Smith v. Shaw
U.S. Circuit Court for the District of Pennsylvania
This action was brought by an English merchant, upon an account of goods shipped to the testator; and the only question was, as to the proper mode of calculating the interest. insisted that the interest should be calculated whenever a payment is made, to which the payment should, in the first instance, be applied; and if it exceed the interest then due, the balance to be applied to diminish the principal; if it fall short of the interest, the balance of interest should not…
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This action was brought by an English merchant, upon an account of goods shipped to the testator; and the only question was, as to the proper mode of calculating the interest. insisted that the interest should be calculated whenever a payment is made, to which the payment should, in the first instance, be applied; and if it exceed the interest then due, the balance to be applied to diminish the principal; if it fall short of the interest, the balance of interest should not be added to the principal, so as to carry interest. contended that the interest should be calculated upon the principal,…
1Opinion of the Court
BY
THE COURT.
There is no difference, as to the application of the general rule, between these debts, whose interest is of course to be charged, and those where the jury may allow it by way of damages; and in both, the rule mentioned by the plaintiff’s counsel is the right one. But as the plaintiff has stated it otherwise, we think he ought to be bound by it. Another question was, whether this being a sterling debt, should be turned into currency at the par of exchange, or at the present rate. The court stated thát it ought to be at the present rate, to which Mr. Ingersoll assented.
Verdict for…
2Cited by5 opinions
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