MONEY. Gold and silver coins. The common medium of exchange in a civilized nation.
There is some difference of opinion as to the etymology of the word money ; and writers do not agree as to its precise meaning. Sorue writers de fine it to be the common medium of exchange among oivilized nations; but in. the United States constitution there is a provision. which has been rupposed to make it synonymous with coins: "The oongress shall have power to eoin money." Art. I, sect. 8. Again : " No state shall coin money, or make any thing but gold snd silver a legal tender in payment of debt." Art. 1, sect. 10. Hence the money of' the United States consists of' gold and silver °nine. And so well has the oongress of the United States maintained this point, that the copper coins heretofore struck, and the nickel cent of recent issues, although authorized to "pass ourrent," are not money in an exact sense, because they are not made a legal tender in the payment of debts. The question has been made whether a paper currency ORO be oonstitutionally authorized by congress and constituted a legal tender in tbe payment of private debts. Such a power has been exercised and ad
judged valid by the highest tribunal of several of the states, but has not been passed upon by the supreme court of the United States.
For many purposes, bank-notes, 1 Younge & J. Exch. 38D ; 3 Mass. 405 ; 14 id. 122 ; 17 id. 560 ; 4 Pick. Mass. 74 ; 2 N. H. 333 ; 7 Cow. N. Y. 662 ; Brayt. Vt. 24 ; a check, 4 Bingh. 179, and negotiable notes, 3 Mass. 405, will be considered as money. To sup port a, count for money had and received, the receipt by the defendant of bank-notes. pro missory notes, 3 Mass. 405 ; 9 Pick. Mass. 93 ; 14 Me. 285 ; 7 Johns. 132, credit in ac count in the books of a third yerson, 3 Campb. 199, or any chattel, is sufficient, 4 Pick. Mass. 71 ; 17 'Slam. 560, and will be treated as money. See 7 Wend. N. Y. 311 ; 8 id. 641 • 7 Serg. & R. Penn. 246 ; 8 Tern:, 687 ; 3 ios. & P. 559 ; 1 Younge & J. Exch. 380.