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Craig v. State of Missouri

CRAIG V. STATE OF MISSOURI

CRAIG V. STATE OF MISSOURI, 4 Peters 410 (1830). The Missouri legislature, in 1821, established an office for issuing paper money that would be loaned to debt-burdened Missouri farmers. When Hiram Craig defaulted on his loan, a suit was brought in the circuit court of Chariton County to force payment. This court and the Missouri Supreme Court decided that Craig must pay. In an opinion rendered by Chief Justice John Marshall, the U.S. Supreme Court reversed the decision, ruling that the loan-office certificates were unconstitutional because they were bills of credit emitted by a state in violation of Article I, Section 10 of the Constitution.

BIBLIOGRAPHY

Albert J. Beveridge. The Life of John Marshall. Holmes Beach, Fla.: Gaunt, 1997.

W. J.Hamilton/a. r.

See alsoBank of the Unites States ; Banking: State Banks ; Bills of Credit ; Constitution of the United States .

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