Switching Time and Other Thought Experiments: the Hughes Court and Constitutional Transformation
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Gold Contracts and Currency Regulation Charles S
Cornell Law Review Volume 23 Article 2 Issue 4 June 1938 Gold Contracts and Currency Regulation Charles S. Collier Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation Charles S. Collier, Gold Contracts and Currency Regulation , 23 Cornell L. Rev. 520 (1938) Available at: http://scholarship.law.cornell.edu/clr/vol23/iss4/2 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. GOLD CONTRACTS AND CURRENCY REGULATION CHARLES S. COLLIER Is the historic "gold clause" controversy. still alive?' Can we find in the leading opinions of the Supreme Court a firm foundation for constructive currency policies within the true limits of the constitutional grants of power to the federal government which relate to this subject? Is there perhaps a hitherto undiscovered, but intrinsically acceptable "middle ground" as between the conflicting views that have been maintained on the question of the constitutionality of the gold -clause legislation of June 5, 1933,2 so that the hope may be entertained that eventually a consensus of legal and political opinion on this subject can be established? -The central questions with relation to the gold clause controversy have been brought into focus once more by two arresting decisions of the United States Supreme Court rendered in the course of the year 1937. The first of these is the decision in the case of Holyoke Water Power Company v. -
The Instrumental Role of Congressman Hatton Sumners in the Resolution of the 1937 Court-Packing Crisis, 54 UIC J
UIC Law Review Volume 54 Issue 2 Article 1 2021 “What I Said Was ‘Here Is Where I Cash In’”: the Instrumental Role of Congressman Hatton Sumners in the Resolution of the 1937 Court-Packing Crisis, 54 UIC J. Marshall L. Rev. 379 (2021) Josiah Daniel III Follow this and additional works at: https://repository.law.uic.edu/lawreview Part of the Law Commons Recommended Citation Josiah M. Daniel III, “What I Said Was ‘Here Is Where I Cash In’”: the Instrumental Role of Congressman Hatton Sumners in the Resolution of the 1937 Court-Packing Crisis, 54 UIC J. Marshall L. Rev. 379 (2021) https://repository.law.uic.edu/lawreview/vol54/iss2/1 This Article is brought to you for free and open access by UIC Law Open Access Repository. It has been accepted for inclusion in UIC Law Review by an authorized administrator of UIC Law Open Access Repository. For more information, please contact [email protected]. “WHAT I SAID WAS ‘HERE IS WHERE I CASH IN’”: THE INSTRUMENTAL ROLE OF CONGRESSMAN HATTON SUMNERS IN THE RESOLUTION OF THE 1937 COURT- PACKING CRISIS JOSIAH M. DANIEL, III* I. THE CONGRESSMAN’S “CASH IN” UTTERANCE UPON DEPARTING THE WHITE HOUSE ON FEBRUARY 5, 1937 ... 379 II. HATTON W. SUMNERS’S LIFE AND CONGRESSIONAL CAREER ......................................................................................... 384 III. THE NEW DEAL’S LITIGATION PROBLEM AND PRESIDENT FRANKLIN D. ROOSEVELT’S PROPOSED COURT-PACKING SOLUTION ........................................................................ 393 IV. SUMNERS’S TWO JUDICIAL BILLS AS BOOKENDS TO THE CRISIS .............................................................................. 401 a. March 1, 1937: The Retirement Act ....................... 401 b. August 24, 1937: The Intervention Act ................. -
Yearbook 1988 Supreme Court Historical Society
YEARBOOK 1988 SUPREME COURT HISTORICAL SOCIETY OLIVER WENDELL HOLMES, JR. Associate Justice, 1902-1933 YEARBOOK 1988 SUPREME COURT HISTORICAL SOCIETY OFFICERS Warren E. Burger Chief Justice of the United States (1969-1986) Honorary Chainnan Kenneth Rush, Chainnan Justin A. Stanley, President PUBLICATIONS COMMITTEE Kenneth S. Geller, Chainnan Alice L. O'Donnell E. Barrett Prettyman, Jr. Michael Cardozo BOARD OF EDITORS Gerald Gunther Craig Joyce Michael W. McConnell David O'Brien Charles Alan Wright STAFF EDITORS Clare H. Cushman David T. Pride Barbara R. Lentz Kathleen Shurtleff CONSULTING EDITORS James J. Kilpatrick Patricia R. Evans ACKNOWLEDGEMENT The Officers and Trustees of the Supreme Court Historical Society would like to thank the Charles Evans Hughes