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Updated: May 7, 2025
McCulloch's plans were to take from the compound-interest notes their legal-tender quality, from the date of their maturity, and to sell six per cent bonds, redeemable at the pleasure of the Government, for the purpose of retiring both the compound-interest notes and the plain legal-tenders.
During the last four years the currency has been contracted, directly, by the withdrawal of 3 per cent certificates, compound-interest notes, and "seven-thirty" bonds outstanding on the 4th of March, 1869, all of which took the place of legal-tenders in the bank reserves to the extent of $63,000,000. During the same period there has been a much larger comparative contraction of the currency.
Old demand, compound-interest, and other notes 18,330.00 And to the increase of cash in the Treasury 14,637,023.93 State of the Union Address Chester A. Arthur December 4, 1882
During the winter of 1866-67 there was a prolonged discussion in Congress over an Act finally passed March 2, 1867, authorizing the Secretary of the Treasury to exchange three per cent certificates of indebtedness for compound-interest notes, and allowing these certificates to be counted as a part of the reserve of National Banks. The first proposition was to allow interest at 3-65/100 per cent.
The House of Representatives proposed to pass an act authorizing and directing the Secretary of the Treasury to issue legal-tender notes, without interest, not exceeding $100,000,000, in place of the compound-interest bearing notes. To this proposition the Senate would not accede, and passed a substitute which the House would not accept.
The heavier this Napoleon trampled on the world, holding it tyrannously down, the fiercer would the world's recoil against him be, one day. Injustice pays itself with frightful compound-interest. It was a palpable tyrannous murderous injustice, which no man, let him paint an inch thick, could make out to be other.
Garfield argued that "under existing law, the Secretary can issue compound-interest notes and 7-30 bonds to meet current indebtedness; but these are the most expensive forms of government obligations, and therefore he ought not to use the power." He thought the proposed bill was necessary in the interest of the Government.
If account were taken of compound-interest notes the reduction in currency ought to be reckoned at $100,000,000, and even at twice that sum, since the cash held by the Treasury had been taken from the circulation of the country.
The exchange of notes not bearing interest for those bearing compound interest was proposed by Mr. Stevens, and at first supported by a majority, but on reconsideration it was defeated. Objections was made to the bill that it was a scheme for giving to the banks interest on their reserves, which they could not otherwise receive when the compound-interest notes should be retired.
"Undoubtedly every pressure that the law will allow. Expose him. Shame him. Humiliate him. Prosecute him, if need be." "It is certainly a flagrant instance of the abuse of parental authority. But a suit is quite unnecessary. Your father must hand over to you the half-million, plus compound-interest for twenty-five years an enormous sum! There can be no possible question of your right to the money.
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