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To: Oblomov who wrote (35450)	11/9/2000 8:08:01 AM
From: Ilaine	Read Replies (1) \| Respond to of 436258

The clause in question applies to the federal and state governments. It was enacted to ensure that the Union's war debts were paid off by all the states, including the ones which were formerly in the Confederacy. There really are very few cases involving this clause, one I found was Perry v. United States, 294 U.S. 330 (1935) which held that Congress had to redeem a bond backed by gold at the price of gold when the bond was bought. Another was Hanauer v. Woodruff, 82 U.S. 439 (1872), which held that some Confederate bonds were invalid.