Foundation for its generous support of the publication of this Yearbook. YEARBOOK 1988 Supreme Court Historical Society Establishing Justice 5 Sandra Day O'Connor Perspectives on Oliver Wendell Holmes, Jr. Self-Preference, Competition and the Rule of Force: The Holmesian Legacy 11 Gary Jan Aichele Sutherland Remembers Holmes 18 David M. O'Brien Justice Holmes and Lady C 26 John S. Monagan Justice Holmes and the Yearbooks 37 Milton C Handler and Michael Ruby William Pinkney: The Supreme Court's Greatest Advocate 40 Stephen M. Shapiro Harper's Weekly Celebrates the Centennial of the Supreme Court 46 Peter G. Fish Looking Back on Cardozo Justice Cardozo, One-Ninth of the Supreme Court 50 Milton C Handler and Michael Ruby Judging New York Style: A Brief Retrospective of Two New York Judges 60 Andrew L. Kaufman Columbians as Chief Justices: John Jay, Charles Evans Hughes, Harlan Fiske Stone 66 Richard B. -
From the Gold Clause Cases to the Gold Commission: a Half Century of American Monetary Law
University of Chicago Law School Chicago Unbound Journal Articles Faculty Scholarship 1983 From the Gold Clause Cases to the Gold Commission: A Half Century of American Monetary Law Kenneth W. Dam Follow this and additional works at: https://chicagounbound.uchicago.edu/journal_articles Part of the Law Commons Recommended Citation Kenneth W. Dam, "From the Gold Clause Cases to the Gold Commission: A Half Century of American Monetary Law," 50 University of Chicago Law Review 504 (1983). This Article is brought to you for free and open access by the Faculty Scholarship at Chicago Unbound. It has been accepted for inclusion in Journal Articles by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. From the Gold Clause Cases to the Gold Commission: A Half Century of American Monetary Law Kenneth W. Damt Half a century ago, Franklin Roosevelt, in one of his first offi- cial acts, took the United States off the gold standard. That was the most lasting effect of the March 1933 Bank Holiday and its accompanying proclamations and legislation.1 This reversal of more than fifty years' resolute adherence to the gold standard was all the more remarkable because Roosevelt as candidate had exco- riated Herbert Hoover's warning that the United States was close to going off gold as "a libel on the credit of the United States." Roosevelt declared that "no responsible government would have sold to the country securities payable in gold if it knew that the promise-yes, the covenant-embodied in these securities was as dubious as the President of the United States claims it was."2 In 1980 American voters, again dissatisfied with .an economy that was reducing the standard of living of the American worker,3 t Deputy Secretary of State of the United States and Harold J. -
The Secret Lives of the Four Horsemen, 83 Va
Notre Dame Law School NDLScholarship Journal Articles Publications 1997 The ecrS et Lives of the Four Horsemen Barry Cushman Notre Dame Law School, [email protected] Follow this and additional works at: https://scholarship.law.nd.edu/law_faculty_scholarship Part of the Constitutional Law Commons, Courts Commons, and the Property Law and Real Estate Commons Recommended Citation Barry Cushman, The Secret Lives of the Four Horsemen, 83 Va. L. Rev. 559 (1997). Available at: https://scholarship.law.nd.edu/law_faculty_scholarship/294 This Article is brought to you for free and open access by the Publications at NDLScholarship. It has been accepted for inclusion in Journal Articles by an authorized administrator of NDLScholarship. For more information, please contact [email protected]. ESSAY THE SECRET LIVES OF THE FOUR HORSEMEN Barry Cushman* Difficile est saturam non scribere. _ Juvenal, Saturae, I, 30. "f' utlined against red velvet drapery on the first Monday of ,.I October, the Four Horsemen rode again. In dramatic lore they are known as Famine, Pestilence, Destruction, and Death. These are only aliases. Their real names are Van De- vanter, McReynolds, Sutherland, and Butler. They formed the crest of the reactionary cyclone before which yet another pro- gressive statute was swept over the precipice yesterday morning as a packed courtroom of spectators peered up at the bewilder- ing panorama spread across the mahogany bench above."' Or so Grantland Rice might have written, had he been a legal realist. For more than two generations scholars have seen the Four Horsemen as far right, reactionary, staunchly conservative apostles of laissez-faire and Social Darwinism! And with good reason. -
