The Legal Tender Problem

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Whatever the decision, the college buffered nothing more than a change of officers and name.
The dramatics of tfie speaker were not successful in enabling the impressionables on the bench to secure a majority; and though the case was argued in March, 1818, it was not decided until February 2, 1819. "Justices Mar- shall and Washington were for deciding that a charter was a contract; Ju^ice Story was inclined to an opinion favor- able to the power of the State Legislature to pass the laws, but wa
...s still open to conviction ; Justices Johnson and Liv- ingston were wholly undecided ; and Justices Ford and Duval were against the contract theory." Thus the matter stood, Chief Justice Marshall the eager champion of the theory that a charter was a contract.
" The announdement was made by the chief justice that in consequence of the disagreement of the judges no opin- ion could be given, and the case must be continued until the next term of the court." This left the -matter open for fur- ther argument.


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