The Daily Gate City

An Interesting Suit.

An interesting case was in hearing yesterday, before the U. S. Circuit Court, Judge Drummond, growing out of the currency troubles. It is that of Wm. M. Newell and others against the Chicago Marine and Fire Insurance Company, and is the first case which has reached the United States Court. The action is based on a certificate of deposit issued by defendants, bearing date February 25th, 1861, for the sum of $583, Illinois currency, payable in like funds. Demand was made for payment on the 1st day of June last, and the defendants tendered notes of the Bank of Benton, and Garden State and Alabama Banks, all of them at that date selling for about fifty-five cents on the dollar. These were declined and the suit was commenced.

The defence made the following points: First, That Illinois currency does not mean par funds, but any Illinois bank notes. Second. That the word "currency" has this meaning, by force of custom and usage in this city: and, therefore, Third, That upon the presentment of the certificates, and demand for payment, the tender of the notes of the Bank of Benton, Garden State and Alabama Banks, was a compliance of their contract.

The plaintiffs denied the truth of all these points, and insisted that Illinois currency means funds current in the State, and no other--that is, gold and silver, or bank notes at par.

The Court ruled for the defendants, instructing the jury that "currency" means par funds or bank notes worth the amount represented upon their face. The case was then given to the jury with instructions to return a sealed verdict.-[Chicago Tribune.