26 Gratt. 667 | Va. | 1875
delivered the opinion- of the court.
The court is of opinion, that the contract made on the 17th day of October 1862, between hT. K. Trout and George Harnsberger, executors of Jacob Harnsberger deceased, and Samuel Simmons, for the sale by the former to the latter of a tract of land situated in Rockingham county, Containing about one hundred and forty and one-half acres, at $55 per acre, on the terms of one-fourth in hand and the balance in three equal annual payments, with a vendor’s lien to secure them, was made and entered into with reference to Confederate States treasury notes as a standard of value. That the hand payment of one-fourth of the purchase money was agreed to be paid, and was actually paid, in Confederate States treasury notes, is admitted by all parties. And the only question is, as to the deferred instalments of the purchase money, whether they are payable according to their far amount, in good money, or according to the amount due, on the supposition that the contract was made in reference to the said standard of value, as well in regard to the deferred instalments, as in regard to the hand payment of the purchase money. Our opinion, as has already, in effect, been stated, is, that in regard to both, the contract was made with reference to said standard of value.
That the contract was made with reference to Confederate States treasury notes as a standard of value, is, we think, very obvious; whether we look at the' time at which it was made and the surrounding circumstances, or to the evidence in the case. The sale was made on the 17th day of October, 1862, when the only, or almost only, currency which existed was Confederate States treasury notes, and that had been almost the only currency for a long time before. The 1st day of January 1862, nearly ten months before the date of the sale, was the day prescribed by law as the day between which and the 10th day of April 1865 it was made lawful for either party to a contract to show,, by parol op other relevant testimony, what was the true understanding and agreement of the parties thereto,, either express or to be implied, in respect to the kind of currency in which the same was to be fulfilled or performed, or with reference to which as a standard of' value it was made and entered into.- Such was the rarity of making a sale of real estate for anything else than Confederate States treasury notes, or, at all events, for specie or its equivalent; and such was the difficulty, if not impossibility of making such a sale for specie or its equivalent, at or about the time of the sale in this case, to-wit, the 17th of October 1862, that strong and clear evidence of an intention to make such a sale at or about that time ought to be required to prove the fact. A sale at such a time, under such circumstances, and in the absence of any such evidence, ought to be construed to be a sale in reference to Confederate States treasury notes as a standard of value. So far from there being in this
The contract having been made in reference to Confederate States treasury notes as a standard of value, as well in regard to the deferred instalments as the ■cash payment, it follows, as a necessary consequence, that the balance of the purchase money now due must be ascertained by scaling the nominal amount due upon the bonds; and the question now is, what mode •of scaling should be adopted in this case—whether the gold standard or the property standard. This is a ■case to which the property standard may be applied, the Code providing “that, when the cause of action grows out of a sale or renting or hiring of property, whether real or personal, if the court (or where it is a jury case the jury) think that under all the circumstances the fair value of the property sold, or the fair rent or hire of it, would be the most just measure of recovery, instead of the express terms of the contract.” Code p. 980, chap. 138, § 1. The court is of opinion, under all the circumstances of this case, that the fair value of the property sold at the time of the sale, or a due proportion thereof according to the balance ■of the purchase money remaining unpaid, would be the most just measure of recovery in this case, and ought to be adopted as such measure of recovery accordingly.
And now the question is, as to the value of the land sold at the time of the sale, to-wit, the 17th day of October 1862. The court is of opinion, that the value
The court is therefore of opinion, that the decree appealed from is erroneous, and ought to be reversed, and the cause remanded to be further proceeded in to a final decree in conformity with the foregoing opinion.
The decree was as follows:
This day came again the parties by counsel; and the court having maturely considered the transcript of the record of the decree aforesaid and the arguments of counsel, is of opinion, for reasons stated in writing and filed with the record, that the contract in the proceedings mentioned, made on the 17th day of October 1862, between 17. K. Trout and George Harnsberger, executors of Jacob Harnsberger deceased, and Samuel Simmons, for the sale by the former to the latter of a tract of land situated in Eockingham county, containing about one hundred and forty and a half acres, at fifty-five dollars per acre, on the terms of one-fourth in hand, and the balance in three equal annual payments, with a vendor’s lien to secure them, was made and entered into with reference to Confederate States treasury notes as a standard of value, not only in regard to the hand payment, but also in regard to the deferred payments aforesaid.
The court is further of opinion that no valid or legal tender was made of the amount of the bond for the first deferred payment, which became payable on the 17th day of October 1863.
The court is further of opinion that, under all the
The court is further of opinion that the fair value of the said land at the time of the said sale, to wit, on the 17th day of October 1862, was thirty-five dollars cash per acre, with three-fourths of the amount of which value, with interest from that day, the purchaser is chargeable on account of the deferred payments, he having properly discharged the hand payment in Confederate money. The court is therefore' of opinion that the decrees rendered by the Circuit court in the cause on the 4th day of February 1874, and on the 25th 'day of April 1874, are erroneous, and it is decreed and ordered that the same be reversed and annulled, and that the appellees, E. E. Trout and George Harnsberger, executors of Jacob Harnsberger, deceased, do out of the estate of their said testator in their hands to be administered, pay to the appellants their costs by them expended in the prosecution of their appeal aforesaid here. And it is further decreed and ordered that this cause be remanded to the' said Circuit court for further proceedings to be had therein to a final decree in conformity with the foregoing opinion; which is ordered to be certified to the said Circuit court of Rockingham county.
Decree reversed.