McFarland v. State Bank
Supreme Court of Arkansas
This was an action of debt, tried in June, 1841, in tbe Circuit Court of Independence county, before the Hon. Thomas Johnson, one of the Circuit Judges. The Bank of the State sued upon a bond for ,§255, executed to her by one defendant as principal, and the others as securities, jointly and severally, payable at the Branch at Batesville.
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This was an action of debt, tried in June, 1841, in tbe Circuit Court of Independence county, before the Hon. Thomas Johnson, one of the Circuit Judges. The Bank of the State sued upon a bond for ,§255, executed to her by one defendant as principal, and the others as securities, jointly and severally, payable at the Branch at Batesville. The defendants pleaded, First, non est factum,, not sworn to; Second, that the bond was executed for a loan of notes of the Bank, which notes were bills of credit, and unconstitutional; Third, a plea of usury, omitting the allegation of corrupt agreement.…
1Opinion of the Court
By the Court,
Lacy, J.
The facts stated in the record present, at the outset, the question of the constitutionality of the act of the Legislature incorporating the Bank of the State of Arkansas. On the part of the .plaintiffs in error, it is contended that this law is repugnant to that clause of the Constitution of the United States, which declares that “ no State shall emit bills of credit.” For the defendant, it is said, that the issues of the Bank paper are not bills of credit, within the meaning of the Constitution, and therefore they aqe not included within its prohibition. The meaning of…
2Cases cited2 opinions
- Briscoe v. President of the Bank of the CommonwealthSupreme Court of the United States · 1837
- King and Others v. Hamilton and OthersSupreme Court of the United States · 1830
3Cited by3 opinions
- Egbert v. PetersSupreme Court of Minnesota · 1886
- S. C. Transport Company v. BarnesSupreme Court of Arkansas · 1935
- Reed v. Bank of the StateSupreme Court of Arkansas · 1843