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First Legal Tender Case

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First Legal Tender Case

US Supreme Court case (Hepburn v. Griswold) of 1870 that reviewed Congress's right to pay its debts with unbacked paper money. The case was one of numerous suits protesting the use of $450 million issued under the Legal Tender Acts (1862, 1863) to repay loans. The Court found the acts unconstitutional because they made the paper money legal tender for the payment of all debts, including ones contracted before the passage of the acts, a violation of the obligation of contracts. The Court also noted that the Constitution prohibits payment of public debts with anything but gold and silver.



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