Holyoke Water Power Co. v. American Writing Paper Co.

The controversy is one as to the number of dollars in present currency that will discharge a covenant for rent in leases antedating the reduction of the gold content of the dollar, the covenant being phrased in the manner hereinafter stated.

At various times between 1881 and 1897 thirteen leases were executed by the Holyoke Water Company, the petitioner, to the American Writing Paper Company, Inc., the respondent, for the enjoyment in perpetuity of waterpower rights and privileges in consideration of an annual rental. With variations immaterial for present purposes, the provision for rental is…