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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.
This would in time reduce the legal-tender notes to a volume that could be kept afloat without demanding redemption in large sums suddenly. Third. One measure for increasing the revenue and the only one I think of is the restoration of the duty on tea and coffee.
The three cent piece is no longer coined. All other coins are minor coins. The subsidiary coins are legal-tender to the amount of $10, the minor to the extent of twenty-five cents. By legal-tender is meant that the government has ordered that it must be received in payment of all debts and articles bought. Gold coin and the silver dollars and certificates are legal-tender to any amount.
Edmunds, "that nothing in this section contained shall be construed to interfere with the coinage of gold and of the subsidiary silver now authorized by law." The section providing for an International Conference was adopted, ayes, 40; noes, 30. Several forms of amendment relative to the legal-tender provision were suggested, but the phrase as it appears in the law was preferred.
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.
Certainly the issue of our gold coinage, reduced in weight materially below its legal-tender value, would not be any the less a present debasement of the coinage by reason of its equaling, or even exceeding, in weight a gold coinage which at some past time had been commercially equal to the legal-tender value assigned to the new issue.
The great mass of the Democratic party and a considerable number of Republicans joined in this view. A small minority of both parties disbelieved in the use of silver as money, except for subsidiary coins, with its legal-tender value limited to small sums, fifty dollars being the highest proposed, the majority apparently favoring ten dollars.
The legal-tender clause to the law authorizing the issue of currency by the National Government should be repealed, to take effect as to all contracts entered into after a day fixed in the repealing act not to apply, however, to payments of salaries by Government, or for other expenditures now provided by law to be paid in currency, in the interval pending between repeal and final resumption.
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