Currency

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CURRENCY. The money which passes, at a fixed value, from hand to hand; money which is authorized by law.
     2. By art. 1, s. 8, the Constitution of the United States authorizes congress "to coin money, and to regulate the value thereof." Changes in the currency ought not to be made but for the most urgent reason, as they unsettle commerce, both at home and abroad. Suppose Peter contracts to pay Paul one thousand dollars in six months-the dollar of a certain fineness of silver, weighing one hundred and twelve and a half grains-and afterwards, before the money becomes due, the value of the dollar is changed, and it weighs now but fifty-six and a quarter grains; will one thousand of the new dollars pay the old debt? Different opinion may be entertained, but it seems that such payment would be complete; because, 1. The creditor is bound to receive the public currency; and, 2. He is bound to receive it at its legal value. 6 Duverg. n. 174.

References in periodicals archive ?
Before the rupee has introduced to Sri Lanka as the legally valid monetary unit for exchange purpose in 1872, several monetary units were used during the European rules and protegees used their own currency unit and Dutch administration used monetary units imported to Sri Lanka from Indonesia and the Netherland.
Gulf countries agreed on the currency in 2001, saying it would help integrate their economies, and the original timetable would have seen the new monetary unit in place this year.
According to the judges, the coin possesses all-around appeal both from the aesthetic and commercial viewpoints, and best meets the basic considerations of actual circulation as a monetary unit.
In the judges' view, the coin possesses all-around appeal both from the aesthetic and commercial viewpoints and best meets the basic considerations of actual circulation as a monetary unit.
In Table 1, the monetary unit is some arbitrary amount.
Based on local monetary unit, Tehran Stock Exchange index reached 34652 showing 0.7 percent growth over 2007.
Each profile begins by identifying country name, capital, national anthem, monetary unit, systems of weights and measures, holidays, and time zone.
For every dollar, euro, pound, peso, rupee or other monetary unit donated, Flint Ink Foundation contributed two more, thus tripling the amount of employee donations.