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Updated: July 28, 2025
This, however, would depend upon the law of demand and supply, though it should be borne in mind that by making legal-tender and bank notes convertible into coin or its equivalent their present specie value in the hands of their holders would be enhanced 100 per cent. Legislation for the accomplishment of a result so desirable is demanded by the highest public considerations.
The idea of a man on account of conscience toward God stealing another man, or allowing him nothing but lashes on his back as legal-tender for labor performed. "Let as many servants as are under the yoke count their own masters worthy of all honor, that the name of God and His doctrine be not blasphemed." How can you blaspheme the name of God by asserting your independence?
Senator George S. Boutwell expressed the opinion that it was not expedient to coin silver dollars to be a legal-tender, and that the introduction of silver as currency should be postponed until the effort to secure the co-operation of other nations had been faithfully made.
The banks would then have no more occasion for gold than they have now, greenbacks still retaining their legal-tender character unaltered.
In the process of refunding, the 5-20's, whose principal was payable in greenbacks, were replaced by others payable "in coin." In 1873, the coinage of the silver dollar was stopped, and the legal-tender quality of silver was taken away. The words "in coin" therefore meant "in gold." In 1878 silver was made legal tender, and given limited coinage. The South and the Negro
Stanley Matthews, moved a concurrent resolution in the Senate, declaring that "all bonds of the United States are payable in silver dollars of 412½ grains, and that to restore such dollars as a full legal-tender for that purpose, is not in violation of public faith or the rights of the creditor." A motion to refer the resolution to the Committee on the Judiciary was defeated ayes 19, noes 31.
They thus cost the government nothing, and, as they are made legal-tender, and paid out by the government, they were just so much clear gain to it. At first they were not redeemable, i.e., exchangeable for coin at the Treasury, but since 1879 they are, and are therefore just as valuable now as any other form of money, though formerly worth much less than their face value.
Dwight of New York sought to limit the legal-tender quality of the silver dollar to $50, and for larger sums to make it receivable at its value in gold. A motion by Mr. Hewitt of New York to lay the bill on the table was lost by ayes 71, noes 205.
That the Secretary of the Treasury be authorized to redeem, say, not to exceed $2,000,000 monthly of legal-tender notes, by issuing in their stead a long bond, bearing interest at the rate of 3.65 per cent per annum, of denominations ranging from $50 up to $1,000 each.
On the 6th of September the weekly return of the New York banks, State and National, belonging to the Clearing-house, showed that their legal-tender reserve had fallen to a little less than half a million above the twenty-five per cent., which the National banks in the large cities are required by the "National Currency Act" to keep on hand against their deposits and notes; but this excited no apprehension, and hardly occasioned surprise among those aware of the drain of money for crop-moving purposes the outward flow from Chicago and Cincinnati to what I may call the agricultural districts having been much larger than usual this season.
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