The Gold Clause Cases and Constitutional Necessity, 64 Fla
Florida Law Review Volume 64 | Issue 5 Article 3 10-17-2012 The Gold lC ause Cases and Constitutional Necessity Gerard N. Magliocca Follow this and additional works at: http://scholarship.law.ufl.edu/flr Part of the Constitutional Law Commons Recommended Citation Gerard N. Magliocca, The Gold Clause Cases and Constitutional Necessity, 64 Fla. L. Rev. 1243 (2012). Available at: http://scholarship.law.ufl.edu/flr/vol64/iss5/3 This Article is brought to you for free and open access by UF Law Scholarship Repository. It has been accepted for inclusion in Florida Law Review by an authorized administrator of UF Law Scholarship Repository. For more information, please contact [email protected]. Magliocca: The Gold Clause Cases and Constitutional Necessity THE GOLD CLAUSE CASES AND CONSTITUTIONAL NECESSITY Gerard N. Magliocca Abstract This Article presents a case study of how constitutional actors respond when the rule of law and necessity are sharply at odds and provides some background on Section Four of the Fourteenth Amendment. In 1935, the Supreme Court heard constitutional challenges to the abrogation of ―gold clauses‖ in contracts and Treasury bonds. Gold clauses guaranteed that creditors would receive payment in gold dollars as valued at the time a contract was made. Due to the deflation that followed the Great Depression, this meant that debtors were being forced to pay back much more than they owed originally. To stop a looming wave of bankruptcies, Congress passed a Joint Resolution declaring all gold clauses null and void. Following oral argument, President Franklin D. Roosevelt was concerned that the Court would invalidate the Joint Resolution. -
Yearbook 1978 Supreme Court Historical Society
YEARBOOK 1978 SUPREME COURT HISTORICAL SOCIETY ROGER B. TANEY Fifth Chief Justice, 1835-1864 YEARBOOK 1978 SUPREME COURT HISTORICAL SOCIETY OFFICERS Chief Justice Warren E. Burger, Honorary Chairman Robert T. Stevens, Chairman Elizabeth Hughes Gossett, President EDITOR William F. Swindler EDITORIAL ASSISTANT Mary Beth O'Brien The Supreme Court Historical Society BOARD OF TRUSTEES Chief Justice Warren E. Burger Honorary Chairman Robert T. Stevens Elizabeth Hughes Gossett Chairman President Vice-Presidents Earl W. Kinter Whitney North Seymour William P. Rogers Fred M. Vinson, Jr. Mrs. Hugo L. Black, Secretary Vincent C. Burke, J r., Treasurer Mrs. David Acheson David L. Kreeger Ralph E. Becker Sol M. Linowitz Herbert Brownell Richard A. Moore Gwendolyn D. Cafritz David A. Morse Howland Chase Alice L. O'Donnell William T. Coleman, J r. Melvin M. Payne Charles T. Duncan Harvey T. Reid Patricia Collins Dwinnell Fred Schwengel Newell W. Ellison Bernard G. Segal Paul A. Freund William F. Swindler Erwin N. Griswold Obert C. Tanner Lita Annenberg Hazen Hobart Taylor, Jr. Joseph H. Hennage Mrs. Earl Warren Linwood Holton J. Albert Woll Nicholas deB. Katzenbach Francis R. Kirkham Rowland F. Kirks William H. Press, Executive Director Mary Beth O'Brien, Ass't to the Executive Director Richard B. Pilkinton, Ass't Treasurer INTRODUCTION This, our second year, has proven to be one of substantial progress and I greet all our members, with the hope that we can double and perhaps triple your number by the spring of 1978. We had our second annual meeting and dinner, May 19, and then about three weeks later our beloved Chairman, Tom C. -
Gold Clause Cases and Their Implications for Today
