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Constitutional Law-Application Of Joint Resolution Of Congress To Gold Clause In Bonds Of Corporations Of Other Countries
Michigan Law Review
Plaintiff, a South American corporation, brought suit to recover on bearer bonds of a Finland corporation sold to plaintiff in New York. The bonds contained the stipulation that they were to be paid "in gold coin of the United States of America of the standard of weight and fineness as it existed on July 1, 1924." Both the principal and interest on these bonds were payable in New York. Held, the Congressional Joint Resolution declaring gold clauses in obligations to be against public policy and providing for discharging such obligations on payment, dollar for dollar, of legal tender coin, …