Chief Ju`1stice Chase contemplated the circumstances of Griswolds case against Hepburn. The decision could have far-reaching consequences, at the center of which was the legality of a fiat currency issued by the federal government. Chase considered four particular questions:

2.How had the greenback performed? Chase noted that it traded at a discount to the gold dollar (see Exhibit 9). Did the discount reflect national revulsion to the greenback, or fears that it would never be redeemed for specie, or inflation? The premium seemed to vary significantly upon war news, political news, and news of financial developments. Which kinds of news mattered more in explaining the changing discounts on the greenbackand why?