1 Harvard Law School Briefing Papers on Federal Budget Policy Briefing Paper No. 54 The Gold Clause Cases and Their Implications for Today May 8, 2015 Patrick Sharma Zachary D’Amico Prepared under the Supervision of Professor Howell E. Jackson Federal Budget Policy – Spring 2015 2 Table of Contents Introduction ..................................................................................................................................... 3 I. The Gold Clause Cases ............................................................................................................. 6 A. Origins ................................................................................................................................. 6 1. Gold clauses ..................................................................................................................... 6 2. The Great Depression ...................................................................................................... 8 B. The Cases .......................................................................................................................... 10 1. The disputes ................................................................................................................... 10 2. The decisions ................................................................................................................. 16 C. Aftermath .......................................................................................................................... 23 1. Legal consequences -
Winstar and the Need to Reconceptualize the Law of Regulatory Agreements Alan R
Kentucky Law Journal Volume 88 | Issue 2 Article 3 1999 Purchasing the Right to Govern: Winstar and the Need to Reconceptualize the Law of Regulatory Agreements Alan R. Burch Office ofh t e Comptroller of the Currency Follow this and additional works at: https://uknowledge.uky.edu/klj Part of the Banking and Finance Law Commons, and the Contracts Commons Click here to let us know how access to this document benefits oy u. Recommended Citation Burch, Alan R. (1999) "Purchasing the Right to Govern: Winstar and the Need to Reconceptualize the Law of Regulatory Agreements," Kentucky Law Journal: Vol. 88 : Iss. 2 , Article 3. Available at: https://uknowledge.uky.edu/klj/vol88/iss2/3 This Article is brought to you for free and open access by the Law Journals at UKnowledge. It has been accepted for inclusion in Kentucky Law Journal by an authorized editor of UKnowledge. For more information, please contact [email protected]. Purchasing the Right to Govern: Winstar and the Need to Reconceptualize the Law of Regulatory Agreements BY ALAN R. BURCH* TABLE OF CONTENTS INTRODUCTION ...................................... 247 I. UNITED STATES V WINSTAR CORP ...................... 255 A. Background ...................................... 255 1. The Savings and Loan Crisis ..................... 255 2. Arguments Raised in Winstar ..................... 259 B. Reserved PowersDoctrine .......................... 261 C. UnmistakabilityDoctrine ........................... 266 1. UnmistakabilityDoctrine Cases .................. 267 a. Strength of the InterpretivePresumption ........ 267 b. Failureto Define When UnmistakabilityDoctrine Applies ................................... 273 c. Federal Unmistakability Cases ................ 281 2. The Government's Reputation as ContractingPartner . 294 3. The UnmistakabilityDoctrine ShouldHave Given Mixed Results in Winstar ........................ 298 4. Winstar All But Erases the UnmistakabilityDoctrine .. 300 a. -
The Changing Face of Money 383
2010-2011 THE CHANGING FACE OF MONEY 383 THE CHANGING FACE OF MONEY CHRISTOPHER M. BRUNER* I. Introduction It is a truism that each generation views money differently. Parents of baby boomers, having lived through the Great Depression, are understandably said to be savers. Boomers themselves, on the other hand, while “arguably the most prosperous generation in American history,” have tended to short-change saving for retirement—though often to assist their adult children, “from paying their college loans and allowing them to move home and live rent free, to paying off their credit card debt and making mortgage payments for them.”1 Tellingly, the U.S. personal savings rate plummeted from 10.1 percent in 1970 to 0.8 percent in 2005, while the household financial obligations ratio rose from 13.4 percent in 1980 to 17.6 percent in 2007.2 Consumer spending, meanwhile, “has become the largest component of U.S. gross domestic product,” representing over two-thirds of U.S. economic activity.3 * Associate Professor and Ethan Allen Faculty Fellow, Washington and Lee University School of Law. A.B., University of Michigan; M. Phil., Univer- sity of Oxford; J.D., Harvard Law School. For generous financial support, I am grateful to the Frances Lewis Law Center at Washington and Lee University School of Law. Many thanks to Adam Scales and Robert Vandersluis for helpful comments and suggestions, and to my parents for Grand-dad’s silver certificates. 1 Ameriprise Financial, The Ameriprise Financial Money Across Genera- tions Study, Sept. 2007, at 3, 7, 9. 2 See Harold James, The Enduring International Preeminence of the Dollar, in THE FUTURE OF THE DOLLAR 24, 36 (Eric Helleiner & Jonathan Kirshner eds., 2009); Federal Reserve Board, Household Debt Service and Financial Obligations Ratios, http://www.federalreserve.gov/Releases/ housedebt/. -
