CONSUMPTION1 LABOR1 LEGISLATION1 W>1 PEACE1 ! PROGRESS ( ! >TS1 WEAL?1 POPULATION1 COMM]CE1 &1 ABOVE ALL1 ! JUDGM5TS ( M5 9 E/IMAT+ VALUE1 %ALL ALL BE BR\<T UND] ! JURISDICTION ( ! LEGISLATURE1 & MADE TO OBEY ! /ATUTES 9 SU* CASES MADE & PROVID$ IT WILL !N BE 9 TIME TO TALK AB\T E/ABLI%+ 0 /&>DS ( VALUE40 ,RETURN 

.<#f.> ,I AM AW>E ?AT IT IS ! JUDICIAL DOCTR9E1 9 ?IS C\NTRY1 ?AT \R /ATE GOV]NM5T POSSESS ALL P[]S1 EXCEPT :AT >E EXPRESSLY PROHIBIT$ TO !M4 ,BUT ?IS DOCTR9E HAD ! SAME ORIG9 ) ! ONE ?AT ! LAW MAKES A P>T ( ! CONTRACT4 ,IT IS A PURELY DESPOTIC DOCTR9E1 & IS BORR[$ FROM GOV]NM5TS F\ND$ ORIG9ALLY 9 =CE AMID USURPATION1 & :I* HAVE RETA9$ ALL P[]S1 EXCEPT :AT HAVE BE5 WRE/$ FROM !M BY ! PEOPLE4 ,IT IS A CONSI/5T PR9CIPLE1 ?AT SU* GOV]NM5TS HAVE ALL P[]S1 EXCEPT :AT >E PROHIBIT$ TO !M1 ,& \R JUDGES1 II1 BL9D OB$I5CE TO MON>*ICAL PREC$5TS1 OR 9 BASE SUBS]VI5CY TO LEGISLATIVE USURPATION1 HAVE 9TRODUC$ ! PR9CIPLE 9TO ?IS C\NTRY4 ,BUT \R GOV]NM5TS1 NEI!R /ATE NOR NATIONAL1 W]E F\ND$ 9 =CE OR USURPATION2 NOR DO !Y EXI/ EI!R BY NATURAL OR DIV9E RI<T4 ,!Y >E M]E 9/ITUTIONS1 VOLUNT>ILY CREAT$ BY ! PEOPLE4 ,!IR V]Y EXI/5CE & ALL !IR P[]S >E D]IV$ SOLELY & :OLLY FROM ! GRANTS ( ! PEOPLE4 ,( NECESSITY1 !RE=E1 !Y CAN HAVE NO P[]S1 EXCEPT :AT >E GRANT$4 ,?IS PR9CIPLE IS UNIV]SALLY ADMITT$ TO BE TRUE ( ! NATIONAL GOV]NM5T1 & IT IS EQUALLY TRUE1 7& = ! SAME REASON17 ( ! /ATE GOV]NM5TS4 ,! CONTR>Y DOCTR9E IS ! AU?ORITY1 & ! ONLY AU?ORITY@9'1 = A L>GE MASS ( ,/ATE LEGISLATION1 DE/RUCTIVE ( M5'S NATURAL RI<TS4 ,( ?IS LEGISLATION1 ! LAWS RE/RA9+ PRIVATE BANK+ & ! RATES ( 9T]E/1 >E SPECIM5S4 ,!SE TWO DOCTR9ES1 ?AT ! LAW MAKES A P>T ( ! CONTRACT1 & ?AT ! /ATE LEGISLATURES HAVE ALL P[]S1 EXCEPT :AT >E SPECIALLY PROHIBIT$ TO !M1 >E ILLU/RATIONS ( ! 9SIDI\S MANN]1 9 :I* ! JUDICI>Y L5D !IR SANCTION TO ! MO/ SWEEP+ 5CROA*M5TS UPON 9DIVIDUAL LIB]TY1 & ! VITAL PR9CIPLES ( \R GOV]NM5TS 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
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