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Updated: July 28, 2025
A bank-note differs from a Treasury note in two particulars. The Treasury note or "greenback" is a promise of the government, and is legal-tender in payment of all private debts; the bank-note is the promise of a private company, and is not legal-tender. A bank-note is said to be paid when the bank gives a greenback or coin for it.
McCulloch, expressing the opinion that "it will be a national calamity if Congress shall fail to grant additional powers to the Secretary." He added, that "the apprehension which exists, that if power is given to the Secretary to retire legal-tender notes the circulation will be ruinously contracted, is without any special foundation."
The first of these questions was twice decided in the Supreme Court. In 1870, in Hepburn v. Griswold, the point at issue was whether the greenbacks could lawfully be offered to satisfy a debt contracted before the legal-tender act had been passed.
Griswold and held by a vote of five to four that the legal-tender act was constitutional as applied to contracts made either before or after its passage. The second question relating to the greenbacks was that in regard to their volume. At first Congress adopted the policy of contraction and when greenbacks came into the treasury they were destroyed.
It would appear that the majority of the delegates preferred to rely upon legal-tender paper to furnish the ample supply of money desired. General Butler was at this time acting with the Democrats in Massachusetts, and his first response was noncommittal. Although he subsequently accepted both nominations, he did not make an active campaign, and his total popular vote was only 175,370.
It is my firm conviction that the issue of legal-tender paper money based wholly upon the authority and credit of the Government, except in extreme emergency, is without warrant in the Constitution and a violation of sound financial principles.
When it re-appeared, four days later, it contained a proviso "that the Secretary of the Treasury shall not retire more than ten million dollars of legal-tender notes in the first six months after the passage of the Act, and not more than four million dollars a month afterwards; and shall make a report to Congress of his action under this provision." Mr. Morrill submitted a letter from Mr.
As there is no doubt of the power of Congress under the Constitution "to coin money and regulate the value thereof," and as this power covers the whole range of authority applicable to the metal, the rated value and the legal-tender quality which shall be adopted for the coinage, the considerations which should induce or discourage a particular measure connected with the coinage, belong clearly to the province of legislative discretion and of public expediency.
The discussion of this important financial measure illustrates the various phases of opinion prevailing both in Congress and in the country. The desire to return to a specie basis was general, and yet not a few clung to the legal-tender notes as a permanent and standard currency.
"I find," he said, "that in Warehouse 9, of Government stores, there is shipment of 2,000 stands of Winchester rifles that were ordered by the Sultan of Morocco, who forgot to send the cash with his order. Our rule is that legal-tender money must be paid down at the time of purchase.
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