Paper Money and the Original Understanding of the Coinage Clause
PAPER MONEY AND THE ORIGINAL UNDERSTANDING OF THE COINAGE CLAUSE ROBERT G. NATELSON * “The Congress shall have Power . To coin Money, regulate the Value thereof, and of foreign Coin . .” – Constitution of the United States 1 “Poor? Look upon his face. What call you rich? Let them coin his nose, let them coin his cheeks.” – William Shakespeare 2 Over a century ago, the Supreme Court decided the Legal Tender Cases , holding that Congress could authorize legal tender paper money in addition to metallic coin. In recent years, some commentators have argued that this holding was incorrect as a matter of original under- standing or original meaning, but that any other holding would be ab- solutely inconsistent with modern needs. They further argue that the impracticality of functioning without paper money demonstrates that originalism is not a workable method of constitutional interpretation. * Professor of Law, The University of Montana School of Law. Researching this Article required extensive use of Founding-era legal sources not customarily con- sulted by American legal scholars. I am particularly grateful to many helpful and intelligent librarians. These include the staff and administration of the Bodleian Law Library, University of Oxford; Dr. Norma Aubertin-Potter, Chief Librarian of the Codrington Library at All Souls College, University of Oxford; Dr. Vanessa Hayward, Keeper of the Middle Temple Library, London, and her staff; Ms. Vir- ginia Dunn and the Archives Research Services staff at the Library of Virginia, Richmond; and Professor Stacey Gordon, Phil Cousineau, and Bob Peck, all at the Jameson Law Library at The University of Montana. I would also like to thank Professors Randy E. -
America's Money Machine: the Story of the Federal Reserve
AMERIC~S MONEY MACHINE BOOKS BY ELGIN GROSECLOSE Money: The Human Conflict (I934) The Persian Journey ofthe Reverend Ashley Wishard and His Servant Fathi (I937) Ararat (I939, I974, I977) The Firedrake (I942) Introduction to Iran (I947) The Carmelite (I955) The Scimitar ofSaladin (I956) Money and Man (I96I, I967, I976) Fifty Years ofManaged Money (I966) Post-War Near Eastern Monetary Standards (monograph, I944) The Decay ofMoney (monograph, I962) Money, Man and Morals (monograph, I963) Silver as Money (monograph, I965) The Silken Metal-Silver (monograph, I975) The Kiowa (I978) Olympia (I98o) AMERIC~S MONEY MACHINE The Story of the Federal Reserve Elgin Groseclose, Ph.D. Prepared under the sponsorship of the Institute for Monetary Research, Inc., Washington, D. C. Ellice McDonald, Jr., Chairman A Arlington House Publishers Westport, Connecticut An earlier version of this book was published in 1966 by Books, Inc., under the title Fifty Years of Managed Money Copyright © 1966 and 1980 by Elgin Groseclose All rights reserved. No portion of this book may be reproduced without written permission from the publisher except by a reviewer who may quote brief passages in connection with a review. Library of Congress Cataloging in Publication Data Groseclose, Elgin Earl, 1899 America's money machine. Published in 1966 under title: Fifty years of managed money, by Books, inc. Bibliography: P. Includes index. 1. United States. Board of Governors of the Federal Reserve System-History. I. Title. HG2563·G73 1980 332.1'1'0973 80-17482 ISBN 0-87000-487-5 Manufactured in the United States of America P 10 9 8 7 6 5 4 3 2 1 For My Beloved Louise with especial appreciation for her editorial assistance and illuminating insights that gave substance to this work CONTENTS Preface lX PART I The Roots of Reform 1.