520 acres of land to one John Freebody for two years for payable in 
old tenor Rhode Island bills of credit emitted prior to 1748. On January 6, 
1756, tender was made to the mortgagee by assignees of the insolvent Whipple 
in the specified currency, but refused because of the depreciation of such bills 
of credit. 413 In 1756 the mortgagee brought ejectment for the mortgaged 
premises in the Inferior Court of Common Pleas. This court, being of the 
opinion that the tender was good and sufficient in law, gave judgment for 
defendants with costs. On appeal to the Superior Court of Judicature in March, 
1757, judgment was affirmed, and an appeal was allowed to the King in Council 
414 By an August 3, 1764, Order in Council the judgments were reversed, 
and judgment ordered entered for plaintiff. But defendants were to be let in 
to redeem the mortgaged premises upon payment of in old tenor bills 
of credit emitted before 1748, together with interest and costs to be paid in 
such manner as payments ought to be made by law. 415 
Upon presentation of the Order in Council to the Superior Court in Sep- 
Council Register entries: PC 2/106/284; PC 
2/110/419-20, 562-65, 593-94; PC 2/112/79; 
PC 2/113/8-9, 244, 423-24, 502-13, 538-39. 
The entries in 4 APC, Col., #366 and 5 ibid., 
#14 are too condensed to be of value. 
413 According to respondents' Case, in May, 
1752, the ratio of old tenor bills of credit to 
sterling was 12 to 1; in July, 1756, 20 to 1. 
414 MS R.I. Sup. Ct. Jud. Judgment Book, 
'754-72, 70-73. 
415 PC 2/110/593-94. For the Order in Council 
in the twin appeal see ibid., 594. The following 
notes of the conciliar hearing have 
been preserved in WO 1/404/21-22: "Two 
Appeals the Same, except a little Variation in 
the Money borrowed. 
"The Question is whether on the Condition 
the Money is to be paid in Bills in the currency 
1748. 
"An Ejectment in America is in the nature 
of a Bill in Chancery—they have no Court of 
Equity. 
"There is no Evidence of there being any 
difference as to the Value of the Money between 
the Year 1754 when it was to be paid, 
and the Year 1756 when the Tender was 
made. 
"The Mortgagee is to have his Money with 
Interest —a reason why he must be repaid in 
this kind of Bills —in that Specie in order to 
answer the full Sum at the time borrowed. 
Suppose the Loan had been in Guineas, in 
the mean time the Value reduced, the Payment 
ought to be according to the Value at 
the time of the Loan. 
"Forrester. He is to receive as much as he 
lent. [Illegible] Mixt Moneys Davis —by Proclamation 
the mixt money was made as valuable 
as before. 
"Sir T. Craig 1 Lib c. 16, S. 22, 23 
"Puffendorf Lib 5 
"Dig Tit. de rebus creditis c. 3/Specific 
Loan Contra—whether the payment is to be 
in Bills of Old Tenor or the difference between 
the Value of those bills at the time the money 
was lent, and the Time of the tender. 
"At the time of the loan, the Bills were 
under Depreciation. 
"The day of payment is always fixed for 
the benefit of the mortgagee, if it was not, he 
could not secure his Equity of Redemption. 
"It does not appear, they are depreciated 
between the Years 1754 and 1756. 
"Lord Mansfield. Whether these Bills are 
in Law a legal tender of a general Loan. The 
Act does not stop their being a legal tender, 
if they were so before. Nothing allowed for 
depreciation. The cases mentioned by Forrester 
are instances of Speculation. Here they 
have taken care by particular agreement —paid 
back in Money, nothing to do with the particular 
Specie. 
"When Money is altered by authority it goes 
accordingly—where it is not, nobody is obliged 
to take it in payment, but according to 
the Currency. 
"It is very common to borrow Money on 
Stock, which the Borrower sells —the lender 
means to have the Stock back again—the other 
has the benefit of the rise & fall—but if you